When it comes to international trade and business, growing your business can be a real challenge. Growing too quickly could leave you swimming in a sea of sharks by expanding to too many new markets too quickly. Of course, growing your business too slowly may create additional problems. Your mission, should you choose to accept it, is to find the “just right” pace of growth so that your business can achieve lasting success in the international marketplace.
Effective Business Growth Strategies for Exporters
The world is changing and the way we do business is changing as a result. Gone are the days when businesses could only grow on a local scale for years, if not decades, before branching out and embracing international markets. Of course, you need an effective strategy that fuel that growth. Incorporate the strategies below and you’ll have all the business growth help your business can handle.
Discover International Contracts
Identifying your geographical market is crucial when it comes to growing your business. There are projects taking place all over the world where buyers are crying out for suppliers to throw their hat in the ring.
Tools such as Tracker Intelligence can aid you in this process, by making sure that you have eyes on what is currently happening in your respective industry globally, and additionally what is going to happen to ensure that you have the opportunity to engage earlier with international contracts.
Accomplish this by developing or handling a product or raw materials that people are looking for. Not just on a local level, but on a global level. Bear in mind that there are four major locales where Canadian business owners export their goods and products. Since the trade infrastructure is already largely in place for these markets, consider products in demand in these locations first. They include:
- European Union
- United States
Other marketplaces certainly exist but may lack the existing infrastructure available in those listed above.
Identify Your Target Market
If you don’t know who you’re selling to, you’ll never be able to create effective marketing strategies. Your target market, or audience, consists of the people most likely to purchase your products.
You must know your audience. If you don’t know them or understand what motivates them to buy, find people who do and utilize their services for your marketing endeavours.
Investigate your Competitors
The better you know your competition, the more innovative and competitive you can become. This is particularly important when competing on a global scale with businesses from a variety of economies.
The world is a much smaller place than it was a mere decade ago and growing smaller by the day. You’re no longer competing with the business down the road, but with businesses across the globe.
Perfect Your Strengths
The one thing that will make you stand out in the crowd is to perfect something that no other business in your industry offers. Whether it’s a more streamlined delivery process, a better user interface, or simply a superior product, always look for ways to perfect the things your business does best.
The concept is that by over-delivering you will create loyalty in your foreign markets which generates return revenue month after month and year after year.
Surround Yourself with Excellence
The more you surround yourself with excellence the more your business will shine. Recruit top talent in your industry, invest in the best technology available to streamline your business, and use only the best quality raw materials when making your goods and products.
Over time you’ll develop a reputation for excellence that precedes you as you grow your business and expand into new markets.
Gain Access to Essential Funding
Without adequate funding, the best business expansion strategies are doomed to fail. The Magnet Export Business Portal connects you with abundant resources to help you fund your business.
Some might even argue that it works very much like your own private business development bank in Canada by connecting you with funding opportunities for export business ventures you may not find elsewhere. The fact that it streamlines the process and sends leads directly to you takes the guesswork out of the process and eliminates much of the red tape that frustrates other entrepreneurs to the point that they give up on their dreams of success.
When you have all these strategies working for you, helping you to get your import export business in Ontario off the ground, your business will be poised for unprecedented growth without outpacing your resources.