Is Your Business Export Ready?
Exporting consumes time and money, and requires strong management commitment. In the initial stages, management are usually diverted from existing domestic business but for many companies, this short term stress will provide longer term rewards.
To have a successful international trade business, you need to have a plan and remain in control of your business, not let the business control you. You need a product or service that is in demand in overseas markets. As well as the necessary commitment, resources, skills and information to support sustained exporting activities over the longer term.
Business and export planning
Many smaller companies don’t get around to formal business planning. Once you start exporting you are moving your business to a different level, so it is wise to consider putting these plans in place.
Export knowledge and skills
To export successfully you will need to learn about a wide range of issues such as how foreign markets operate, export documentation and foreign currency management.
Import / export challenges
When a business buys or sells goods a number of legal issues arise in relation to the formation and enforcement of the contract. When a business buys goods from outside Australia (importing) or sells goods to customers outside Australia (exporting) there are additional legal issues to consider.
There is always a risk involved whenever contracting parties are in different countries. Countries have different laws. Also, if a dispute arises, there are difficulties with claiming against a person or a company outside Australia.
It is important for businesses to be aware of the issues that can arise when importing or exporting in order to minimise any risk. One important risk is that of differing movements between the currency in one country and that with another country.
We can help
There are significant opportunities for Australian businesses to set themselves up for international trade, but there are also significant risks involved. We would be pleased to take you through a free business consultation. We can help you understand your current challenges and advise a plan ahead of how we can assist you to achieve future financial success.
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