Despite the current challenging market conditions, there are still opportunities for UK businesses to prosper overseas.
One of the companies to emerge out of the gloom is LetterBoxChocs, which was launched last October after recognising a niche in the market. This new small business has already reached a turnover of more than £100,000 - 10% of which is from exporting. Thanks to support from UK Trade & Investment (UKTI), they are posting their greeting card chocolates all over the world.
Small and medium-sized enterprises (SMEs) are the lifeblood of the UK economy. They are what drives the country forward. Though individually small, their collective size accounts for 99.9% of all enterprises, 59.2% of private sector employment and 51.5 per cent of private sector turnover. UKTI is the government organisation that helps UK companies succeed in the global economy, and offers support for exporters, whether first time or experienced, large or small, to ensure lasting success in overseas markets.
Doing business in another country can be a challenge, particularly if it's your first time and you're a small company
Doing business in another country can be a challenge, particularly if it's your first time and you're a small company. So it's good to know that, from the very start of your business planning, the right support is there to help you succeed.
Our Passport to Export programme was designed specifically for new and inexperienced SME exporters. It includes: action plans, free capability assessments, support to help visit potential markets, mentoring from experienced export professionals, customised and subsidised training opportunities, and ongoing support once you're up and running. And, in direct response to the current economic climate, UKTI has introduced new measures to support businesses.
These include the new package, Gateway to Global Growth, to help experienced exporters diversify into new overseas markets. We have also simplified the funding rules for attending events and exhibitions overseas through our Tradeshow Access Programme.
Last year UKTI supported over 3,600 businesses in a programme of 344 trade fairs in 43 countries. In the forthcoming issues UKTI business experts from a range of overseas markets will be writing about how they can help companies make the best of international market opportunities. SMEs are at the heart of what we do and we would welcome your experiences or questions about specific markets so that we can help you have the best possible start on your road to international success.
For more information please visit www.uktradeinvest.gov.uk
