| There's no denying it, times are tough globally, with | | | | offerings are today compared with 2 years ago). |
| the exception of a few fast moving consumer goods | | | | Likewise, China at 26%, Singapore at 22%, Taiwan |
| (FMCG) companies, most are feeling the pinch. So | | | | at 17%, Euro at 22%, USA at 18% and so on. |
| when posed with any suggestions about expanding | | | | Another reason to consider going global is scale of |
| these are considered by many managers as taboo. | | | | economies associated with volume sales. We are a |
| But why? | | | | relatively small population of 61 Million so we have a |
| As the saying goes 'every problem is an opportunity' | | | | smallish market to saturate, whereas Japan is twice |
| so it's time for management to take advantage of | | | | our size and China is huge at 1,33 billion with many |
| the current economic climate and shrink down the | | | | more countries populous overshadowing us. |
| areas of their businesses that are under-performing | | | | However, breaking out of the UK can have its' pitfalls |
| and take a long hard look at improving their cash | | | | as well as being very lucrative. If your plan is to |
| position. This is not just to target manpower but | | | | expand into Asia then careful research will need to be |
| take close scrutiny of the product and services | | | | done on which Asian markets may best suit your |
| portfolio, get rid of the dross and focus on the | | | | offerings, what changes you will need to make to |
| winners. | | | | your product or service and what challenges you will |
| Once the balance sheet is in good shape and is | | | | face. Fortunately, there is a lot of help available with |
| sustainable then it's time to review the market | | | | regard to export services and international trade |
| strategy and consider areas for expansion. There | | | | services to guide you in the right direction but be |
| couldn't be a better time than right now to consider | | | | careful with your budget. Don't go overboard by |
| international expansion as Sterling has dropped | | | | initially recruiting expensive international managers or |
| against many foreign currencies over the last 2 years | | | | setting up offices overseas, rather bring in some |
| making our UK offerings so much more competitive | | | | experts who have done this many times before to |
| and really attractive to import. For instance the | | | | help and advise you through the set-up stages. |
| £ is now worth about 157 Japanese Yen | | | | By being strategic you can shrink and expand at the |
| versus 248 (that's a massive 37% cheaper our | | | | same time! |