Our finance experts offer their best tips to businesses looking at exporting.
1. The right team is in place
Aleks Henderson, Director of Business Development in WA, and Michael Reznikov, Director of Business Development for NSW/ACT, both gave their top tips to businesses that want to conquer the world. They said to have your best team ready.
Michael explained that it’s important to have all of your partners in place, including accountants, advisors, and government officials before you can start. Michael explained, “Make sure that you are able to deliver and have the funding and supply chain ready to fulfill those contracts.”
Aleks also stressed the importance of good advisors, both external and internal.
She said that it is important to have up-to-date financial information and a clearly defined growth strategy. This is especially true when it comes time to apply for finance.
2. Learn more about the world around you
Ask questions! Brad Gosling, our Associate Director of Business Development, WA, and Yuri Schneider, our Associate Director of Business Development, VIC & TAS, both had similar top tips, explaining how valuable your network is.
Brad added, “Whether they are finance professionals, accountants or advisors, or even your own peers, there’s a wealth of knowledgeable people in the world.” If you can tap into the knowledge of others, you are already one step ahead.
Yuri added that it was important to have an open mind. Understand what you do and don’t understand. You can always involve others who have the experience and knowledge to grow you.
3. Support yourself and your product
Simon O’Connell, our Associate Director of Business Development for VIC & TAS, advises you to back your ideas.
Simon said, “Back yourself and the product you are manufacturing or producing.”
Phil Smith, Head of Business Development, added that “Exporting wasn’t easy.” Successful businesses are those that stay on course and believe in their potential.
4. Invest in diversification
Diversification has become a core focus of many businesses in the past few years. Diversifying, whether it was to expand into new markets or change markets, has allowed many companies to continue doing what they love in challenging market conditions.
Krystal Doyle is our Associate Director of Business Development in NSW, and she shared her best tip for business.
“Diversification is important for business.” She explained that adapting to changes in the market is important.
5. Finances shouldn’t be an obstacle
Our team can help you with your cash flow.
Charith Amarasinghe is our Director of Small Business Lending. He encourages businesses to contact him so that we can discuss what financial assistance we might be able to provide to grow your business.
Export Finance Australia can help you overcome your financial barriers to success.