Businesses can often overlook the benefits of export trade and can even be put off by what is seen as a daunting mountain of obstacles that crowd the horizon disguising the opportunities beyond. The key to success is preparation and having access to reliable information is the first step. The Export Hub pulls together a panoply of the available information and puts it in one place, so not only will you find the answers to the questions that are troubling you, but can also get the inside track on what really works and what to avoid.
Selecting a target market is not a random decision and will depend very much on your product and sector – but information is out there and there is a long list of organisations that you can turn to access the information you need to begin your export journey. Market Research is crucial, of course, you will check that there’s a demand for your products and services, and be aware of the level of competition already there, but you also need to consider the economic stability, the legal and regulatory framework and the business culture of your chosen market. If the payment practices of the country are poor and there are few legal protections in place to ensure you get your money, you may need to build in additional safeguards to manage the risk.
The ultimate safety net for protecting your export sales is credit insurance. Quite simply, it shifts the risk of non-payment to the insurer, leaving you free to expand your customer base and grow your business. If you’re entering a new territory, better credit insurers like Atradius will have people ‘on the ground’ who understand the economic, political and legal lie of the land, and can help with your initial approach to a prospective client. Additionally, your credit insurance really comes into play if the worst happens and your customer can’t or won’t pay. You’ll be reassured that your cash flow and profits won’t suffer and if, like Atradius, your credit insurer has a global network of debt collection and legal experts, they’ll also seek to negotiate a repayment programme, and wherever possible help the debtor to recover so that you can retain your working relationship.
You can find out more about Atradius and access ‘how to’ tips on exporting at www.atradius.co.uk. Atradius publishes regular Country and sector reports, alongside payment practices guides and risk information.
Atradius Announces Top 5 Promising Emerging Markets for 2019
Atradius has identified Bulgaria, Indonesia, Vietnam, Peru and Morocco as having the most potential for new trade opportunities this year. The top five are predicted to shine in 2019 thanks to their strong growth prospects and limited vulnerability to global headwinds. Offering a mix of trade diversification, strong investment growth and dynamic domestic activity, they boast opportunities in consumer orientated sectors as well as within manufacturing and infrastructure.
Luke Giddings of Atradius, said: “As the global economy loses steam in 2019, the risks in the traditional emerging markets are coming to the forefront. Economic policy uncertainty, a greater-than-expected slowdown in the Chinese economy and more volatile commodity prices are bringing pressure to bear. However, despite increasing global pessimism and uncertainty, there are still bright spots for global trade.”