Courtney C. Lipsey Andrew Perkins, South Australian Director of Business Development at Export Finance Australia, has observed that the companies he works with are approaching exporting using new strategies to enter markets and expand globally.
The global picture: a step back
Andrew’s first point of change was the way that businesses assess export opportunities.
Exporting can be a huge step, but it is rewarding if you do so with a solid strategy, a long-term perspective, and careful planning.
Andrew, who works closely with South Australian businesses, has highlighted that the common approach for companies to consider export opportunities is to take a step back and review their business as it currently stands.
“Businesses take their time to evaluate: Is this the right opportunity, or is this market the right one? Is this the best entry strategy for this particular market?
“Businesses remain positive and optimistic but I believe they are being very smart in how they look at new opportunities.”
Add value to customers in all parts of the world.
A common theme in conversations with customers is the rising cost. Andrew pointed out that since this is an issue that affects all businesses when the value added is obvious to customers, prices are not the main topic of conversation.
Andrew explained that exporters were currently demonstrating the value they provide to their customers. When a company has a clearly defined value proposition to its customers, it seems that they are experiencing success when exporting.
Growing closer to customers in new markets
Andrew’s third observation is that businesses’ approach to their market entry strategies has changed.
Andrew explained that many businesses now look at offshore subsidiaries rather than find a distributor to export directly to.
Businesses are considering having their sales team in the field or a local assembly facility to be able to keep their stock on their export markets. This will allow them to be more responsive to their customers.
This approach not only provides additional value to customers but also reduces the risk of disruptions in supply chains when exporting directly out of Australia.
Each business has its unique exporting strategy. Assessing capabilities is the key point to remember for companies who are considering their next steps. Exporting may be the next step. Having a plan and managing finances carefully are the two most important steps for success.
Global finance is growing.
Export Finance Australia works with businesses to help them access additional finance. This could be a working capital or performance bonding loan or a loan for offshore subsidiaries to fund their investment.
Andrew explained that when there is a step change within a business – whether it is a small business, a medium business, or a large business – we can help with the finance.
We take the time to understand your business, your capabilities, and your vision of your export journey.
Together, we work through the process to better understand your opportunity, what you need in terms of finance, and how we can support it, either directly or via your bank.
