A practical step-by-step guide developed by Make UK and HSBC aims to ‘demystify’ the rules and jargon around exporting to help SMEs who may be nervous about entering overseas markets.
The online guide takes readers through how exporting works, including international trade rules and rules of origin, and a breakdown of five key steps necessary to trade successfully overseas:
- Leadership: As a first-time exporter, your chances of success will depend on how you introduce the idea to your workforce, and steer the efforts from initial research to first overseas sale
- Set-up: Preparation, agility and accepting ‘trial and error’ are all part of an export strategy
- Approach: A dedicated export plan needs to include everything from marketing budget to market selection, costs and pricing, market-entry approach, and planning for different regulations
- Preparation: Once you have identified the opportunities, it is time to bring all your research and planning together into an export plan for a specific customer and product profile
- Execution: The last step is setting up your new relationship, delivering your goods, fulfilling your trade obligations and communicating with your customer.
The guide also includes a number of best practice case studies and a glossary of key trade terms.
Ian Tandy, Head of Trade at HSBC UK, said:
“The high quality of ‘Brand Britain’ is recognised across the globe and that should provide small businesses with great confidence as they look to take their products overseas. Taking that first step can be daunting and this export guide will provide vital advice on the first actions they need to take.”
Stephen Phipson, CEO of Make UK, added:
“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. 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.
“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.”