The past few years have been tough on South African exporters. The floods in KZN, rolling blackouts courtesy of Eskom, and a turbulent geo-political environment have all presented unique challenges. However, despite these challenges, the TFSA School of Export has continued to see rapidly increasing participation by businesses located in South Africa. In fact, the TFSA School of Export has seen tremendous growth across Southern Africa in the last year. It now has over 1500 registered users from all over SACU+M benefiting from the export assistance offered by the system. There is undoubtedly willingness by entrepreneurs and business professionals to absorb the knowledge they need to begin exporting from South Africa successfully. Our modules on international marketing, Incoterms® and international finance have been particularly popular with companies currently exporting or preparing to export their products. This article explores how you could benefit from these modules if you plan on exporting from South Africa or Southern Africa in 2023. Furthermore, we will also outline some additional modules that will be launched in the new year.
Marketing for Exports and preparing your Export Marketing Plan
South Africa and the rest of SACU+M are home to several excellent businesses producing products that could be competitive on the global stage. However, in most cases, your competitiveness relies on where and how you intend to market your offering. In our “Introduction to International Marketing” module, we help ensure that you devote your resources to a foreign market with the highest chance of success by outlining the essential considerations and tasks necessary to develop a winning export marketing plan. Furthermore, our “Export Readiness” module will equip you with the knowledge required to prepare your business and product for the international market before embarking on a costly international marketing exercise. Thus, ensuring you are not only ready to begin marketing for exports but that you are prepared to meet the demand generated.
Incoterms® and ensuring your products reach their destination
Incoterms®, i.e., the ICC’s international standard set of rules governing the delivery of goods, are often misunderstood and misused. A thorough understanding of the Incoterms® 2020 rules is essential in exporting from South Africa and any other SACU+M country. Incoterms® are directly linked to the mode of transport used to deliver your consignment and even costing for exports. Our ‘Incoterms®” module details the implications for both buyer and seller under each of the 11 ICC Incoterms® rules. Our “Choosing the Most Appropriate Mode of Transport” module outlines how to choose the correct mode of transport to deliver your goods. And our “Costing for Exports” module outlines how Incoterms® play a role in costing an export transaction.
International Finance, Foreign Exchange Rates and mitigating international financial risk
Exporting from South Africa and any other SACU+M country other than Botswana means you must contend with exchange control regulations. Furthermore, doing business at an international level requires an understanding of how foreign exchange rates impact your expenses and profits. Doing business in a foreign market, in a currency other than your own, with buyers you have never met, and regulatory environment you are unfamiliar with poses a significant financial risk. However, successful exporters take steps to mitigate that risk. In our various modules on international finance in the TFSA School of Export, you will be taught how to identify international financial risks and reduce the risks you face. Furthermore, preparing for exports, marketing for exports and managing cash flow while you await export proceeds can strain your company’s finances considerably. In our “Financing an Export Drive” module, we outline possible sources of trade finance that could assist you in funding your export initiative.
What export assistance can you expect from the TFSA School of Export in the new year?
Firstly, the TFSA School of Export team has been overwhelmed by the positive response to the offering. We believe the levels of engagement, feedback and support the program continues to receive validate the need for on-demand export assistance. However, international trade is constantly changing, and we must continuously improve. Thus, the TFSA School of Export will launch additional modules in 2023 on marketing for exports, free trade agreements, customs and international trade documentation. In addition, we will also continue to improve our user experience and grow our social media forums and communities.
The growth of the TFSA School of Export in 2023
We genuinely believe that the TFSA School of Export is only getting started, and we are committed to fostering the additional partnerships necessary to grow our offering. The TFSA School of Export is not just an online educational resource in the field of international trade but rather a growing system of collaboration and support for trade from Africa. Thus, the TFSA School of Export and its founding partners will foster the collaborations needed for African businesses to take their rightful place on the world stage.
Ultimately, the TFSA School of Export has a simple mandate – GROW EXPORTS FROM THE REGION. We continue to assess business needs in SACU+M to ensure our offering utilises every available resource and partnership to grow value-add exports from Southern Africa. We have big plans for 2023! Click the link below, join our community and access our complete offering for free.
To sign up to the School of Export CLICK HERE.
If you already have a profile, CLICK HERE to login to begin the module.