International Trade
Legal Exporters need to comply with the rules and regulations of the country receiving the goods or services. Each country has its own laws and if broken could result in serious financial loss. Packaging labels may require additional information printed on them, hygiene regulations could be different and certain products will require export licences. Care needs to be taken when
buying goods from foreign suppliers and if a UK business chooses to use a foreign supplier to manufacture technical or ground-breaking products, intellectual property is at risk of theft. You may need to instigate a manufacturing under licence agreement with the producer or patent your product.
Opportunity risk A company could spend a lot of time, money and resources on an export campaign for its products, only to find the markets targeted do not come on stream for a whole variety of reasons. We know there are risks in International Trade, but
we also know there are huge opportunities to grasp. Running a business is a risk in itself and under most circumstances, risks can be mitigated against using common sense and careful thought and we inhabit a global economy in which goods and services are bought and sold by businesses throughout the world everyday. With the right product or service, UK businesses
could enjoy the following benefits with International Trade:
Feature
Sales Growth By entering new markets, the growth rate for a company could be exponential. There are many businesses who have become huge corporations through International Trade and they have reaped the rewards of their growth with great profits.
Improved brand recognition For a business who deals with companies all over the world, there is an opportunity to improve its brand awareness and trust in its products.
Better processes Learning from other cultures who employ different methods, systems and
processes can have a beneficial impact on a company. This can make businesses more effective, efficient, competitive and profitable.
Network growth
Trading internationally will increase your current base of contacts with new suppliers and manufacturers.
What is of critical importance is to prepare thoroughly before you engage in international trade. There are many experts who will give advice, such as the Department of International Trade, UK Export Finance and the Institute of Export. Our team at TAEFL is experienced in all aspects of International Trade and if you suffer from cash flow issues which prevent you from funding orders, then please give us a call.
For more information call: 0121 794 0280
June 2017 CHAMBERLINK 45
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