So you’ve cracked the UK market but how do you now grow your business internationally and can you really afford not to?
Ian Walker, Managing Director of 3P Logistics shares his thoughts:
In more recent years the term “cross border trading” may have come firmly onto your radar and this is simply another term for International trade whether it be imports or exports. Overseas nations are fast emerging with new found wealth fused with an insatiable demand for Western goods and services. Combine this with the strengthening of political ties and we can safely conclude that the climate for International trade has never been better. Logistically the world is a much smaller place these days whilst the more common barriers to trading internationally are being dismantled at pace. Pretty soon the only barrier left will be your own imagination!
If you are serving the UK Market in isolation then your coverage will be a mere pin pick on a Global scale and the missed opportunity for growth is vast. International trade isn`t without it`s risks of course but such risks can be minimised through solid research, access to affiliated trade bodies and the use of strategic partnerships such as third party logistics.
Prior to launching internationally the main questions to ask yourself centre around the three P`s of Product, Price and Placement. You firstly must identify a clear demand for your product or service. Thereafter you must have a plausible price point that still delivers a net margin contribution with all costs considered. Finally, you really need to understand which territories to focus your offering and understand why.
Once you have exhausted the three P`s it is time to court expert advice and support. Such advice and support is normally free and is in plentiful supply in the form of government affiliated advisory bodies and logistics operators. Whether your trade involves inward or outward investment there is an army of independent support on hand to help you along the journey.
Support network includes:
UK Trade and Investment (UKTI)
International trade should not be viewed in trepidation but instead be seen as an unbridled opportunity to meet new people, explore new cultures, and grow your sales in the bargain. Comprehensive research is fundamental to the overall success of International expansion whilst a degree of experimentation never hurt anyone.
Most importantly – International trade should be fun, so go enjoy it!
About The Author
With its head office based in the North West Ian is the Managing Director and original founder of 3P Logistics, a leading provider of global logistics and order fulfilment. His business provides outsourced supply chain support to a wide range of UK & International b2b & b2c clientele. Recent winners of the Wigan business awards the business also works closely with various affiliated bodies in helping its UK based clients to grow internationally.
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