Exports remain a challenge for most of the companies. People and businesses often consider exports as a challenging venture. Simply following these five basic rules, will help any business be profitable in the long run while avoiding big loses and problems in the future.
1) Check your Client
Dealing with good businesses is important for any business, it stay true even to exports. You have to do at least a thorough background check about your client before you make the deal. Export business has great potential for making huge profits, because of this fact that there are a lot of frauds in export businesses. Verify the credentials of the client through your countries trade chambers for legitimacy. Conduct a third party product or company inspection on your supplier if your a buyer from them. It is the duty of a business to make sure the other businesses or people it deals with is legitimate, has valid licenses and well established in their country.
2) Meet Terms and Conditions
Exporting is a business that works based on strict terms and conditions. Deliver the product on the agreed time. Meet every quality and quantity conditions that the client has asked for. Enquire about the requirements and make a detailed note of it. Make sure your products and services meet their requirement needs.
Read More: 3 Reasons Why your business need to Export
3) Negotiate on Mode of Payments
In exports negotiating the price of your products and services is secondary. The mode of payment and the time frame are very important. The currency in which the deal will be made on and the conditions, schedule of the payment all comes into play in exports. Payments against Letter of Credit through banks is a popular option
4) Insure your Exports
Most countries offer insurance to export your product or services. Many known and unknown factors are involved in the export business. All shipments have the potential to disappear or get damaged during the transport. There are possibilities that a trade can fail after the confirmation of the order. To protect your business form problems like these always insure the deal through your countries export trade organisations.