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Points to consider

• Think carefully, don’t make the jump into exporting unless your company is already enjoying increasing sales on home ground. The Scottish Government’s recent survey shows exports to the rest of the UK in 2015 (excluding oil and gas) are estimated at £49.8 billion, an increase of £2.1 billion (4.4%) over the year. This has been good news not only for Scottish businesses, but also for employment, product and service development and economic stability. • Carry out a competitor analysis. Establish whether your competitors in the UK are already exporting, including who your local competitors would be in the new markets. This will allow you to assess your competitive advantage on market entry. Investigate the level of demand for your product abroad. Assess if your company has the financial resources for international market development and additional staffing resources to satisfy an increase in product demand. Consider the standard practices in the countries you are exporting to – obtaining local knowledge will be important when launching your products internationally. • • •

The risks involved in exporting

There are potential risks when exporting products into international markets. It is some research countries.

This will help you understand the local standard practices and identify any necessary precautions you may need to make. • • essential into the

Shipping and Logistics

to conduct prospective

Key issues for consideration

Insure against non-payment of export invoices. Alternatively try to negotiate up-front payment or set up payment stages. Fluctuating exchange rates. Any changes in currency rates can impact on your profit margins. Build a market information system to monitor environmental trends. • Make sure your product is compliant. It’s imperative that you check your product specifications against local regulations and standards abroad to avoid severe penalties. • Be vigilant about product quality. If you must transfer your manufacturing operations overseas to meet the country’s regulations, stay involved to ensure quality doesn’t suffer. • There may be licensing requirements. If you are exporting machining tools, electronic equipment, computers or telecoms equipment, you will need a license. Setting up an efficient and cost effective process for moving goods is essential growth. • to

Marketing

successful international

You will need to adapt your UKbased strategy to make it more relevant to your new markets abroad. • Carry out appropriate market segmentation to help you understand your customer needs. • Understand the different cultural sensitivities and what impact this may have on your marketing activity. • Redesign relevant packaging, literature, advertising and point of sale. Translate your product into different languages. • Review your tone of voice and communications to fit the country you are exporting to. literature

Managing director, Fairways