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Without trade finance, there wouldn’t be Indian spices, clothes, or jewelry in the United States. 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. As 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 you export the jewelry.

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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

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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.

The simply empty UK data calendar nowadays way that Sterling can be left without lots support in opposition to the USA greenbacks develop unless there are effective traits on the UK’s political front, particularly regarding Brexit.

Theresa May is these days predicted to carry out a Cabinet reshuffle; her biggest shakeup since the disastrous snap election last yr which left her too susceptible politically to alternate the key players in government.

The simply empty UK data calendar nowadays way that Sterling can be left without lots support in opposition to the USA greenbacks develop unless there are effective traits on the UK’s political front, particularly regarding Brexit.

Theresa May is these days predicted to carry out a Cabinet reshuffle; her biggest shakeup since the disastrous snap election last yr which left her too susceptible politically to alternate the key players in government.

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.

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? Share your thoughts, comments, and responses with us.

Adam Smith Associates Pvt Ltd is one of India’s leading Trade Finance Company, performing business of arranging 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. Internationally its affiliates are based in Singapore, Dubai, Hong Kong, Tokyo, and Nigeria.

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Pound v US dollar: Pound undermined with the aid of feedback from American finance legitimate
AN upbeat outlook on the US economic system and economic coverage from veteran policymaker John Williams has undermined the pound in opposition to the

 

The GBP/USD exchange price has dipped -0.2 in line with a cent to US$1.354 after Mr. Williams cautioned that the Federal Reserve needs to hike interest rates 3 times in 2018, even as claiming that President Donald Trump’s tax reform plans could supply the financial system a boost.

The simply empty UK data calendar nowadays way that Sterling can be left without lots support in opposition to the USA greenbacks develop unless there are effective traits on the UK’s political front, particularly regarding Brexit.

Theresa May is these days predicted to carry out a Cabinet reshuffle; her biggest shakeup since the disastrous snap election last yr which left her too susceptible politically to alternate the key players in government.

Although supposed to be a display of authority, it’s far believed that ministers including Foreign Secretary Boris Johnson, Chancellor of the Exchequer Philip Hammond and Brexit Secretary David Davis are all unlikely to lose their jobs.

About Author

https://skybirds.org

Communicator. Alcohol fanatic. Entrepreneur. Pop culture ninja. Proud travel enthusiast. Beer fan.A real dynamo when it comes to buying and selling sheep in Nigeria. Spent 2002-2007 licensing foreign currency for fun and profit. Spent 2001-2007 selling heroin in the financial sector. Developed several new methods for buying and selling jungle gyms in the UK. Prior to my current job I was investing in pond scum in Hanford, CA. Garnered an industry award while working on jump ropes in Salisbury, MD.