Thinking about taking your business to new heights in the international marketplace?
Perhaps you’re looking to expand to more countries?
Check out some of our top tips for global success.
1. MEASURE YOUR PREPAREDNESS TO GO GLOBAL
To help determine if your business is ready to break into the international marketplace, DHL and MIT Professor Donald Lessard created a simple test.
2. WRITE AN EXPORT STRATEGY AND KEEP IT UPDATED
Your success in international trade means having a solid foundation with realistic business objectives, including a marketing and sales plan. Update it when you reach significant milestones, challenges or due to market changes.
3. RESEARCH POTENTIAL MARKETS AND GET TO KNOW YOUR NEW CONSUMERS
It is important to identify key factors in a market that will allow you to successfully import and sell your goods or services in another country. As your business expands internationally, take time to visit your target market, meet local distributors and import agents, and gain insight into cultural differences of your new customers.
4. POWER-UP YOUR POTENTIAL
Consumers are getting more and more familiar with buying goods from businesses cross-border. Power-up your business’s presence online and offer international shipping and other favorable purchase and return terms.
5. BE PATIENT WHEN ACCESSING INTERNATIONAL MARKETS
Although global trade is becoming easier between many nations, it won’t always be an overnight process. View international trade as a long-term investment rather than a quick win.
6. KNOW THE COST TO EXPAND YOUR BUSINESS
Being knowledgeable of all associated and potential costs will help you reach your export goals. Keep up with exchange rates, finance options, shipping and Customs costs that impact your profit margins.
7. UNDERSTAND CROSS-BORDER TRADE PAPERWORK
Correctly prepared shipping documents, proper labeling and compliance with any license requirements are critical to the smooth movement of goods across borders everywhere.
8. KNOW THE LOGISTICS PROCESS
The safe delivery of goods to customers is a priority to keep your business moving. Take the time and ask questions when choosing a delivery service provider that will partner in your export efforts.
9. AVOID RISK
Doing business globally, like any business initiative, comes with its risks and rewards. Compliance should be a top priority for every exporter or businesses seeking to expand into the international marketplace.
10. ASK FOR HELP
Have a lot of questions about taking your business global? Great! Now start asking the experts. DHL and the U.S. Commercial Service provide access to knowledgeable international trade experts to make going global a realistic dream for your business.
