How businesses can boost exports in 2015
Branching out into new markets overseas can provide a significant financial boost for small firms if done properly.
Trading across international borders creates plenty of opportunities and growth is anticipated in many leading sectors in 2015.
The growth of e-commerce can be a major boost to SMEs as customers now have a range of ways to both find and purchase goods that may otherwise not be available in their home country.
According to FedEx, the UK is one of the tip three exporters of online purchases but SMEs need to know how to best take advantage.
The key for any business is to stand out in some way – from offering niche products to personalised approaches – by highlighting what makes then unique.
For those who provide products and services that are unavailable elsewhere, the chance to export can bring in significant levels of additional income.
Listing products online can also provide plenty of marketing opportunities that can further develop brand recognition via the use of search engine optimised approaches.
One of the key aspects of exporting relates to logistics as goods will need to be delivered to those purchasing them.
Opting for a logistics firm could help to simplify the process but additional costs must be considered, as should any tax and duties, legislation, and essential paperwork.
Failing to manage and calculate these costs effectively could mean that exporting is not a profitable process which may mean it is not worthwhile.
Watching market trends
The great thing about selling online is that demand can be measured in the form of website traffic which could reveal if products are popular in certain regions.
Staying on top of the numbers is vital as poor decisions could place a company under significant financial pressure.
Moving into cross-border sales is not without risk and care should be taken to ensure that corporate insolvency never becomes a threat.
Keeping a certain level of finance available to cover any potential issues is one solution, while a company may wish to take a more narrow approach, instead of a broader sales plan.
A clear and considered approach is required and any decisions should not be made without being clearly thought-through.
By Phil Smith