We have been urging West country businesses to look much more at the export potential of their businesses as a counter balance, to boost income, whilst things are so difficult in the local and national markets.
We very much appreciate that for some businesses it might be difficult to sell products into some markets but what about the sale of knowledge and expertise which crosses national borders more easily?
It’s 3 years too late but I suppose better late than never but the government agency that promotes overseas trade has now climbed on the bandwagon.
With growth forecasts from the Office for Budget Responsibility being revised downwards last week, the Chancellor revealing during his Autumn Statement that the OBR expects the UK economy to contract by 0.1 per cent in the fourth quarter of this year, followed by 0.1 per cent growth in the first quarter of 2012, hard times are ahead in the domestic economy, you see evidence on every High Street and Industrial Estate. In our view it could be worse and remember we predicted more than a year ago that unemployment would hit 3 million before it hit 2 million.
As entrepreneurs we are left with making choices but it is undeniably true that developing export sales is a key opportunity for UK plc, with exporters showing a marked uplift in productivity and achieving a stronger financial performance, but it is you that has to make it happen. I can assure you it is entirely possible having done it myself having started in a low key way in 2009 and gaining real traction this year.
Now I’ve had to do it off my own resources but now there is potential help at hand. The Chancellor revealed an additional £40 million of funding for UK Trade and Investment in his statement last Tuesday so that it can help 500 more medium-sized businesses to export. It will also double the number of SMEs supported from 25,000 to 50,000.
Commenting on a visit to the South West, Ms Haird, deputy chief executive of UKTI, encouraged businesses in the region to get behind the Government's bid to get an additional 100,000 companies selling their goods overseas and every company should carry out a brainstorm and a simple SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) to see if they can work out an export angle.
"If a company wants to do its bit and grow, exporting is the answer. More and more companies are branded globally and gone are the days when a company would want to, or could afford to, wait a decade or two before putting their toe in the water of overseas markets," she said.
With the ongoing crisis in the eurozone, Ms Haird acknowledged that some firms may be put off selling their wares overseas – but she stressed that there was strong demand for UK-made goods in many markets. "The issue in the eurozone is primarily about growth rates, which remain pretty fragile, as well as instability at the moment. We're trying to say that there are other regions of the world were growth is faster and where we think British products are well suited," she said.
Advanced manufacturing and luxury goods made by British firms are in particular demand, said Ms Haird, with markets such as China, India, Brazil, Turkey and Russia offering good export opportunities. Exports don’t have to be physical goods but knowhow and expertise.
Our parent company sells people – not literally you understand but through finding jobs overseas , thereby creating opportunities at home or reducing the burden of unemployment. Our fees are paid into the UK with the majority being spent in the UK, although we do outsource where we can find the services or support we need. We also trade in people internationally and the income also comes into the UK boosting in a small way the economy of the West Country where we are headquartered. You do need to get your documentation right with internationally focused terms and conditions but there are local West Country Lawyers to help like Future Law.
Ms Haird was also keen to raise awareness of UKTI's new Exporting for Growth competition, which aims to encourage more small businesses to take their products to overseas markets by offering a package of support to the company with the best export idea.
The winner will receive UKTI support worth £5,000 and three grants for overseas travel to their target markets, plus expert business knowledge from sponsors PwC and HSBC Bank.
Comically in this digital age the link provided goes to a redirect that then doesn’t take you to the page you want. I’m endeavouring to find this out and will publish as an update should they respond to my email!
Get those thinking caps on and go for it.
Author: Chris Slay
Acorn Recruitment South West will allow our articles/quotes to be reproduced on other formats as long as full accreditation is given.
