METALL event: Do your research to succeed overseas
Nick Charles, International Trade Adviser at the Department for Business and Trade (DBT), guided business leaders through the government support that is available both online and in person to help companies expand through exports.
“Succeeding internationally not only means exposure to bigger markets, it can also make recruiting talent easier, boost productivity and generate new ideas through knowledge sharing,” said Nick. “That said, businesses must do their research, get good data, and be prepared to invest their time and resources to expand operations on a country-by-country basis.”
He recommended visiting great.gov.uk as a starting point where businesses can join DBT’s online export academy, which helps to build knowledge on selling internationally, and explore further support options relevant to them. This includes contacting DBT’s export support team.
Businesses also heard from a panel of experts from METALL sponsors, accountants Carpenter Box, lawyers DMH Stallard and NatWest Bank, about the most common pitfalls to avoid, notably around intellectual property, contractual terms and conditions, VAT and finance.
“There are definitely exciting opportunities overseas for progressive businesses, but the big take-away for would-be exporters is to do your homework,” said Tony Summers, Partner and Head of Manufacturing at Carpenter Box. “To succeed, manufacturers need to be thorough in their planning, understand the risks, get to know their target territories and markets inside out – and then implement a comprehensive business development plan.”
Photo (l-r) shows: Thomas Mobee, VAT Director, Carpenter Box; Kaajal Kanbi, Trade Finance Manager, NatWest; Nick Charles, International Trade Adviser, Department for Business and Trade; and Debbie Venn, Partner, DMH Stallard.