Even through challenging economic times, there are unparalleled opportunities for businesses around the world as the emerging high growth markets continue to grow: so why only do business at home?
Why should more companies take the export plunge? There are so many reasons, for example, exporting often leads to developing a technical competitive advantage, or more sales and more opportunities. However, doing business overseas is a different experience for every company and its benefits will vary greatly depending on the profile of each business.
As well as opening access to new revenue channels, trading internationally allows you to spread risk across a wider range of customers, extend the market for specific products and ensure that you are aware of international competition.
For Exponential Training exporting is allowing us to:
- Achieve levels of growth not possible domestically
- Increase the returns on investment in R&D
- Increase the commercial lifespan of products and services
- Improve financial performance
- Spread business risk across several markets
- Improve productivity and product quality through innovation
- Boost our profile and recognition internationally
Although I can only speak with any authority for the UK, there is considerable help available to companies seeking to enter export markets – I am sure most other countries operate similar programmes. In the UK, we are fortunate to have UK Trade & Investment which aims to help businesses with their international development plans.
In November, Exponential Training took part in a trade mission to Trinidad and Tobago along with twenty other training and education businesses. In addition to exhibiting at the first ever UK training and education exhibition, Exponential ran a seminar for potential partners at the British High Commission as well as holding one-to-one meetings with several high profile organisations such as the Arthur Lok Jack Business School and the Ministry of Labour and Small and Micro Enterprises. As a result of the trip, Exponential Training has numerous options regarding the appointment of a regional partner.
In December, Exponential Training visited Turkey having commissioned an Overseas Market Research Introduction Service (OMIS) from UKTI. During a packed three day programme, I met with universities and private sector training businesses.
Top 10 Tips for Exporting
If you believe your company or one of your clients’ companies should consider export as an option, here are our top 10 tips for exporting:
- Research Your Export Market(s)
- Plan Your Export Market Entry
- Keep in Touch and Make it Personal
- Think Carefully Before Making Exclusive Agreements with Agents/Distributors –
- Don’t Take On The World
- Select The Right Partner(s)
- Allocate Time and Money for Export Success
- Make It Profitable
- Listen to What Your Partners Overseas Tell You
- Get Your Own People Onside.
Before doing any of the above there are two actions YOU MUST TAKE FIRST if you are in the UK:
- Register on UKTI’s website as it is packed with advice and information, click here.
- Call your local International Trade Advisor and book an appointment.
If you would like to talk to us about our experience of exporting, do not hesitate to contact us.