In the current economic circumstances, achieving sustainable growth in your business can be extremely challenging. Firstly, higher-than-average levels of inflation create a situation where business costs tend to rise. Raw materials may be more expensive, and these costs are inevitably passed down to the end consumer in the form of higher prices. This can lead to reductions in demand for your company’s products and make achieving high levels of profitability difficult. However, one key way to improve your firm’s financial prospects is by expanding into international markets. Other countries may have increased demand for your goods and services, and you may be able to charge a premium price if there is a lack of direct competition. In this brief guide, some key ways to cultivate international trade will be described.
Research shipping companies
It is vitally important to recognize the value of effective delivery networks when trading in a new country. Put simply, consumers will expect timely delivery of their purchases and will stop trading with companies that do not have acceptable timescales for fulfilling orders. International shipping firms such as those that can be found at shiply.com have an established reputation for delivering goods overseas to agreed timescales and for competitive prices. Search online for such companies before you set up international trade. This will ensure that you can meet and exceed customer expectations when it comes to delivery and will help to cultivate repeat orders with your overseas clients.
Hire multilingual staff
Unless you plan to trade in other countries that speak the same language as your own, it is likely that you will need to hire multilingual staff. All forms of business correspondence will need to be translated, websites will need to be redesigned to work in a foreign language, and business meetings may need to take place with clients who do not speak your native tongue. Such specialist staff will also help to promote a more professional business image overseas and will be a direct factor in cultivating growth in these new markets. However, it is important to recognize that multilingual staff will command higher salaries as a rule. Typically, bilingual staff earn between 5% and 20% more per hour than staff who only speak their native language. If you are a smaller organization, it is wise to prioritize hiring bilingual staff in key positions such as sales and PR.
Be visible at international trade shows
Another key factor for business success overseas is being visible at international trade shows. Ideally, you will want to hire a stand at these events where you can demonstrate your products and give out corporate merchandise with contact information for your firm. Search online for key trade events that are taking place in your new country of operations and book your place in advance. In short, these events can be the perfect way to boost the image and visibility of your company whilst gaining important business contacts overseas. Just be sure that any marketing you are doing or any slogans you have are acceptable in the culture and context of the country you wish to do business in.