Top resources to help you trade globally: hear from those who have

Home Top resources to help you trade globally: hear from those who have

Top resources to help you trade globally: hear from those who have

Are you looking to trade overseas?

If so, take a look at this list of 7 useful resources – compiled by SMEs and other experts in the field – and pulled together here in The Telegraph.

Here we precis each.

#1. Department for International Trade

‘Formerly the UKTI, the Department for International Trade (DIT) provides small businesses with advice on various aspects of trading abroad’, says The Telegraph.

And it cites two examples:

1. Evoke Creative – which benefited from setting up foreign bank accounts on the DIT’s advice

2. And Terry de Havilland – whose Managing Director, Darren Spurling, applauded the DIT’s trade missions

See The Telegraph piece for specifics.

#2. Meet The Buyer events

Meet The Buyer events ‘host trade buyers for specific sectors’, says the piece and, again, offers the account from one small business owner who’s been there, done that.

This was Guy Blaskey, Founder of Pooch & Mutt, which went on to launch in French supermarket chain, Casino.

#3. International payment services

It’s worth finding the right transfer service for you.

The piece cites one example – TestLodge – which happily uses TransferWise. But also reminds there are ‘other tools, options and considerations’, and points SMEs towards the Money Advice Service.

#4. VPN tools

VPN stands for virtual private network. The tools available will help ensure you know how you’re coming across ‘in different territories’.

It quotes Nikolay Piriankov, Chief Executive of Taylor & Hart.

He points out that some customers abroad ‘were seeing prices that include [UK] VAT, so our prices looked 20pc more than they should have’. So they converted their website into an ‘international version, as The Telegraph puts it.

‘Since the change, US sales have increased 200pc, now accounting for 25pc of the company’s sales’, says the piece, and it points readers to PC Mag and Techradar accounts of VPN tools.

#5. Time zone converters

This is for people trying to organise conference calls across a range of time zones. The Telegraph cites one example – Work The World – which relies on The Time Zone Converter, but adds ‘there are lots of other free options available online’.

‘Work The World’s quarterly symposium requires input from people in 10 countries worldwide, so these converters help to find a slot that works for all parties’, says the piece.

#6. State Business Tax Climate Index

This is the recommendation of Nick Farmer, an international tax partner at accountancy firm Menzies LLP, which ‘specialises in helping small and medium-sized enterprises (SMEs) establish themselves overseas’.

For anyone thinking of exporting to the US, the State Business Tax Climate Index ‘provides a useful comparison of the business climate on a state-by-state basis’, explains Nick Farmer.

‘It also distills complex considerations into an easy-to-understand ranking. Businesses might not be aware that tax measures vary from state to state.’ They do.

#7. Pan-Commonwealth bodies

Finally, ‘SMEs can take advantage of the UK’s Commonwealth connections’, suggests The Telegraph.

It gives two examples:

1. The Commonwealth Enterprise and Investment Council (CWEIC) – which ‘aims to boost trade between member countries’

2. And the Commonwealth Environmental Investment Platform (CEIP) – which ‘supports businesses in sustainability and environmental technologies with exports and international partnerships’

See the full piece over in The Telegraph. It offers quite a bit more detail.

Photo by Daniel von Appen on Unsplash

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