Entering international trade is a titanic task, but there are some keys that can help in that process.
3 min read
This story originally appeared on Premo
Entering the foreign market is one of the ways that SMEs have to expand and grow. Unfortunately, the same life expectancy that these types of economic units have makes that one dream, and few succeed in entering. However, it is possible to export and captivate the foreign market, once that great step has been taken.
Until today, the most important agreement that Mexico has for companies of all types to enter the foreign market is the Free Trade Agreement (FTA), but it sees its last days before the imminent arrival of the Mexico, United States and Canada Treaty ( T-MEC ) that will put new rules of the game and will request in certain areas higher requirements than its predecessor.
Given this, the question is how can companies that participate now and those that intend to do so captivate the international market?
Entering international trade is a titanic task, but there are some keys that can help in that process:
Find your niche
A market niche is a portion of the market segment where individuals have homogeneous characteristics and needs that are not entirely covered by the general market offer.
Finding a niche and growing is a challenge, but it is a great opportunity.
Adopt cutting edge technology
Technological systems include a large number of solutions from those administrative for the planning of business resources, to tools for decision making, and equipment that allows the manufacture of high quality products.
Ideally, all this helps you to be profitable, minimize costs and operate more efficiently.
There are a number of certifications for companies such as ISO quality standards. Until 2015, only 1.8% of SMEs had a certificate in this type.
It should be emphasized that the certifications give trust, credibility and certainty to customers, users and consumers. In addition, it gives order to processes that are carried out within the company, allowing the standardization and homogenization of production.
To export you need to know how this activity works. This includes regulatory processes, tax, business operation, the way of negotiating, and other important issues. This will help avoid mistakes that can be expensive.
Exporting and reaching new markets is a strategic growth plan. This requires additional financial resources than you already have. You need to identify reliable sources from where you can obtain them, whether from the public sector, through government initiatives that aim to favor export, or private ones.
In any of the cases you must take into account the operation of the financing, such as the term, interest and its type, the amount, the guarantees, among others.