Exporting is a commercial phenomenon that provides high add-value to both companies and the national economy. Exporting which opens the doors of an entirely different world to the companies that are domestically engaged in commercial activity, also retains its characteristics of being an equation of many unknowns for the companies or individuals that are going to take a first step into this field.
What possible problems could people who want to seize the current potential and want to export confront before they set to work?
The most faced challenges can be analyzed under 3 titles:
- Economic Sources
- Lack of Technical Information
- Lack of Foreign Languages
Let’s talk about these three titles in more details;
As domestic trading firms grow internationally, an increase in volume occurs in their current size. Their production, income and investment they all increase with exports. They get new orders as they gain new customers and thus their production capacity increases. The need for raw materials and financial needs will also rise as the production capacity of the manufacturing companies rises. If the company is the supplier, and not the manufacturer, its financial situation should be able to meet this increase in capacity. To avoid potential problems, it is crucial to analyze the financial statements in full, to increase capacity if necessary and to take action to estimate all possibilities.
Lack of Technical Information:
Exporting requires being outside of mainstream commerce, each law and regulation of which were well established and have been stable for decades. It, though, leads to some difficulties like every new unknown. You need to be familiar with various topics such as international law, the own rules of each country, customs laws and shipping restrictions. The companies starting exports should work with consultants or employees who are experienced in the practice of exporting. So, they can control the export process easily according to the buyer's country's regulations. Another option is online management of this process by registering on professional e-export websites. You can get consultancy on many different topics with the services provided by e-export websites and manage this process much easier.
Lack of Foreign Languages:
If you're willing to open up into international markets, one of the most important issues is foreign language competence. You need to connect with customers in a common language so you can sell your products or services to potential foreign clients and create a presence on the foreign market. Negotiation is also important in trade, and if there is no common language between buyer and seller, it is doubtful that negotiation will be possible. Communicating in a common language is going to be a huge benefit for both buyer and seller. To have staff who have expertise in foreign languages is important for a sustainable communication. If you don't have such opportunity, then you can get support from foreign language providers or register to professional e-export platforms. That way, you can find several opportunities to export and receive free language services.
These were top three challenges titles you may face when starting e-export. Do not forget that to see the risks always gives you a big advantage. Taking measures in advance about possible difficulties can help you through the export process.