earth

Search our site

What are you looking for?




Please enter a search term!

Close top drawer
Haines Watts Birmingham Phone icon 0121 456 1613

Q: The weak pound seems to present an opportunity to ramp up exports. We already export in a small way to Europe; should we build on what we know, or look for non-European opportunities?

A: That’s an interesting question, and one we are asked increasingly by business owners. The easiest way would be to see if you can increase exports into Europe, as this is a market you know, but there may be greater opportunities further afield.

First, research whether your products will fit the export market – or if they need adapting. Consider which countries might make the best market place.

Use government websites such as Department for International Trade (DIT) to determine how to get your product into that country.  For example, you might hold stock in the UK and ship out on-demand. Factor in the cost of doing this. Alternatively, hold stock in a warehouse of the country you are exporting to especially if your product is in high demand.

Consider local laws and customs of the overseas country. We are members of Geneva Group International (GGI), giving us access to professional advisors in most countries around the world, with on-the-ground support and local knowledge. I regularly meet with colleagues from across the world, each of whom has detailed knowledge of their own countries and regions, and can provide insight into the opportunities and advice on accounting practices and legislation.

You need also to consider the business structure – whether establishing an overseas branch or partnering with an overseas agent. Issues such as VAT, local sales taxes, and transfer pricing are all areas on which we and our fellow members of GGI can advise.

Although the pound is currently weak you should factor in the impact of currency fluctuations in the future.

Exporting has its pitfalls, but huge benefits too. Having supported businesses like yours, I would be happy to have a preliminary discussion to help you achieve your goal.

https://www.gov.uk/government/organisations/department-for-international-trade

Want to know more? Call us on 0121 456 1613 or email birmingham@hwca.com

About the author

Andrew Jones

Andrew joined Haines Watts Birmingham Office in 1997 just after he qualified as a Certified Accountant having trained straight from school at the age of 16 with a smaller firm.  He quickly moved up the ranks and has been a partner since 2005.

Andrew is a serial networker and prides himself in developing excellent relationships with clients, many of whom he has acted on behalf of for a long time.  Andrew likes to think of himself as not just being an accountant but more of an advisor to his clients and really enjoys getting involved in their businesses to help them achieve their medium to long term goals.

As well as advising his clients Andrew is also the West Midlands Regional representative for Geneva Group International (GGI) a global alliance of independent professional firms so he is very well placed to help businesses on an international level, be that exporting or even setting up an overseas operation.

On a personal level Andrew has been happily married since 1993 and has two sons.  He is a serious petrol head and can often be found doing track days.  On a more peaceful note Andrew can also often be found in the kitchen cooking a wide range of different foods.

Be the first to comment

Please enter your comment!

Please enter your name!

Please enter your email!

Back to top of page