YourBusinessWithJamesCaan2016 - 173

WORDS: NILESH PANDEY | PHOTOGRAPHY: SHUTTERSTOCK

NEW MARKETS

'Attending the programme produced
outstanding results for us as an online
business because we started receiving
orders from overseas,' Simon tells Your
Business. 'We were encouraged to look
at our website and processes from a
completely different perspective. We
worked through every aspect of it to
identify potential areas of concern such
as shipping fees, taxes and duties and
also amended the site to ensure the
removal of any possible problems
a company could face when
trading overseas.'
It's worth making use of business
councils which have been set up
between Britain and other countries.
These provide you with opportunities to
network, build partnerships and get
market specific support.
The UK India Business Council
recently introduced Launchpad, an
all-in-one solution which will help you
enter the market there. They recruit,
employ and manage a dedicated India

consultant that works exclusively on
your behalf and to a brief set by you.
Arguably the most important factor in
entering a foreign market is to minimise
risk and using this facility means you
can test the Indian market beforehand
in a controlled way.
Meanwhile, the China-Britain
Business Council has organised a UK
delegate to attend the China Hi-Tech
Fair in November. The fair is the largest
and most influential science and
technology event in China and will be
held in the tech hotspot of Shenzhen,
one of China's most innovative cities.
UK tech firms can take this
opportunity to find project partners,
raise investment and build relationships
with key government departments.
With China being another non-EU
country with unlimited potential, and
technology being a fast growth area for
SMEs, it's well worth keeping an eye on
what the council are doing around this.
From a financial perspective, the UK
Export Finance Department (UKEF)
provides a variety of support, such as
underwriting bank loans and export
insurance. With the former, they are
essentially taking on the risk of a
business loan you apply for, thereby
increasing the chances of it being
accepted. With the latter, you are
covered in the event of an overseas
buyer being unable or unwilling to pay.

MONEY MATTERS

UKEF provided export insurance to ES
Global Solutions in 2015, to ensure that
it received a £400,000 payment for a
pre-Olympic test track on the
Copacabana beach in Brazil.
Many UK SMEs who are now looking
for trade outside of the EU are
concerned about issues receiving
payment, but having this facility
available means they can keep their
focus on a strong product delivery.
In the last five years UKEF has
provided £15 billion worth of financial
support for UK exporters, ranging from
the ones mentioned above, to things
such as working capital.
On a similar note, you should also
consider Trade Finance Partners (TFP)
who predominantly lend to SMEs and
fund transactions up to £5m, while also

JAMES SAYS
It's crucial you know
the terms of trading in
the country you want
to do business with,
including currency
fluctuations, VAT,
legislation, payment
terms, pricing etc. You
should get yourself up
to date before you
embark as most
people I know have
been caught out
by not having done
their research properly
providing facilities of up to £25m.
If you are in a situation where you
need to pay your supplier before being
paid by your customer, then TFP could
be a viable solution. It's important to
note that this is not the same as a bank
so can be used in addition to any bank
facilities you may have, such as loans
and overdrafts.
Despite the uncertainty around
Britain's exit from the EU, this is still an
exciting time for businesses looking to
expand into other countries.
There is plenty of support available,
and in true entrepreneurial fashion,
you need to do your research properly,
focus on the positives and look at the
opportunities which have opened
up for you.

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