The export-import business has been one of the fastest-growing industries in recent years. Utilizing the internet advancement, export-import businesses gaining more and more business enthusiasts each year. Some have even started implementing ERP systems in their business.
Many small and medium entrepreneurs are now working in this industry, not only those with qualified capital. But, it doesn’t mean that advanced technology makes it easier to gain profit in this industry.
There are a lot of export-import companies that end up bankrupt because they neglect market trends or international political issues. But, you need not worry. We have five simple tips for you to improve your business.
Key Takeaways
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Table of Content:
Table of Content
Run On the Global Time
A lot of people said that running an export-import company from 9 to 5 is not nearly enough. When you sleep, your customer from other countries has just begun their daily activities. You don’t need to run your company 24/7. You only have to create the best strategy to cater to your customers from other countries.
The first step you can do is run your business or manage your workflows on the cloud. For example, use an inventory system that has a cloud server feature, or utilize a supply chain management software to track your shipments easily.
Secondly, use the same chat platform as your vendors or customers. If they are in China, then installing WeChat is a must, Facebook Messenger for those who live in the United States, LINE if you have customers from South Korea, and WhatsApp for people in Southeast Asia or Europe.
You will have better communication with your vendor or customer this way. You won’t need the good old email anymore. Exchanging photos and files is now easier with those chat apps. If necessary, you can do a video call anywhere and anytime with ease.
Study the Other’s Culture
Understanding your customers’ or vendors’ active hours is only the first step. Next, you have to study the cultures within your vendor or customer countries. By doing this, the road to a prolonged and better relationship with your vendor will be smoother.
For example, if one of your vendors comes from Japan, avoid handshakes and do a polite bow or exchange business cards instead.
People in Japan consider staring as an aggressive and rude act, so bear that in mind and avoid looking at people’s eyes for too long. For some other countries in Asia, a business card is an important thing.
Therefore, make sure you give yours using both hands. Do the same when receiving it from other people. Don’t instantly put it in your pocket or your wallet, a lot of Asians consider it rude. Take a better look at the business card you receive and treat it well.
Manage Multi-currencies
It’s a given that you have to deal with a lot of currencies in your export-import business because your vendors and customers come from various countries. But, don’t limit your business opportunities to only processing transactions in US dollars.
Make it easier for your customers and vendors to do business with you using their currency. But, if you still do your business manually, you will be drowned in spreadsheets or documents.
You need software that has a multi-currencies feature to make any transaction easier and faster, such as HashMicro’s purchasing software. With the multi-currencies feature, working with vendors or completing a transaction with a customer will run smoother.
Related article: Avoid These Mistakes if You Are a Purchasing Staff
Improve Your Export-import Business Efficiencies
Running an export-import business demands you to work swiftly. Every order has to be processed as soon as possible, stock reordering has to be made just in time to avoid overstock or running out of stock. Those are only a few examples of daily tasks you have to do which will take longer if you do it manually.
That’s the reason why you have to start using a software system to automate all of those tasks. With help from the software, you can put extra effort into improving your business instead of doing redundant tasks. Also, make sure you use software that can be customized to your business process, not the other way around.
Always Check Your Export-import Business’ Cash Flow
Your business’s cash flow has to be your main attention from time to time. Healthy cash flow indicates that your business running well and without any meaningful hiccups. On the contrary, negative cash flow suggests that there is something wrong with your business operations and needs your immediate attention.
Conclusion
The tips above are not that hard to implement. But, deciding the best software to help you run the company better is not an easy decision to make. Before deciding, you should figure out which software can support your company’s operations.
A business owner has to have faster access to their business’ cash flow. Doing so will enable him/her to make the best decision anywhere and anytime. That’s why an export-import business needs trading software with a cloud storage feature from HashMicro.
With the software’s help, the cash flow information is accessible straight from your cellphone. Manage your business flexibly with the help of accounting software. If you want to get a free demo of our tour product, click here!
