Manufacturing: Get exporting!

The combination of recent stuttering consumer demand, after the initial surge following lockdown, and the need to continue driving sales in a domestic market should really make businesses consider the benefits of exporting.

As each month goes by, there seems to be another trade deal secured as the government exploits the negotiation freedoms of the post Brexit era to seek new global trading partners.

The problem is however; all too few UK manufacturers fail to look further than our own shores to seek new customers and at a time when the ‘Made in the UK’ branding commands real value across the world, opportunities get missed.

The opportunity presented by the UK’s involvement in current international affairs, and restrictions on supply from certain countries, is to be a key lever to promote British manufacturing. The sanitising of supply chains to source more components in the west, and with short supply lines, are both politically favourable and good for the planet too.

There are a number of reasons why this is the case of course, such as:

• Lack of knowledge and understanding of Incoterms and what’s involved
• Language barriers
• Lack of knowledge of legal systems or demand for products in foreign countries
• Lack of finance or export credit security
• Exchange risks
• Other risks

The above list, and other matters make it all too often really daunting for many manufacturers, especially SME’s, but help is at hand:

Your local Chamber of Commerce, if you are a member, is a useful source of (initially) free advice as to how to go about making a start. They are a good conduit into UK Export Finance, an arm of BEIS who in turn can provide free training, some support for getting started financially and even some export credit guarantees if you actually land an export order.

Likewise, the Chamber of Commerce, for a fee can handle all of the relevant Export documentation you need as well as providing a research service using British Embassies and Consulates across the globe.

They also know when trade missions are coming up and how you can get involved; these are great ways to explore opportunities in countries and get in front of potential customers, agents and intermediaries so as you are ‘not alone’.

And of course, through our great Crowe Global Network, we can make introductions to our Crowe colleagues across the globe who can connect you with local commercial contacts, government agencies and also potential customers too, as well as providing a wealth of help and assistance that you would expect of Crowe.

We can help with all of these and other introductions, as well as ideas for currency hedging and dealing and the practical aspects of exporting.

So, start the conversation and make 2022 the year that you 'go global'.