Top tips to get your business ready for 2019

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Top tips to get your business ready for 2019

The end of the year, and hopefully a short break from the office, is a great time for Australian exporters to think about setting themselves up for success for the year ahead.

As we work with hundreds of export businesses every year, we’ve pulled together 4 tips to help you grow your business in 2019.

Top tips to get your business ready for 2019
Is your cashflow ready for new opportunities?

For businesses in the export market, having access to cash is critical. As an exporter, your working capital cycles can be very long, and you’ll need cash to cover many costs. Securing a source of finance when exporting isn’t always easy.

According to Australia's International Business Survey 2018, 62% of export businesses fund their business through retained earnings. 25% said they found funding through loans from domestic banks as very important, however inadequate security and high costs were barriers.

Getting the right advisors and understanding the options your business has is important. There are alternatives. Export Finance Australia can work with your business to provide finance support to help your international growth.

Can your suppliers and partners support your export growth?

A PwC survey* found the most important supplier relationship management objectives for businesses are:

  • leveraging supplier capabilities
  • delivering cost savings
  • reducing risk exposure.

To build successful relationships with your suppliers and partners, it’s important to reassess how your business can meet these objectives. This means partnering with businesses that understand your objectives, target market and will work with you. Often these partners will have valuable insights that can help you avoid unknown risks or pitfalls.

For Founder and Director of Babe Australia, Kim Peirce, finding the right manufacturing partner was a breakthrough for her business: “In the end facing this challenge [finding a manufacturer] was the biggest stroke of luck we’d had as a business because the manufacturer we finally found has been more of a mentor to me than just a service provider.”

*PwC Supplier Relationship Management How key suppliers drive your company’s competitive advantage, 2013

Can you take advantage of Free Trade Agreements?

Australia has Free Trade Agreements (FTAs) with 10 countries, including China, Japan, South Korea and the USA. Understanding how your business can take advantage of these could help you save money and access new markets faster.

To help you understand the benefits of FTAs to your business, the Department of Foreign Affairs and Trade has developed the FTA Portal that provides easy to understand information.

What Government support can you access?

There’s a wealth of easy to access information and support available to help Australian export businesses.

Austrade: the Government’s trade and investment agency runs the Export Market Development Grants (EMDG) scheme. This financial assistance program, for aspiring and current exporters, supports a wide range of industries and can reimburse 50% of eligible export promotion businesses. If you’re eligible, you have until 28 February to submit an application through an approved EMDG consultant.

Business.gov.au: If your business is undertaking eligible research and development (R&D) activities you may be able to claim a tax offset through the Government’s R&D Tax Incentive. Changes to the incentive have occurred so make sure you understand how this will affect your business.

Export Finance Australia: We can work with your business to provide finance support to help you take on new export-related opportunities. Our range of loans, guarantees, bonds and buyer finance solutions have been helping Australian businesses go global for over 60 years.