Indonesia, Vietnam, Angola, India – we might be travelling less at the moment, but there’s no reason why our businesses can’t venture overseas and explore opportunities in new and emerging markets in 2021. With Brexit, much of our attention is focused on Europe when it comes to international trade, but for businesses willing to look further afield these markets collectively offer a young population and rising middle class with good disposable income – in short these countries’ populations are actively looking to spend money on highly desirable western goods!

If new customers in new markets sounds like music to your business ears, but seems literally a world away, there are some practical resources – including Complete Commercial Finance’s own trade finance knowledge – to help you tap into these opportunities. Over the past decade, UK Government has invested around the world in its GREAT campaign, which showcases our nation’s rich heritage and innovation in multiple sectors, and consequently there is strong demand for UK products and expertise. In Japan, for example, there is a huge love for British goods and, given our county’s burgeoning food and drink industry, there are some fantastic Norfolk brands which could make huge inroads into selling overseas.

Our region is home to a number of engineering and advanced manufacturing firms, many of which may already be operating in Europe, but post-Brexit the landscape is changing with the Government working on trade agreements further afield which offer fresh opportunities. Conversely, for some businesses, importing equipment or goods could offer significant savings for those willing to undertake and build long-distance working relationships.

Research and planning are key to any business venture, and a vital factor to successfully exporting or importing is trade finance so it is worth spending time examining the various funding options. Having worked with many local firms over the past 20 years in the area of international trade, I firmly believe that every business has an opportunity overseas but using the right facility can make all the difference in a smooth, successful transaction. It’s worth stating at the outset that working capital and an overdraft facility are not recommended as suitable finance tools for international trade, which can be lengthy and inevitably carries an element of risk. It’s said that businesses which trade overseas have a 25 per cent higher profit margin, largely because they eliminate the ‘middle man’, but trading internationally can present many unknowns and trade finance can mitigate many of these challenges.

Specialist lending such as bonds, guarantees and indemnities are all finance products which show buyers you have a clear financial commitment to supply goods or services, while conversely a letter of credit provides certainty that you’ll be paid or receive the goods you order. A straightforward trade loan can provide finance while you are waiting for payment of goods from overseas without impacting your working capital, and it pays dividends to speak to a trade finance expert as early as possible to understand the various options available to your business. It is often the case that SMEs can jump at opportunities which larger firms are unable to respond quickly enough to, and on the finance side of things Complete Commercial Finance similarly has the expertise, agility and appetite to help firms get trade finance in place to grow overseas. Start now and your global ambitions could take your business further than you ever imagined.

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