Whether you are new to selling your goods and services overseas, or experienced in international trade, the Sheffield City Region Growth Hub can help your business to achieve its international potential.
Too many businesses are reliant on the domestic UK market and fail to take advantage of the significant opportunities that are available across the globe. Whilst significant opportunities exist, there are barriers that regional businesses face in operating internationally. These barriers are often particular to your business circumstances. The role of the Growth Hub is to work together with you to help you overcome these barriers.
Exporting is not difficult, It’s just different.
Research consistently shows that exporting can help your business to achieve faster and more sustainable growth. In fact, this is often the single biggest benefit of exporting. Growth through trading internationally is likely to increase your turnover through accessing new overseas customers, reduce your costs through an increase in volume, and increase your staffing levels in order to fulfil international orders. Business productivity, innovation and efficiencies are highly likely fostering new ideas for your products and services. Evidence also suggests that businesses are more likely to survive as exporting overseas helps to increase the commercial lifespan of existing products and services.
5 steps to winning business overseas
- Deciding to go for it
Like any new business venture, international trade requires a clear strategy and an investment of time, effort and money. Many find the prospect of tackling a new market daunting and are concerned about the changes they may have to make in areas such as staff skills, websites, and packaging. However, by first considering the risks and taking the proper precautions, the rewards can far outweigh the challenges
- Deciding where to go
In many instances this decision will be made for you. It could be that you’re already seeing lots of visits to your website from a specific country, indicating that there’s a clear interest, or it could be as simple as an overseas business contacting you and placing an order.
For others, it will require careful research and planning to identify where there’s a demand for your offer and whether it will be viable to export your products or services to that market and still make a profit.
- Getting out there
You’ve made the decision, identified where there’s a clear demand for your products or services and the time has come to head out to your new market and win business. The temptation will be to race out there and start knocking on doors, but there are a few key considerations
- Completing the deal
You’ve made it to a new market, your product or service has proved to be a hit and you’ve secured your first sale. However, a deal is never done until the delivery has been made and you’ve been paid.
There are a number of things to consider in completing a sale and, just like business in the UK, there are a number of ways to ensure you deliver on time and secure payment…
- Growing further
Inevitably, once you’ve seen the potential of international trade the next step will be to find more overseas customers and enter even more new markets. After breaking into your first country, you’ll have gained the experience and skills in your business that you need to export further, but you still need to think carefully about where to go next.
In many instances, it will be worth developing your skills and knowledge further
Still need convincing? There is lots of support available to assist you on your export journey:
Department for International Trade – https://www.gov.uk/government/organisations/department-for-international-trade
The Department for International Trade (DIT) Yorkshire and Humber can help your business thrive overseas whether you are already an experienced exporter, or just about to start your export journey.
DIT’s varied and detailed export programmes offer something for every type of business.
To find out more, please contact the DIT Yorkshire and the Humber customer services team – email@example.com or call +44 (0) 300 365 1000.
UK Export Finance – https://www.gov.uk/government/organisations/uk-export-finance
UKEF is the government department which helps exporters with a range of products particularly for SME and mid-sized exporters who can’t get finance and/or insurance from their bank and/or trade credit insurer.
To find out more, please contact the Export Finance Advisor covering the SCR – Paul Wright on firstname.lastname@example.org or call +44 (0) 7812 667312
Contact the Growth Hub team to find out how we can support you in your overseas growth – or take a look at our events calendar to find out about suitable events and take the next step on your international journey