Reap the benefits of Brexit!
Deciding to scale your business to an international level can be a somewhat daunting, yet an incredibly lucrative move to make. Not only can making this step increase your sales, gain new innovative ideas, improve your competitiveness, it can even motivate your workforce. But why should you take this leap? What support is out there in this post-Brexit climate? That is exactly what we have been looking into at Scayl HQ.
As well as the above advantages there are also some more specific rewards to take into account that only you can measure the value of. By taking your business to the international stage you can significantly reduce the impact of seasonal fluctuations for your industry. For example, a tea merchant may have increased sales when the weather is much colder, but by selling at an international level you can target your unique selling point to specific regions dependent on their climate and weather storms in your local market.
Only 1 in 10 businesses within the UK choose to export their goods internationally. This may be down to risk factors such as increasing costs or barriers to trade such as language or cultural differences. However, the positives far outweigh the risks. The fact that only 10% of the United Kingdom’s businesses sell globally means that the market is much less saturated. The USA is the UK’s top export location, meaning that the USA is a fantastic place to start your journey due to a lack of language barriers and a huge population to target! Here at Scayl around 50-70% of all our sales are international, with customers this very week including Kuwait, Finland, Ireland and France.
There are several factors to take into consideration before starting the export process, but do we have the time to put in such a large commitment? If business starts to boom overnight will other areas need extra levels of support to maintain a solid business infrastructure? This is the first thing to consider as preparation is key. You may need to upskill members of your team or look into extra recruitment. Perhaps explore the idea of forming a strong partnership with a knowledgeable courier or logistics company. Not only will this alleviate some pressure from your employees, but it will open up your business to a wealth of knowledge around the export process.
Working with international representatives or distributors for your brand can also be incredibly beneficial and is vital for any business that is looking to succeed in its expansion. As the saying goes "sales cures all". A representative can form strong working relationships with clients in their country to boost your sales, break down language barriers or even offer a solution towards shipping logistics. Successful exporting also requires careful market research for the country in question. You need to think of legitimate factors that will give you essential information to consider when building both short- and long-term objectives. The good news is that there are third party consultancy firms that can help you through this process and remove some of the pressure from you and your business.
There is even funding available dependent on your location. For example, in Yorkshire the Department for International Trades Internationalization Fund is offering match-funded grants of up to £9000 for small businesses of under 250 employees. This can be used for anything from market research to trade fair visits. You can see more information on this here.
What can we do? We offer a consultancy service here at Scayl, tapping into our large bank of resources to tailor market research, marketing plans and branding as well as so many other aspects that are vital when planning to scale your business. Something of benefit for yourself? Click here to begin the process.