Manufactured goods accounted for over half of UK total exports at the end of 2019 bringing in £687 billion for UK plc, but many smaller companies are still missing out on the global expansion opportunities available to them, unsure of how to make those first tentative steps into new markets, according to Make UK.
Any size of business making a product can export their goods and the expansion of e-commerce and the recent switch to virtual meetings as the ‘new normal’ brought about by the COVID pandemic, has made it easier than ever to connect with new customers anywhere around the world.
However, there is no one-size-fits-all approach, and getting the initial research right and accessing the best on-the-ground advice is key to export success.
Exporting can be hugely rewarding, but the world of international trade can be a daunting place with confusing jargon and complex rules. Therefore, Make UK/HSBC UK’s Exporting guide aims to provide an introduction these rules and to demystify the jargon while at the same time delivering a step-by-step guide to exporting.
“Looking at your product and delving deep into the culture and processes within the markets looking to be explored is critical in making the right business decision for your particular company,” said Stephen Phipson, CEO of Make UK.
“Different countries have slightly different trading rules and some of those may preclude your particular product or make it unwise to spend time trying to enter that market. Getting the right advice from people on the ground can be the difference between phenomenal success and not quite getting it right.
“While every journey will be different, our step-by-step guide has advice which will help any business. However, what we have heard from manufacturers time and time again is research, research and research again; much of the work starts long before a product leaves the factory gates to make exporting truly successful.”