Imports and Exports have become one of the biggest industries in the world. This is due in large part to a general increase in global trade and the globalization of markets over the last few decades. As companies learn to succeed on a wider scale, it presents new challenges for those looking to enter this dynamic business frontier.
When looking to grow your import/export business, there are a number of factors that you’ll need to consider. The success or failure of your company could hinge on the decisions that you make during this process. Nevertheless, no matter what kind of business you have, however, one thing remains the same: if you want it to be successful, you need to learn from the experiences and mistakes of others and from yourself. Experience is still the best teacher. To help you achieve the success of your import/export business, we’re here to give you 5 tips on how you can manage it effectively, lessen expenses, and improve growth and revenue.
7 Tips to Help you Manage your Import/Export Business
Build & Maintain Relationships
Probably the most important and obvious of all. In any business, it’s important that you create authentic relationships between you, your customers, or your partners. Networking with people with the same interest will help build your profile of contacts that you can reach out to for future partnerships. Using LinkedIn is an effective medium to connect with like-minded people. You can easily connect and build relationships there as the LinkedIn community is always looking to engage and share stories and insights of their ventures. But for the relationship you must maintain and grow should be with your freight forwarder. They’ll be working with you hand-in-hand with logistical and operational problems so be sure to find a communicative and trustworthy partner.
Find Your Trustworthy Freight Forwarder
One other big part of the business of import and export is finding a reliable and trustworthy freight forwarder. Eventually, your business will be improving and expanding; larger scales of operation, bigger and increased shipments, and operational procedures and documentation. Your freight forwarders will help you manage these out from your hand. It’s important that you get a cost-effective and reliable freight forwarder that’s able to last years with your business. This is to avoid any discrepancies, security risks, and unnecessary costs in the future in finding one again. If you’re having trouble looking for one, Dash Cargo is ready to serve and help you manage and grow your logistics business.
Keep Check on Inward and Outward Flows of Your Cash
Keeping your cash flow on the green is always the priority for business owners. A healthy cash flow for your business means that your business is operating smoothly without any minor hiccups nor discrepancies in the system while unhealthy cash flow says otherwise. A business owner should be keen on these changes as running an import/export business can be complex and challenging. If you are able to do so, you will make accurate and timely decisions to save your business from going under.
Transact In Multiple Currencies
Since your business will be dealing globally, it’s important to have multiple currencies available so that other countries can easily make purchases with your business. Don’t limit yourself to your local currency as that will hinder the process of transacting from different countries. It might also affect the relationship you have with their respective ports & service providers.
Study Different Cultures
Eventually, you’ll be going global with your import/export business, so it’s important to study and understand different cultures in different countries. In doing so, not only will you show respect, but by showing it, you are able to prolong and create a new foundation for your relationship with them. For example, if one of your vendors comes from Japan, avoid handshakes and do a polite bow or exchange business cards instead. People in Japan consider staring as an aggressive and rude act, so bear that in mind and avoid looking at people’s eyes for too long. For some other countries in Asia, a business card can strike a difference. Make it a habit to receive it with both hands and take time to put it in your pocket. Do the same with your business card. Treat each card with respect the same way you would treat the partnership.
Keep It Streamlined & Organized
An import/export business is a complex and challenging industry to handle and manage. A single bottleneck could cause delays in delivering thousands of shipments from and to your area. It’s important to keep everything in check and organized. Consult with your service providers for providing constant updates and changes in the system so you will be aligned with them. Make use of online tools and software programs to keep track of time, data, documentation, and your shipments in real-time. Make sure your transactions are also done via payment software to make it more convenient for you and your partners. If you are looking for innovative ways in managing your transactions, documentation, and shipment, Dash Cargo offers a wide range of solutions and services that can cover your operational procedures, reducing your risk and worry of any bottlenecks in the system.
Improve Rather Than Expand
Normally, businesses will expand to tap new markets in growing their revenue and presence globally. However, in some cases, improving is better than expanding your business. Expanding can benefit your company a lot, however, expanding in new markets with a logistics business will increase the challenge and complexity of it. Each country and area is unique to each other, so proper research and understanding should be done beforehand. Focusing on ways to improve your service and products for your current customers might be more effective than finding new ones around the globe. By focusing on your current client base, not only will it yield a strong foundation for your business but it will also resonate with other businesses around the world with how you’re treating your current customers with your products and services. This makes expanding much easier and smoother.
When it comes to managing your import/export business, it’s important to have all the necessary tools and knowledge required so that you are able to avoid any inconveniences along the way. If not, make sure to remember these tips so that you have the right direction and goal for your business’ growth. If you’re having a hard time finding a service provider that can help you achieve success in your import/export business, then Dash Cargo is here to help. We offer logistics expertise, innovative solutions, and only the best service to help you start and sustain your import/export business in the long run. From customs clearance to a wide range of reliable and quality freighters, your business will bloom in the global trade industry in no time.