The foreword to the government’s draft industrial strategy announces that “It will be international from the start…”
It identifies growth-driving sectors in advanced manufacturing and clean energy, through to financial services and life sciences, driven by strengths from innovation and entrepreneurialism, to regulatory and financial performance.
But how can UK companies prepare to take advantage of this renewed international approach in what have become such uncertain times? Dorset Chamber spoke to experts at International Trade Matters on how to capitalise on the current climate.
The current global economic climate may appear on the surface to be an intimidatingly complex conundrum, but therein lies opportunity, and with access to a few powerful tools, your business can set out its own clear, concise and well-prepared strategy for growth through international trade.
How do I go about developing an international strategy?
The first steps to effectively improve existing trade or establish new market opportunities can be surprisingly elementary. Some of the most impactful workshop sessions we provide are centred around identifying current strengths and capabilities. Using a variety of techniques, exercises and models, it quickly becomes possible to map a detailed understanding of where you are and where you need to be.
What next?
· Setting your destination and deliverables to be driven by leadership and a clear direction. Companies that are able to articulate their goals and strategy, internally and externally, are set up to succeed. By setting the compass, drawing a roadmap, and determining the required messaging, you can make sure the whole team is on board. You’re going to need them!
· Investment in capability and capacity. Systems, people, supply chains, and facilities can form a complex web of defining factors in the viability of international strategy. A few small changes can have a significant impact, smart sourcing can help to quickly increase capacity and process innovation can deliver efficiency gains. The most important lessons here are in maintaining a flexible and scalable approach by keeping an eye on hot spots and pressure points, forecasting well and communicating regularly.
· Invest in skills for compliance. Whether your international strategy relies on importing, exporting, or both, having skills embedded within your own business is vital to achieving good, compliant trade and could deliver substantial financial benefits. On top of this, navigating HS codes, Incoterms® rules, documentation and constantly evolving trade agreements requires dedication and application. International Trade Matters is always on-hand to offer professional advice when needed!
Where can I learn more?
Your local chamber of commerce is a great resource for all aspects of international trade. The British Chambers of Commerce accredited training courses run regularly, alongside topical webinars and information updates. International Trade Matters provides a wealth of complementary services and packages to give your global growth strategy a powerful boost:
· International Intent – Establish a reliable international strategy to grow revenue, offset risk and enhance brand, bring your products to a wider audience and benefit from international supply chain relationships.
· Global Trade Blueprint – Explore and unlock potential within your organisation using a detailed, visual tool to establish current and future state, leadership signatures, pathways and opportunities.
· Tailored courses – Assemble a great value training package that embeds the skills you need in a time-frame that suits you.
· On-demand support – Your very own, embedded International Trade Manager or retained advisory service – at a level that suits your business. One day a month or several days a week!
To find out more, contact the International Trade team Dorset Chamber international@dorsetchamber.co.uk