Page 26 - Best Magazine Summer Edition 2019

4
ECONOMY AND FINANCE
IS YOUR BUSINESS READY TO EXPAND ABROAD? PRODUCT AND LOGISTIC CONSIDERATIONS
You already decided it’s time to go abroad. However, no matter what your business proposition is, nor how mature you are in the domestic market, all companies must enter a process of due diligence before jumping
the fence. Expanding internationally can be a complex endeavour, because there are many considerations: regulatory, financial, tax, brand and logistics to name a few.
Your product or service got what it takes to compete in the new market?
Successful business owners know their customers or potential clients and they cater their products or services to better satisfy their needs with a value proposition that is superior to competitors. This is what a customer centered strategy is all about. It is not the other way around, it is not about trying to sell your products to people, it’s about knowing (or guessing) what they need or want and provide a product or service for them, better than others, at the right price. Don’t forget to consider incremental costs due to the logistics of making them available abroad.
Product considerations
You got your product, but does it meet the regulatory considerations of the new market? Does the target
BY: ROMMEL OCHOA
market allow its importation? For example, animal basedproductscouldfaceimportrestrictionsinmany countries. Does your product need a specific license? Doesitneednewlabelling?Youbetternailtheregulatory requirements first, because this is sometimes the most time consuming aspect and the first filter your export propositionmustpass.Sometimesproductadaptations and new labels are needed to conform to the regulatory environment.
Distribution, Logistic and Marketing Considerations
You have the product, you got the permits, but how are you going to get the product there and have it available to customers? If you are able to get an important retail shop or a set or retailers to carry your product, then that’s a great start. The other alternative is by focusing online, but is not as easy as setting up a web page. In addition to this, shipping options must be evaluated as well, weather you ship door to door, or through a warehouse or ground or by air. Shipping can be complicated and be overwhelming for most people; do you know anything about customs, brokers and documentation required? Better hire an expert to help you.
So it’s important to undertake a process of due diligence before jumping the fence, go ahead, more customers are there.
26 THE BEST MAGAZINE SUMMER 2019
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