How can I reduce my export risk?

Exporting goods and services overseas opens your business to a level of risk that can threaten cash flow and survival if risk management strategies are not implemented. Here are some quick tips to reduce export risk.

  1. Develop an export strategy that will map out your goals, resources, strengths and weaknesses.
  2. Research your target market, which may involve travelling overseas.
  3. Conduct background checks on your potential suppliers/manufacturers to reduce your risk of fraud, supply chain shocks or non-delivery.
  4. Have a detailed contingency plan in the case of supply disasters.
  5. Investigate your target market's country risk, which includes political, economic and legal risks.

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