Exporting with confidence Recent research from the Department for International Trade found that, amongst businesses that had not previously exported, 39% identified lack of knowledge as a barrier to exporting. To help with this, Hazlewoods has launched #ExpertsInExport, designed to share the knowledge and expertise gleaned over years of helping businesses tap into the potential of overseas markets.
To start breaking down the ‘lack of knowledge’ barrier that somany face, Scott Lawrence, Hazlewoods Partner, has identified five key starting points for a business new to export.
1. DOYOURHOMEWORK It is key to understand the needs and cultures of different markets. Start with the basics; how do they do business, is it over a coffee or in board meetings? How do they sell products, is it predominantly online or in shops? You can then build a picture of whether your product or service is the right fit or whether you may need to adapt it. Tools such as the Department for International Trade’s export opportunity search can be a great starting point: https://opportunities.export.great.gov.uk/ 2. USEYOURNETWORKS You may be looking at an entirely new geographical region; talk to any contacts you have locally, or even existing customers and suppliers who may have contacts in that area. The next step is to talk to your professional advisers. Hazlewoods clients have access to the HLB International network of accountants and business advisers, with over 700 offices in 150 countries, enabling them to tap in to a global web of expertise. 3. WIDENYOURHORIZONS It may feel safer to stay close to home, but there are a multitude of export markets outside Europe and the European Union. By 2020, China, USA, India, Japan and Brazil are expected to have the highest GDP globally. Establishing early links with these countries could pay dividends in the long run. 4. MONEYMATTERS Export can present new financial challenges; possible exchange rate risk, exposure to currency fluctuations, and processes to bring your overseas earnings back to your base of operations, without falling foul of tax or money laundering regulations. Working with a network of advisers may be your best route to understanding the legal processes involved, which business structure will work best for you and whether any sources of finance are available in the new territory. 5. COMMITMENT Like any other business venture, export requires commitment in the form of both time and money. A new market will need time to develop, it will also need strong direction with experts who know the country. With so much to consider getting the right advice early on is crucial to export success.
To discuss your exporting ideas or requirements, please contact Scott Lawrence at: scott.lawrence@hazlewoods.co.uk or 01242 237661
01242 237661 www.hazlewoods.co.uk / @Hazlewoods
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February 2019 | www. punchline-gloucester .com | 67
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