How do you set goals for your import/export business?

Understanding the market, the competition, the category is essential for setting goals for business. My approach is building a bottom-up estimation, preferably not just for one year but for a 3-5 years period.

In my experience I would also add a SOAR analysis alongside a SWOT to ensure positivity. SWOT can sometimes feel a threat to some with weaknesses etc and SOAR pulls it back positive to action.

In my experience, we must be honest and clear about the team and resources we do have before setting a target or we run the risk of creating false expectations that we will not be able to meet, with the consequent erosion of our company's image and from our own team who may be either overwhelmed or unable to meet the established objectives if they are not realistic enough.

In addition to all of the the wonderful contributions, there are critical legal/ regulations and political issues to take into consideration. Jurisdictional matters must be considered such that country's or territories within which a court or government agency may properly exercise its power. This holds true for time zones, political, (structure, compliance/ enforcement agencies), as well as the modes of transportation(s) being utilized. Moreover, well documented legal procedures are needed in order to ensure that liability protections are in place and enforceable. I would also like to hear more regarding strong methods for managing financials, taxes, partnerships, inventory management/ methodologies and tracking...

One thing that is very help in this situation is to understand you position and then conduct SWOT analysis, after all analysis set you goal for short and long term.

Vision and strategy must be realistic and achievable. Measuring progress at suitable intervals enables slight tweaks if necessary. Nothing is ever linear progression.

The mission and values are the light of the beacon that must illuminate the vision of the company. The objectives must be fully aligned to the point of saying no to specific opportunities that do not fit or we run the risk of not only losing focus but also ending up working with clients that are not the ones we need.

La internacionalización de una empresa se corresponde a la propuesta de valor para lograr la visión estratégica de una organización que incluye una serie de objetivos específicos como la capacidad de la organización, sus procesos, y su gestión para el desarrollo de mercados con fin financiero indicado en la visión.

The concept of SMART objectives must be set in stone for any International Manager, since nothing that is not specific, measurable, achievable and relevant in a given period of time, should be considered an objective, at least from a strategic point of view. Another thing is that tactical objectives can be set based on needs but always with an eye on the company's global strategy for each market.

SMART goals is a elementary part of your vision and mission. SMART goals gives you clear picture of the present market so that you can set your goals accordingly and target you sales revenue in good time period.

Facing any internationalization activiy without a plan is an all-too-common mistake. And even when having a strategic or business plan, we often fail to implement it, mistakenly thinking that planning alone is enough. What is clear is that if planning is not a guarantee of success, not planning is a guarantee of failure.

We live in an environment of total uncertainty(Super VUCA) where variations and developments in the markets occur at such speed that the need to review goals and objectives must be an unequivocal part of any internationalization plan. Obviously, monitoring the established objectives is essential to achieve implementation and there is no one better than those in charge of carrying it out to keep us informed of the changes that must be made to achieve these objectives.

In this situation your goal should periodically monitor and adjusted as per the changing circumstances and always alien to the periodic goal.

Setting goals for your export/import business is a methodical process. It involves creating SMART goals that are specific, measurable, achievable, relevant, and time-bound. These goals encompass market research, financial targets, operational efficiency, compliance, market expansion, risk management, customer satisfaction, employee development, and social responsibility. Regular monitoring, contingency planning, clear communication, documentation, and celebrating achievements are key components. This holistic approach ensures that your export/import business advances in alignment with your long-term vision.

Know your cash flow. Always have back up plans. Diverse your clients, diverse your suppliers. Expect the unexpected. Think three steps ahead…