Home Boost Business Lancashire logo

How to boost your business’ export potential

exporting_web_copy 2

The government has recognised the huge benefits of businesses trading overseas, with David Cameron stating that the trade deficit could be wiped out if more businesses exported.

Just this month Business Secretary, Vince Cable, reminded UK companies the “need to stay ahead of the game and capitalise on the rapid growth of mobile technology and social media to find new international customers.”

This blog aims to inform you of the benefits of international trading and also outlines how you can explore your export potential. 

Why should you look overseas for orders?

Less than one per cent of the people in the world live in the UK – the other 99 per cent live overseas. So for thousands of UK companies needing more orders, better profits, and growth, their success (for some even survival) depends on winning more and better export orders. Remember, millions of people overseas like British companies and buy their products. 

Time spent preparing to export is invaluable

Preparation to ensure that the company, its people, products and finances are ready to start exporting, or to expand existing export activities, is essential. Preparation is a key factor for success and for new exporters the basic requirements would be to:

  • Meet with an international trade adviser
  • Develop an export plan with agreed targets and a budget
  • See what training is available to sharpen your business’ export skills
  • Conduct market research to find the best overseas target markets, buyers, and representatives.

How to enter new markets, including agents and distributors

There are a number of proven methods for UK companies to break into new overseas markets, including agents and distributors. Multiple market entry methods can accelerate export sales, but the export product will greatly influence the decision.

Important steps to successfully enter new markets and secure export orders include:

  • Selecting the right entry method(s)
  • Choosing the best representatives
  • Agreeing the basis of working together
  • Having a robust and effective written agreement in place

Work to a plan, be determined, but remain objective and flexible

Travelling the world can be expensive, so use desktop research to identify the best markets and target companies. Spend most time in markets where there are several potential orders to follow up.

Also consider nearby markets like Ireland that are low cost and easy to get to, but remain objective and flexible to respond quickly to overseas opportunities. Only a portion of enquiries turn into orders so determination and tenacity are needed. 

Don’t forget that exporting can be fun too

Along with the hard work that goes into developing these new markets, exporting also provides opportunities to visit interesting places around the world, experience different cultures, extend horizons, make new friends, and have fun too. 

Find out more

International trade support is available through our Lancashire LEAP programme which forms part of Boost Business Lancashire. To apply for a place on the programme, complete our online form or call 0800 488 0057.

Author

Rona McFall, Enterprise and Employment Manager, Regenerate Pennine Lancashire

Share

You may also like...

How business leaders can foster positive mindset How leaders can foster positive mindset
10th October 2024
 | 
Inspiration & Spotlight
How business leaders can foster positive mindset
Business leaders play a pivotal role in shaping positive workplace culture through their actions, communication, and overall approach to management. Boost business adviser Debbie Chinn, part of the Boost Business Advice Service team, provides her tips and hints for business leaders.
Don’t be afraid to ask for help: The key to unlocking your business potential Don't be afriad to ask for help
8th October 2024
 | 
Inspiration & Spotlight
Don’t be afraid to ask for help: The key to unlocking your business potential
Matt Sheppard, business adviser for Boost's Growth Catalyst service, provides a thought-provoking insight on the features and benefits of asking for help in business.

Sign up to our newsletter

For insights and events to help your business thrive.

In completing this form, you understand that Lancashire County Council (Boost) has a requirement to process your personal data. Lancashire County Council will only ever process your personal data where it has a clear lawful basis for doing so in full compliance with data protection legislation - UK GDPR and The Data Protection Act (2018). We will ensure the security and confidentiality of your personal data at all times. For full details of how Lancashire County Council handles your personal data please see our privacy notice here . Some information relating to this public funded project may be declared to third parties under the Freedom of Information Act 2000.
Funded by local govmt
Department for Trade and Business
Northern Powerhouse
Lancashire County Council

The website uses cookies.

Some are used for statistical purposes and others are set up by third party services. By clicking 'Accept all & close', you accept the use of cookies. For more information on how we use and manage cookies, please read our Cookie Policy.