Running an import-export business can be complicated and laced with risks, especially if yours is a small company. Here are some tips for managing those risks and keeping your international trade thriving.

1. Stay Organized

Sending and receiving invoices over email can be onerous when you use your email accounts for multiple purposes. Using an online payments network keeps all of your payments administration and communication in one separate place, with the added benefit of working seamlessly across borders.

2. …But Flexible

Working with numerous clients and suppliers internationally can also mean encountering and managing different cultures and preferences in doing business and completing transactions. It’s important to stay adaptable, and to work with clients regarding their preferred methods of delivery and payment, in order to avoid damaging relationships that are important to your company’s success.

3. Minimize Currency Risks

There are many organizations that support selling services, products or talent overseas. With advance payment platforms, you can choose the currency you would like each invoice to be paid in, and also the timing of your payment, managing the risk that exchange rates may swing out of your favor.

4. Manage Credit Risks

Effective credit management can help your company stay competitive. Work with banks and try to find the good financing options.

5. Keep the Cash Flowing

If you’re exporting, you may wish to receive payment before parting with a lot of valuable product. When we facilitate the payment of an invoice, we take on all the risk of late- or non-payment on that transaction.

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Elksourcing：Order Follow Up 5 Lists to Check

Apr 8, 2021 Elksourcing, order follow up by 露露

As soon as a purchase order is signed with a factory, an important next step is to engage in order follow up. This is to ensure that your suppliers are in line to produce the correct product, level of quality, special requests, shipment dates, etc. However, there can be many issues that you may encounter while performing order follow up. Here is a quick list of issues that you may find and hopefully avoid, to make sure everything in your order is correct.

1) Find that the product details the factory is using are incorrect. If you identify an issue with the product details too late in the process (either during production or after) it can be a very serious problem. An example would be if the factory had the wrong requested sizes for products that they needed to produce. This can be a burdensome task to fix, especially if production has started and it most likely would cost a lot of money to correct. In order to avoid this problem, it is important that both the buyer and supplier carefully review the purchase order package in its entirety.

2) Find out that there was a misunderstanding on your order possibly due to language barriers. Since English usually is not a factory’s native language, there could still be a possibility that misunderstanding/miscommunication could arise during the order phase. In order to avoid the problem, the buyer should use plain direct English for both oral and writing. It is important to be clear and direct and to confirm your intended order outcome multiple times.

3) Find out that there were unexpected operation issues. Sometimes you will find that factories may run into problems with assembly or operation with machinery, which can affect your purchase order. It is important to keep up with your factory’s status during order follow ups since unexpected operation issues can impact order quality and delivery dates. In order to avoid the problem, you should always perform order follow ups and to also have backup factories in case you need to have a product that needs to be shipped out by a specific deadline.

4) Find out that quality inspection was not executed properly or adequately. Quality issues, such as quality degradation can occur with certain factories, so it is important to identify these issues quickly while inquiring about order follow ups. Issues with quality can be a hassle to correct and you can avoid paying larger costs or delaying your orders by sending out QC experts to inspect your orders.

5) Find out that shipping documents are not filled out completely or correctly. It is always important to review shipping details during your order follow ups. Shipping dates and confirmation information can easily be misunderstood, so it is recommended to continually confirm shipment dates if possible.

Performing order follow ups is not only a necessary step, but it will enable you to identify and mitigate issues as soon as they occur. Although there could be other types of issues or extenuating circumstances that may arise in your order follow up experiences, this should still provide a general idea of the types of issues that many others encounter. It is just a matter of quickly identifying and correcting these issues during order follow ups that can truly make the difference in your final purchase orders.

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Elksourcing：How to Prevent Quality Degradation?

Apr 8, 2021 Elksourcing, quality by 露露

Quality degradation is a supplier’s behavior of progressively degrading the quality of the products to earn more profits, at beginning, it’s not easy to be noticed; but when later on a significant quality degradation is found by the buyer, disputes may arise between the buyer and the supplier, which can ultimately lead to termination of agreements.

Why does quality degradation occur?

The most important reasons include:

1. Issues concerning business ethics

Business is business. Naturally, a businessman’s end goal is to pursue high profit margins. If you do not investigate your suppliers carefully prior to engaging in trade, you may experience issues with certain suppliers beginning to degrade quality little by little over time in order to lower its costs.

2. Disconnection between quality levels of supplier and buyer

Buyers can sometimes forget to specify clear levels of desired quality in their quality specifications. Additionally, suppliers tend to sway more to the side of providing final products at their lowest cost. This may cause an issue between intended quality levels of the buyer and the final quality levels of products produced by the supplier.

3. Difficulty of controlling overseas suppliers

Some quality degradation can be found in the production process; however, catching subtle quality degradation can be difficult if you are located thousands of miles away. These issues are hardly monitored from far way in such detail. Having awareness that factories may participate in quality degradation can help you stay on top of issues that may occur later on.

Can the quality degradation be avoided?

We believe this problem can be avoided, if the importer focuses on the following:

1. Select a reliable factory

Perform a factory audit and investigate the factory carefully before placing an order. This can help in finding a reliable factory to work with. To find a factory with integrity also means you will save that much more time and money in the future.

2. Have backup suppliers

When you have an alternative suppler, your primary supplier will worry about being replaced and could put in more effort to pay attention to quality if they value your business.

3. Set up quality control system

Even if suppliers have quality control staff in place, their products may still experience issues with quality. An in-production or pre-shipment quality control should be performed by your company’s representative or from a professional third party. A trustworthy third party company can help you with various aspects of your China sourcing endeavors, including factory audit, pre-production monitoring, in-production monitoring, pre-shipment inspection, etc.

Quality degradation is an issue that can happen to anybody. It is important to always make sure you have effective quality control procedures in place.

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Elksourcing：6 Common Negotiation Mistakes

Apr 8, 2021 Elksourcing, negotiation by 露露

Getting to the negotiation stage of a sales process can feel like a marathon. Crossing the finish line with terms everyone agrees on? That’s even harder.

From preparing the wrong way (or not at all) to letting the buyer handle the next steps, there are plenty of ways to stumble during this process. Check out six common mistakes to lose a negotiation.

1: Don’t Prepare

Walking into a negotiation unprepared is a surefire way to walk out with a bad agreement. It’s hard to think clearly when you’re in the hot seat, so without a defined strategy you might end up agreeing to unfavorable terms or even losing the deal.

First, know your goals. What do you need vs. just want? Where are you willing to compromise? At what point must you walk away?

Next, go through the same exercise from the prospect’s perspective. If you can anticipate their objectives, where they’ll be flexible, and where they won’t budge, it’ll be easier to suggest an agreement they’ll go for.

You should also develop strategies for overcoming their objections. Let’s say you’re pretty certain the buyer will ask for a monthly contract. If quarterly payment terms are preferable and you can come up with several reasons this is in your prospect’s favor, convincing them so during the actual negotiation will be less challenging.

2: Immediately Get Down to Business

Negotiations make most people pretty tense, so they immediately want to get down to brass tacks. However, taking the time to build rapport first is crucial.

Research shows that negotiators who chat with their counterparts are more likely to compromise and share key information and less likely to make ultimatums or come to an impasse. In other words, small talk can have a big impact.

3: Pay No Attention to Non-Verbal Cues

You might be talking the talk, but unless your body language and vocal cues match up with your words, you’ll be putting yourself at a disadvantage. Since up to 55% of messages are communicated through nonverbal signals, (literally) putting your best foot forward is important.

Negotiating in person? Pay attention to your hands and feet. Twisting your hands, touching your face, and bouncing or shuffling your feet are all common signs of anxiety. If you can avoid fidgeting, you’ll seem far more composed.

Also remember to keep your arms and legs uncrossed. You might just be cold, but folding your arms makes you seem defensive and closed-off.

To put the prospect at ease and make you seem more trustworthy, try mirroring them. This technique works whether you’re sitting at the same table or talking on the phone. If you can see them, subtly copy their pose and some of their gestures. If you’ve only got their voice to go by, mirror their tone, intonation, and speed.

4: Dominate the Conversation

In negotiations, you actually gain power by saying less. Talking too much is an unmistakable sign of nervousness — and if the buyer can tell you’re anxious, they’ll be more aggressive than if you seem calm and in control.

Plus, reps who ramble may end up making unnecessary concessions. It’s much harder to accidentally volunteer concessions or slash a price when you’re listening more than talking.

The last benefit? Letting the prospect take the floor gives you greater insight into what they’re thinking. Pay attention to which items they spend the most time on and which ones they pass over relatively quickly, then use that information when you’re requesting compromises.

Speaking of compromising …

5: Refuse to Compromise

Agreeing to the buyer’s demands makes you seem weak, right? Wrong. Almost every negotiation requires concessions on both sides. After all, if the deal didn’t require any back-and-forth, it would’ve already been signed.

Not only should you be prepared to give up or modify some terms, you should actually build in a couple “wins” for the prospect.

“No one wants to feel like they lost a negotiation — especially a buyer,” explains Jeff Hoffman, a renowned sales executive. “Create a few points where saying ‘yes’ makes the prospect feel they feel like they won something.”

For instance, if they seem concerned about migrating their data over to your platform, you could plan on offering free implementation support. “Winning” this point when it comes up during the negotiation will gratify the prospect and make them more receptive to your request.

Above all, think of the buyer as your partner, not your opponent. When you’re thinking cooperatively — not competitively — finding a win-win solution is much easier.

6: Expect the Buyer Take the Next Steps

Once you’ve come to an agreement, have a system in place so the contract is signed and paid for as soon as possible. After all, right now the deal has the most momentum — the longer you wait to get the details squared away, the more likely it is the buyer will change their mind about the exact terms.

Have a payment link or invoice ready that they can fill out right away.

Some companies will need to have their legal teams look the proposal over. You should already know whether this is the case, thanks to the questions you asked during discovery. Come to a negotiation prepared with all the materials you need to kickstart their review process.

You’re in the home stretch — don’t lose your footing now. By avoiding these six fatal mistakes, you and the prospect can emerge from the negotiation victorious.

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Elksourcing：12 Universal Business Etiquette Rules

Apr 8, 2021 Elksourcing, etiquette by 露露

Whilst different countries have different etiquette, there are certain universal etiquette rules that I believe apply to all cultures.

First of all, though, what does business etiquette mean? Here is one definition:

Business etiquette is a set of manners that is accepted or required in a profession. Often upheld by custom, it is enforced by the members of an organisation. Those who violate business etiquette are considered offensive. The penalty for such behaviour frequently lies in the disapproval of other organisation members.

Business etiquette is important because it creates a professional, mutually respectful atmosphere and improves communication, which helps an office serve as a productive place. People feel better about their jobs when they feel respected, and that translates into better customer relationships as well.

Here are 12 universal etiquette rules I believe we should all follow no matter where we work.

1. Introduce others

Always introduce people to others when the opportunity arises. I don’t know how many times I’ve been in a social work event with a group of people and have had to wait to be introduced. It felt so uncomfortable and I felt undervalued. If you want to make people feel valued, no matter how junior or senior, always introduce them to the others in a group.

2. Handshakes

A handshake is still the professional standard. It shows you’re polite, confident and approachable. But please make sure it’s a firm handshake. There’s nothing worse than a limp (soft) handshake. It tells the other person you’re weak and gives the completely wrong idea about you.

3. Always say ‘please’ and ‘thank you’.

This is a basic form of courtesy especially when dealing with English native speaking countries. Sending a thank you email is very acceptable (for example, after a business lunch or a job interview) and, if you can, a handwritten thank you note is a nice gesture.

4. Don’t interrupt

You know the situation. You’re in a meeting and you can’t wait to give your opinion that you don’t allow your colleague to finish before interrupting them. Not only is that rude, it shows disrespect towards your colleague. It gives all the wrong signs about you. Remember, in business we want to be assertive, not aggressive.

5. Watch your language

Choose your words carefully and wisely. Rude and offensive language is never acceptable but neither is slang especially when communicating with clients and customers.

6. Double check before you hit “SEND”

Native and non-native speakers of English alike, we should all proofread and edit what we write in emails before we hit that send button. Grammar and spelling mistakes are not acceptable in formal emails with clients. Always have a quick read of what you’ve written to make sure that your meaning and tone are what you wish to express. And no smileys!

7. Don’t walk into someone’s office unannounced

This shows disrespect to the person. Always knock on the door or if the door is open, poke you head and ask if it’s ok to enter. Don’t just enter. This may sound logical but you’ll be surprised how many people forget this basic courtesy.

8. Don’t eavesdrop (listen in)

Everyone is entitled to have their private conversations either face to face or on the phone. The same goes for email; don’t stand over someone shoulders while they’re writing an email and read it. I used to hate it when people did that.

9. Acknowledge others

When someone approaches you, wave your hand or nod your head. Don’t ignore them. If you’re in the middle of something. it’s ok to wait for you to finish before you talk to them. You could say something like “I’ll be with you in just a second/minute” to acknowledge them. If you pass someone and you’re rushing to get somewhere, a quick wave and hello is all you need. Busyness is not an excuse to ignore people.

10. Be on time

I’ve written about this before and this can be seen differently depending on cultures. In the UK, for example, being punctual (on time) is important. It shows that you value the other person’s time. Being late does not mean you’re busier; it only shows you to be inconsiderate.

11. No phone during meetings

It drives me insane when I see people taking calls, checking their emails or What’s App messages during meetings. If you’re expecting an urgent call during the meeting, be sure to inform the participants in the meeting so they know what to expect. Otherwise, hide that phone!

12. Show genuine interest

Nothing shows more respect than when you show interest in the person who’s talking to you. Good eye contact and actively listening to them tell them that you value what they have to say.

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Elksourcing：10 Tips for Working from Home

Apr 8, 2021 Elksourcing, working from home by 露露

The following list contains tips as opposed to rules; there are no definitive solutions to perfecting harmony and efficiency when working from home – we’re all different, and different things work for different people. Nevertheless, there are some experiences that we can all relate to.

1) Get out of the house once in a while for some exercise – it’s true what they say, “healthy body, healthy mind” – you’ll be more productive, even if that means taking 40 minutes to have a walk or jog.

2) If you do go and work in a coffee shop, just go for the afternoon or morning session, a whole day will drive you nuts and will be more expensive (also don’t drive back in rush hour if you can help it).

3) Have a space in your house dedicated to work so that there’s a distinction at home between work and relaxation

4) Make sure your work space is exactly as you like it, your house, your rules. Otherwise you’ll get distracted and be in the wrong frame of mind to focus.

5) Give yourself breaks when you need them but don’t get distracted from your task. It’s easy to forget about breaks when you’re working on your own projects from home and you’ll burnout without them.

6) Don’t be in your pajama if doing a conference call, some people insist on videos and you don’t want to get caught out in your favourite onesie.

7) Take a moment to appreciate that time in the morning when you know most people are stuck in rush hour traffic and getting frustrated, and you’re already pouring yourself a coffee. Working from home has many perks, and it’s good once in a while to remember the parts of office life (and 9-5) that you didn’t previously care for.

8) If you own a cat, then make a place for them to settle that’s not on your hands while you’re typing or on your important documents as you’re printing them.

9) Make sure that your working space has some means of ventilation. Fresh air will keep you alert and seeing sunlight will keep you from getting ‘cabin fever’.

10) Make sure that your family realise before you start working from home, that this doesn’t mean you’ve become a hermit that watches cartoons all day and is available to do the shopping during your working day. You’re working on a proper job that requires your sole attention during your self-designated working hours. If you do decide to take advantage of your own flexibility once in a while (as is your prerogative) then they should appreciate that this is a luxury afforded by your circumstances and not something that should be considered a regular occurrence in the future.

The important thing is to make sure that you’re comfortable with your setup, and that it’s an environment you look forward to working in!

It’s not meant to be somewhere you’d happily sit for hours browsing social media and snack-eating from the fridge while watching your favourite films on another monitor – that can all be done later when your working day is through. The only difference is that it’ll take you approximately 1 minute to get in to that position from your home office, which affords you the luxury of being able to work for longer.

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Elksourcing：Time Management Tips for Small Business Owners

Apr 8, 2021 business, Elksourcing by 露露

As a small business owner, you’re regularly confronted with a range of challenges. And if not handled effectively, these can run your business and even your personal life into the ground. For example, if you don’t have the time to properly assess an issue and how to resolve it, you could create an even bigger problem. This is why effectively managing your time is so important. Successful business owners know that it’s not always about how hard you work, but how smart you work.

1. Plan Your Day

Whether at the beginning of the day or the end of the night, plan what you want to accomplish during working hours. Prioritize your list by labeling urgent items that must get done, less-urgent items that must get done, and bottom-level tasks that aren’t yet a priority, but would be great to get out of the way. As your complete tasks, mark them off. If there are tasks you don’t complete, simply move them to the next day’s list.

2. Set a Loose Schedule

One of the greatest benefits of small business ownership is that, in most cases, you can set your own hours. But if you abuse that benefit and run without a schedule, productivity will suffer. There’s no need to schedule every last task into your day. Instead, develop a loose schedule, and adjust it as needed. Roughly plan when you will work on specific tasks, but be flexible in case something urgent comes up. You can also schedule “open” time during your day to work on projects that were interrupted, or to address your to-do list in order of priority.

3. Maximize Your Up Time

Different people work better at different times of the day. Know when you’re at your best and schedule high-priority tasks during that time, if possible. For example, if you wake up energetic and ready to go, but feel sluggish by day’s end, work on the most important and most difficult things in the morning. Save the “easy stuff” for later in the day, such as checking emails and voicemail.

4. Reduce Interruptions

This is easily the most important time management tip for small businesses, especially if your business is online. In fact, reducing or eliminating interruptions helps your small business cut costs. Every time you see an email come in or get a phone call, ask yourself if dealing with it right now will improve the operation of your business. If the answer is no, let it go for the moment and deal with it during the time you schedule for such things. Also, if you have a physical location, create a plan to deal with salespeople that walk in. For example, you could pass them your card and ask them to call you later, or have an employee take their information for you to contact if you so choose.

5. Take Breaks

It may seem counter intuitive, but taking scheduled breaks can make you more productive. How many you need per day and for how long is up to you, but if you put them off, you risk burn-out. A break could involve a brisk 10-minute walk, 15 minutes of silence, or a 30-minute workout. What it is doesn’t exactly matter as long as it’s something that gets you out of the head-space of work, so that when you return to work, you’ll feel refreshed. Working nonstop may seem like a good idea, but burning yourself out and minimizing your productivity will do neither you nor your company any good.

Closing

Measure how effectively you’re managing your time by setting goals for yourself. Determine what you think is reasonable to accomplish by 30, 60, and 90 days. Then, determine what would be ideal to accomplish by those points. See how close you get. If you find yourself falling short, examine why and see what you can do to improve. On the other hand, you may need to revise your goals. Just realize that goals and time management are tools by which to improve your productivity, business success, and quality of life. Do not lambast yourself by not meeting them. Simply revise your goals or approach, and try again.

What ways can you think of to better manage your time?

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Elksourcing：10 Common Communication Mistakes to Avoid

Apr 8, 2021 communication, Elksourcing by 露露

It can be embarrassing to make mistakes with communication. For example, if you send an email without checking it, and later realize that it contained an error, you can end up looking sloppy and unprofessional.

But other communication mistakes can have more serious consequences. They can tarnish your reputation, upset clients, or even lead to lost revenue.

In this article, we’ll look at 10 common communication mistakes, and we’ll discuss what you can do to avoid them.

Mistake 1: Not Editing Your Work

Mistakes with spelling, tone, and grammar make you look careless. That’s why it’s essential to check all of your communications before you send them.

Don’t rely on spell-checkers: they won’t pick up words that are used incorrectly. Instead, proofread your work, and use a dictionary to look up any words that you’re unsure about.

You may find it helpful to make a list of words and phrases that you find it hard to get right (such as “your/you’re,” “its/it’s,” or “affect/effect”). Store this close to hand.

Mistake 2: Delivering Bad News by Email

Would you announce layoffs to your team by email? If you did, you could upset everyone!

Written communication channels don’t allow you to soften difficult messages with nonverbal cues (such as body language), and they don’t allow you to deal immediately with intense emotions.

If you need to deliver bad news, do this in person, and think carefully about how you can do it sensitively, so that you can convey your message but minimize long-term upset at the same time.

Mistake 3: Avoiding Difficult Conversations

At some point, you will need to give negative feedback. It’s tempting to try to avoid these conversations, but this can cause further problems – in particular, you may let small problems grow into big ones.

Preparation is the key to handling difficult conversations. Learn to give clear, actionable feedback, and use tools such as the Situation – Behavior – Impact technique to encourage your people to reflect on their behavior.

Mistake 4: Not Being Assertive

Assertiveness is about stating what you need, while considering the wants and needs of others.

You may not always get your way when you’re assertive, but you stand a better chance of getting it, or of reaching a compromise, because you’ve been clear about your needs.

Mistake 5: Reacting, Not Responding

Have you ever shouted at a colleague in frustration, or sent a terse reply to an email, without thinking your point through? If so, you’re likely to have reacted emotionally, instead of responding calmly.

This kind of emotional reaction can damage your reputation. You may upset people with your strong emotions, and give the impression that you lack self-control and emotional intelligence。

Mistake 6: Not Preparing Thoroughly

Poorly-prepared presentations, reports, or emails frustrate your audience and, over time, damage your reputation. This is why it’s essential to prepare and plan your communications carefully.

Mistake 7: Using a “One-Size-Fits-All” Approach to Communication

If you use a “one-size-fits-all” approach to communication, you may overlook people’s different personalities, needs and expectations. In fact, your communications need to address those differences as much as possible.

If you’re preparing a presentation, make sure that you appreciate that people have different learning styles, and that you cater for these. This means that everyone – from those who learn best by reading to those who prefer a more hands-on approach – can benefit from your session.

Mistake 8: Not Keeping an Open Mind When Meeting New People

Today’s workplace is a melting pot of ethnicities, religions, ages, sexual orientations, abilities, and viewpoints. These differences create a rich tapestry of experiences and opinions that greatly enhance our lives.

However, it can be tempting to stereotype new colleagues or clients, or to make assumptions about them based on just a few pieces of information. This is especially true if you haven’t had much time to get to know them well.

Mistake 9: Assuming That Your Message Has Been Understood

Always take time to check that people have understood your message.

For example, when you send out an email, you could encourage people to respond with questions, or to reply if they haven’t understood part of your message.

Mistake 10: Accidentally Violating Others’ Privacy

Have you ever forwarded a sensitive email to the wrong person, or sent an incorrect attachment? These kinds of errors can cause serious commercial problems, violate people’s privacy, and lead to embarrassment and confusion.

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