Exporting increases your work survival rate

Are you new to exporting? Unsure where to start? Or are you already exporting and want to improve on it?

By Sirka Moore, international business advisor, BDC Moore.

Businesses who are exporting have an 11 per cent higher survival rate because they are spreading the risk due to the different economic cycles of domestic and international countries.

To convert opportunities into genuine business growth is especially challenging with regards to international trade. An area in which many organisations have traditionally dabbled only to quickly retreat, frustrated at a lack of cultural knowledge and key contacts, and that is where we at BDC Moore Ltd come in.

Starting with information obtained through extensive market research it is necessary to address the needs of each individual company: establishing the viability of a market, identifying regulations specific to the country as well as the route to market (branch, distributor or agent).

To introduce companies to their potential new customers requires cultural and linguistic expertise as well as continuous support in face-to-face meetings, conference calls and exhibitions.

When sending staff into new markets and countries the employer has a duty of care to make sure the staff knows about the cultural differences, helping them to avoid any faux pas, which could compromise their personal safety or the possibility of future business. Finally, with Brexit drawing closer it is very important for you to familiarise yourself with the Incoterms, to assure the legal side of transporting goods is covered (i.e. insurance and responsibility), and that choosing the wrong tariff codes can have an adverse effect on your profit margins.