The news is full of Brexit and the visit to America by the Prime Minister Theresa May to discuss Free Trade with President Donald Trump.
Although the pound took a hit when the referendum was taken - it has risen steadily. But it is still good value and exporting is a great way of growing your business. The deal with the USA should open their market further - however, there are other markets you can consider as well.
The Government, who run the ‘The Britain is Great Campaign’, say trading abroad can boost your profile, credibility, and bottom line. The UK accounts for 4% of global GDP. That leaves 96% of the world to aim for. Exporting actually reduces risk by spreading it across a wider range of customers and protecting your business if the UK demand for your product or services falls.
A recent member survey by the British Chamber of Commerce, found that compared to 2011, the share of responding businesses actively exporting goods and services from the UK rose from just over a fifth (22%) to nearly a third (32%). It identified a number of barriers - a major one was up to 96% of respondents had no foreign language ability for the markets they served.
Can expanding into key international markets drive your business forward?
There is a temptation to jump on a plane and travel to a country and think everything will fall into place and you will immediately start trading! Unfortunately, this is not usually the case.
Here at Ministry for Growth we run a service called International Explorer Outbound, where we help businesses build a strategy to expand overseas. And it doesn't have to be the US market. We have particular success and expertise in the Middle East and India.
After many years of experience, we now have a defined process which will significantly improve your chances of success by:
ensuring you do the things in the right sequence
spending money on the essentials
helping you with the local cultural issues and negotiations
For example, we successfully helped a UK company export a revolutionary Fuel Delivery System to the Indian Market. By picking up diesel from the highest level within the tank; the system delivers clean fuel to the filters and fuel lines. It means the fuel filters last longer and saves money by reducing the number of times they need to be replaced. It also lowers the overall downtime and increases efficiency and revenue.
For this company, we identified sector distributors, acted as a matchmaker, organised product demonstrations in India, assisted with removing key entry barriers, price and positioning. The anticipated income from the first year is £1.5 Million. This is clearly a great result for the client and for us. It shows how local expertise can make a real difference and help business make an impact in new markets.
So why not look at new markets and spread the risk in your business growth. We can help you mitigate these risks and overcome some of the barriers like language and culture.
To explore the possibilities for your company why not meet us for a cuppa? Contact us or speak to one of our team 03 333 217 888.