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UK businesses face strong export opportunities, but require support to in turn identify and capitalise on them. Statistics released by UKTI show that 85% of clients achieved growth through exports that were not otherwise possible, while 87% stated that exporting improved their profile and credibility.
The level of UK exports reached a record £304.3 billion in 2013, an increase of 1.3% from £330.5 billion in 2012.[1] However, the figures were lower than expected, due chiefly to the UK’s dependence on the European and US markets for exporting. The UK government pledged even more support for UK businesses in December 2013, with Chancellor George Osborne announcing that the Treasury would double the funds to export credits guarantee department United Kingdom Export Finance (UKEF) to a sum of £50 billion.
What Support Is Currently Available to UK Exporters?
Businesses that want to optimise their opportunities for growth should consider their export potential, whether in terms of expanding current export verticals, or expanding into new markets. Here are some ways that UKTI can help exporting UK businesses:
1. To speak to someone, seek out an International Trade Advisor (ITA)
An ITA can help a business assess its export potential through face-to-face meetings. He or she can also help the business research the most suitable markets, explain trading conditions and overcome barriers to international trade. Sector specialists may also be available to provide you with valuable information specific to the industry you are trading in.
2. For an action plan, consider a Passport to Export
More technical than a face-to-face meeting with an ITA, Passport to Access is a thorough programme that accesses a business’s export capability and provides a detailed action plan for subsequent exporting activity. Passport to Export participants will receive support from an ITA throughout the process.
3. To stay on top of market research, consider Gateway to Global Growth
This 12-month programme promises to have its finger on the pulse of global markets, keeping you up-to-date with information about the market or markets that you are targeting. It offers a variety of solutions involving the best possible services, from organisations in both or either of the public or private sectors.
4. To communicate with other exporters, consider Open to Export
Open to Export is an online community for businesses interested in trading abroad. In addition to educational material, events and a board for business opportunities, Open to Export also features a forum hosting questions, which are answered by industry experts.
5. To evaluate a market for existing products and services, consider the Export Marketing Research Scheme
Designed to provide independent advice to businesses considering new and existing markets, this scheme can potentially provide participating businesses with a grant of up to 50% on the costs of carrying out market research.
6. To communicate efficiently abroad, consider an Export Communications Review (ECR)
An ECR can help a business maximise the effectiveness of its overseas communications by providing independent advice on linguistic and cultural issues. Analysis can include topics like whether a business’s website is easily accessed and understood by overseas clients. Guidance is available in the form of workshops, language training, translation and interpretation reviews and an action plan for communicating at overseas trade shows and exhibitions.
7. For a local knowledge of markets abroad, consider the Overseas Market Introduction Service (OMIS)
OMIS allows a business to take advantage of the expertise of UKTI trade teams located abroad. These teams possess knowledge of local markets, customs and languages, and may also connect businesses with useful political and commercial contacts.
8. To seek opportunities, consider Business Opportunity Alerts
This service connects UK businesses with business opportunities abroad. Making use of its staff and contacts abroad, UKTI publishes over 1000 opportunities in over 100 markets monthly. UK suppliers may discover potential clients with this service.
9. To attend events and tradeshows abroad, consider the Tradeshow Access Programme (TAP)
Business looking to test and access overseas markets can find it helpful to attend and/or exhibit at trade shows and exhibitions abroad. UK SMEs can apply for funding to participate at these events through TAP.
10. To organise export finance, consider United Kingdom Export Finance (UKEF)
UKTI works together with UKEF, which helps insure UK exporters in the event of non-payment by overseas buyers, guarantees bank loans, relieves bank of a share of credit risk on export finance, and insures UK exporters.
Note
UK businesses entering the export market face the potential of not only achieving growth and increasing their profits, but can contribute directly to the UK economy as well. These businesses therefore require greater government support. In the meantime, businesses could do a lot worse than to take advantage of the present variety of support offered by UKTI.
For more information, visit the Exporting is GREAT website at exportingisgreat.gov.uk
You can also find the Smart Currency Business Top Ten Tips for Exporters here. To discover how critical currency costs can be to your bottom line when exporting, contact Smart Currency Business by calling
020 7898 0500, or emailing [email protected]
[1] UK Trade, December 2013 – ONS 2014 | Office for National Statistics, March 2014.
