Risk management is an essential part of Trade. Although taking risks is one of the necessary points, but taking risk that are easily avoidable isn’t that smart, is it?
Export business has become prevalent around the globe and in recent times it has grown at a much faster rate due to the globalization process.
As we always focus on trade in our Memoir, leaving the idea of safety behind like a sort of irrelevant thing, today we are going to cover that concept too.
Although Export business comes in with some of the risks too, as we often get confused about risk management. Here on this topic, we are gonna talk about Export and The Risks which come along and how can we avoid them and win in Import Export Trade.
But…taking unnecessary risks that can be easily avoided, but you are still willing to take them…Does it sound clever? Of course not!
As they say, “Life is All about taking risks, If you never take a risk, you’ll never grow and never achieve your goal”, however, it’s true, unless there’s a way to avoid it. When you find a way to overcome those obstacles so there’s no point in facing them.
So Let’s take a deep dive into it and take a look at how we can secure our goods during exports and prevent them from getting in any sort of trouble.
Suppose, you have made your deal with a company based in the USA, and they made a stipulation that they’ll process your payment 30 days after the shipment occurs. in that case, the fear of not getting paid will take over your mind and perhaps you’d decide to cancel the deal without even thinking.
This is the time where ECI helps you to win the situation, it protects an exporter of products and services against the risk of any default or non-payment by a foreign buyer.
It safeguards a business’ foreign accounts receivable. It reduces the payment risks and gives you the free mind to trade on an international level.
It gives you the assurance that if Foreign buyer is unable to do that still payment will be made. By minimizing the risk of payment, ECI helps you to increase your export sales, establish market share in emerging and developing countries and compete more vigorously in the global market.
Some people afraid to get into some trouble just because they heard someone lost all of his money because their buyer hadn’t paid them, so all they think of getting the same consequences. Because that’s how our mind works, we transfer wrong or incomplete information to the others without even research on it.
We saw or heard from some individuals that someone sank their money by trading in the market…but they never tried to analyze the consequences and about the points that brought them into this catastrophe. So stop believing in such rumors and research as deep as you can.
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Covering 40+countries for any product which helps you to get the maximum returns of your time and investment. We help you to analyze your market capacity through our Import Export Data so that you’d be able to utilize your work-frame.