Step 2: Create an Export Plan
The creation of a carefully researched plan is widely considered to be the secret to success in exporting. Your plan should be your source of direction as you embark on your journey into foreign markets helping you to act rather than react to the challenges and risks encountered in international business. Additionally your plan can help you to obtain financial assistance, investors or other strategic partners that may be required to make your export venture a success.
An export plan comprises of many elements such as;
- a description of your company, its market and industry, and your business objectives;
- information on your products or services;
- an analysis of the target market and industry, including trends and forecasts;
- an examination of the competition and their strengths and weaknesses in contrast to your own;
- international marketing strategies, including customer profiling and the development of sales and distribution channels;
- employment and training issues;
- financial requirements and forecasts;
- and much more.
Note: Original text from the Exporter Toolkit from the Caribbean Export Development Agency (CEDA).The content has been updated for the Bahamas Trade Information Portal with permission of CEDA.