If you need a step -by-step, structured
approach to doing your research and
identifying potential target markets, we
can help.
4. Create an Export Business Plan
The next step is creating your export
business plan. This is a key step in your
journey to becoming an exporter. An
export plan is an extension of your
business plan. It enables you to evaluate
the potential benefits and risks for your
business, and describes the approach you
will take to reach your international sales
objectives.
Capturing this information in a logical plan
can provide you with credibility when
seeking finance for your export business
and dealing with lenders. As a rule of
thumb, your first export plan should be
kept simple. The initial planning effort itself
gradually generates more information and
insight. As you learn more about exporting
and your company’s competitive position,
the export plan will become more detailed
and complete.
All members of the IEOM get access to
sample international business plans which
can serve as the start to your export plan
and which you can modify to meet your
requirements. Get in touch to inquire
about IEOM membership.
30 The Export Brief | MAY 2018 | IEOM-NG.ORG
5. Find Potential Buyers
One of the challenges Nigerian exporters
face in expanding their export sales is how
to find international buyers. This is
especially true for smaller Nigerian
companies, as they often don’t have the
in-house resources to locate reputable
overseas partners. The IEOM is partnering
with several organizations to increase our
global network of trade experts across
Nigeria and “boots-on-the-ground” trade
professionals in foreign countries. We are
uniquely positioned to provide quality
export leads to our members and with new
platforms which we will be rolling out
soon, IEOM members will be better placed
to find new potential buyers in key
markets.
6. Finance Your Exports
When companies export products or
services, long payment terms can often
create working capital challenges. The up-
front cost of producing, shipping and
delivering the goods can be tricky for
businesses to manage. Generally speaking,
sellers of goods or services want to get
paid as soon as possible, even before they
trade, and buyers want to delay payment
for as long as possible, to maintain strong
cash flow and provide the buyer time to
sell on to their end customers.