05 Jun Video: Exporting Successfully
The UK’s small businesses need to embrace exporting. According to World First, the typical UK SME exporter generates over £287,000 from exports each year. Yet less than a fifth of UK SMEs currently export. In our latest video, Tim Marshall, Chief Operating Officer and Risk Director for Pay4 offers a brief overview of what it takes to assess and prepare your business for exporting, and successfully conduct international trade. Although the idea of exporting can be daunting for business owners, it needn’t be. If it’s done right.
There are many benefits to exporting. As well as the potential for increased profits due to an expanded customer base, there are also opportunities for economies of scale, increasing efficiency.
Is your business ready?
In this video we discuss exactly what stage a business should be at in order to have the foundation necessary to support successful international expansion. Rather than use exporting to prop up or turnaround a business that is not succeeding, exporting needs to be approached from a solid domestic grounding. This means in terms of its business structure and primary proposition as well as performance.
Forming your strategy
Tim discusses choosing a market, including what economic, political and cultural considerations are necessary when deciding where to expand your operations.
Once the market has been chosen, you need to reach your customers in that market. Which route in will you take? Tim takes us through the options that businesses can undertake to make an impact in their chosen market. Understanding which option will work best for your product, service and business model is crucial to exporting success.
Setting up for success
Tim then offers advice on how to ensure your business is set up to maximise the potential for international success. Are the structures and skills and supply chains across your organisation aligned in such a way to capitalise on the opportunities that will come your way?
Also, what financial considerations are necessary. Is your cash flow robust enough to handle the extra stresses and strains that exporting can place upon it? Do you have the appropriate finance products in place?
Exporting can be tough. Yet it can also provide huge benefits when it’s approached in a systematic, well-researched and well-funded manner. Growth, stability, innovation and lasting success through international trade are well documented, and there for the taking.
Watch this video, to receive structured steps for setting your business up for success when it comes to exporting.