Providers of international trade services help promote business development and relations in foreign nations. These organizations, which are termed as lobbying firms in technical lingo, provide information to their clients regarding business and expansion opportunities around the world.
With this information in mind, it would be easier for you to understand how hiring an international trade service provider in Africa can help in the expansion of your business. You can also use the below-mentioned information to prepare a checklist of services you should expect from your trade consultant.
Here are four ways through which international trade services in Africa can help your business:
1- Conduct business on behalf of their foreign clients
Imagine you have a burgeoning business in South Africa which you want to expand to Namibia. You might know everything about the former yet your knowledge about the latter cannot be that great. What you need, therefore, is an expert who knows the ins and outs of Namibia and can guide you on the same.
That’s exactly what international trade service providers do. They have people on the ground which help the business-owners living abroad micro-manage their operations. As a result, even while taking minimal trips to the host country, you can maintain a solid business presence there.
2- Provide information on the target market
If your organization is going to open its branch or subsidiary in another country, the move will be more profitable if it enlists the services of an international trade consultant. For instance, company XYZ that has its HQs in Canada would do well to enlist help when opening its branch in Congo.
Provided it does that, the international trade consultant will help the XYZ company by carrying out the research on government incentives, administrative policies, spending power of potential consumers, and cultural practices in the targeted country.
3- Discovering new business opportunities
Research of the target market can also yield new (and previously ignored) business opportunities. For example, if XYZ company produces only speakers, the international trade service provider might end up discovering the market for related products, like woofers.
Once you have that information, you can then weigh its pros and cons to decide whether or not you should pursue it with investment. That means that while you had spent money with only one target (identify business opportunities for your existing business), other avenues would open up as a bonus.
4- Provision of support on the ground
Another advantage of enlisting the help of international trade consultants is that they can help your business with its internal issues. This includes making sure you get the permits for all utilities (i.e. electricity, gas, and water) and preparing contracts which meet all the applicable regulations of the land.
Once your business is able to set up shop, you can count on the trade consultants to help with logistics, like finding rental living places for employees relocating from other cities. That debunks the myth that trade consultants stop being useful when your business is up and running.
From getting you acquainted with the business policies and regulations of the area where you intend to expand your operations to providing you with data using which you can not only get to know about your target market but also strategize ways on how to make the most of it, there are innumerable ways international trade service providers can help in the expansion of your business in Africa.