Courtney C. Lipsey 1. Get to know your target market
Australia’s wine is popular in many countries, including the US and UK, our two largest markets. Wine businesses also find opportunities in smaller markets.
Do your research before you enter a new market. Understanding the laws governing trade, banking systems, and shipping and delivery schedules in your target market is important.
Read our country profiles to learn about the business and economic conditions of the countries you’re exporting to.
Wine Australia provides insights into the Australian wine market, including statistics and data.
2. Cash flow management is important.
Wine businesses have a long cycle of working capital. From harvest to bottling to exporting to selling, the cycle is lengthy. It can cause pressure on the cash flow of your business.
You may need to arrange external financing to keep your cash flowing.
3. Prepare for business growth
Your orders may also grow as your international reputation grows. You may need to hire more staff, increase your stock, or invest in more production capacity to meet the demand.
You may need to access finance to build capacity quickly. This will allow you to be confident that your business can deliver when orders increase.
Make sure you know the options you have.
We may be able to help if your bank cannot help you with financing.
Want to enter a brand new market?
Access our free eBook for more information on entering a new marketplace.
4. Expand your business with a solid expansion strategy
The next step is to maintain the market opportunity by keeping your existing relationships as well as building new ones.
Businesses operating internationally are more dependent than ever on a strong online presence, thanks to the closure of borders and restrictions on international travel.
A combined approach to business can help your business reach the next level. With it becoming easier to travel abroad, you may want to consider securing financing to help grow your online customer base.
Austrade provides a wide range of resources that can help with your expansion strategy. These include market research, industry experts, and advisory services.
