A Guide for Exporting from Australia
There are some obvious benefits to exporting goods from Australia…
Namely, it can make your business more profitable and decrease your reliance on the domestic market, which, as you are probably aware, can experience great fluctuations.
But more than that, it can make companies more adaptable, and therefore more competitive. Exporting can open up a whole new world to your business – expose you to ideas, management practices and marketing strategies that you wouldn’t have learned in Australia. Having these skills will help drive your business’s efficiency and productivity.
If you’re thinking about expanding your business to include exports, then this blog is for you. In it, we are going to look at the things you need to consider to make the jump from the local to international markets.
Are you ready?
Before embarking on your export strategy, you need to consider whether your business is currently capable to undertake the venture. Some key signs that show that your business is ready are:
- A strong management team
- Strong domestic sales.
- Financial resources
- Export knowledge and skills
Have a strategy
In other words, have a business plan specifically designed for exporting. As a business owner, you (hopefully) are aware of business plans and how to implement them. The reason that they are essential in exporting is that it helps you define your goals and the resources available to ascertain those aims.
Not only is a well-developed export strategy integral for your overall business plan, but it will help keep you focused on your goals.
Your strategy does not have to be complex. In more cases than not, the best business plans are simple and concise, relying on objectives that are clear and expectations that are well understood by all the staff that are involved.
Make sure you get your export strategy externally reviewed by a professional (financial advisor, business consultant, banker etc.). They will be able to provide valuable feedback.
Do your research
Good market research is all about finding out what is driving a market and using that knowledge to assist your export endeavour. This will include things like location population, demographics import duties, regulations, distribution channels, competition, exchange rates and market size and growth.
This information is invaluable, as it will help you make a more successful entry into a foreign market by having a better ‘market feel’. There are many companies that can provide this sort of data for you at a cost effective rate.
It is not economically viable for every company to make a trip to the place they are exporting to, but if you are able it is well worth the expense as a first-hand experience will give you a more holistic understanding.
Freight and logistics
In order to make exporting economical and competitively, using a great international freight company is crucial.
A great transportation company are experts in all aspects of exporting – be it documentation, freight rate negotiations and finding the more cost effective method of getting your product to the buyer. They will be able to provide the best solutions for your business.
Exporting is very complicated. While this blog only scratches the surfaces to all the things you need to consider, it will at least get you thinking about some important points.