A good way to keep your export business growing is to take control of your supply chain and move closer to your customers.
This could involve opening a sales and marketing office, building a warehouse or manufacturing facility, or buying an existing asset or business.
Efic research commissioned to understand opportunities and issues companies face when looking to expand overseas shows that getting closer to your customers by establishing a presence overseas can help to increase sales, reduce costs and improve profitability.
However, with more than a third of small to medium businesses failing when they attempt to expand overseas, it’s very important before making the leap that you:
- consider your funding options, as having adequate funding will be critical to the success of your overseas expansion
- manage your finances in a way that reduces the impact of foreign currency risk
- protect your assets from loss due to certain political or commercial events
- seek information and advice as this will give you the best chance of being successful.