Top Tips
Export your way to better business
With recent research revealing that companies trading overseas had a better 2006 those than who traded solely in the UK*, Bibby Financial Services is encouraging companies to think beyond their doorstep to make the most of the markets available to them.
David Robertson, chief executive at Bibby Financial Services, said: “For many businesses, selling their goods and services overseas is the next logical step in their company’s growth cycle. Exporting is crucial to the UK’s economic health – increased exports mean business growth and this in turn, means more jobs. Yet, only a small percentage of British firms take advantage of overseas opportunities because it appears too much of a daunting prospect, but with the right planning it needn’t be.”
To help those companies who are looking to expand their businesses overseas Bibby Financial Services has developed the following top tips.
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Understand the global picture for your industry and seek out world-wide opportunities
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Thoroughly research new markets, participate in trade exhibitions and draw on other companies’ experiences
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Develop an effective export strategy. This will minimise your costs and minimise your chances of success
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Understand the needs of the local market. You may need to adapt your products and services to fit with your new markets requirements
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Show long-term commitment to export markets it will take time, so be prepared for the long haul
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Examine your finance options to ensure a smooth cash flow and consider the alternatives. Export factoring is becoming an increasingly popular way to fund export ventures
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Understand and appreciate cultural differences and encourage language acquisition within your firm
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Build long-lasting relationships by making regular visits and staying in close contact with your export partners
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Cultivate an enthusiasm for exporting within your business and involve your whole team in the exporting process
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Build an international reputation for quality and deliver continuous improvements in all areas of your export business
David concludes: “There is no reason why UK companies with quality products and professional management cannot take advantage of the opportunities that exist to build profitable new business overseas. With a little planning the world can really be your oyster.”
