As Brexit grinds on and everyone remains unsure what the post-EU trading landscape will look like from the Britain’s perspective, UK SMEs are taking matters into their own hands. A recent survey found that a quarter of UK SMEs – roughly 1.3 million of them – are sizing up their global opportunities in North America, Asia and Europe.

This is great news and underlines the healthy outlook for UK small businesses. But what does your business need to consider before going global? Read on to find out.

The Red Tape

Before committing to a new international market, you need to research and clearly understand the compliance and tax features involved. This means gaining deep insight into things like international tax law, immigration issues and regulations around the products or services you offer.

It’s well worth seeking out expert advice on these areas, as they are complex and often subject to change. North American business tax codes can be labyrinthine and confusing, for example, and even more so for international businesses seeking to make their mark. Consult an international trade or tax lawyer, taking the time to understand just what is expected of your business should you want to expand globally.

Assumptions

It’s easy to think of your current business and just see expanding internationally as moving your products from here to there, but it’s not that simple. If, for example, your business relies on high-speed internet to deliver its products or services, is that available in the whole of the market you want to expand into?

You need to know the new market you are entering, researching everything from product demand to infrastructure. It may be that you find a market lacks what you need to be successful. This is all about diagnosing what you provide and how, and then seeing if that model fits a particular international market.

Starting Fresh

Very few businesses have the money and the sway to enter a new market and dominate. Even huge corporations can struggle with this, let alone an SME. You need to be prepared to start from the ground up, building a reputation and cultivating a customer base as you did when you first started in the UK.

This needs to be a major part of your international expansion and should be factored into any growth and profit forecasts. You will be starting again, yes, but you will also have the opportunity to mould your international presence into something exciting and maybe make changes you’ve been eyeing in the long-term.

If you’re considering expanding your business internationally,  GIC Capital can help. We provide a range of funding solutions, tailored to suit your needs. Don’t hesitate, get in touch today. 

The world is a big place and there are innumerable businesses all looking to find and secure their markets. When corporations have huge sums to invest in technology and outreach to customers, it can feel like there’s no place for the smaller organisation.

But this doesn’t have to be the case. There are many ways that small and medium-sized businesses can compete on the biggest stage – if they embrace and use technology to its fullest extent.

We’ll look at some ways your SME can harness these possibilities and cultivate a global outlook.

Mobile is Key

It’s obvious to all that mobile is now the pre-eminent platform for most tasks in life. This is especially true when it comes to the modern consumer’s shopping habits. Yet, many smaller businesses don’t plan and implement any kind of mobile strategy.

This means, at the very least, ensuring all business sites are mobile-optimised. If a potential customer must wait for a slow site to load, they will simply go elsewhere. On a deeper level, there is nothing stopping smaller firms from embracing the use of apps. A well-designed app for researching and buying products is not the exclusive preserve of big business. Integration of Augmented Reality, for example, can place products in a user’s home before they buy.

Digital Advertising

It’s no longer enough to sprinkle a few keywords and product names on a site and expect it to appear anywhere near the top of a search engine ranking. Targeted solutions like Schema – a way for search engines to more accurately find search results for users – are the future. Understanding and using these new methodologies is the forefront of SEO along with practises such as local search optimisation, mobile and voice search.

Smarter Working

The old model of doing business is firmly out of style. Today, there are ways to streamline almost any task and redirect efforts to more pressing areas. Workers do not need to be in the office to contribute fully. Additionally, smaller businesses are in the enviable position of being able to make quick, strategic changes to everything from how they handle pay roll to marketing. The tools are there to streamline, hand off and prioritise tasks which, in turn, enables businesses to turn their attention to the areas that need focus.

Social Media

One of the best things about social media is that it represents a potential audience of billions for a business. And what’s more, a fresh and authentic approach can pay real dividends when it comes to engaging new or existing customers. Aside from traditional advertising on social media platforms like Facebook, venues like Instagram and Twitter can build a real connection between customers and businesses. It all depends on the time you invest and how much you care. If you take the time to cultivate a quality presence, the rewards are there. 

With SMEs in the UK continuing to flourish and being hailed as the backbone of the British economy it may be time for them to set their sights further afield and expand their offering overseas.

This is something to think about, especially given the fact that Brexit has opened a lot of doors for businesses that are interested in doing more on a global scale.

While Brexit has sparked a lot of uncertainty in the market, it may be necessary for small British companies to set their sights further than home turf, where economic growth has stalled and inflation is rising again.

So many SME’s have the potential to expand overseas, especially in our increasingly digitised and connected culture where communication between countries and organisations is fluid and easy to achieve.

Unfortunately, many companies are looking upon Brexit as a wholly negative thing and choosing to hone in on the uncertainty that it is presenting. They aren’t looking at the bigger picture and recognising the potential that there is to turn their business into a global brand.

This is something that GIC Capital as a company can help them achieve with the range of funding options that we have available for SMEs. The working capital service that we offer is carried out by our team of handpicked lenders and will ensure that each and every SME has the ability to meet its full potential.

Expanding globally may be something that all SMEs need to consider, especially given the fact that consumers in the UK seem to be becoming more frugal with their finances.

Advances in technology is making it easier than ever for UK companies to export their goods as a wide pool of markets are now at their fingertips.

Online marketplaces like Amazon and eBay also mean that companies won’t have to funnel time and money into creating their own shopping portal for regional sales. Such websites are accessible globally and ensure that companies can engage with consumers from all corners of the globe. 

With the prospect of Brexit still hanging over many Brit’s heads, a lot of SME owners believe that the idea of expanding their business abroad is a risky venture fraught with potential hazards.

While Brexit has sparked uncertainty in many different marketplaces, SMEs may be missing out on the chance to grow and expand their services if they ignore that there are opportunities for them on a global scale.

Given the fact that consumers in the UK are becoming more frugal, perhaps now is the time for SMEs to spread their wings and start considering expanding their company globally. If you run an SME, read on for some top tips that will ensure you get the start that you need.

Due diligence

Much in the same way that you would if you were starting a business from scratch, assessing risks before you expand globally is imperative if your new venture is going to be successful. Analysis is key, so be sure to undergo SWOT analysis, gap analysis, and market segmentation analysis.

Develop a strategy and business plan

It’s impossible to move forward if you don’t have a clear idea of the direction that you want your business to go in, so before you start pitching your business to international clients, ensure that you have an idea about long-term growth and the way that you see things progressing in the future. This will help you stay on task and will ensure that you don’t lose sight of what’s important for your business when introducing it to new, global marketplaces.

Research and analysis

As you’re probably aware, markets vary from country to country, so doing your research beforehand is going to be really important to your success. Through the use of customer analysis you will be able to determine whether or not your product is going to be viable overseas.

Seek the right advice and support

Don’t just go it alone, there are a number of organisations, that you can help you to get the best out of your endeavors, so be sure to find out about these types of businesses by doing your research online.

Consider your finances

 One of the most important aspects of transforming your business into a mutli-country organisation is securing the appropriate funding. We have a number of finance options available for businesses looking to facilitate growth, find out more about them here.