With ever-growing globalization of the market place, the need to successfully export goods and services overseas is significantly important when it comes to growing your business. With the help of the internet the challenges facing small to medium sized enterprises (SMEs) can be made easier when considering exporting. Here, we will look at two effective ways to grow your SME globally.
SMEs can harness the power of the internet
SMEs face various challenges when looking to export overseas. The good news is the internet is increasingly making these challenges easier. From dealing with unfamiliar paperwork, managing currency conversion, servicing your customers abroad in different languages, having an efficient logistics network can help SME’s looking to grow their businesses overseas. There are opportunities to take advantage of by using online tools and services that can conveniently and easily give you access to your customers globally. Some of these tools are crucial to helping to both distribute and market your products while at the same time handling customer service in the local market therefore increasing customer satisfaction. For example, using a sound inventory management system can tick many of the boxes when looking to expand your market by exporting internationally.
Having sound inventory management
Today, SMEs can have access to online inventory management systems that can help alleviate the many challenges SMEs face when looking to export overseas. You’ll get insight into knowing exactly where your stock is, the demand for your stock and where it needs to be all at the right time, at the right place. Furthermore, with innovative e-commerce and a sound inventory management system, exporting is made even easier. Automated invoicing helps decrease human errors and can increase productivity accordingly, in turn decreasing costs.
In addition, knowing your current stock can help you better plan for the future, and when reordering for servicing overseas markets when necessary. Most importantly, with a sound inventory management system, SMEs can look at their stock trends and predict which products are working, the niche markets to grow and can assign marketing efforts accordingly. A sound inventory management system can help identify profitability easily, capturing accurate stock prices necessary to inform decisions. In a fast-moving world, it is increasingly important to be able to have access to your stock levels remotely, with a sound inventory management system it has never been easier to manage your stock anywhere at any time, saving a lot of valuable effort and time.
With the right digital tools, and the understanding of how these work for you when trying to effectively manage your daily business, SMEs have a better opportunity to harness the growth of their businesses by exporting overseas. The myriad of challenges that are often daunting can be dramatically decreased by the smart use of the internet coupled with a sound inventory management system that suits your needs. This will help towards the success of your business, creating growth for the community as well as adding to the success of our economy.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.