Where to start in growing through exports

The reality is none of us really know at this time. Key agreements are not in place, and even fundamental decisions have not been made.  Whilst I see some businesses are preparing for what they believe will be the most likely outcome, and some trying to cover a variety of potential scenarios, our strategy has been to focus on what we can control, and it has is paying dividends.

As a business, we have felt the pain when big changes have occurred in a sector accounting for 80% of our revenue and again when our largest customer lost their contract.  To make us less reliant on particular sectors or customers, we have actively looked to diversify the client base for our core business, which is supporting large engines.

Whilst there are many opportunities and applications here in the UK, this is only a small part of the world, so with the larger worldwide market where do we start?

1. Our first, and most logical approach was to look to talk with companies we were already working with and see what the potential was to expand. It is always easier to do more business with those you already have a relationship with, but for us these customers were ones looking for parts only and utilising local labour. Parts supply for those end users is driven by price and it did not fit our business model to be try and supply more items on smaller margins
2. Secondly, we looked at locations we knew our competitors we are working in, or engine population hotspots. Whilst there were lots of routes to market, potential partners, and good support from the Department of International Trade, it was going to take a considerable number of resources to review and establish ourselves in one of these locations. With the amount of competition, it added to the challenges.
3. Finally, the approach which is proving the most successful and rewarding is based around finding the right partners.

With the right partner in place, we have been able to get a clear understanding of the market and how we can differentiate ourselves against the competition to deliver what the customer needs. With this knowledge they are then able to represent our business with the experience of local politics and culture.

As long as this partner operates with the same values as yourself and can really see the benefits of working in partnership, then they are an extension of your business and you can create something which benefits all parties.  You establish yourselves in a new market, the partner is able to offer a new solution for their clients and the end users get a service they haven’t been used to, but needed.

Finding these types of partners is not easy, but knowing where your strength is as a business, what your values are and communicating this, you will be amazed at what opportunities you can attract.

For us, these partnerships and opportunities have all come in countries we haven’t been targeting but have already proved fruitful and will allow us to expand and increase our reach, regardless of what happens through Brexit!