More and more businesses are choosing to export abroad and looking to markets beyond Europe, particularly now we are officially no longer members of the European Union.
But, the practice of export should not just be limited to big business.
A message, which is starting to catch on, according to Anton Gunter, Global Freight’s managing director.
He said: “We certainly saw a huge spike in the number of small businesses coming to us for help in 2019 as they began their own journey into exporting and international trade and we think this trend is likely to continue throughout 2020 as more small business owners grow in confidence and realise the benefits of international growth.
“Businesses who are brave enough to take the big step into exporting generally have better growth prospects, more flexibility, reduced costs and increased profits.
“However, it can be difficult to know whether your business is ready for the next step with lots of different things to consider so we’ve put together the following tips to help get you on the right track.”
Are you ready?
This is the biggest question of all but the simplest way to know whether you’re ready to sell your products internationally is by assessing your success rate here in the UK. If your business has a good track record, is showing signs of increased UK sales and growth and you have built up good relations with existing customers, the answer is most likely ‘yes’, you’re ready to start exporting your products.
Is there a global demand for your company’s products or services?
You might have already received enquiries for your products from outside of the UK in which case you will know if some demand exists. If you haven’t, it’s important to do your research. It’s always good to see if UK competitors are exporting and where to. It might be that they already have some locations covered and so you might want to establish your new markets somewhere different.
Do you have enough resources?
Before expanding your trade to new markets, it’s important to assess whether your business has both the financial capabilities for market development and also the physical resources to cope with any extra product demand and increased sales. Opening up new markets could, all of a sudden, result in lots of big new orders. Make sure your business has the capacity to employ extra staff if the operational need arises.
Do you know enough about the country or region you are exporting to?
Having some knowledge of standard trading practices within the country/countries you are wanting to export to can help mitigate against some of the risks of exporting. Making sure you have some protection again late payments and export invoices is critical. It’s also important to remember that fluctuating exchange rates can impact on your business profit margins and multi-currency bank accounts can help you manage these finances a little better.
Working with a freight forwarder
If after all the ground work you make the decision to take your business international, working with a trusted freight forwarder like ourselves can simplify and streamline the process.
Our knowledge of international markets means we can advise you on the best methods of shipment for your goods, help you navigate customs procedures and other regulations and in many ways become an extension of your business.
We’ve worked with hundreds of businesses over the last 20 years helping them to achieve their export goals and we can provide free, expert advice to help you and your business get exporting in 2020.
Do get in touch by either emailing email@example.com or calling 01952 270 699.