Let’s face it! International trading has its own risks. However, with an expert consultant like Wolfgang Zulauf by your side and knowledge of the potential pitfalls, you can explore more opportunities and minimise your risks of expansion. The avid banker and investment consultant provides four key tips on planning foreign trading in a strategic manner.
#1: Learning the Business Culture of the Foreign Country is Important
Often, businesses tend to do the mistake of getting into trade meetings too directly. This can result in intercultural slip-ups, affecting your business relationship.
Wolfgang Zulauf suggests that when you enter new markets, it is crucial to know the business culture prevalent in that country. This is also true for interpersonal communications that may arise due to international trading. Consulting an expert, like Wolfgang Zulauf, can help you in this field because he has unparalleled knowledge of leading markets across the globe – their culture, politics and economy. He can give you a good idea of your trading partner and the target market, helping you make sound business decisions and avoid mistakes.
#2: Seek out for a Trusted Banking Partner
Two of the biggest risk factors associated with foreign trading are – (1) Getting full and timely payment from the importer and (2) Ensuring the exporter delivers all goods as ordered. To make these elements operational, it is crucial to have various financial instruments in hand. Therefore, it is crucial to seek out for a trusted banking institution that can help you with seamless and hassle-free international trading.
Wolfgang Zulauf is the CEO of SUISSE BANK, a leading offshore banking institution that empowers its business clients with comprehensive international trading solutions. The bank, through its expert foreign trade professionals, facilitates contract negotiations and helps curate payment and product-related contractual clauses. It provides a number of financial instruments such as Letter of Credit, Bank Guarantee, Proof of Funds and Warranties. After this, all trade transactions can be secured and financed optimally.
#3: Consider Risks Associated with Foreign Currencies
According to Wolfgang Zulauf, businesses often make the mistake of overlooking the potential risks or losses that may arise as a result of trading in foreign currencies.
The expert recommends considering all risks when trading internationally. This is true for currency-related risks as well. For example, the Chinese currency has significantly devalued in comparison to U.S. dollars. As a result, numerous businesses are forced to curtail their payment terms. From this, you can understand why it is vital to secure international trading against currency-related risks.
Wolfgang Zulauf can provide expert suggestions regarding which currency is safe to invest in, what is the market condition and how you can mitigate the risks associated with foreign currencies.
#4: Build a Trusted Collaboration with Experts
Often businesses underestimate the importance of comprehensive guidance in international trading because of cost or time considerations.
However, that is the biggest mistake companies do – says Wolfgang Zulauf. Since foreign trading can bring in unforeseen risks, it is crucial to build reliable collaboration with experts from diverse fields – trade finance experts, lawyers, foreign chambers of commerce, solicitors and a banking partner like SUISSE BANK PLC. With long-term expertise in this industry, Wolfgang Zulauf has built a broad network of experienced professionals who can help you through all phases of international trading.
Conclusion
Based on the above tips, you can streamline your international trading transactions with more power in hand, security and reliability. Wolfgang Zulauf always gives focus on the importance of expert consultation, innovation and measuring the risks before involving in foreign trade transactions. With his expertise and knowledge, he can help companies take strategic trading decisions with minimum risks and maximum profitability.
