Many small businesses would not consider themselves as exporters, but in actual fact they often are, albeit on a small scale. Over the coming weeks I will be exploring the world of international trade. We will talk about some of the benefits first, and then break down some of the potential risks and what you can do about them.
Exporting has many benefits to the smaller business, including:
1. Higher Demand
Your country's heritage, story or reputation can be a real selling point when trading overseas. For example, ‘Brand Britain’ is still a big deal in some countries, so the phrase ‘Made In Britain’ can give certain types of product an edge over similar items made elsewhere.
2. Increased Profits
On average, exporters grow more quickly, make more sales and employ more people. What's not to like about that?
3. Diversify Risks
A wider geographical spread lessens the impact from local downturns or disasters.
4. Lower production costs
Increased sales should translate to lower manufacturing costs as you can order in higher quantities.
5. Education & Innovation
You will be exposed to new and different ways of doing things, new technology etc. This will lead to better products and services.
6. Increased Lifetime of Product
You can circumvent the standard lifecycle of a product (launch - growth - maturity - decline) by staggering the launch in different locations. So, as the product reaches maturity at home you can launch elsewhere.
Manifest helps growing businesses trade internationally with ease. Trade customers can order at their convenience via a dedicated self-service wholesale ordering site. We support multiple currencies, different tax rules, customisable shipping options and unlimited price lists, making international trading as simple and straightforward as domestic business.