With a lot of challenges faced by businesses today, they might be eager to look at other money making chances outside the European continent. Statistics provided by the UK Trade and Investment otherwise known as UKTI shows that local companies involved in exporting products increase their productivity by 34% and has higher chances of survival.
The government are doing all they can to urge UK companies to consider and commit to international trade. In spite of their efforts, only one out of five small and medium-sized enterprises, or SMEs, in the UK considers trading overseas as opposed to one over four across the European continent. Businesses might think otherwise now that there are more than two billion people accesses the internet to shop.
A lot of business owners have said that taking that big step to go overseas can be quite frightening. Considering a brighter venture overseas can test the mettle of small business’s creativity. Massive corporations usually have specialists to research about such matters. Studying about the tax laws, other related statutes and running the foreign exchange smoothly can be really exhausting.
In addition to that, expenses may rise due to the need to travel if emails and Skype are not enough. Businesses who would face difficulties in these matters should ask for advice from UK-based banks as well as the UKTI because they have the resources to help you conduct research on other target areas and suggest potential partners.
There is no doubt that UK has the most successful businesses in the world. However, this has drifted to a less appealing state that’s why the Government encourages overseas marketing. UK-based businesses must look into developing their already successful strategies by looking outside the box instead of thinking out of it.
The businesses that do not consider transacting business internationally are exposed to the risk of shutting down their business. Besides, it won’t hurt the business to try out new ventures especially if they want to build their brand worldwide and grow.