Grow your business overseas 

Looking to move your business in a more global direction? 
Reviewing new international territories for possible business?

With the declining strength of sterling, companies considering exporting overseas are in a strong position to do so. However, although starting down this route can be exciting, it is also littered with possible minefields. Companies that have experienced growth within the UK and have a fairly strong financial position could now benefit from making a move into international markets. UK companies are currently in a healthier position when competing with companies dealing in dollars. However this activity isn’t without risk and you’ll need to undertake lengthy research and strategy planning before embarking on exporting overseas.

Below are a few top tips from Kompass for successful exporting, and how they can assist with your international growth.

Research, Research, Research 
Just because the strength of the pound is low and the UK economy is struggling, it can be dangerous to assume that exporting is the answer for everyone. Research is key to succeeding in the early stages of exporting. 

 Select your markets based on solid research, considering:

• Structure of the market
• Demand for your product/service
• Local and international competition
• Distribution channels
• Pricing issues
• Cultural constraints

It is vital to find out if there is a potential market for your product or service in the location that you are considering and Kompass is the ideal tool to assist you with this research. With the ability to search for companies with similar business activities across 66 countries, you can assess the level of competition in your potential market(s) and make informed decisions on the opportunities available. As the leading provider of global B2B company and product/service information, our business information is available to download online, ensuring you always have access to the up to date information you need.

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