GOING GLOBAL
YOUR INTERNATIONAL TRADE JOURNEY
Wed 25th October 2023 | 12:00 – 2:15pm
Hard Rock Cafe, 179 Buchanan St, Glasgow G1 2JZ
Is your business looking to go global?
Trading internationally offers a range of exciting opportunities to help businesses of every size thrive!
We’ve teamed up with the Glasgow Chamber of Commerce to launch our very own event focusing
on the six simple steps required to grow your business overseas:
Going Global: Your International Trade Journey
Join us for an afternoon of expert-led presentations and networking opportunities.
Read more to discover the kind of content that we’ll explore at our event.
The thought of trading goods overseas can make the best of us feel out of our depth. But don’t worry.
It doesn’t need to.
Thanks to the internet and accessible air travel, trade is no longer limited by geographical borders
and welcoming new opportunities has never been easier!
But like any journey, getting to the destination isn’t always as easy as getting from A to B. Much of our
advice is interchangeable. You could, for example, sort your duty and taxes before you ship your
goods. However, our recommendations provides a steady framework to guide you on your trade journey.
With the help of six simple steps, you’ll be going global in no time!
1) Finding & Connecting With Overseas Customers:
Ask yourself ‘Is there demand for my product overseas? Is the market big enough?’
Use the internet, join forums, engage with social media groups, look at your overseas competitors and their markets and think – ‘Could I do the same?
If you can give a firm ‘YES’ to each question above, then you’re good to go.
Once identified, you need to target your Ideal Customer Profile (ICP). Use digital marketing and email campaigns, place paid ads, list your product on e-commerce platforms, or employ the services of Chambers of Commerce, for example.
1) Finding & Connecting With Overseas Customers:
Ask yourself ‘Is there demand for my product overseas? Is the market big enough?’
Use the internet, join forums, engage with social media groups, look at your overseas competitors and their markets and think – ‘Could I do the same?
If you can give a firm ‘YES’ to each question above, then you’re good to go.
Once identified, you need to target your Ideal Customer Profile (ICP). Use digital marketing and email campaigns, place paid ads, list your product on e-commerce platforms, or employ the services of Chambers of Commerce, for example.
2) Agreeing on Delivery Terms/Incoterms:
What’s next? The Incoterms, of course!
‘The what?’
Incoterms! They are a set of internationally standardised delivery terms that outline the agreement between the seller and the buyer and underline the responsibilities, risks, and potential costs of delivering the goods.
Want to deliver goods professionally and efficiently? Understand and define your trade’s Incoterms.
2) Agreeing on Delivery Terms/Incoterms:
What’s next? The Incoterms, of course!
‘The what?’
Incoterms! They are a set of internationally standardised delivery terms that outline the agreement between the seller and the buyer and underline the responsibilities, risks, and potential costs of delivering the goods.
Want to deliver goods professionally and efficiently? Understand and define your trade’s Incoterms.
3) Invoicing, Documentation & Certification:
If you’ve ever received a letter that reads ‘GOODS IMPOUNDED’, or an email that states ‘Your product is a fake!’ you’ll know why this has happened.
You didn’t sort the paperwork.
Documents like the commercial invoice provide the details of your goods and the agreed sale terms to both your buyer and customs officials.
Equally, certification provides a guarantee to your customer that your product is authentic and ensures quicker clearance at customs, saving you time, and money, and strengthening customer loyalty.
3) Invoicing, Documentation & Certification:
If you’ve ever received a letter that reads ‘GOODS IMPOUNDED’, or an email that states ‘Your product is a fake!’ you’ll know why this has happened.
You didn’t sort the paperwork.
Documents like the commercial invoice provide the details of your goods and the agreed sale terms to both your buyer and customs officials.
Equally, certification provides a guarantee to your customer that your product is authentic and ensures quicker clearance at customs, saving you time, and money, and strengthening customer loyalty.
4) Fulfilment & Shipping:
Have your goods been delayed? Did you forget to insure your goods? Did you select the wrong courier?
Make life easier. Get the logistics right.
Compare and select the best logistics service online to match your agreed Incoterms and consignment size.
Don’t forget to consider export declarations, customs clearance, duty and taxes, returns, electronic or physical documentation, shipping rates, ETA, and more.
4) Fulfilment & Shipping:
Have your goods been delayed? Did you forget to insure your goods? Did you select the wrong courier?
Make life easier. Get the logistics right.
Compare and select the best logistics service online to match your agreed Incoterms and consignment size.
Don’t forget to consider export declarations, customs clearance, duty and taxes, returns, electronic or physical documentation, shipping rates, ETA, and more.
5) Managing Finance & Payments:
First things first, what’s the point in trading internationally if you don’t make any money?
Make sure your trade is profitable. Get your quotes correct and factor in the projected cost of any other unexpected currency fluctuations.
Afraid you won’t get paid? Banks and other financial institutes can be impartial third parties that will guarantee you secure payment once your goods are received by the buyer.
If you’re struggling to financially cope with your orders, there are a range of public and private finance institutions that can offer solutions.
5) Managing Finance & Payments:
First things first, what’s the point in trading internationally if you don’t make any money?
Make sure your trade is profitable. Get your quotes correct and factor in the projected cost of any other unexpected currency fluctuations.
Afraid you won’t get paid? Banks and other financial institutes can be impartial third parties that will guarantee you secure payment once your goods are received by the buyer.
If you’re struggling to financially cope with your orders, there are a range of public and private finance institutions that can offer solutions.
6) Taxation & Accountability:
‘Nothing is certain except death and taxes’ said a famous politician, way back when – international trade is no exception to this rule.
Too many businesses make the same mistake when trading goods. They mishandle duty and taxes and pay the price.
Incorrectly classifying your product could be construed as tax evasion, threatening legal action and a loss of trust between you and your customers.
Pre-calculating your duty and taxes before you send your goods will prevent issues and reassure all parties that the trade is feasible.
Finally, having received the payment from your buyer, you’ll need to account for it. If you don’t, you could risk being shut down by your local tax authorities.
Be smart – do it right.
6) Taxation & Accountability:
‘Nothing is certain except death and taxes’ said a famous politician, way back when – international trade is no exception to this rule.
Too many businesses make the same mistake when trading goods. They mishandle duty and taxes and pay the price.
Incorrectly classifying your product could be construed as tax evasion, threatening legal action and a loss of trust between you and your customers.
Pre-calculating your duty and taxes before you send your goods will prevent issues and reassure all parties that the trade is feasible.
Finally, having received the payment from your buyer, you’ll need to account for it. If you don’t, you could risk being shut down by your local tax authorities.
Be smart – do it right.
If you like what you’ve read, come along to our event Going Global: Your International Trade Journey on Wed 25th October at 12 pm and see how EdgeCTP can empower your business.