Challenges in Exporting

Working  an Exporter,  there  are crucial challenges with Export Business :

Extra Costs :  There in Exporting always  challenges  and  fear of  extra cost in new product  development, raw  material purchasing, production and  labor  cost  with marketing  and promotions.   The Cost  always  goes  above  the  planned budget. Small & mid  size  companies  have  always  finding this problem.

Product Modification/Standardization :  Product modification and  approval with quality standard and  satisfy to the  importers as per  their  country  quality  standard  is challenging  subject. Sample  approval  is taking more  time  with lot of modification requirements.

International Financial Risk :  Collections of  foreign payments has  challenges  like  currency  fluctuation, documents  delay in collection  and  not  matching  documents  as per  mentioned requirements in the  L/C,  any mismatching  words or  language issue. always  facing  delay in foreign payment remittance.

Export Licenses and Documentary Issues :  Some  products  need  to special  Export License  and  if  this  is  not meeting  and  incomplete with  Export documents, forwarded to the  Buyer’s country and  found  the mistakes or invalidation  than it  may  be big headache to  correct  and  re-send  to the  buyer.  This is  big  challenge  in Exporting.

Poor Marketing Knowledge :  Foreign market is full of  challenges  and  need  very deep research, analysis and  aware about  the  legal  and  regulatory information. Customs  and Tradition, Quality  Standard  and Buying  nature  of customer  are also important  to  know  and aware  before  the  exporting.

Before  exporting  to  your  products in foreign  market, you should  ware  about  the  above points.