International Trade: Overseas rewards worth the effort

TRADING overseas can pose major challenges for UK companies but the rewards are worth the effort, according to regional business leaders.

At a round table discussion held as part of TheBusinessDesk.com’s major new supplement on international trade, business leaders and advisers with a range of experiences of trading in diverse markets around the world exchanged thoughts and offered advice to Yorkshire firms considering making their first moves overseas.

In-depth analysis from the round table and other key issues regarding international trade can be read in the supplement, in association with Cobbetts and Grant Thornton, which is available to download from today.

With the UK economy still recovering from the recession, the view around the table was that Yorkshire companies had a strong incentive to give fresh thought to other markets.

Andy Wood, partner and head of audit at Grant Thornton, said: “I think most businesses, if they are not already, are starting to think international. Whether that’s trading internationally for the first time or setting up outside the UK for the first time.

“Like anything in life when you haven’t done it you need to go somewhere for advice. There are so many pitfalls and so much uncertainty whether that’s about regulation, language, culture – it’s a bit of a minefield for the well practiced even if you’ve done it before.”

Mark Green, partner at Cobbetts, said: “As the EU has got closer trading there is no longer as complicated as it was perceived 20 years ago. But as the world has got smaller, the issues with doing business in China, Russia or the Middle East are much bigger and the task is much harder for small and medium-sized companies.

“You’ve got to apply the same rigour abroad as you would the domestic market. The risk analysis that every businessman would carry out in the UK is just as important abroad.”

Participants included Graham Bowland, chief executive of Surgical Innovations, Tony Conroy, export sales manager at Ellis Patents, and Stuart Hall, chief financial officer of Pace.

Other issues explored in the supplement include emerging markets such as Brazil, Russia, India and China, developed markets such as the Middle East, and the advanced markets of America and Europe.