Maximising Your Import/export Profit. - Business - Nairaland
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| Maximising Your Import/export Profit. by Aremu93: 12:45pm On Sep 07, 2020 |
Happy New Month people! Everybody should be looking to hit the ground running as borders finally open back up. International business is admittedly one of the most lucrative opportunities for entrepreneurs. However, many import export business ideas never take off. Some traders weigh the risk against potential benefits and feel they would much rather keep on trading within their countries’ borders. The recent global pandemic and closure of borders can discourage quite a number of us looking in this direction. However, as the world opens up, there are tried and tested means of maximising your import and export business in Nigeria. Here are a couple of useful tips to help you out - 1. Make a good business plan and follow through - It is one thing to make a good import export business plan and quite another to go through with it. Many traders fall into the trap of devising an impressive plan on paper but soon choose to go with the flow. Your plan serves as an accountability tool to keep you in check. 2. Customize products for Niche Markets - The best way to start a business in Nigeria especially is to build a relationship. You might need to go beyond telephone calls and emails and actually spend time with the people you want to work with. This is the only way to really connect and secure your potential customers’ loyalty. 3. Spreading Your Risks - One of the top aspects that make international trade a maximum profit business is the vast market size. This implies that one of the best strategies on how to improve profit is to sell in every conceivable market.Doing this shields your business against the risks that could cripple operations in one or more markets. 4. Effective Cost-Reduction Tactics for International Trade - One of the biggest challenges traders face in international trade is the cost incurred in trading across borders. Finding a way to reduce such costs would in effect increase profits on every transaction. To maximise profit, you must be mindful of your cost margin at every stage - For this I recommend using MVXtransit.com MVXtransit organizes the flow of import, export, regional and in-country trade freights for African businesses. With a user friendly platform, you can automate the movement of your goods in and out of the country. They offer additional consultancy services on packaging and even legal. Visit mvxtransit.com to maximise your import/export profit today. 2 Likes |
| Re: Maximising Your Import/export Profit. by Comfortmashals: 4:47pm On Sep 07, 2020 |
Aremu93: 1 Like |
| Re: Maximising Your Import/export Profit. by oamien(m): 5:23pm On Sep 07, 2020 |
[quote author=Comfortmashals post=93676650][/quote] Moving and organizing the flow of imports and exports for Africa. #MVXer |
| Re: Maximising Your Import/export Profit. by Deborahuzuegbu: 7:03pm On Oct 01, 2020 |
EXPORT CREDIT INSURANCE Export credit insurance is a form of insurance that helps protect a business' foreign accounts receivable. It equips exporter with the assurance that, if a foreign customer default due to political or commercial risk, their export business will be compensated for a percentage of the foreign invoice. It helps exporters manage their business and also grow their international sales. Why do we need this insurance: 1. Unlock more attractive Financing Banks are always not willing to lend money against export-related assets, with this insurance your bank would be more willing to lend foreign accounts receivable knowing that they are backed by the full faith and credit of the U.S government 2. Boost sales with existing customers: Many exporter have existing customer that would buy more if given credit terms, or an increase in credit line offered. this would help increase sales and seize opportunities. 3. Expand into new markets: Expanding into new markets confidently knowing that should a foreign customer default you will be compensated with up to 95% of your foreign invoice. 4. Transfer the burden of credit management As an exporter, you have a lot of things on your plate and one thing you don't have is time, Export credit insurance can help by easing the burden of credit risk management and allowing you to focus on what you do best. 5. Realize Tax Benefits While doing business, your financial department needs to account for a loss reserve. purchasing export credit insurance your business can reduce its loss reserve knowing it will be compensated for foreign customer nonpayment and in turn lower your business overall tax burden since the premiums paid for export credit insurance are tax deductible. If you need further information on this please drop a message, would be willing to answer all your questions. |
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