Exporting can create a world of opportunities for businesses of all sizes. In an increasingly globalised market, companies who are able to export their products overseas in addition to manufacturing and selling domestically, are not only able to expand as a result of an increased customer base, but are also shown to be more resilient to downturns in the market.
Exporting also allows manufacturers the opportunity to branch out into new markets and develop an expanded range of goods and services. Research shows that exporters of all sizes are more productive and innovative – able to adapt products to the new demands that come from selling to new markets. This means that manufacturers who export are not only more likely to survive in business, being able to cope better with localised market fluctuations, but are also more likely to thrive in business, being able to grow new product lines, develop new ideas based on international demand and benefit from economies of scale.
Despite the benefits of exporting, only a small percentage of businesses in the UK are actively involved in marketing their goods and services overseas. Some businesses may be concerned about the increased expense involved in selling products overseas, as well as the added risk and exposure, the expertise required and a fear of stepping into unknown markets.
Although some businesses may have legitimate reasons for not wishing to expand beyond our domestic market, many manufacturers can in fact access an international customer base with minimal adaptation to the goods and services themselves that they manufacture.
The Government has set a target to inspire and support 100,000 new UK exporters in the next 5 years. This will not only help to boost the UK economy, but also has the chance to create thousands of new jobs in the UK and boost our standing when it comes to the range and quality of products the UK manufactures on the international stage.
This is particularly good news for the manufacturing industry, as manufacturing businesses are ideally placed to be able to offer their goods and services to international markets and adapt their products to meet new and growing demand. Bond Dickinson’s significant experience in advising businesses on the best way to export can give you a real head start in accessing an international market. Whether through providing agency or distribution agreements, or advising on the best approach for your business to take when starting to export, we can help you to realise your exporting ambition.