(NC)While there are many paths one can take to become a successful exporter, there are many surefire ways to jeopardize an export venture. According to Team Canada Inc, struggling exporters may want to determine if they are making any of the following mistakes.
1. Poor market research or no market research you would not build a house without a set of blueprints, building codes and an idea of the costs. Why would you attempt to enter a foreign market without any idea of the culture, business customs, consumer demand, laws and the competition in the market? Market research is critical to success.
2. Lack of commitment exporting can be a complex and resource intensive exercise and must not be approached half-heartedly. The potential rewards are great but an exporter must be committed to the time and effort required to bring those rewards to fruition.
3. Working with the wrong people partners are critical to many aspects of exporting. Involvement with the wrong agents, distributors, bankers, brokers or other strategic partners can be an exporter's downfall. It is important to conduct due diligence and learn about prospective partners in advance.
4. Biting off more than you can chew first time exporters are well advised to test new markets on a small scale and one market at a time.
5. Exporting as a back-up plan some businesses view exporting as a supplement to the domestic business rather than a strategic venture requiring dedicated resources and priority action. It is unlikely that they will reach their full export potential with this approach.
6. Poor business relationship skills partners in foreign markets deserve the same respect and attention that domestic partners receive. If an exporter alienates a foreign agent or distributor, he or she is sabotaging the export venture.
7. Lack of flexibility failure to adapt products, services, and marketing and promotional materials to meet local regulations and preferences will translate into failure in the target market.
8. Maintaining language barriers while English is often touted as the international language of business, many potential clients and customers in foreign markets do not speak the language. Success in these markets will be limited if the exporter does not make the effort to communicate in the languages of the people to whom he or she is exporting. This applies to sales and promotional materials as well.
9. Lack of export expertise knowing what you are doing before you start puts an exporter on the path to success. It is also important to know your limitations, and to seek out export expertise when needed.
10. Flying solo there is a great deal of assistance available to exporters, covering every facet of the export process from financing to technology exchanges to partners in foreign markets. Export success does not have to be achieved in isolation. Exporters must seek out win-win partnerships that help them reach their export goals.
This information is drawn from A Step-by-Step Guide to Exporting's "The Top Ten Export Errors", available online at http://exportsource.ca/stepbystep. For further information on exporting, call the Team Canada Inc Export Information Service at 1 888 811-1119 or log on to ExportSource.ca.
- News Canada
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News Canada