Cash flow and payment risks are the second most important issue for businesses trading outside the UK. That’s according to Exporting Britain: trading our way back to growth from the London Chamber of Commerce. Four out of five (80%) of the businesses surveyed gave that response, a sure measure of its importance both for those taking their first steps and for the experienced exporter. The report goes on to note that, “financial resources generally are an inﬂuential factor for 69% of London businesses.”
British government policy has long encouraged exporting for all the benefits it brings to the UK economy. Exploring new markets also has great strategic value for individual firms, helping them to build a customer portfolio that balances the risk of variations in demand patterns. Insight into other markets through interaction with customers points to trends and innovations that can be adopted or avoided, bringing greater security against competitors at home as well as overseas.
The financial challenges are many, of course, and call for careful consideration followed by well-structured plans. Whether your business is responding to unexpected orders from international buyers or actively looking for new opportunities, you will need to collect information on the market and analyse its impact on your business. Our MyEH service has a wealth of unique information to help you.