As a business owner and advocate for scaling globally, I’ve observed a striking paradox within the UK’s economic landscape.
Despite there being 5.5 million SMEs across the nation, less than 10% engage in international trade. This is a significant missed opportunity; exporting offers a range of benefits that can catalyse business growth, enhance productivity, and foster innovation. Moreover, it also allows businesses to diversify their risk exposure, which is particularly important in today’s global economy.
The journey to exporting is often perceived by SMEs as fraught with obstacles, from fear of unknown markets to cost concerns. In fact, the Department for Business and Trade’s National Survey of Registered Businesses’ Exporting Behaviours, Attitudes and Needs highlights perceptions of administrative costs, burdens, and regulations abroad as the most commonly-cited barriers to exporting, impacting one in four (26 per cent) of businesses surveyed.
Despite these challenges, I firmly believe that with a robust exporting strategy, these barriers can be overcome – and in some cases, aren’t actually barriers at all. A few straightforward steps can significantly enhance an SME’s exporting potential.
Practical steps to begin selling internationally: agents and distributers
Before embarking on an export journey, it’s crucial to evaluate the resources available within your team for managing export activities. Are you going to have one employee looking after export? Do you have the necessary capital to fund visits to your target market to meet potential buyers and understand the end customer?
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