Ask the Experts: Exporting

Question: Is it true that businesses that export have significantly greater growth and profitability than non exporters?

Research shows that exporting businesses generate an average growth of 30% after exporting for just two years - a serious reason to consider trading overseas.

There's no better time for Swindon & Wiltshire businesses to get started in export.  Ian Larrard, Director of the Initiative in Swindon and Wiltshire gives us his top tips to help get you on your way.

1.  Before starting to export, do your homework

Given the vast number of worldwide markets which have export potential, you need to do your research so that you select your market wisely. UK Trade & Investment and Business West are a good place to start. Gov.uk exporting guides are a great way to start researching your prospective markets, and they offer detailed legal advice. Pay attention to the news for disruptions and cultural events affecting your chosen market.

2. Develop an action plan

Analyse your existing customers, will you find a similar demographic overseas? What climatic factors might affect the use of your product or service? Any modifications needed to make your product appeal to foreign customers? Find available grants and financing to make your business export ready, and build a proposition for each of your target markets.

3. Know your market, know your competitors

For the greatest chance of success you need to be fully informed about routes to market, trading conditions, product or service suitability, competitor activity, pricing, certification requirements and other key issues.  Develop your intercultural awareness and locate your proposition appropriately to your target audience. Use UKTI officials and Enterprise Europe Network within the country to find safe and reliable partners. Get involved in Business West’s Wiltshire International Network on 24 November to find helpful business export connections at home.

4. Find out about selling and marketing your products overseas

Check out the differences between domestic and export marketing fundamentals, as both of your markets will have specific needs. Invest in digital opportunities and create a digital marketing plan. Attend a free workshop, on 20 January, funded by Swindon & Wiltshire LEP to help you grow your international business through digital marketing.

5. Think about cultural and linguistic challenges

Being culturally sensitive is vastly important especially in areas such as religion.  Create strategies for developing your team’s intercultural understanding to improve global relationships. Business West can help you to Incorporate cultural differences into your business plan for a better chance of finding overseas business partners. Find reliable translators, but consider participating in language and culture workshops.

6. Prepare to protect your intellectual property

Create contracts with partners in both languages if applicable, and use those contracts to manage product exclusivity. Investigate what protection can be put in place, and try Intellectual Property Rights workshops to further your understanding. Get familiar with the export laws of your target market so you can make your contracts sound.

Take your business to the world and #GetExporting

International trade is not as difficult as it may seem. There are real opportunities for Swindon & Wiltshire businesses to trade internationally as UK products, services and expertise are in great demand across the world.  Over the next few months look out for #GetExporting, our campaign to help you to take your business to the world.  If you'd like to find out more about how Business West can help you get started in international trade visit http://www.businesswest.co.uk/export-solutions