In March of this year Trade Minister Lord Livingston announced that over 3,000 medium-sized businesses (MSBs) are currently receiving government support to break into new markets overseas. This is a threefold increase delivered by UKTI (UK Trade & Investment) in just one year.
UKTI have been focussing their efforts on encouraging more MSBs to look to overseas markets as part of the government’s long-term plan for economic growth. Lord Livingston said, “Medium-sized businesses can be the driving force of the UK economy. By trebling the number receiving support from UKTI to over 3,000, we are helping to create jobs and growth across the UK.”
What support is available for UK MSBs?
If your business wasn’t in a position to access UKTI’s support last year, when Lord Livingston wrote to all UK medium-sized businesses outlining the trade support available, but you’re now looking to expand into overseas markets – it’s not too late. Here’s an overview of the support on offer that you could benefit from:
- advice and support from a UKTI international trade adviser
- help with developing an export strategy and action plans tailored to the needs of MSBs
- guidance on routes to market most relevant to MSBs
- advice on international business culture
- access to UKTI’s global network
- advice on marketing research projects, including market selection and sources of information
- support from UK Export Finance (UKEF)
- an Intellectual Property Health check
- access to the High Value Opportunities programme in major projects overseas
- participation in MSB trade missions
- membership of regional medium-sized business clubs
- access to postgraduate placement opportunities
- tailored signposting to other government support
- free access to structured trade export finance advice from UKEF
UKTI delivers this support through a network of regional international trade teams. If you’re eligible to use the programme – companies with a turnover of between £25 million and £250 million – you’ll be assigned a local UKTI trade advisor who can recommend a tailored programme for your business. Advice is free and your trade advisor will be able to clarify any specific costs relating to your proposed programme.
For further information and to apply have a look at UKTI’s website here.
UKTI Export Communications Review
Of particular value to any business looking to overseas markets is UKTI’s Export Communications Review (ECR), which helps companies overcome language and cultural barriers. A consultant will look at all your company’s written, spoken, and digital communications and will review it with your export markets in mind.
A report is then produced identifying the strengths and weaknesses of your current communications against international best practice; giving information about identifying possible third party suppliers and the relative costs to implement the recommendations; as well as recommending “how to” guides to help implement these recommendations.
We’ve worked with clients who’ve received this support through UKTI and would highly recommend it.
Also introducing…The Exporter Hub by Comtec
Experts in all things translation, language and international business, Comtec is delighted to launch The Exporter Hub, a global gateway for UK exporters. Providing hints, tips and advice from UKTI professionals and other business/trade websites and keeping you up-to-date on the latest international business news, this is the place to be for any UK business looking to export for the very first time or further expand their international activities and break into new markets. To celebrate, we’ll also be exploring business culture and etiquette in key markets with a series of guest blogs written by our professional linguists and in-market business colleagues. We’ll be covering Germany, the Middle East, Japan, China and many more – stay tuned!
If you would like to explore how Comtec Translations can help you reach overseas markets, whether you’re a MSB or not, please get in touch on firstname.lastname@example.org or call us on + 44 (0) 1926 335 681