British Chambers of Commerce - Succeed in Overseas Markets Continued...

Think long term. In addition, when developing a market entry strategy think about what you are going to have to change in order to be successful in the new market – adapt the product, set a pricing strategy, choose a route to market and position yourself competitively, for instance. By being clear about the information you need to find out in order to make these decisions will help focus your search. Leave no stone unturned in your pursuit of knowledge about the market, visit the critical web links listed on the British Chambers of Commerce’s website and make sure you speak to people in the know.

Build trusted international connections
 
When researching a chosen market or seeking business opportunities in a selected market, organising a visit can be very beneficial. Market visits allow you to find out about your product, research purchasing behaviour, select suppliers, source partners and listen to the experiences of existing suppliers. Arranging meetings with a broad cross section of players in the marketplace is an ideal way to form relationships and to discover the way business is done in your chosen country - even in English-speaking countries where the culture can be quite different to the UK. 

However knowing who to trust and how to make initial contact with local businesses can be daunting. There are many Government bodies and support organisations that
can help you overcome these hurdles. For instance, the British Chambers of Commerce is part of a trusted global network of International and Bilateral Chambers of Commerce who provide professional advice and guidance to SME businesses across the world. 

Through matchmaking services, the UK Chamber Network can put you in touch with reliable and credible business contacts as well as help arrange market visits and point you in the right direction once you are out there. When you return from your market visit it is also important to remain strategic. 

You should analyse your findings at leisure when you are back in the UK and not whilst you are out there; tempting though it might be, important decisions about the market should not be made until you get home to ensure you are objective.

Make export administration work for you

Once you have implemented your export strategy, the next step in the journey is successfully shipping your goods to your chosen destination. It’s all too easy for overseas orders to turn sour if you don’t know the market you are shipping to. Every opportunity must be properly assessed beforehand during your research, looking at everything from shipping costs to local regulations, to ensure that a profit can be made and any longer term potential for your business is identified.

Equally, it’s very important to know about export certification. What should be a straightforward process can be very time demanding and costly if not completed accurately; the accurate completion and authentication of export documentation is vital to ensure your goods are delivered on time and payment is received quickly. 

For instance, a tiny error on your export documentation can be costly. A discrepancy, as small as a missing space or a comma, can render a document invalid resulting in fines, undelivered shipments and disgruntled customers. It’s also important to check your goods satisfy the rules of the country of origin so that your client can claim preferential duty. 

Likewise, check whether your product needs an export licence and/ or a pre shipment inspection report at the Department for Business, Innovation and Skills (BIS) website. Recognising the errors and knowing the cost incurred of doing so can save your business valuable time and money. Familiarising yourself with the common errors that occur in your business can minimise this risk. Triple check documents before they are sent for authorisation and allow sufficient time for shipments to be cleared before the Letters of Credit expire.

Being strict with your export administration will pay off and ensure you do not undo the valuable groundwork achieved through your research and planning. You’ll build a reputation based on efficiency, price and high levels of customer satisfaction, and minimise any likelihood of frustration for both the buyer and seller.

For more information on how you can grow your business overseas, visit www.britishchambers.org.uk.