YourBusinessWithJamesCaan2016 - 171

NEW MARKETS

I

f you are thinking of cracking the
overseas market then many of you will
be searching for an answer to what a
post-Brexit Britain might look like.
Studies show companies who export are
11% more likely to succeed, but how will
this unknown territory affect this?
You always need to tread carefully in
foreign markets, but there's no doubt
that Europe has generally been the
least risky market for British SMEs
to move into.
Now, with a new trade deal needing
to be negotiated and doubts persisting
about the government's willingness to
get the UK access to the single market,
the landscape could shift significantly.
For example, UK companies currently
trade with the EU without tariffs or
quotas. There is now a possibility that
the EU may start to impose tariffs, such
as a 5% charge on all UK car exports,
and quotas which limit the amount of
goods and services sold into Europe.
Of course this may not be in their
interests, as the UK may then impose
their own, but until the negotiations are
complete, nothing can be ruled out.
Although there is currently (October
2016) no change to the status quo, and
that's unlikely to change for another
two years, European firms may be
unwilling to engage in a long-term
relationship with British businesses, at
least until the waters are less muddy.

THINK LONG-HAUL

There are however some exciting
opportunities that could emerge.
Countries such as India and Australia
have already signalled they are willing
to step into the gap potentially left by
EU countries and there are also
opportunities on the other side of the
Atlantic in the US and Canada.
Any UK businesses looking to go
global should start preparing an entry
strategy for countries like these.
India has a population of 1.2 billion
and an ever-growing consumer class,
who are becoming more and more
westernised. This makes it a potential
goldmine for British businesses.
Just as importantly, the country
offers a huge pool of skilled manpower,
professional managers and labourers at
relatively low cost.

TOP FIVE
TIPS FOR
EXPANDING
YOUR
BUSINESS
OVERSEAS
Ensure your domestic
foothold is stable. There's no
point trying to crack Chicago if
you're struggling in Coventry!
Find a partner - use some of
the support named in the
article, as well as business
networking groups and LinkedIn, to
find local partners that can smooth
your journey into a foreign market.
Research the structural
barriers such as political and
economic regulations, plus the
currency rate so you are fully aware
of the challenges.
Know your competitors
inside out, in particular
things like their pricing strategy.
Get a strong local supply
chain. If this fails your
business will fail, so make sure
every part of the customer journey
has been tested and is robust.

Australia may not have the
population of India or even the UK (and
might be the furthest possible place in
which to do business), but it still offers
some great advantages.
The language, legal structures and
business etiquette are similar to ours
and it is also regarded as the passport to
accessing the Asian and Pacific markets
- both of which have hundreds of
millions of consumers and are strong
importers. Crack Australia and your
long-term export prospects will look
even better.

SEEK HELP

The British government has always
encouraged a global outlook and
provides both support networks and
financial assistance. Within weeks of
the Brexit vote, then Business Secretary

171



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