Tactics for successful exporting

By: Astrid Vélez* What your business needs to increase sales effectively. Exporting is one of the main tools business owners have for increasing sales in an effective and healthy way. In difficult times, such as the ones we live in, opportunities arise to conquer new markets. I call this opportunity to increase sales “export and progress.” But, unfortunately, many businesses do not explore these opportunities for expansion due to a limited knowledge or understanding of this tool. The key to success can be divided into several steps. The first is to build a successful export operation that is based on a mindset of progress. This focus is essential for the business owner who wants to use exports as a vehicle for growing a business. The next step consists of creating an effective evaluation process that lets you determine the manufacturing capacity of the business, choose the optimal territory target, develop the best strategies and achieve a successful implementation. That’s why it is recommended to begin exporting in phases, to protect the business’ investment. The success of the business owner and the business The business owner who is successful in exporting has the following profile:

• Visionary

• Innovative

• Investor

• Sees fear as an ally

• Hires expert resources to support the process of evaluation, developing strategies and introducing new products in a new market.

Businesses that achieve success exporting use each of the following tactics to complete the evaluation process: 1. Perform an effective study of the prospective markets. 2. Determine the factor that differentiates you; remember that innovating is easier than we believe. 3. Evaluate the competition 4. Determine your manufacturing capacity 5. Choose the right method for introducing your products to new markets, whether through:

a. Direct sales

b. Distributor

c. Representative

6. Establish business relationships in writing, through a legal agreement. 7. Develop a business agreement with an exit plan, in case expectations are not fulfilled in a determined period of time. 8. Study how you can minimize collections- related risks. For a business to export successfully, it is important to develop business relationships with the most appropriate resources in the country where the products will be distributed. This way, you won’t waste time or money delivering products to those who don’t have the ability to develop an effective sales plan. It is important not to give up during the process because on average it takes up to 18 months to begin exporting effectively. In conclusion, remember that tactics should be focused on an evaluation process that determines which approach involves less risk, a better investment and a considerable increase in sales.   *Astrid Vélez is an international business strategist, coach and speaker, as well as the owner of Astrid Vélez & Alliances. She is a specialist in transforming central areas of businesses and companies to achieve increased sales rapidly and efficiently. Innovation, self-motivation and strategic alliances are some of her main tools. Banco Popular of Puerto Rico (“Popular”) is not affiliated nor related to the individuals or entities mentioned in this article. This article is for informative purposes only, and does not constitute an endorsement or guarantee of its accuracy. Neither Popular nor any of its affiliates, subsidiaries, or related entities are, nor might be held liable for any special, direct, or indirect, damages, resulting from reliance on the information contained in this article, which Popular did not prepare. Popular provides financial services) and does not provide the type of service referenced in this article. If you need any related service, you should request the advice of the competent professional of your preference.