- Whatever your plans are, discuss it with others. They are happy to think with you and it prevents tunnel vision. Of course, the approach should fit your way of working. Therefore, never just copy someone else's growth strategy. Make a good inventory of what is needed to take advantage of your growth opportunities. Do you have the expertise in-house? Which opportunities seem the most logical to take, given your company's profile?
- Once you are enthusiastic about a particular plan? Then it is human for you to tend to get to work quickly. But that is a trap. Always make a growth plan. Get a clear picture of who your target audience is for the new plans. And in what way you can add value.
- Also map out the main risks associated with your growth strategy. You can't predict the future, but you can make assumptions and think about the consequences. What are the opportunities and the risks you are calling for and how can you respond to them?
Export & Growth: tips & solutions
To grow your business. That's what almost every entrepreneur wants. But how do you do it? And how do you make sure your business grows safely and responsibly? You can read about it on this page.
How can you grow your business?
Some examples of growth opportunities
- Get more out of existing customers
- Broaden or narrow your market (specialise)
- Make cross-connections with other sectors
- Look closely at what is happening in the market and respond to it
- Set up smart (online) marketing
- Entering foreign markets
Map out key trading risks if you want to grow
Growth brings new risks: new customers, political uncertainty, different payment cultures and exchange rate fluctuations. Especially when you cross borders, the risks increase. One of the main risks when doing business abroad is payment risk.
There are many reasons why (foreign) customers do not pay their invoices: political circumstances, the economy, their banking relationships and the business culture in that country, to name just a few. It is important to delve into these. Forewarned is forearmed. The same goes for clients in Belgium, by the way. Some things to at least take into account:
CUSTOMER KNOWLEDGE
What do you know about your new customers? Are they creditworthy or not? If you are doing business on credit, it is important to assess the health of your business partner.
PAYMENT MORALE
Payment morale is often worse in other countries. In general, Southern European countries have the highest DSO (Days Sales Outstanding) and Northern European countries have the lowest DSO.
OWNERSHIP
When is a delivery still your property and when does ownership of the delivery pass to your customer? Secure this properly in your terms and conditions. That way you avoid hassles afterwards.
CONDITIONS
Determine the right payment terms. Prepayment is a good choice when risks are high. It can limit orders as it impacts your customer's cash flow.
Is exporting something for your business?
Exporting is a proven strategy to drive sales growth. It gives you access to new customers and you are less dependent on 1 market. However, exporting requires good preparation and perseverance. Before exporting, you should ask yourself whether your products are suitable for export and, more specifically, for your target market.
An export plan helps you prepare for entering a foreign market. It makes the difference between success and failure. If you want to go a step further and cover your payment risks, opt for credit insurance. This will give you insight into the financial health of your customers. And if your customers don't pay, you will be paid the damages.
An export plan helps you prepare for entering a foreign market. It makes the difference between success and failure. If you want to go a step further and cover your payment risks, opt for credit insurance. This will give you insight into the financial health of your customers. And if your customers don't pay, you will be paid the damages.
Opportunities and risks in 6 European countries
We made extensive articles for 6 European countries. Click on one of the countries below to read these articles.
Want to see all country risk reports? Then download our Country Risk Atlas 2024 via the button below.
Managing your trade risks: choose credit insurance
Credit insurance helps you and your business move forward. It gives you peace of mind and security. Especially if you want to work on your customer base. Or if you want to enter new markets.
How? With always up-to-date information on markets and sectors, you know how to assess your opportunities. Add to that the customer check and extensive coverage. And you ensure a stable starting position to welcome new customers and markets.
With credit insurance, you move forward and turn doing business into... TAKING OPPORTUNITIES!
How? With always up-to-date information on markets and sectors, you know how to assess your opportunities. Add to that the customer check and extensive coverage. And you ensure a stable starting position to welcome new customers and markets.
With credit insurance, you move forward and turn doing business into... TAKING OPPORTUNITIES!