Doing Business Globally- 4 Tips to help you succeed
- March 13, 2016
- Posted by: Trade Logistics
- Category: All, Customs, Duties and VAT, Export, Financial Matters, Import
Most business owners are searching for ways to take full advantage of the weak Rand, by looking for opportunities abroad. The economic downturn has forced entrepreneurs to come up with ways to re-position their products, and establish new market segments in other countries. Doing business globally, can be a very rewarding experience – when done right. Here are 4 things to keep in mind to ensure business success overseas:
1). Plan Ahead
If you are considering expanding your business abroad, it’s a good idea to start the process of evaluating overseas markets as soon as possible. A vital element in ensuring success is to assess your readiness and commitment to grow internationally before you get started. Many businesses fail to plan.\r\n\r\nCome up with an international expansion strategy that clearly states your business goals. Part of the strategy will include thorough market research. Questions to ask are: Is there a need for your product? Do people like what you are selling? Should you make changes to your existing products? Are there distributors you can partner with to get your product on shelves as soon as possible?
2). Travel the World
Travel is a key aspect of doing business abroad, so make sure you get a travel reward system in place or frequent flier miles discounts. Keep an eye on specials and try to book cost-effective trips as far as possible. Also be weary of chasing enquiries the world over. Just because dozens of countries are ready to sell your product, does not mean that you are ready to market your products everywhere.
3). Comfort is Key
It is very important to make yourself as comfortable as possible in another country. Bring your own interpreter if you are in a country that does not speak English. Learn the culture and customs of the country, meeting etiquette, body language and dress code. (Tip: Always dress with authority and in a respectful manner). It will also be helpful to familiarise yourself with the transport systems of the country, to ensure a pleasant and relaxed trip as far as possible.
4). Build Relationships and Gain Knowledge
The excitement of meeting new people and assessing opportunities abroad can easily create a trap for entrepreneurs to jump the gun. Focus on assessing the quality of the people you encounter and on building relationships. Meet your prospects in person and do background- and credit checks. If you are meeting with distributors, evaluate their track records and whether they have access to the target market that you want to sell your product to. If you are looking to recruit sales staff, look for people that are fluent in the native tongue of the country and that would be able to explain the technicalities of your product.
Lastly, it will be important to partner with local service providers that can give you the best value for money when wanting to dispatch your products abroad. Contact Trade Logistics if you are in need of an expert to assist you with moving your products abroad. Not only to we help you navigate your way through the complexities of the trade administrative process, but we also provide guidance to help you make use of all the benefits and incentives on offer. We also provide cost-effective freight-forwarding services, to ensure your products reach the intended destination safely.