Software professionals Manjunatha G.T. And Gayathri C.M. live with their three-12 months-vintage baby in a rented house in Bengaluru. They carry mixed earnings of Rs 1.44 lakh and are currently no longer investing with a high surplus of Rs 81,625. There wouldn’t be Indian spices, clothes, or jewelry in the United States without trade finance. Or Apple’s iPhones in China, much less any other international product at any respectable distance from its origin. In fact, according to Investopedia, the World Trade Organization (WTO) estimates that international world trade has expanded 80%-90% thanks to trade finance. For this to continue, companies need to include trade finance in their business development strategies.
How do you do that? Learn how you can incorporate trade finance into your business development strategy.
Incorporate Inland Trade Finance in Market Penetration and Market Development. Market penetration and market development are key parts of a business development strategy. Market development involves selling more of your service or product to repeat customers. While market penetration is about expanding your product or service to other cities and provinces, it can involve inland trade finance. You may have to renegotiate local and provincial trade deals.
For instance, let’s say you sell jewelry. A business from a neighboring city may purchase your jewelry and sell it to its customers. You have a long history with this client. And know that your product is selling quickly in your customers’ shop. In which case, you could propose selling the client more jewelry for a bulk price.
After negotiating, the client agrees. However, despite the long, positive history you’ve had with the client, the client may not feel comfortable paying you before exporting the jewelry. This is where a trade financier or banking institution comes in, providing a letter of credit promising that you will export the jewelry upon payment.
Consider the Internet and Brick-and-Mortar Stores
If you’re already selling more of your product or service to clients, perhaps it’s time to branch out to another channel, such as the Internet?
If you run a successful e-commerce store, maybe it’s time to start a brick-and-mortar store as well?
That way, your customers have more options where to buy your products. Especially when it comes to brick-and-mortar stores, trade finance can help you secure new import and export trade deals-especially when there are multiple currencies involved.
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Creating a New Product or Service for Repeat and New Customers
With repeat customers, you’re doubling the number of products the repeat client is importing. And, with new clients, your new product or service will expand your client base. It’s important that you first create new products for your repeat customers before jumping to new customers, as it involves more risk. Again, trade finance can help cultivate more trust during this period of growth. Since trade financiers or banking institutions can create letters of credit, laying out the terms the importer and exporters must follow.
Final Thoughts About Your Business Development Strategy
Know that growth doesn’t happen in a day; it’s harder for businesses to jump from market penetration to supplying new products to new clients. This is why we recommend that you approach growth slowly. However, know that trade finance may help increase the number of clients you trade with, no matter where they are.
What’s your take on trade finance? How has it helped your business? Please share your thoughts, comments, and responses with us. Adam Smith Associates Pvt Ltd is one of India’s leading Trade Finance Company, performing the business of arranging the finance and providing consultancy, advisory, structuring, and management services relating to finance transactions. One of its main expertise is in commodity finance.
Adam Smith Associates work hand in hand with Indian and International corporations and banks to manage complex finance structures. Its corporate office is located in New Delhi – the capital of India, while one of the branches is at Indore. Internat
Their goals include saving for emergencies, buying a automobile and a residence, taking a vacation, saving for an infant’s schooling and wedding, and retirement. Despite the lengthy list, they’ll be able to achieve those given the affordable length.
Perhaps the largest and most pervasive issue in special education and my own journey in education is special education’s relationship to general education. History has shown that this has never been an easy, clear-cut relationship between the two. There has been a lot of giving and taking, or maybe I should say pulling and pushing for educational policy and the educational practices and services of education and special education by the human educators who deliver those services on both sides of the aisle like me.
Over the last 20+ years, I have been on both sides of education. I have seen and felt what it was like to be a regular mainstream educator dealing with special education policy, special education students, and specialized teachers. I have also been on the special education side, trying to get regular education teachers to work more effectively with my special education students through modifying their instruction and materials and having a little more patience and empathy.
Furthermore, I have been a mainstream regular education teacher who taught regular education inclusion classes, trying to figure out how to best work with some new special education teacher in my class and his or her special education students as well. And, in contrast, I have been a special education inclusion teacher intruding on the territory of some regular education teachers with my special education students and the modifications I thought these teachers should implement. I can tell you first-hand that none of this give and take between special education and regular education has been easy. Nor do I see this pushing and pulling becoming easy anytime soon.
So, what is special education? And what makes it so special and yet so complex and controversial sometimes? Well, special education, as its name suggests, is a specialized branch of education. It claims its lineage to such people as Jean-Marc-Gaspard Itard (1775-1838), the physician who “tamed” the “wild boy of Aveyron,” and Anne Sullivan Macy (1866-1936), the teacher who “worked miracles” with Helen Keller.