How hard is it to become a successful exporting company?

Not that easy if reports are to be believed. A government report found that only nine per cent of UK SMEs export¹ and that number may have fallen since Brexit; another piece indicates that Brexit has led to a third of all UK exporters to the EU giving up on exporting altogether.

Most companies will never consider exporting. But those that can have a great deal to gain. About a quarter of the UK Gross Domestic Product comes from exporting. So how does a business go about it? And how can those who already export win more business?

There’s no shortage of advice. I just googled how to succeed in exporting, and step-by-step guidance flooded in. The first step is similar in each case…

• Research your market
• Decide where to sell
• Make export a strategic decision
• Do your research
• Research your target markets

With the possible exception of the third one, I humbly suggest they’re all missing something. A thriving export venture, like any venture, doesn’t start by looking outward but by looking inward. Wouldn't you consider your preparation if you were about to drive a long journey? Have you had enough sleep? Are you hungry? Should you take a drink? Is there enough fuel in the car? Is the vehicle safe for the journey?

That’s precisely where exporting should start. Exporting carries considerable potential rewards but promises us upfront costs in money, resources and time, with an honest, careful and comprehensive look at ourselves. Anyone who’s ever carried out a SWOT (Strengths, weaknesses, opportunities, threats) knows that. But too often, we skim over the self-assessment part. Nobody challenges the assumptions, and it’s the same old.

This is why we start by discussing you & your business on our brand-new Think Export event, The Export Journey. It’s the obvious starting point.

When someone says to me, “there are great opportunities for exporters in (insert name of country)”, I always think to myself, “great for whom?” We probably go through the motions and think about which markets are best for our products, but that barely scratches the surface. And suppose we don’t give proper consideration to understanding our own business. In that case, the chances are we’ll waste a lot of time and money chasing business opportunities that would have been ideal… for some other company.

In addition to considering our products or services, we need to think about our whole operation; how we work, what resources we have in finance, capacity and skills, and above all, we need to understand our motivation. What do we hope to achieve and why? How soon do we want to achieve it? What are we prepared to invest in getting there? Honest answers to questions like these will help to avoid wasting time and money chasing business opportunities that don’t fit.

That’s the difference with the way we approach export development. We know that what’s right for one business might not suit another. Of course, we can’t tell you which are the right opportunities for you. But we can help you by showing you ways to find out. Only you can do that.

Of course, that’s the first step (although it may be the most challenging). On The Export Journey, we don’t stop there. We show you where to find pertinent information about different markets and how to evaluate, compare and prioritise. We provide ideas about strategy, promotion, routes to market and pricing. We give you hands-on experience in negotiating deals. And we show you how to use market visits effectively to finesse your strategy and turn it into action.

Whether your company is a seasoned exporter or utterly new to exporting, The Export Journey can help you. The longest journey starts with a single step. Make that step count. Join us on March 16^th

References

1 Department for Business, Innovation and Skills May 2016 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/524847/bis-16-230-smes-supply-chains-exporters.pdf

2 City AM September 2022 https://www.cityam.com/brexit-onslaught-deepens-as-a-third-of-all-uk-firms-exporting-to-eu-simply-vanish-due-to-red-tape-knockout/