Going Global With Your Business, But How?
Attendance levels at the recent Going Global Live exhibition at ExCeL London were a clear indication that despite Brexit and the current international economic and political landscape, SMEs are not deterred from exploring global growth.
Zoe Harris, Business Development Executive at Comtec said: “As you would expect, there was a big focus on Brexit at Going Global this year with a ‘Brexit Clinic’ and many people discussing the implications for their businesses. With the aid of expert partners, as well as using your internal talent (especially multilingual or local) it is clear that Brexit must not be feared, but could simply open new channels for trade and business ventures sooner than they would otherwise be tapped into.”
Comtec, a translation service provider, attended Going Global to learn more about the latest thinking and trends around global business. Here are three key takeaways for SMEs that want to go global:
1. Plan ahead
Plan way ahead before launching into a new market. Exporting can come with challenges: identifying the right markets and the cost of market entry, managing new cultures and languages, logistics, paperwork & compliance, financing and of course management time and training.
As evidenced by the range of exhibitors and export experts present at Going Global this May, plenty of support and advice is available. A good starting point is the government’s Exporting is Great website (https://www.great.gov.uk/) that provides resources, market insights and services to help businesses succeed in a global marketplace.
2. Spend time on the ground
While researching a market online or taking advice from third parties is a good way to identify new markets, remote research misses out on travelling to the region and getting face-to-face with the people, the culture and all the factors that will impact on your business’ success. Keynote speaker Geoffrey de Mowbray (British Exporters Association - BExA) underlined this point in his session on How to make Britain a Great Exporting Nation! stressing the importance of spending time ‘on the ground’ to get the best chance of understanding the market.
3. Get expert support
Along with service providers that can help businesses break into new markets there are many organisations that offer practical support for SMEs planning to export for the first time, or expand into new markets. These include:
• Department of International Trade (DIT) regional teams – DIT has regional teams across the UK that support SMEs in developing international sales.
• British (in-country) Chambers of Commerce – British Chambers of Commerce have chambers in different countries that provide services to companies already established in their country, as well as services for those looking to export.
• Bilateral Business Councils – there are a number of bilateral business councils such as the UK India Business Council (UKIBC) and the UAE-UK Business Council. These also offer a range of services including market insights, practical support, networking opportunities and professional business services (trusted lawyers, accountants, tax advisors etc.)
• UK Export Finance (UKEF) – UKEF offer finance to eligible companies as well as buyers in overseas markets. They also provide insurance against the risk of not being paid or of not being able to recover the costs of fulfilling an export contract.
• Department for International Development (DFID) – part of the work DFID does in developing countries is to help build more prosperous communities and stable economies. Many UK companies are involved in this work, building infrastructure, providing services, exporting goods etc.
Matched financial support is also available through organisations like DIT, for both first time exporters and businesses already exporting to support a company’s export strategy. Funding can be used for a variety of activities including translation of marketing collateral for international visits, website localisation to improve positioning in target markets, translation of product packaging, as well as other services.
Zoe Harris adds, “While you might expect SMEs to be cautious about exporting with no clear plan on Brexit yet, the mood appears to be far more optimistic. Many attendees at Going Global are pressing ahead with their global strategies, determined not to allow the political situation at home hinder their plans for global growth.”
About Comtec
An award-winning translation agency, Comtec provides fast, accurate and high-quality translations in over 200 languages. We’re the trusted language partner for many leading companies who call on our expert knowledge of international business and languages to help them expand into new markets overseas.
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