To help your company grow to its full potential, strong ties with overseas partners are absolutely essential. To create these ties, though, requires full compliance with international trade regulations on a consistent basis. The good news is that compliance with these regulations has multiple benefits for your business that help to make international commerce easier and more lucrative for all parties.
One quick way to run into fines is to run afoul of international trade regulations. By working diligently to remain in compliance, you can largely or entirely avoid these fines and fees so that you can devote more of your funds to strengthening your business internationally. Plus, by consistently remaining in compliance, you will likely find that other companies lower their shipping and regulatory costs as a way to thank your company for being a trusted partner.
More Efficient Shipping
If your company routinely violates international trade regulations, you may find that the goods that you ship overseas are delayed in shipment more frequently. This is due to more thorough inspections and other regulatory delays that customs and border protection forces put in place for companies who don’t play by the rules. However, if you utilize tools, such as identity resolution, to help your business stay in compliance, you will be shown more leniency as your products move across various borders.
Other businesses that depend on your company as part of their business strategy expect full regulatory compliance at all times. That’s because any infractions reflect badly on their businesses in addition to your business. By putting tools in place to remain in compliance and communicating this compliance to your clients, you will find that the number of businesses that choose to work with your company will increase.
Depending on the nature of the products you ship overseas, you may imperil national security if you don’t stay in compliance with international trade regulations. Products having to do with defense, technology, and science, shipped incorrectly, could put power in the wrong hands in a way that could cause security risks. If your non-compliance endangers national security, your company will likely face far more severe penalties than simple fines.
In business, the right thing is not always the easy thing. This is certainly true in the world of international trade regulations. Many regulations can be tedious to adhere to, especially if you have a complex business. However, even when compliance is difficult, it is important to stick with it to ensure that your business thrives long-term.
Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.