This is the Approved Nigerian SMEs Export Plan – That is how to set up an Export Plan for your company. In other words, your business foreign trade management and logistics. So, find out how to set up an Export Plan for your company here. As a matter of fact, companies that want to leverage their sales and, consequently, expand their operations have an excellent opportunity in exports, especially with the dollar and euro valued. Is this your business dream? Then read on, so that you can key in on the Approved Nigerian SMEs Export Plan.
In addition to the currency issue, the size of the final consumer market also makes this option attractive, as in negotiations with China, India and other countries with large populations. However, working with foreign trade has specific challenges , which make the elaboration and structuring of an export plan essential for the success of your enterprise.
Export Business Alternatives:
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As a matter of fact, there are a lot of things you can export from Nigeria to the international world. These include;
- Agricultural produce/products. The world need food, beverage, pharmaceuticals and other derivatives.
- Crude oil, fuel and other petroleum products
- Artefacts – Creative works, music, fashion designs etc.
- Industrially processed goods.
We can help you generate business ideas. But, wants to know how to plan and develop one? Keep reading and follow our tips!
What does your company need to do to start exporting?
- To start exporting, the company needs to meet some basic requirements, such as communicating well with buyers in the country to which it will export, that is, mastering the local language well, or at least English. Obtaining quality certifications for your products is also vital if you want greater acceptance in some markets, such as in some regions of Europe, where levels of excellence are often valued.
- It is also important to have some differential for your product to compete with those of the domestic market in the country, even if it is price (although that alone is not always enough).
- Furthermore, you must register with the Exporters and Importers Registry (REI) of the Foreign Trade Secretariat (SECEX), which is done automatically in the first export operation (Credit Registration – RC – or Export Registration – RE) at a connected point the Integrated Foreign Trade System (SISCOMEX).
There are cases in which registration is not necessary, so check what the exemption rules are and if your situation fits them.
For Approved Nigerian SMEs Export Plan, How important is the planning stage?
It is at the planning stage that managers will identify challenges, opportunities, needs and requirements related to exports, as well as the strengths and weaknesses of their products and services. To set up an export plan, it is necessary to observe items such as:
Regulation and taxes
It is vital to have a good understanding of the tax rules of the countries with which you will do business, in addition to correctly identifying which international and national taxes and fees must be paid. It is also important to research whether there are agreements between Brazil and the desired countries to export, as this way, it will be possible to find out if there are exemptions, tax benefits and other types of advantages for Brazilian products.
Country regulations must also be observed, especially in relation to technical standards and accepted levels of quality for products. For example, there are nations that usually suspend the import of meat at the slightest sign of non-compliance with the required standards. In order to re-commercialize, it is usually necessary to follow a series of steps and prove to the inspectors of these regions the good quality of the products.
The company’s internal needs and resources
It is necessary to find out which internal company resources can be used to support the export process, such as machinery, labour and time.
For example, it is necessary to check whether the machines are able to cope with an increase in sales, whether there is working capital to support exports at least in the beginning or if your team is able to work properly in this new scenario. In the latter case, you will probably need to invest in training and recruiting qualified employees to work in foreign trade.
The company’s logistics area will be one of the most impacted by exports, so it is necessary to pay attention to points such as:
- mode of transport to the destination country, whether sea, air or land. Each of these will involve different logistical processes, as well as specific regulations and requirements;
- delivery of products in the country of destination, whether the company will hire a partner to ship the items to the customer, already on international soil or if an office / branch will be opened to receive and forward the products; the importance of choosing suitable packaging for export, as long journeys bring more risks to the products. In this case, a tip is to opt for flexible containers (big bags) to avoid damage to the goods .
Sales and marketing plan
The Export Plan should include marketing and sales tactics and strategies for the chosen country, as it is necessary to promote products according to the cultural and behavioral peculiarities of that region. That is, the actions that are applied here may not work there, requiring research and study to define the best export marketing strategies.
Expanding its delivery destinations to the international market can help the company to maximize its results, increasing sales and even using all its production capacity. However, the export plan should not be neglected even when it is already being exported, as it must also provide guidelines for readjusting processes that did not work and guide how to solve problems related to the theme.
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This article was written by the team at Complete Full Marks Consultants Ltd, specialized in helping companies to establish the best path between their current situation and their future goals. Therefore, you can put these tips into practice with our Business plan growth templates.
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We are proud to say that through this program we have helped over 200 young entrepreneurs establish and resuscitate their ailing businesses. You may be the next person.
Furthermore, for Approved Nigerian SMEs Export Plan, along this program service value chain, we help register your business with C.A.C. and update your other incorporation documents. We also assist to obtain your export registration with Export Promosion Council and deal with your tax matters and other contract bidding documents. In fact, our office is a one-stop office for business development and support services. Just contact us immediately.
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Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.