Courtney C. Lipsey You may need to hire extra staff or purchase new equipment in order to expand your business into exporting goods and services. Marketing and distribution efforts will also have an impact. Plan how you will pay for the new costs.
We can help you if you decide that you need additional financing. We can provide a variety of financing solutions for Australian businesses to assist them with their exporting activities.
Prepare yourself before you start.
- Be clear about your long-term and short-term goals. This will help you to create a solid export plan, which you can use to anticipate when you might need additional finance.
- Create a cash flow projection to identify when you may need additional funds.
- Set up efficient accounting systems so that you have a clear picture of the creditworthiness of your company. You will be able to get finance when needed.
- Create a budget for each phase of the exporting process. This includes initial research, planning, and full-scale operations. Include the costs of additional staff, logistics, marketing, and travel expenses.
- Do not neglect your domestic business in order to boost the export market. Make sure you have sufficient finance to cover all aspects of your business.
Manage payments
The way you manage payments can make a big difference to your cash flow. Before you begin exporting, it’s crucial to establish a solid process and monitor your cash flow closely throughout the export journey.
Make sure you are clear about your sales terms with international clients. It may be necessary to request a partial payment before shipping any goods.
You have a variety of payment options for international goods and services. Decide which one is right for your product, customers, and financial security.
In general, international money transfers are subject to fees and restrictions. Find the best solution with your bank.
Staying on top of the payment process will allow you to address any cash flow issues before they become out of hand.
