Going international is the way to go!
According to Asiakastieto Group, in Finland there are about approximately 19 000 companies running export or import operations. Based on Asiakastieto’s data, the companies that are active in foreign trade are profitable and have a good financial situation. Still, their growth rate has been slow, similar to other Finnish companies.
“Finland is a small market but almost every product or service provided by Finnish companies could also be sold abroad. This is a big opportunity that every business should at least consider”, Otto Olsson, Development Director at Asiakastieto Group, claims.
One reason for cautiousness in international trade maybe the fear of credit losses. According to a study made by Finnvera and Finnish Chamber of Commerce, a typical credit loss in export operations for Finnish companies is as much as 30 000 euros.
Know your customers and monitor them
“The frequency of credit losses can be a sign of a lack of insufficient credit checks. By being aware of your customer’s financial standing and creditworthiness you can avoid taking excessive risks in your international operations”, Olsson remarks.
“For companies seeking long customer relationships, it is crucial to monitor the creditworthiness of international customers all the time. Only by automated monitoring can you react to changes fast enough. Many Finnish companies also have foreign subcontractors and it is important to monitor them too. Asiakastieto with its BIGnet partners can now help you with this.”
Asiakastieto Group is part of BIGnet Alliance and provides online company information from all parts of the world covering all of Europe, United States and even Russia.
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