Dutycalc Data Systems was founded in 1988 as a software and consulting company that designs, develops and implements management support systems for the import, export and brokerage communities. Our primary area of focus is Duty Drawback and the implementation of our fully automated Drawback System.
Monday, 27 January 2020 / Published in Drawback, drawback service, drawback software, export tax, import tax, Section 301
Improving Import Benefits
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If you are already in the import business and looking to improve your benefits here are some things you might want to consider. The first thing you can do is work with a government-regulated trading program. Doing this will be more than worth the investment because they will help you navigate doing business with countries with strict regulations. Many programs are restrictive and overbearing but they do have many benefits for foreign importers including reduced risk when trading with a government-approved firm. Working with a government-regulated trading program is also a good idea if you want to increase your security. A second thing you can do to improve your import benefits is to hire a third-party risk assessment. A compliance consultant or firm will help you assess risk and evaluate your import logistics. Many import companies have a staff member dedicated to compliance, but the downside is that often times staff members who are familiar with business operations, overlook potential threats. Hiring a third-party will eliminate this risk and best alert you of risks before they arise. The last thing you can do to improve your import benefits is to develop a niche! For example, if you are running a new import business, you might be only importing one product. However, certain forms of the product may sell better than others. Compare the products that cost the most to import based on things like cost per product, customs, and shipping fees, to your most profitable products based on highest demand. Then ask yourself if there is a way to eliminate products that are costly and low-volume sellers. Generally speaking, you want to put all of your efforts towards products that are cheapest to obtain and the ones that bring in the highest revenue. Work with a government-regulated trading program, hire a third-party risk assessment consultant/firm, and develop a niche to improve your import benefits! For more tips on importing reach out to us here at Dutycalc.