In today’s rapidly globalising marketplace, growth opportunities for businesses extend far beyond local or even national boundaries. For businesses in County Durham, the world is quite literally at your doorstep. While the idea of exporting may seem daunting at first glance, it is a crucial strategy for achieving long-term success and stability. Businesses that engage in exporting often see significant benefits, from increased sales and productivity to enhanced resilience in the face of market fluctuations.
At Business Durham, we understand the unique challenges that exporting poses for local businesses, but we also know the immense rewards it offers. As the business support service for Durham County Council, we are dedicated to guiding local enterprises through every step of their exporting journey. In this guide, we’ll cover the essentials of exporting, focusing on how it can drive your business’s growth and how organisations like Business Durham, the Department for Business and Trade (DBT), and the North East Chamber of Commerce (NECC) can support you.
The Power of Exporting for County Durham SMEs
Why Exporting Matters for Business Growth
Exporting is not just a way to increase your customer base; it’s a powerful engine for business growth. Research shows that businesses engaged in exporting are significantly more likely to thrive compared to those that remain focused solely on domestic markets. Exporting allows businesses to tap into new revenue streams, spread their risk across multiple markets, and gain insights from a broader range of customer demands.
For businesses in County Durham, this can mean unlocking new levels of profitability, innovation, and resilience. The global marketplace offers a diverse range of opportunities, from niche markets with specific product demands to large-scale international buyers looking for long-term suppliers. Diversifying your market base through exporting reduces your dependency on the domestic economy, insulating your business against regional downturns or unexpected changes in local demand.
Key Benefits of Exporting
Increased Sales and Revenue: Exporting opens the door to new customers who may not be reachable within your domestic market. By selling overseas, you can significantly expand your potential customer base, increasing both sales volume and profitability.
Enhanced Business Stability: When businesses rely on a single market, they are vulnerable to economic shifts, seasonal changes, and competitive pressures. Exporting helps businesses diversify their income sources, making them less susceptible to economic challenges in their home market.
Boost in Productivity: Exporting often requires businesses to innovate, streamline their operations, and become more efficient. This drive for productivity improvements not only benefits international sales but also enhances the business’s domestic operations.
Stronger Competitive Edge: Engaging with international markets allows businesses to gain insights into global consumer trends, which can spark new ideas and innovations that keep them ahead of competitors in their local market.
Navigating the Exporting Landscape: Essential Support for County Durham SMEs
If you are new to exporting, it’s natural to feel overwhelmed by the complexities involved. From identifying the right markets to understanding international regulations and managing logistical challenges, the path to exporting success can seem filled with obstacles. Fortunately, you don’t have to navigate this journey alone.
As part of International Trade Week, running from 11 to 15 November and sponsored by Santander, businesses of all sizes have a fantastic opportunity to engage in five days of free events, workshops, and webinars packed with exporting advice. Whether you’re just beginning your export journey or planning to expand into new markets, there’s an event to help you along the way. Key highlights include
Developing essential export skills
Connecting with experienced trade experts
Exploring global market opportunities
Understanding the latest trade agreements
At Business Durham, we are here to guide you through the entire process, from assessing your readiness to export to connecting you with essential resources and networks. Two key organisations that can provide additional support are the Department for Business and Trade (DBT) and the North East Chamber of Commerce (NECC).
Department for Business and Trade (DBT): Your Gateway to Global Markets
The Department for Business and Trade (DBT) is the UK government’s arm dedicated to helping businesses expand into international markets. Their International Trade Advisors bring a wealth of expertise and experience to the table, offering tailored support for businesses at every stage of the exporting process.
Whether you are considering exporting for the first time or are a seasoned exporter looking to expand into new markets, DBT can provide invaluable assistance. Their advisors will help you:
Identify the right markets: Exporting success often depends on finding the right international markets where demand for your product or service exists. DBT can help you analyse market trends and match your offerings with the right buyers.
Understand customer dynamics: Selling in a new market requires understanding cultural differences, purchasing behaviours, and consumer expectations. DBT’s experts provide insights into these nuances, ensuring your business is well-prepared to meet the needs of international customers.
Secure financing for exports: Exporting often involves upfront costs such as production, logistics, and compliance with foreign regulations. DBT can connect you with financial institutions that specialise in export financing and help you manage the financial risks associated with international trade.
Create a bespoke export plan: A solid export plan is essential for success. DBT works with you to develop a customised export strategy that outlines your goals, identifies potential risks, and establishes clear steps to enter and grow in international markets.
North East Chamber of Commerce (NECC): Streamlining Export Operations
In addition to DBT, the North East Chamber of Commerce (NECC) plays a crucial role in helping local businesses succeed in international markets. Exporting requires careful attention to operational details, from ensuring compliance with international regulations to managing the logistics of shipping products overseas. The NECC provides a wide range of services designed to simplify these processes and ensure that businesses can focus on growth, rather than getting bogged down in the complexities of international trade.
Key Services Offered by NECC:
Export Documentation Assistance : One of the biggest challenges for new exporters is navigating the maze of documentation required for international trade. NECC helps businesses complete the necessary paperwork, ensuring that shipments comply with both UK and foreign regulations.
Skills Development: Exporting often requires new skills in areas such as international sales, logistics, and customer relations. NECC offers training programs and resources to help businesses build the competencies needed to thrive in global markets.
Transaction Management : For many businesses, managing the financial aspects of exporting can be complex. NECC offers support with managing letters of credit and other international financial instruments, reducing the risk of non-payment and ensuring that transactions run smoothly.
Taking the First Step: Business Durham’s Role in Your Exporting Journey
At Business Durham, our goal is to empower businesses to embrace the opportunities presented by exporting. We believe that every business, regardless of size, has the potential to succeed in international markets with the right support and guidance. If exporting is something you’re considering, now is the time to take that first step.
By contacting us, you can begin a conversation about how exporting could benefit your business. Whether you need help identifying suitable international markets, understanding export regulations, or simply exploring the possibilities, Business Durham is here to help. Our team can connect you with resources like DBT and NECC, ensuring you have access to the expert guidance needed to succeed in the global marketplace.
Seize the Opportunity: Unlock Your Business’s Full Potential Through Exporting
Exporting is not just a path to increased sales; it’s a gateway to long-term growth, enhanced stability, and greater competitiveness. With the support of Business Durham, DBT, and NECC, County Durham’s SMEs have all the tools they need to unlock their full potential and thrive in the global economy.
So, don’t wait—seize the opportunity to expand your business beyond borders today.
Contact Business Durham at 03000 261261 and let us help you chart a course for international success. Together, we can unlock new opportunities for growth and prosperity.
