UK businesses who want to survive and grow in 2012 are encouraged to look at exploiting the potential of export.
Last December, Nick Baird, CEO of UK Trade & Investment (UKTI), the government department helping UK-based companies succeed in the global economy, commented:
“The value of UK exports and their importance in rebalancing our economy cannot be underestimated. This year, as hosts of the Olympics, the UK has a unique opportunity to showcase our talented businesses to foreign investors. I want to see more SMEs working with UK Trade & Investment to prepare themselves to showcase and sell their product or service abroad.”
In order to raise the number of British firms exporting and to consequently boost the UK economy, Nick Baird and Lord Green, Minister of State for Trade & Investment, are leading a campaign, which includes the “National Challenge: Exporting for Growth” events. At such an event in January, Lord Green, said:
“Our future prosperity will not come from relying on domestic markets alone. Across the world there are markets that are showing strong, long-term growth. We want to make sure that UK firms are not just trading abroad but thriving there.”
Indeed, exporting can provide a number of benefits for firms, such as by selling to several countries instead of just its home market a firm is not as dependent upon the state of the domestic economy and is therefore able to spread its risks.
Furthermore, by exporting, a business is opening itself up to a far larger number of potential customers and if the product or service is popular with these customers, then not only will the business have increased sales, but it may enjoy economies of scale too.
Although, the UK’s largest export markets are the United States and countries in Western Europe, there are also opportunities in other markets for example, a UKTI campaign was launched in December by Business Secretary Dr Vince Cable and Foreign Secretary William Hague encouraging British companies to export to Asia.
Dr Vince Cable, Secretary of State for Business, Innovation and Skills and co-chair of the Asia Task Force, said:
“British businesses are already succeeding in many markets across Asia. I saw this first hand during a recent visit to Singapore, Indonesia and Vietnam and in previous visits to Japan, Korea, China and India.
“In the last year, our exports to the 12 markets in this campaign were worth £25 billion though we are still well below potential.”
There is however, a lot for firms to consider when deciding to export and inevitably professional advice and services are required. Tongue Tied Translation Agency, a successful provider of a complete range of professional language services from technical sales brochures to websites, helps firms exporting to show that they are open to international business and to communicate with customers in their own languages.
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