ECA

How to set your business up for export success: An effective strategy

12.04.2021 Export Finance Australia

If you have plans to expand internationally, it is important to ensure that you are set up for success. An effective export strategy is key for every business considering going global. Whether you’re already exporting your products or services, part of an export-related supply chain, looking to expand overseas, or a business in emerging and frontier markets.

There are five key steps that Export Finance Australia has identified as key when setting up your business to export:

1. Develop a robust export strategy, and stick to it.
2. Consider the positioning of your product or service in a new market.
3. Build an experienced and flexible team.
4. Identify strong local partners.
5. Test, test, and test again.

Shaping your export strategy

If sharing your products or services with the world is part of your business vision, then your export strategy should form an integral part of your business plan.

While your strategy doesn’t need to be complicated, it should be comprehensive. At a minimum, your strategy should cover the following:

Target market
Identify and explore the country or countries that you will target and assess the size of the market.

• Regulatory requirements
Be sure you are aware of and understand the government standards that you will need to adhere to.

• Financial resources
Assess what capital you require for growth overseas, including costs and expenses.

• Market positioning
Identify which market segment your product or service will be positioned in within each country.

• Staff
Consider the size of your current team and how much you project that headcount will need to grow.

• Competitors
Have a solid understanding of who your competitors are in each country, including their strengths and weaknesses.

• Product
Assess and highlight whether your product needs to be adapted for each new market.

• Distribution strategy
Outline how you will distribute your product or service. How will you service your customers?

• Domestic business overview
Highlight the current status of your domestic business.

Managing your finances to make more possible

Your financial status is a fundamental factor in achieving export success.

Regardless of the sector you operate within, it is likely you may require help with finance to support your international growth journey. It is important to understand the different finance solutions available for you.

Having your export strategy in place will be a useful tool in identifying what financial help you may need.

Whether it is to support expansion overseas, fulfilling international orders or to accommodate fast growth due to international opportunities, if your bank is unable to help, it is important to understand where you can acquire alternative sources of finance if needed.

Export Finance Australia, could provide a range of finance options, including unsecured and direct loans, bonds to secure export-related projects, and guarantees to secure bank finance.

If you would like information on whether exporting is right for your business, insights on entering a new market, or steps on how to manage export risks, you can access Export Finance Australia’s free resources here.

Support for you to take on the world

If you would like to find out more about Export Finance Australia’s solutions, get in touch by calling 1800 093 724 or visit exportfinance.gov.au.

 

Get Regular Updates
Search
eca
x
x