7th April 2015
In a recent study conducted by the Economist Intelligence Unit (EIU) for DHL Express, international trade was seen as vital to long term success by SMEs, but there are some key challenges to be overcome such as:
• Political instability
• Cultural factors
• Infrastructure issues
The report cited that choosing the right partners and service providers, particularly in the field of logistics and transportation, can provide support in overcoming cultural barriers and infrastructure challenges.
But what else can be done by SMEs to support international trade?
Here are some ideas to consider:
• Get help from experts by connecting with services such as UKTI (UK Trade and Investment) https://www.gov.uk/government/collections/uk-trade-and-investment-services-for-exporters
• Speak to people that have already been there and done that - sign up to be on the OIBC event database (Oxfordshire International Business Club)
• Network at the right places - visit the ‘Going Global’ live event 13-14 May Excel London http://www.goinggloballive.co.uk/seminars
• Engage with local events - come and meet OIBC and find out more about international business and cultural awareness at Venturefest on 8 July http://www.venturefestoxford.com/venturefest-2015/programme
There's no doubt that there are challenges to international trading but there is support and guidance for SMEs as long as they know where to look.