The next step is your export plan. You may have ideas but you need to clearly communicate them in writing so that your whole team is clear on their responsibilities. Having a plan laid out makes it easier to spot pitfalls, gaps and even additional opportunities!
The export plan is also key in seeking supports in term of financing or grants. Don’t overcomplicate it, keep it clear and simple.
The key elements of a successful export plan include:
1. The Vision
- What you are going to do. How you are going to do it. What your expected outcome is.
2. Human Resources
- Have you the staff, external support and expertise? Have you skills within your team to manage language and cultural differences?
3. Financial Resources
- Budget, Sales targets and Pricing – Consider the additional costs involved in selling into the overseas market. Establish a target price for the end user, taking into consideration currency, payment terms, freight and carriage charges, import duties and taxes, commission to partners and competitors’ pricing.
4. Target Market
- Why you have selected this market; who your buyers are.
5. Your Product
- Your USP and how it translates internationally. Are there external factors which could impact production or sales?
6. Market Entry
- Sales channels; marketing plan; regulations, language and local laws.
7. Monitoring and Developing the market
- Are you meeting sales targets?
8. What’s next?
- How do you plan to grow and scale?