Member Article

Going global

By Suzanne McCreedy of Business Link

Competing overseas provides businesses with the opportunity to grow revenue and profit. International trade reduces dependence on domestic markets, helps businesses gain global market share, extends the life cycle of existing products and sells excess capacity. However, before broadening trading horizons, companies are advised to ensure that they are prepared by understanding the basics of importing and exporting.

Business Link is on hand to provide advice and guidance on exporting - identifying those products which are ready for the international market and ensuring resources are in place to trade. We offer practical tips on managing risks, gaining government assistance, ethical trading, avoiding crime and fraud and customs procedures.

Business Link also advises on the basics of importing, including making contracts with overseas suppliers, when and how to make payments and transport arrangements. With a recently updated international trade section, our website at www.businesslinknortheast.co.uk offers a range of practical tools which can be used to assess individual pathways to success when competing overseas.

Businesses may use the tools to ensure they are prepared for all aspects of international trade, from identifying the rules and regulations which apply to its goods to deciding which customs regimes suit them best.

One such tool is the UK Trade Tariff, which directs businesses towards commodity codes to classify goods for export and import. Commodity codes are used to find import duties, taxes, tax rebates, reliefs, licenses and special conditions such as prohibitions that may apply to particular goods.

For further information about international trade, or any other aspect of starting or developing a business, visit www.businesslinknortheast.co.uk or call 0845 600 9 006. Business Link’s substantial team of expert brokers operate across the region in local access points and on a mobile basis.

This was posted in Bdaily's Members' News section by Ruth Mitchell .