GUIDE TO EXPORTING

There comes a time in the life of every successful company when new markets
must be sought in order to create new opportunity for growth and profit. At
this stage, many companies turn their strategies to exporting their product
beyond UK borders – and look for guidance from consultants.

EFFECTIVE EXPORTING DEPENDS ON STRATEGY

UK Knack group experience
shows that having an effective export strategy in place prior to beginning your
efforts will help keep your costs low while simultaneously increasing your
chances of success. Investigate possible foreign markets and their location, as
well as any local competition you may face. Ask tough questions – and give
yourself honest answers. What kinds of profits are you expecting? Will you find
local partners? Most importantly: how will the expansion be paid for?
Consulting with a company like the UK Knack Group can help you explore the
market research, distribution planning, sales and marketing strategies, and
sources of funding that will answer these questions.

THE CHALLENGES OF EXPORTING: INITIAL SUPPORT

Businesses must consider fluctuating currency prices and the strength of their
home currency when budgeting for overseas activity. HM Revenue & Customs
offers a comprehensive import and export guide to both
importing and exporting, and government programs exist to help businesses new
to exporting with feedback and support. Assistance with visiting foreign market
and subsidized training is also sometimes available. For trade outside of
Europe, the complex web of requirements and information is best navigated with
qualified advice from a UK Knack Group consultant.

A LOCAL PRESENCE

Some companies use local agents, distributors or licensees to sell in their new
markets, while others set up remote sales offices – or even separate companies
– to operate abroad. By participating in trade exhibitions in your key markets,
you can learn more about what works – and what doesn’t – in an individual
market. The UK Knack Group recommends contacting local Chambers of Commerce to
obtain specific marketing reports and paperwork applicable to your chosen location,
and offers a service to assist with these types of queries. Forwarding agents
can be found through the British International Freight Association. In order to
make sure your brand stays strong and your customers are well cared for, UK
Knack Group experience shows you should remember to discuss after-sales support
and include this in your agreement with any sales partners.

MARKETING AND SALES

Knowledge of local markets is the key that separates successful exporters from
companies that are unable to profit from foreign markets. The UK Knack Group has found
that international knowledge and marketing, followed by sales ability, are the
two top requirements for any successful exporting company. Many companies now
hire distributors, and work in collaboration with those distributors when it
comes to literature about their products and marketing plans in order to target
local markets. Web sites, which allow customers to access information no matter
where they are in the world, are also critical to today’s successful export
businesses. E-commerce, which allows customers to buy your product directly via
the web, can identify markets in locations you may not have considered.

OBTAINING FUNDING FOR EXPORTING BUSINESSES

Because obtaining payment from foreign clients can be made more difficult by
differences in international law, some banks and loan companies are wary of
becoming involved in exporting operations. Challenges encountered when dealing
with foreign clients and payment can include fluctuating currency rates, lack
of reliable credit checks on clients, and longer payment period allowances, so
financiers often require detailed documentation of financial plans. Discussing
your business plan with a UK Knack Group consultant can help streamline and
sharpen this funding discussion.

About
Author:

The UK Knack Group provide Executive Search and Selection and
Headhunting services to all sectors of Industry, both private and public,
across the UK. Our passion is to match the right candidate to the right role in
the timeliest fashion whilst recognising that the candidate must also be the
correct “fit” with the management team.