Growth figures for the first quarter of 2017 revealed a low of 0.2%, which suggests businesses should be looking to new markets – and with the UK comprising just 1/20th of the world’s economy, companies that aren’t considering exporting could be limiting their potential for growth.
It was positive to see the value of UK goods exported increasing by 11 per cent for the year ending March 2017, although there’s still lots to be done to demystify the export process.
When discussing exporting, it’s important to first address attitudes towards risk. Many business owners consider exporting as a potential risk – but while it will undoubtedly involve an initial learning curve, exporting can help businesses spread their risk by creating opportunities in multiple markets, easing their sole reliance on domestic demand. At CHW Small Business Accounting we can help you spread your risks and look at the bigger plan in the long run.
The UK, in the wake of the Brexit vote, has seen continuing speculation around the health and robustness of the UK economy, the decline in disposable income and the increase in inflation – for a business that sells consumer goods and services, exporting may be a sensible way to spread risk, creating demand in international markets that aren’t subject to the same pressures.
Many businesses are discouraged from considering exporting due to perceived obstacles e.g. cultural barriers, regulations and paperwork. Then there’s considering your route to market, thinking about any modifications your product may need in order to be sold in a foreign market, protecting your intellectual property and access to finance. But while exporting is undoubtedly a learning curve, there are numerous resources and advisory bodies that are on hand to offer support and assistance.
For more advice on how to expand your business click here to contact us at CHW Small Business Accounting.
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