Wednesday, February 15, 2017
Post Brexit Vote Advice on Trade
POST BREXIT TRADE ADVICE from Bryan Treherne of the South London Export Club
Don't panic but do!
1. Manage Existing business by:
a) Communicating with existing EU clients / suppliers / partners. Reassure them that you are still in business that any agreements will still apply and that they will be fully informed about future plans and kept up to date with what the UK government intend to do;
b) Visiting your suppliers, existing and potential clients and partners as much as you can to confirm what they want or how they propose to deliver their products and service.
c) If you are selling through Agents reassure the Agent that he/she will get their commission;
d) If you are selling through distributors, suggest that because the pound is weak they should be buying more for their warehouse as it is unlikely the pound will stay weak forever. Pass on any new applications or ideas you have.
2. Look for new markets for your business.
a) The City Library and their vast stock of International Data;
b) Trade Missions to explore a new markets run by organisations such as the London Southside Chamber of Commerce and the South London Export Club;
c) The Overseas Business Network set up by UKTI and the Overseas Chambers of Commerce;
d) The internet;
e) Take full advantage of Free Trade Zones.
f) Keep an eye on the World Trade Organisation (WTO) and where they are operating.
3. Some General Advice
Be positive there may be more opportunities than you think but remember:
a) Factor in the time differences;
b) Language can be a problem so always ensure your interpreter knows your product or service well;
c) Check your suppliers and the agreements you have with them;
d) Manage your foreign exchange. Look at your risk and talk to your bank or FX supplier and don't forget credit risk insurance;
e) Ensure you understand the culture of the country you are researching and take advice;
f) The USA is made up of 52 different States and each State has its own rules, laws and regulations so it's not the easiest place to do business in. Because of this, pay attention to your liability insurances.