Why export your products?
As demanding as it may seem, there are many reasons why opening up to a new market can be beneficial for your business:
- Increased sales. If the operation of your business in the domestic market covers your operating costs and the costs of investing in extroversion can be absorbed by your business, the extra revenue generated by exports will increase your profitability.
- Enhanced image and standing in the domestic market. When your company presents successful export activity, this significantly enhances its image in the domestic market.
- Risk mitigation. As strange as this may sound, targeting new markets – especially if a manageable budget is invested – increases the geographical dispersion of a business's sales, which means that the potential risk from the impact of an adverse development in a single economy is reduced.
- Inspiration for innovation. The global market provides access to know-how and new ideas. When reaching out to foreign markets, you encounter successful solutions and practices that can inspire you to not only implement but also develop them further in your endeavor to remain competitive.
Get to know the market in which you intend to invest
Before deciding in which country to expand your business, it's a good idea to be familiar with the broader conditions and market culture you'll be targeting. This will help your product be more easily accepted and reach the target consumers more effectively. Research will also give you a better chance of avoiding unfortunate moves, which someone who has studied the market will be able to identify from the outset as unproductive.
Invest in your people
Even if you open up to a new market only online and don't need to set up an actual physical presence in the foreign country, it’s very important that you invest in your human resources so you can manage efffectively the new circumstances.
- Make best use of staff who have good foreign language skills or train your employees with fast-paced language learning programs.
- Use talented employees who show agility in the way they approach situations.
- Run workshops that will enhance customer service, as you'll have to manage various requests and ways of communicating that meet the standards of another market.
Take advantage of the free movement of goods within the EU
As a business trading in the European Union, you can benefit from the EU's single market, as well as specific trade arrangements with other European countries. Your goods can circulate within the EU with no additional costs or quantity restrictions.
Outside the EU
If you turn to a non-EU country, be sure to effectively monitor the legal framework and the taxation codes applicable there. Your legal advisor and your accountant can help you do this.
If exporting your products is something that you've often considered, but you're still hesitant, you can discuss the matter with a qualified professional, who can provide realistic and accurate information, such as one of our Business Advisors.
NBG offers comprehensive Transaction Banking and International Trade services, with expert staff who have many years of experience and know-how, qualified to provide you with the necessary guidance, support and information at every step. For more information, contact the bank's expert Transaction Banking team at [email protected] including your contact details, and an NBG representative will call you as soon as possible.