3 Key Considerations Before Taking your SME Global

26/06/2018 06:06


As Brexit grinds on and everyone remains unsure what the post-EU trading landscape will look like from the Britain’s perspective, UK SMEs are taking matters into their own hands. A recent survey found that a quarter of UK SMEs – roughly 1.3 million of them – are sizing up their global opportunities in North America, Asia and Europe.

This is great news and underlines the healthy outlook for UK small businesses. But what does your business need to consider before going global? Read on to find out.



The Red Tape


Before committing to a new international market, you need to research and clearly understand the compliance and tax features involved. This means gaining deep insight into things like international tax law, immigration issues and regulations around the products or services you offer.

It’s well worth seeking out expert advice on these areas, as they are complex and often subject to change. North American business tax codes can be labyrinthine and confusing, for example, and even more so for international businesses seeking to make their mark. Consult an international trade or tax lawyer, taking the time to understand just what is expected of your business should you want to expand globally.



Assumptions


It’s easy to think of your current business and just see expanding internationally as moving your products from here to there, but it’s not that simple. If, for example, your business relies on high-speed internet to deliver its products or services, is that available in the whole of the market you want to expand into?

You need to know the new market you are entering, researching everything from product demand to infrastructure. It may be that you find a market lacks what you need to be successful. This is all about diagnosing what you provide and how, and then seeing if that model fits a particular international market.



Starting Fresh


Very few businesses have the money and the sway to enter a new market and dominate. Even huge corporations can struggle with this, let alone an SME. You need to be prepared to start from the ground up, building a reputation and cultivating a customer base as you did when you first started in the UK.

This needs to be a major part of your international expansion and should be factored into any growth and profit forecasts. You will be starting again, yes, but you will also have the opportunity to mould your international presence into something exciting and maybe make changes you’ve been eyeing in the long-term.


If you’re considering expanding your business internationally,  GIC Capital can help. We provide a range of funding solutions, tailored to suit your needs. Don’t hesitate, get in touch today. 

We aim to deliver much needed capital to start-ups and SMEs

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