As lucrative as it can be, trading internationally brings a whole new level of risks and challenges. Therefore, if you want to ensure your business and its customers and clients are protected, you’re going to have to take numerous preventative measures.
To help, here, you’ll discover the best ways to protect your business when trading internationally.
Being aware of counterfeit goods
Counterfeit goods are a growing problem for international businesses. While you may associate counterfeit items with purely fashion and jewellery products, research shows many businesses are falling victim to counterfeit software, food and even aeroplane parts.
So, what harm do counterfeit goods have on a business? Well, if you’re advertising high-quality, genuine products and it turns out they’re fake, it’s going to have a serious impact on your reputation. If customers find out, you’re going to need to give refunds, and in serious cases, you could even be taken to court.
So, it’s vital you check your stock to ensure it’s 100% genuine and you aren’t unknowingly selling counterfeit goods.
Choosing a reliable courier
It’s never been more important for businesses to ensure they’re using a reliable courier. However, for international traders it’s even more important; particularly if you’re sending important documents abroad.
If the documents were to get into the wrong hands, again it could have serious consequences for your business. Therefore, it’s vital you use a reliable and secure courier to transport important documents.
You’ll also want to ensure the courier company can deliver documents and parcels quickly. So, look for one which offers a fast delivery service, as well as reliable one.
Be aware of the scams currently circulating
There’s a lot of scammers who target international businesses. Be especially wary of investment opportunities presented to you, along with phishing emails. The latter are becoming increasingly complex and are designed to steal your businesses information including passwords and banking details.
To prevent cybercrime, never click on a link provided in an email unless you can confirm it’s from a reliable source. You should also make sure your computer is protected with the latest security software and you store all of your customer’s details securely.
Overall, there are many risks international businesses face, but the above are some of the best ways to combat the potential problems. Making sure your IT systems are secure and you’re choosing reliable suppliers is a must when you’re dealing with international trade.
