Have you considered conducting business internationally by exporting merchandise from the United States? If so, there are many factors you should take under consideration prior to engaging in an export transaction to ensure that the venture is a success rather than a failure.

This article is the last of a three-part series that outlines the steps that should be taken to successfully establish an export market strategy.

Step 3: Develop an Export Market Strategy

Once you have determined your company’s level of export readiness and have conducted the appropriate export market research, you may then proceed to the next stage of developing your export market strategy by composing a document that includes many details of your company’s intended operations strategy for exporting merchandise.

When attempting to venture into an export market, it is often an advantage to have a documented export market strategy available for review by any of the following:

• financial lenders,
• governmental agencies,
• internal managers/employees,
• strategic partners, and
• suppliers.

Typically, an export market strategy, referred to by some as an international business plan, should clearly define the objectives of the company, as well as the manner in which the company will achieve its objectives. In addition, the export market strategy should include timely, accurate and relevant information to substantiate credibility of the company’s ideals.

In general, when preparing an export market strategy you should include the following elements:

• Executive Summary—provide a brief description of your company and your export market intentions with conclusions.
  
  
• Corporate Profile—provide details pertaining to the capabilities and history of your company.
  
  
• Management and Human Resources—provide details of the management philosophy and employee job classifications and applicable qualifications.
  
  
• Target Market Profile—provide details of the target market for export political stability, geographic issues, legal system, business customs and practices, religion and cultural issues, language and governmental structure.
  
  
• Market Entry Strategy—provide details of how your company will enter the foreign market.
  
  
• Marketing Strategy—provide details of your company’s marketing plans including the product, the price, the place, the promotion, the people and the after-sales service requirements.
  
  
• Operations—provide details of your company’s manufacturing production process.
  
  
• Financial Analysis—provide details of your company’s projected financial performance for at least three years ahead.
  
  
• Risk Management—provide details of any strategy put in place to minimize exposure to risks associated with the export venture.
  
  
• Conclusion—provide a complete summary of your company’s desire to enter an export market, as well as any concluding remarks that recap some of the key points of the proposed venture.

When composing your export market strategy, it is important to include a provision that will allow for the constant monitoring of business operations since it may be necessary on occasion to deviate from your initial plans if they are not yielding the expected results.

Prior to engaging in a sustained export venture, you must do your homework and cover all aspects of your proposed venture; otherwise you could quickly end up as a failure in the international marketplace and potentially damage yourself in the domestic marketplace as a result.

The export planning process is not easy, so take your time and make sure that you cover every aspect in detail prior to engaging in an export venture so that you are as successful as possible!