If you would like to take your business global, there are a number of factors to consider. Access to information on managing new export contracts, navigating the payment process and how to overcome export challenges is crucial when planning to export.
To help you set up for success, here are Export Finance Australia’s four top tips for a successful export journey.
1. Effective cashflow management strategy
From pruning, harvesting and bottling, to exporting and selling, wine businesses face a long working capital cycle. This can put pressure on your cashflow – the heart of your business.
While arranging favourable payment terms can help, you may also need to set up external finance to keep that cash flowing and your operations moving.
To learn how to effectively manage your export cashflow, access our FREE eBook, ‘Managing your Export Cashflow’.
2. Prepare for business growth
As your reputation grows overseas, your orders could too. To meet demand, you may need to employ more staff, hold more stock for when demand picks up, or invest in additional production capacity.
To build capacity quickly, you may need access to finance – so you can be confident your business will be able to deliver as orders increase.
Be sure you understand the options available to you.
If your bank is unable to help with finance, we may be able to help.
3. Familiarise yourself with your new target market
Australian wine is enjoyed all over the world, including the US and the United Kingdom, two of our major markets. However, wine businesses are finding opportunities in smaller markets too.
If you’re moving into a new jurisdiction, it’s important to do your homework, so you understand their trade laws, banking systems and how reliable their shipping and delivery schedules are.
To keep up to date on the opportunities and risks of doing business around the world, read our country profiles that explore the economic and business conditions of the markets you are exporting to. Wine Australia also provide market insights including a range of statistics, data and insights specifically relating to the wine markets.
4. Have an expansion strategy in place
Once you’ve entered a market, the next challenge is to keep the opportunity alive by developing your existing relationships and building new ones.
With COVID-19 restrictions, international travel is off the cards for now, you may need finance to help build your online presence through marketing and social media.
Austrade can provide access to a range of resources to assist with your expansion strategy, such as market research, industry specialists and advisory services to help you take on the world.
See how we could help your wine business
Export Finance Australia is here to help you take your business to the world, by providing a range of finance options. To discuss your export financing needs and options get in touch on 1800 093 724 or visit exportfinance.gov.au/wine