With growth in the UK and other Western economies forecast to remain subdued, now may be a good time to look towards Asia and other emerging markets where countries continue to experience growth.
The opportunity exists for UK businesses to take advantage of the current climate by selling goods and services to the developing world. Thanks to advances in technology, communications and logistics, even the smallest businesses can now access international markets, buying and selling their products and services worldwide.
And, with the support of the Government's export enterprise finance guarantee (ExEFG) scheme, now is probably as good a time as any to start looking beyond the UK.
The ExEFG is aimed at small and medium-sized businesses in all sectors with an annual turnover of up to £25m. Export finance facilities of between £25,001 and £1m are available, with the terms of any loan being up to two years for those businesses that qualify.
For some businesses, setting up overseas operations rather than just exporting can be a sensible course. Apart from the more obvious benefits of cost savings and new markets, establishing overseas operations can enable you to attract new talent, facilitate product development and leverage different time zones to enhance operational efficiencies. A route worth considering perhaps?
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