85% of companies say exporting has led to a level of growth not otherwise possible. The UK market might seem big enough for your business. But thinking bigger pays off. Borders needn’t be blockers. Let us help you grow beyond them.
Here are the top ten reasons why you should start today:
1. Reach more customers
95% of the world’s purchasing power is outside the UK, so by not exporting you could neglect a potentially huge target audience of consumers for your products and services.
2. Spread the risk
Selling overseas makes your business less vulnerable to fluctuation in the domestic economy.
3. Avoid seasonality
Exporting decreases the risk of fluctuation in turnover due to seasonal demand patterns and buying decisions which are only based on the number of domestic consumers in your market.
4. Increase productivity, efficiency and profits
Research suggest that businesses which export have an increased financial performance compared to businesses which only sell domestically and are also more productive.
5.Extend your product life cycle
You might have reached saturation in the UK market with your products and services, however in overseas markets, there may still be a high demand for your products without having to diversify or innovate the product.
6. Get an advantage over your competitors
Selling overseas before your competitors do, will give you a head start and give you the opportunity to establish an overseas presence or create brand awareness.
7. Encourage innovation
Selling into a new market may also mean that your products need to adhere to a different standard to comply with local regulations or simply need to be adapted for regional demand. This will encourage your business to constantly improve your products and services and innovate the way you are operating in order to stay competitive and get ahead of the competition.
8. Benefit from the reputation of “Brand Britain” – It’s in demand
Made in the UK sells overseas and stands for high quality, innovation and luxury. Make use of the reputation to sell your products and services overseas.
9. Enhance your reputation domestically
Being an exporter may get you some additional recognition, improve your image and brand awareness. Businesses which export appear more progressive, forward-thinking and innovative.
10. It’s easier than you think
There seems to be a lot of challenges around international trade, however with the right support you can overcome the barriers and grow a more sustainable business. The Department for International Trade (DIT) helps businesses with all export related aspects and their international strategy. In the Yorkshire and the Humber region there are over 20 International Trade and e-Commerce advisers who provide tailored support to businesses on a one-to-one basis. Additionally, DIT Yorkshire and the Humber run regional seminars and national webinars (which are accessible to you from anywhere you have access to a computer or phone line) and trade missions to overseas exhibitions.
Visit great.gov.uk to get started and find some useful guidance and information. On great.gov.uk businesses also have the chance to search thousands of current Export Opportunities available around the globe.
At exportingisgreat.gov.uk/opportunities you can filter opportunities by sector, keyword, market and value. Discover the possibilities. The demand is out there, you should be too.
To find out more about how the Department for International Trade in Yorkshire and the Humber can support you, and to book a meeting with an International Trade or e-Commerce Adviser, contact your local DIT team on +44 (0) 300 365 1000, email us on firstname.lastname@example.org or follow us on Twitter @tradegovuk_YH.