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Episode Synopsis "Episode 4 - 3 Key Concepts of Import Export"
The three key concepts in Import Export are three words: RISK NEGOTIATION SYSTEMS 1 – RISK 6 Major Areas of RISK to avoid in International Trade. 1. Identify Your Risks Use the CASTLE Strategy to minimise your RISK in International Trade The Powerful acronym – CASTLE C-A-S-T-L-E: Credit risk Assignment risk Supply risk Transport risk Legal risk Exchange risk 2. Ascertain Control Measures you can adopt 3. Mitigate your Risk by Putting the Control Measures into action 2 - NEGOTIATION. Negotiation is a Key Foundation for successful Importing & Exporting 1. Research in preparation for your Negotiation 2. Plan your strategies before negotiation 3. Implement your negotiation 3 – SYSTEMS Developing efficient Systems is critical for your Import/Export Business 1. Determine the procedures and processes required for your project 2. List the required documents 3. Establish your own SYSTEMs and a TEAM to implement them.
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