Banking | Barclays
Exporting offers UK businesses access to wider demand and growth prospects, says Gary Griffiths, Director at Barclays.
Global Stage E
xporting can be far from simple, particularly for small and medium businesses that may be considering trading internationally for the first time. At Barclays we’ve long supported clients of all sizes who may be considering such opportunities for growth. We have long recognised that participation in large, international projects is not just the preserve of large corporates. Common concerns for businesses
venturing into new markets range from how to identify the right market and opportunity, how to mitigate the risks of cross-border business activities, and quite simply how to ensure that they get paid for their goods.
Among the 100 HVOs identified by UKTI are projects such as delivering the 2016 Olympic and
‘Successful participation in an HVO can help businesses build important relationships and contacts for the future.’
Businesses on the
UK
Paralympic Games in Rio de Janeiro. The common misconception is that, because of their scale, HVOs are only relevant to the largest and most developed of UK businesses – in fact they provide opportunities along the supply chain. In practice, the HVO programme has given many smaller UK businesses the possibility of being involved in projects on a much larger scale than they have been previously. As well as supporting revenue growth, by taking part in these large projects – and working closely with experienced international companies – small and medium business also stand to achieve wider benefits. Successful participation in an HVO can help businesses build important relationships and contacts for the future, it can upskill a workforce and also offer wider learnings from working with established businesses well-versed in delivering on large- scale international contracts. For SMEs looking to capitalise on the scheme, there are a number of points that need to be considered. Fundamentally, a business will stand the best chance of success by targeting those opportunities that it is well-placed to deliver. Playing to your business’ strengths is key to success – what is your core capability and which of
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your strengths will best translate internationally? It is also critical to have a thorough understanding of the scope of the opportunity and the role that you are looking to take in it. Another important step, which can be overlooked, is to engage partners with the expertise to support you early. As well as connecting with UKTI, to help identify the right opportunities, I would also encourage businesses looking to tender for an HVO contract to speak to their bank, legal advisors and accounting partners who can provide a broad range of support. At Barclays, we work closely with our clients to understand their international business plans and look to provide the financial support that you need to achieve their goals. Our end-to-end approach to our clients’ trade and working capital requirements comes from developing a deep understanding of their business cycles and providing financing options that are right for their needs. We can support with a range of financial solutions from simple letters of credit, to bonds and guarantees that can enhance your trading status, as well as a range of flexible financing to help fund new equipment or support project development. As a global bank we have experience of supporting clients win and deliver on large-scale, international projects, whether as the project lead, part of a team of partners, or as a small business providing a specific specialism. Far from being a one-off
opportunity, participating in an HVO can be an important first step to developing the kind of business relationships that can form the basis of a longer term international expansion strategy. By helping UK businesses find a way into international markets, the HVO scheme has the potential to have a lasting impact, from smaller suppliers to larger contractors, and in turn play a significant part in improving the UK’s long term economic prospects. At Barclays we look forward to playing our part and are proud to support UK business expansion through international trade.
GO
FURTHER INFORMATION
www.barclays.com/corporatebanking
global-opportunity.co.uk
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