As some of you will be aware from our announcement last month, we have recently joined forces with UKTI to offer businesses valuable help and advice when looking to start trading abroad.
UKTI work with UK-based businesses to ensure their success in international markets, and encourage the best overseas companies to look to the UK as their global partner of choice. Following on from our link up, both Sibbalds and UKTI can now offer businesses our combined expertise in the process of starting to trade abroad.
Last month, The Federation of Small Businesses published their tips during ‘Export Week’ for any SMEs looking to take their first steps overseas and we thought it would be nice to share these tips with our readers.
The four tips published were:
1. Know the country you are exporting to: Knowing where you want to do business is just as important by setting out a business plan. A business needs to be confident of demand for the goods and services they offer as well as their competition and how much they charge. Different countries will also have different rules concerning marketing and advertising too, so what works in the UK may not work in overseas markets. UK Trade and Investment offer help through the Passport to Export scheme which helps first time exporters.
2. Consider how you want to sell abroad: Businesses need to consider if they will sell through a distributor, an agent, through a joint venture or open an office. Ultimately most businesses will benefit from some local help, either in the country or through other businesses that have sold products there.
3. Understand one country before moving to another: While each country will have different documentation to fill in on tax for example, all countries will have different customs as part of their culture. Firms should get to know these before moving on to sell in another country. HMRC provides good documentation to help first time exporters.
4. Know your customers: Knowing the culture and commercial deadlines that businesses work to is important, for example, Saturday and Sunday are not necessarily days off for the working public. A business should also ensure that new customers can pay for the goods. If a business has concerns about payment, they can ask for pre-payment or an Export Letter of Credit through their bank.
If you are a business owner looking to take your first steps overseas, please give us a call on 01332 242257 or alternatively, please email email@example.com
*Information sourced from http://realbusiness.co.uk/article/24639-four-tips-for-exporting-smes?utm_campaign=2120871&utm_content=1822417550&utm_medium=email&utm_source=Emailvision