What are the different routes to market that a struggling business could try?
In a challenging economic environment, businesses need to explore a number of options to ensure that they can continue to thrive. One key growth strategy that can be employed by struggling businesses is to exploit the full potential of both domestic and overseas markets.
The Confederation of British Industry (CBI) has recently made a call for the government to help small businesses develop their foreign trade links, such as through the introduction of a new tax credit for SME exporters.
“Breaking into new markets can be a huge leap for small and medium firms, which is why we’re calling on the government to introduce a new tax credit to help them get a foothold internationally.”
Leading think tanks have also written reports on the burgeoning prospects of UK regions, such as the IPPR’s report on the economic potential of the North, highlighting key emerging markets that UK businesses could tap into.
Here are just some of the routes that businesses can take to access new markets:
Forging links with local businesses in related fields, such as through local trade associations, may help businesses uncover any new services or products that they could try to capitalise on.
Identifying any areas of the UK where there is set to be large-scale government investment, such as in infrastructure, could also help to identify areas that have good potential for growth.
UK Trade and Investment (UKTI), a government agency, provides support for small business looking to export overseas with international trade advisers (ITAs) on hand to provide free advice to those businesses planning to export for the first time.
This can include anything from highlighting how perceived barriers to entering unfamiliar markets can be overcome to identifying differences in foreign regulation and legislation.
Businesses may also want to contact trade organisations or read trade publications to look at markets that are emerging within their sector, or in general, such as the BRIC (Brazil, Russia, India and China) group of countries.
If your business is struggling in the current climate, you may want to consider seeking professional advice on company voluntary arrangements.