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On April 25th, The Embassy of the Republic of Indonesia in Bosnia and Herzegovina organized the third gathering of business people and companies from this country as an opportunity for a better economic connecting between Indonesia and BiH.

Indonesia is a distant country, but this should not be an obstacle to the increase in trade, since BiH and Indonesia have been two friendly since the establishment of bilateral relations.

Although BiH imports coconut, cinnamon and palm oil from Indonesia and exports products to military industries such as weapons and ammunition, the two countries still cannot say that they have a major trade exchange, but encounters like this one are opportunity for further connecting.

Ambassador of the Republic of Indonesia to BiH, Amelia Achmad Yani, after organizing two previous business matching events, said that cooperation between the two countries is getting better and records steady growth.

“What we achieved through earlier events of this type is the increased number of tourists coming to BiH. Before that, there was fear among the people in Indonesia because of the war in BiH, but now they have a completely different image of BiH. Therefore, tourism, education and trade are the most important areas which we have to work on,” underlined Achmad Yani.

Part of today’s business matching event was also a meeting for government officials and business people from both countries, a one-to-one business meeting that took place as well.

We had a chance to present the company and our products to Indonesian business people. During the one on one meetings, large number of companies had shown great interest for the products. We are very happy for having a chance to get to know more about the Indonesia requirements and we are looking forward to our expansion on this market.

Read full article: http://www.fena.ba/article/1082353/business-matching-event-between-indonesia-and-bih-takes-place-in-sarajevo

The Special Olympics World Games 2019 will be hosted in Abu Dhabi, United Arab Emirates in March 2019 for the first time in the Middle East North Africa since the movement’s founding over 50 years ago. The Crown Prince Court led the winning bid efforts with a mission to promote positive social change for people with intellectual disabilities and create a more inclusive society.

Article photo 2Furthermore, Special Olympics is the world’s largest humanitarian sporting event and a global movement which focuses on the empowerment of People of Determination with intellectual disabilities through the power of sport.

We are so proud to be a part of this huge event through one of  our products. With the unique shape of the Special Olympics World Games logo, our 3D Epoxy stickers are made to last and have found their way to the Olympics. Our stickers are used widely as the presentation of the logo itself in a way that its performance aesthetic proves the product quality. Our stickers are resistant to weather conditions and well suited for the advertising companies.

Any company, before committing its resources to venture in the export business, must carefully assess the advantages and disadvantages of exporting into a new market. While some companies enter the export business unintentionally after receiving order to purchase from foreign buyer that found their product. Others make a deliberate move and conduct thorough research before entering new market. Whether it is unintentional or deliberate move companies need to evaluate and carefully assess the advantages and challenges of exporting before committing resources.

vijest3aAdvantages of exporting

The reason for your company to consider exporting is quite compelling; the following are few of the major advantages of exporting:

Increased Sales and Profits. Selling goods and services to a market the company never had before boost sales and increases revenues. Additional foreign sales over the long term, once export development costs have been covered, increase overall profitability.

Enhance Domestic Competitiveness. Most companies become competitive in the domestic market before they venture in the international arena. Being competitive in the domestic market helps companies to acquire some strategies that can help them in the international arena.

Gain Global Market Shares. By going international companies will participate in the global market and gain a piece of their share from the huge international marketplace.

Diversification. Selling to multiple markets allows companies to diversify their business and spread their risk. Companies will not be tied to the changes of the business cycle of domestic market or of one specific country.

Lower Per Unit Costs. Capturing an additional foreign market will usually expand production to meet foreign demand. Increased production can often lower per unit costs and lead to greater use of existing capacities.

Compensate for Seasonal Demands. Companies whose products or services are only used at certain seasons domestically may be able to sell their products or services in foreign markets during different seasons. 

Create Potential for Company Expansion. Companies who venture into the exporting business usually have to have a presence or representation in the foreign market. This might require additional personnel and thus lead to expansion.

Sell Excess Production Capacity. Companies who have excess production for any reason can probably sell their products in a foreign market and not be forced to give deep discounts or even dispose of their excess production.

Gain New Knowledge and Experience. Going international can yield valuable ideas and information about new technologies, new marketing techniques and foreign competitors. The gains can help a company's domestic as well as foreign businesses.

Expand Life Cycle of Product. Many products go through various cycles namely introduction, growth, maturity and declining stage that is the end of their usefulness in a specific market. Once the product reaches the final stage, maturity in a given market, the same product can be introduced in a different market where the product was never marketed before.

vijest3Exporting Challenges

While the advantages of exporting by far outweigh the disadvantages, small and medium size enterprises especially face some challenges when venturing in the international marketplace. Extra Costs. Because it takes more time to develop extra markets, and the pay back periods are longer, the up-front costs for developing new promotional materials, allocating personnel to travel and other administrative costs associated to market the product can strain the meager financial resources of small size companies.

Product Modification. When exporting, companies may need to modify their products to meet foreign country safety and security codes, and other import restrictions. At a minimum, modification is often necessary to satisfy the importing country's labeling or packaging requirements.

Financial Risk. Collections of payments using the methods that are available (open-account, prepayment, consignment, documentary collection and letter of credit) are not only more timeconsuming than for domestic sales, but also more complicated. Thus, companies must carefully weigh the financial risk involved in doing international transactions.

Export Licenses and Documentation. Though the trend is toward less export licensing requirements, the fact that some companies have to obtain an export license to export their goods make them less competitive. In many instances, the documentation required to export is more involved than for domestic sales

Market Information. Finding information on foreign markets is unquestionably more difficult and time-consuming than finding information and analyzing domestic markets. In less developed countries, for example, reliable information on business practices, market characteristics, cultural barriers may be unavailable.

Entering an export business requires careful planning, some capital, market know-how, access to quality product, competitive pricing strategy, management commitment and realizing the challenges and opportunities without them it is almost impossible to succeed in the export business. While there are no hard-and-fast rules that can help companies make decision to export and to become successful, understanding the advantages and disadvantages of exporting can help smooth entry into new markets, keep pace with competition and eventually realize profit.

Source: https://www.expertbase.org/a238-advantages-and-challenges-of-exporting

Companies looking to expand often focus on growth in the import and export industry. While the decision to operate in the trade world may be easy, the process can be difficult for entrepreneurs. Business owners have many factors to consider to ensure their export enterprise is a success. Here are five steps for starting an export business:

001vijest1. Create a sound leadership team

A company can't operate on its own, and an export business is no different. The largest change will be going from a local enterprise to a global one. All team members must be aware of this and operate with that fact in mind. It's helpful for companies to designate an export manager or officer who manages and supports all accounts. Finding the right employees will take a fair amount of searching and training on the entrepreneur's end. Furthermore, business owners will have to take responsibility for other crucial business leaders, including retailers, distributors and manufacturer representatives.

2. Choose the type of business

To become an exporter, entrepreneurs need to decide what kind of operation they will run. Entrepreneur reported there are three primary options for business owners: export management company, export trading company and export merchant. Each comes with its own specific variations, from governmental and local regulations to associated responsibilities.

3. Register

Once companies have determined their type of export business, it's time to make it legal. Entrepreneurs in both countries must identify the goods they will export, as well as any restrictions or licenses that are required for the items. These companies should also be aware of any restricted products.

4. Find the right market

Similar to a regular brick-and-mortar store, export companies will have to designate their purchasing audience. Business owners should take demographics and psychographics - customer interests and desires - into consideration. Once entrepreneurs have determined their target clients, they can start developing a marketing strategy to increase exposure and sales.

5. Establish contacts

To be profitable, export companies need a wealth of strong, reliable relationships. Business owners need to develop both domestic and foreign contacts to increase advertising. These connections can then spread the word to their clients via direct mail and marketing. Developing an export enterprise is not an easy task. Companies have many factors to keep in mind to make their endeavors profitable. Businesses should focus on creating contacts, finding the right market and proper registration to ensure they’re operating efficiently.

Source: https://www.sage.com/ca/Sage-Advice/Articles/18368/2015/10/26/5-steps-for-starting-an-export-business

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