I spent an interesting day yesterday seeing both sides of the market entry challenge, from two differing perspectives.
My morning was spent with a Bengal delegation of technology companies, at an event arranged by the East India Department for International Trade (DIT). As always there was interest and concern over the UK Visa requirements and we got an update from the DIT on impending changes to the UK visa system.
Technical details on tax and legal issues were discussed but ultimately the heart of the issue for the business owners present was how to minimise any risk associated with launching in the UK, while ensuring that their new entities became financially self-sufficient as quickly as possible.
I shared some insights into how to develop a sustainable and profitable sales pipeline in the UK, and look forward to continuing these discussions. For each company, it’s vital that they can translate their propositions into a UK context that will deliver value to the UK customer and also be packaged and communicated in a manner that makes the propositions competitive.
IoD Special Interest Group on International Trade
The evening was then spent with my fellow Working Party members, as we launched the inaugural London Region IoD Special Interest Group on International Trade.
Hosted by David Salter at KPMG, two successful UK exporters talked about the challenges and benefits of expanding internationally. Again the theme of culture came up and the importance of understanding how to sell and position an offering in a foreign market. There was consensus on the panel that time spent planning and understanding the inevitable changes that need to be made, saves both time and money in the long rum, as well as removing the risk of tarnishing a brand with a poorly conceived foray.
Both the groups – the companies looking to invest in the UK and those exporting – can see the benefits of tapping into new markets, but highlighted the need to fully understand, adapt and think local as being key to success.
For more information or advice on any of the topics mentioned here, please message the Trade Horizons team – firstname.lastname@example.org
Nick Jordan, CEO, Trade Horizons