FOCUS ON: INTERNATIONAL TRADE Finding foreign markets
The music industry is truly global but many of the roots of its success can be applied to many other sectors.
In the next few years CHINA’S economy is expected to grow by nearly $1,600bn,
The most fundamental part of the export business is to discover whether there are potential customers for your goods or services in other countries. Large companies will have in-house specialists to analyse where the opportunities may lie. Smaller businesses may not have their own expertise, but there are plenty of people who can provide advice.
For example, Bath Chamber of Commerce member, Tim Instone, who runs The Export Office, is one possible port of call. He says it is vital to establish where foreign markets may exist, before spending time, effort and potentially money. “A lot of desk research can be done fairly quickly at no or low cost. That activity will provide the foundation for everything else that follows. If there is an existing market in which suppliers and customers are operating, it gives a would-be exporter the chance to see how they measure up,” says Tim.
‘Even businesses with just a handful of employees can be successful exporters’
INDIA’S by $360bn,
“Even businesses with just a handful of employees can be successful exporters as long as they produce goods and services which can be delivered at the right quality and price. Quantities can also be small. For instance, I have a glassblower client who produces laboratory equipment and ships a dozen cases a month to customers in a dozen countries. Exporting works for them because they got all the advice they needed, did their homework and found markets.” Getting the right advice is made all the more difficult because exporting is a moving target. For example, a new Common European Sales Law has been proposed by the European Commission, which would allow firms selling online to choose to trade under a single EU contract law, rather than complying with the various national laws of the 27 member states.
BRAZIL’S by $280bn.
The British Retail Consortium welcomed the proposals and its director general, Stephen Robertson, said: “Introducing the optional law has the potential to boost British exports of goods throughout the EU and so boost growth and jobs in the UK.”
Business West Update JANUARY/FEBRUARY 2012
19
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