Looking for customers in an International Market is seen by many to be more trouble than it’s worth. It’s far better to stick to the demands of the domestic market, right? WRONG. Going global could save your business, and here are 7 Ways to save your business through International Trade.
1. The world has become a much smaller place
Take advantage of cheaper and faster communication, transport, and international travel, and allow your company to grow. Self-imposed trade restrictions are a limiting chokehold for your business.
2. World prosperity has become more widely distributed
Unfortunately, many businesses have failed in recent years because of the reduced spending power of their domestic customers. It’s time to look at customers in areas where economic spending power has migrated such as the Middle East, which is now considered to be an economic powerhouse.
3. Language is less of a barrier
English is widely learned as a second language by people all over the world. Use this to your advantage and engage and communicate with potential customers worldwide, using English as a global business language.
4. Rising costs and a thirst for quality
Developing nations are starting to demand better quality goods and services from overseas. Although your products or services may be priced higher in the international market, it should NOT deter you from tapping into their growing demand.
5. Increased competition in a shrinking domestic market
Has your product or service become redundant in the domestic market? It might be time to start looking at the greener pastures of International Trade. Supply and demand will govern where you’ll need to export so treat the whole world as your oyster and safeguard yourself against domestic changes blowing you into extinction.
6. The internet is a free global superhighway
Getting an e-commerce web presence is critical. Take advantage of benefits such as real-time tracking, up to date, low-cost communication methods, and your very own global display window. It’s a no brainer to go global with the internet.
7. Governments are reducing barriers for International Trade
Business Through International Trade entitles you to tap into an ocean of various government support structures, instruments, and incentives to go global with your products and services, making it socially, financially, and morally the right thing to do.
Have you been persuaded yet? Sign up to our newsletter for more information including links to the best UK Government Advice, compliance, and support services. We’ll also look at the 7 ways to save your business in more detail.
Alternatively look out for subsequent blogs on our blog page, where we’ll be looking at all aspects of UK export.