The first stage in product exporting is to make a plan, a clear strategy that investigates the market and states the reasons to consider exporting to customers. However, before making an export plan, an individual should examine his business’s “export readiness”. Further trade planning should only be done if the resources of the company are adequate for export.
Are you also planning to make your first export sale or expanding into new overseas markets? Every year, thousands of U.K. companies increase their bottom line and competitiveness by meeting the world’s demand for innovative, quality products and services. You can do it too, with a good export plan.
This article provides an introduction to export plan and throws light on export competition that encourages U.K. SMEs to make a plan.
What is an Export Plan?
An export plan is the guidelines for international business development. It consists of identifying businesses, objectives, activities, and proposed ways to achieve goals, required resources and expected outcomes.
The purpose of an export plan is to assemble facts, constraints, and goals and create a statement of action that takes into account these elements. The plan further marks milestones to measure the degree of achievement and motivate staff.
Value of writing an Export Plan
Written plans give us precise insight into necessary steps that need to be taken and help in ensuring a commitment to exporting over the long term.
Only about one-third of U.K. small and medium manufacturers have a plan in writing. Without a plan, the company may overlook better chances. Reactive exporters can also give up selling to global clients rapidly, concluding that the effort is not worth it. Alternatively, we can say that serving clients nearer to home is more manageable, even if that base may not develop and may decrease in the future as well.
Remember that while 56% of all U.K. exporters exports to only a single market, many small exporters sell to more countries apart from the domestic market. These sales represent an increasing proportion of total sales. These micro-multinationals have become more common, and your company can be one of them if you have written a systematic export plan.
The export competition encourages U.K. SMEs to plan, whatever happens with Brexit.
Brexit will dominate the minds of companies and traders this autumn. SMEs in the U.K. should, however, continue to plan and look to export as a manner to mitigate risk and increase worldwide revenues. The governments’Export Strategy’ intends to develop exports as a percentage of GDP from 30% to 35% and motivating SMEs to look at the global markets–particularly emerging markets–which will play a crucial part.
Therefore, the Institute of Export & International Trade (IOE&IT) is pleased to start the 12th ‘Open to Export Competition’ to support businesses to take hold of their international policies. Funded by Bibby Financial Services (BFS), the contest asks SMEs to form a coherent export Action Plan’ using an online plan tool on OpentoExport.com.
SMEs can join their finalized plan to the contest for the chance to win international trade approval from BFS and the IOE&IT. A winning company will be awarded £ 3000 money to implement their export action plan.
The contests are a crucial element of the IOE&IT and BFS’s determination to strengthening UK SME exports.
November 5th Deadline Companies have been given time until November 5th to enter their ‘Export Action Plans’ into the contest.
Ten finalists who have been selected will then be invited to display their business at a final showcase. It will be happening right as part of the IOE&IT’s Birmingham World Trade Summit on November 28th. At the summit, the nominated contestants will network with and hear from global trade analysts about the practical realities of joining markets. Before pitching to a committee of expert judges, they would learn about how they should use the £ 3000 cash prize towards enforcing their international growth plan.
Announcing the launch of the contest, IOE&IT Director-General Lesley Batchelor OBE told the press: “This could be our biggest contest yet. Brexit likely to put further ambiguity to the business community over the autumn and a ‘No Deal’ cliff-edge still casting a shadow. We say to the U.K.’s SMEs that exporting does not just spread risk; it also improves your profits and sales. We need to tell them that it is not difficult to do–as long as you have a strategy and have examined the markets you are selling to. It is completely feasible, whatever the circumstances. “Jim Davis, International Managing Director, Bibby Financial Services, added:”
He added, ‘We support more than 10,000 companies globally. We understand from our own experience that foreign trading offers concrete possibilities for SMEs to develop.’ The IOE&IT is an excellent support service for SMEs, and we are looking forth to evaluating the competition entries. “The Institute of Export & International Trade has for above 80 years, been the competent member representing and supporting the interests of everyone engaged in importing, exporting and making international trade in the U.K.
Via qualifications and mentoring, the IOE&IT has pushed the export skills ideology in the U.K. and is the nation’s leading expert for best practice and integrity in trade. The IOE&IT was given the title of ‘Small Business
Champion’ by the WTO and ICC in 2018 following a global ‘Open to Export’ competition it ran in Geneva, which drawn submissions from 74 countries.
Export Plan Tips
The very first time an exporting strategic plan is developed, it should be kept short and simple. It only needs to be a few pages long because fundamental market data and components of planning may not yet be accessible. The planning process effort itself progressively produces more insights. As you know more about exporting and your business’s competitive space, the export plan will become more extensive.
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