Don’t be afraid to spread your wings
NorthEastfirmsshouldnotbe afraid to look abroad for business, says one of the region’s leading bankers.
Leigh Taylor, regional director for the North East at Lloyds Bank, said ongoing political and economic uncertainty meant it was essential companies consider all of their options for growth - including a move into exporting.
“The competitive value of the pound and the global strength of ‘Brand Britain’ has driven a huge demand for British products abroad, with exports from the North East totalling £12.9bn in 2017, an increase of 8% on 2016,.
“The latest Lloyds Bank Business in Britain report shows many firms in the North East are already making the most of the rich opportunities overseas, with two in five North East businesses surveyed already exporting,” he said.
It was vital to carry out proper research before committing, however: “While exporting can help businesses achieve significant growth, it does expose firms to greater risk.
“Before trading overseas, it’s vital to thoroughly research new markets, build relationships with buyers and distributors, and gain insight into the tastes, trends, and demands of international customers.
“When trading in different currencies, solutions to help process regular foreign transactions can help mitigate the effect of fluctuations in exchange rates and there are also tools to help minimise the implications of trading across time-zones and managing late payments,” he added.