Why and how to expand your market overseas
Whatever your business model, international trade is an important consideration for any growing enterprise.
With big opportunities available for both buyer and seller, the ambition of successfully stepping into new global markets has the potential to take any business to new heights.
Not only does expanding overseas provide diversification and additional revenue, it can also mean exposure to different methods of doing business.
Similarly, the fallout of the turbulent economy has meant UK businesses have no choice but to adapt to changes in the market. Many are finding the costs and paperwork required to trade in the UK have mounted, making a base overseas an attractive option. As a result, businesses are looking to expand their revenue streams by increasing the markets they compete in.
As well as the potential financial and administrative benefits, increasing margins can also enhance supply chain and cash flow resiliency.
The benefits of expanding overseas
- Diversification
- Additional revenue
- Exposure to new methods
- Combatting the economy
- Enhancing supply chain
- Cash flow resiliency
But how can your business get there?
1. Setting up a warehouse abroad
Utilising overseas warehouses can prevent unnecessary cross border transactions and movement of goods, whether the destinations are in Europe or the UK.
Having a trading base within the EU not only means it’s easier to handle customs declarations and exports, but it ultimately prevents any unnecessary cross border transactions. Companies can defer tax and VAT charges until their goods are required or sold – and if goods are needed in the UK, businesses can pay to import them only when required.
With an OrderWise additional company licence starter package, you can have multiple licences running from the same server – uniting warehouses stretching across the continent, all from the same shared database.
2. Connecting your international supply chain
As businesses expand into multiple sites, countries, and subsidiaries, it’s important to ensure your technology can support your new business model. This means identifying a system that’s not only right for your business today, but also as your business continues to grow —whether as an integrated global company or as a more distributed organisation with regional businesses.
When it comes to unifying your processes, the use of end-to-end ERP software enables organisations to connect and optimise their most important processes, all from a single source of truth. With multi-currency functionality, all exchange rates are set and updated regularly, ensuring you are always ready to trade in multiple currencies.
3. Utilise a system built for overseas sales
Whether it’s handling international sales or request bespoke courier integrations, finding the right solution to support your overseas operations is a critical part of expanding successfully.
With an OrderWise Trade Portal and Online Store, you can simplify all overseas order processing and customer communications. This is because your customers have 24/7 access to multi-currency pricing as well as other information to boost orders and sales – no matter the location.
Curious to see how other businesses have expanded internationally? Discover the business making plans for expanding into Europe and the Middle East, all with the power of an OrderWise ERP system.