Starting an import-export business is one thing but taking it to the next level is another. It’s no secret this sector can be extremely rewarding but in order for that to really work, you have to know how to move between the internal and external environment. With that said, if you’ve already managed to get your import-export business off the ground, it’s time to learn everything about growing it. Listed below are essential tips that’ll help your company keep running and thriving.
Build strong relationships
Businesses in every industry rely on relationships. However, relationships are even more important for import-export companies. This is mostly because you have to network with people in both your country and foreigners you’re doing business with. It’s important to remember that there’s much more to it than just meeting people you can do business with. Instead, you have to form strong relationships with them and nurture those relationships as much as possible. Luckily, there are social media platforms such as LinkedIn which make connecting with professionals out there much easier. Once you start working with someone, don’t forget to send them a mail every now and then just to stay in touch with them.
When running a business, knowing how to stay organized is the key. This is especially the case in the import-export industry, given how many trading partners from outside of Australia you have and how many deals you’re supposed to manage at the same time. To make sure you stay organized, it’s essential to keep track of absolutely everything. If you can’t do it manually, there’s probably a tool you can use. Ranging from to-do apps such as Evernote to accounting programs like Google Quickbooks, there are so many of these you can rely on and ensure you know what’s going on in your business at all times. The more data you keep, the easier you’ll find it to keep your import-export business operating.
Expand to different regions
The good thing about running an import-export business is that you can never run out of new opportunities. There are so many companies in the world and you can always look for new businesses you can work with. With that said, once you decide to expand, it’s time to start looking for countries you can expand to. Just bear in mind that there’s no point in doing that until you’ve dealt with every aspect of your operations. For example, don’t start expanding to a new country until you’ve found a company that offers freight services in Australia you can rely on. Only once you have things such as logistics all sorted out, it’s time to expand to different regions.
Working with people from different countries and different industries means you have to be as flexible as possible. Not only that you have to encounter different cultures but you also have to find customers and ensure your business is profitable. The only way to do this is to keep your business adaptable. The only way to do this is to do a lot of research on countries your suppliers are from and use what you’ve learned when meeting them. Also, bear in mind that being flexible can also impact your personal life. For example, don’t be surprised if you end up having to make important business calls in the middle of the night.
Maintain healthy cash flow
One of the biggest problems import-export business owners face is maintaining healthy cash flow. It’s just that working with so many companies both domestic and foreign, makes it even more difficult to keep track of their finances. But as you already know, maintaining healthy cash flow is a must, especially if you want your business to grow. This is why it’s even more important to keep a close eye on the money flowing in and out of your business. If you notice one of your customers is late with their payments, giving them a phone call is a good idea. Another way to maintain positive cash flow is to look for ways you can reduce your expenses.
Growing an import-export business isn’t easy. If you really want to do it, you have to know how to steer your organization and work towards achieving your goals. Start with the five tips covered in this post and there’ll be nothing stopping your import-export business from propelling forward into success.