The spread of COVID-19 has placed unprecedented pressure on Australian businesses across all industry sectors and has brought unexpected challenges for South Australian exporters – from order cancellations and lost revenue, to shipment delays and payment difficulties.
As they seek to navigate this crisis, export businesses may need to call on extra finance to cover cash flow gaps but may be unable to secure it from their usual bank.
That’s where Export Finance Australia could help.
Export Finance Australia
As the Australian Government’s export credit agency, Export Finance Australia has been helping Australian businesses grow internationally for more than 60 years. Now, more than ever, they are there to help you through these difficult times.
Through a range of flexible loans, bonds and guarantees, they provide financial solutions to support small, medium and large exporters through COVID-19.
Export Finance Australia could assist businesses that are exporting directly or supply products or services to an export business as part of a supply chain. They could also help businesses engaged in inbound tourism or sell goods and services globally, online.
Whether your business needs finance for working capital support, to fulfil an international contract or cover any cashflow gaps, Export Finance Australia may be able to assist.
COVID-19 tips for exporters
Andrew Perkins, Business Development Director, leads the South Australian office for Export Finance Australia. Here are Andrew’s top tips for exporters on how get through the tough times ahead.
- Adopt a resilient mindset. Be optimistic and persistent – this will help you work your way around an issue and compete in a global marketplace – even when there are unexpected challenges.
- Plan your export strategy. Now is a good time to review your export strategy, drawing on the expertise of your support network – including accountants, advisers, lawyers and industry associations.
- Build relationships. Even though you can’t meet your overseas buyers and suppliers face-to-face, you still should be reaching out to them – as well as networking with your peers to pave the way for future collaboration.
- Manage the risks. Think carefully about what risks you’re willing to assume and the steps you can take to mitigate them, particularly when assessing potential new buyers and markets.
- Focus on innovation. Innovation is the process of continuous improvement – look across your business and identify areas where you can make changes to maximise efficiency and enhance customer service.
- Celebrate the wins. In times like these, it is more important than ever to recognise achievements within the business – even if it is a simple acknowledgement that a goal has been met or a task well done.
Find out more
If your export business is unable to access finance from your bank, Export Finance Australia may be able to help. Speak to their team to discuss how their finance solutions could support your business during these challenging times.
Get in touch at 1800 093 724 or visit exportfinance.gov.au/covid19