Why your business should consider international trade…
By Neil Hoskins
Whether your business is big or small, the thought of offering your services internationally seems daunting and overwhelming.
Actually though, if you just view it as a new opportunity, it’s a lot more achievable than you think.
It also doesn’t matter what size or stage your business is at – going global is a feasible option.
International trade can bring many positives to a company, for now, let’s look at the top five benefits of international trade:
Break through your domestic markets’ capacity…
The first of these benefits of international trade that springs to mind is the increased opportunity. Domestic markets, no matter what sector your business is in, have a certain capacity for sales. Although it’s unlikely that your business has reached that capacity, it might be easier to consider trading overseas rather than having to reinvent your product or invest tons of money into fresh marketing campaigns.
Overseas, consumers may not have been exposed to your service/product before, whereas in your domestic market it may be a ‘been there, done that’ situation. If you are proud of the product that you offer, why not extend its life as much as you can? Trading overseas is a great way to do this.
It doesn’t have to be difficult either, there are tools out there to help you take the plunge. ManSys offer solutions for global trade management software to help businesses take control and manage all the tasks involved in international trade in one place. Using their trade management software would be all you need to expand and offer your services abroad without having to increase your workforce. You can monitor your profits, produce the correct documentation and even respond to customer enquiries using their tool. They couldn’t really make it any simpler!
As well as opening doors for sales opportunities, offering your services to markets overseas can mean you are less dependent on your domestic market. This does, of course, depend on how much international interest you receive. Either way though, by reducing your dependence on a market you reduce risk.
If there is an unexpected change in the economy or demands of your domestic market which negatively affects your sales, having another market to fall back on can be highly valuable. International trade therefore essentially may provide some degree of protection from any ebbs and flows in markets.
Entering a new market overseas is also a great way to gain fresh knowledge and experience. The only way any business can learn, and grow is by stepping outside their comfort zone. Going global might be the push that your business needs.
By being part of a new market, you can form international relationships through networking and gain valuable insight for your own business’ innovation, that you otherwise would have missed out on.
Increased brand image…
By making the most of the networking side of the benefits of international trade, your business’ reputation will grow too. If you form strong working relationships with clients on the other side of the world, your brand’s image will have spread and increased too.
There can be no harm in your brand being known globally, unless it’s for the wrong reasons, so make sure the services/products you provide are good quality.
The last but by no means least of these five benefits of international trade is that by going global you can keep up with or, even better, beat your competitors. If your direct competitors are already offering their services overseas, what is stopping you? If they are not, why not beat them to it?
International trade is not as overwhelming as people assume it to be, so if you have the option to ship your products outside the UK, definitely seize the opportunity.
Neil Hoskins has spent over 25 years as a champion for International Trade, supporting companies of all sizes with software solutions aimed at simplifying the trading process. His objectives are ensuring these companies look professional, work efficiently, increase their win rates and maximize their profits. He has worked with various trade bodies including the Institute of Export and International Trade and has a wealth of knowledge in all aspects of exporting physical goods.