The Export Brief 1 | Page 22

This is where export finance comes in. Export finance helps businesses release working capital from cross-border or domestic trade transactions that would otherwise be tied-up in invoices or purchase orders (for up to 180 days). Some export finance instruments include: letters of credit, bills for collections, telegraphic transfer, bills of exchange among others. Finding finance for your export operations can be quite complex and challenging. IEOM Members get access to the very best advice when it comes to seeking financing for export operations. We advise members on the best banks to deal with as regards export and international business because we evaluate and work with banks to improve their export capabilities. It’s easy to become a m ember of the institute and the benefits are many. You can find out more on our website. 10 Questions to answer when formulating your export plan for your target market Successful exporting requires the resources and commitment to deliver your products and services internationally at a competitive price. A key part of that is gaining a deep understanding of your target market and where your product fits into that market. Developing an export plan will help you clear up all doubts and leave you with a better understanding of how to achieve your business goals. We’ve included here a list of 10 questions you need to answer clearly as you create your export plan. 1. Which products are selected for export development, and what modifications, if any, must be made to adapt them for overseas markets? 2. Is an export license needed? 3. Which countries are targeted for sales development? 4. What are the basic customer profiles, and what marketing and distribution channels should be used to reach customers? 5. What are the special challenges (for example, competition, cultural differences, and import and export controls), and the strategy to address them? 6. How will your product’s export sales price be determined? 7. What specific operational steps must be taken and when? 8. What will be the time frame for implementing each element of the plan? 9. What personnel and company resources will be dedicated to exporting? 10. What will be the cost in time and money for each element? 31 The Export Brief | MAY 2018 | IEOM-NG.ORG