The UK is an exporting success story.
According to HM Revenue and Customs statistics in the year to March 2017, the overall value of UK trade in goods exported increased by 11% compared with the same period the year before.
That’s right, the UK exported a staggering £305 billion worth of goods and services in the year to March 2017.
And, what’s more, YOU too could be taking part in the export success story. We have teamed up with the Department for International Trade (DIT) and are holding a breakfast briefing on how to grow your business into new markets which takes place on Tuesday, 19 September at the Buxted Park Hotel in Buxted, East Sussex.
Over the next few weeks, in the run up to our event with the DIT, we will be looking at the pros and cons of exporting (HINT: there are more pros…), starting here with the top five reasons You should consider exporting.
• Performing at home
The world is getting increasingly smaller. Thanks to social media, if a product or service is a hit here in the UK, chances are it will be a hit elsewhere. You only have to look at the demand for Western brands and services in Asia, in particular China, as evidence of this.
• Easier than you think
Most put off exporting because they’re satisfied with the level of sales they’re making in the UK. Maybe you don’t want to deal with the perceived hassle of regulations, paperwork and cultural barriers. You could think exporting is a risky venture in uncertain times. Or you might be interested but just don’t know where to start. All of these are misconceptions. Exporting is actually easier than you think.
• Spreads risk
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 service falls. Any business venture carries an element of risk and you’ll need to weigh export opportunities carefully. But trading internationally, if you’re being smart about it, adds more security than risk to your business.
• New opportunities
Selling in new markets will mean you’re more likely to be aware of emerging needs of that market and new opportunities that may arise. All of this helps a UK business, it makes you more innovative and better able to maintain a competitive position in your sector. Exporting also enhances your business’s profile, especially at home –as you are seen as successful for being an exporter.
• Don’t go it alone
You don’t have to do a Fleetwood Mac and go your own way. There are tons of resources out there to help you. By taking advice and guidance and by taking things step by step, you can more than manage the extra challenges of exporting and take advantage of the benefits, no matter what the size of your business.
To sign up to our FREE breakfast briefing on how to export, click here.
Next week, in the Business East Sussex blog, we will look at what to export.