As Theresa May sits down to sign the paper that definitively triggers Britains parting with the EU, it’s time to start seriously thinking about how Brexit affects the market you are now servicing.
This more than any time in the last few years is a time to get up off your laurels and take action. As Jeremy Corbyn says, “Britain is going to change as a result. The question is how?”
Most likely, UK companies will find that Brexit will mean opportunities will be available in markets beyond the EU – and taking advantage of those opportunities will be key to survival in a Post-Brexit market.
Our cultural expert Barry Tomalin has put together 5 simple things you can do to stay on top of this time of transition in Britain.
1. Find the Big Players
India, China, South Korea, the USA, the Middle East are all massive global markets to consider outside of Europe. Trading in these markets is going to be increasingly important so do your homework first.
What are the trends? Who are the game changers of the market? Who should you be watching closely and who should you be following?
2. Assess Your Product and Service Fit
This is a really good time to take a microscope to your offering. Does your product or service fit the various markets of the world? Giving the Chinese a taste for chocolate may take a long time.
What are the cultural hurdles that are particular to your business that you will either need to avoid (the faux pas) or try to overcome?
Have you got the stamina, the investment capital, and the cultural and language awareness to ensure that you will succeed as other markets come into your radar?
3. Explore Resources at Home
The value is variable but you should check all home resources that are still available to you, even after the UK Brexits.
UKTI (United Kingdom Trade and Investment), national Chambers of Commerce, COBCOE (Council of British Chambers of Commerce in Europe) aren’t just EU. Also, UKABC help arrange meetings and encourage exports.
OMIS, the UKTI Overseas Markets Introduction Service, will help you find partners and clients for your products in specific markets for a fee.
4. Make Use of Embassies
Nowadays the export promotion function of British Embassies overseas matters. Many have local UKTI departments onsite.
If you’re visiting the market put the Commercial Attache on your shopping list. Use them to give you names and addresses, advise you on opportunities and find reliable and trustworthy agents, local partners and interpreters.
5. Find a Local Partner
In China and other markets a local partner or agent is a huge bonus, and sometimes essential. As long as they are what they say they are.
Always check credentials and experience, because remember this is a market you know a lot less about. Make sure they know what they are doing before you place your trust in them.
Treat them well but always be cautious, and take only the most calculated of risk. Cultural and language training can play vital roles in not only reducing lost-in-translation issues, but also in cultivating that relationship with them.
Finding a good local partner you can rely on may be your key entry point into the market in Asia and the Middle East, and place you heads and shoulders above other British and EU competitors.
Want to ensure your team is prepared for your Post-Brexit plans into new foreign markets? Get in touch with us to set up bespoke training that will get them up to speed with the markets you are targeting.