International Trade: National pride is the key, event told
MIDLANDS companies need to show more pride in their own products and abilities and overcome a fear of trading overseas if they are to prosper in the uncertain economic climate, international trade experts have said.
At a round table event held at the Birmingham offices of accountants and advisors RSM Tenon – chaired by Marc Reeves, editor of The BusinessDesk.com – attendees discussed how firms should overcome their concerns.
Stewart Towe, group chairman and managing director of Hadley Group, and chairman of the Black country Local Enterprise Partnership, said opportunities existed but the key was knowing how to exploit them.
But he said the Midlands had to overcome a negative attitude towards goods produced in the UK: “I am concerned that the SME community does not respect British goods as much as they are respected in other countries,” he said.
“Foreign companies still view British goods with integrity but this is not the case in the UK anymore. Until firms overcome this attitude then trading abroad will remain difficult.”
He said firms also had to interact with their clients on a more basic, personal level.
“There is a belief that the best way of doing business is through emailing, video conferencing, exhibitions and the like. This is useful but we believe there is no substitute for face-to-face negotiation as this creates the signature that secures the order,” he said.
Iain Wright, tax director at RSM Tenon, said many firms were inexperienced in or are not fully aware of how to do business abroad and we need to ensure businesses are given support and advice so this approach changes.
The round table was also attended by other regional industrialists, including John Russell, chief executive of Manganese Bronze, and Naill Pugh, group finance director of Broadcrown.
Mr Russell, whose company produces the iconic London taxis, said the most successful UK companies were the best international trading companies; firms such as BP, Jaguar Land Rover and JCB.
“The thing is they are working to the same toolkit that is available to any firm therefore if smaller businesses want to be successful then they should follow their example,” he said.
“What we need to do is to get over this preoccupation that every problem is an obstacle rather than an opportunity.
“If we can get more companies to tackle the risk rather than walk away from it then things will improve. Change the mindset and more companies will exploit the opportunities that are available,” he said.
