The Department for Business and Trade (DBT) is the UK Government’s department for economic growth, supporting businesses to invest, grow and export which creates jobs and opportunities across the United Kingdom. DBT opens up new markets for businesses by removing barriers and striking trade deals.

DBT offers help for businesses, helping them successfully trade in international markets, offering information, training, events and expert advice to help them find new customers overseas.

One of the ways in which DBT can help you grow and diversify their customer base across the globe is through the UK Export Academy (UKEA). The UK Export Academy is a free online training programme, designed to give you the confidence and know-how to grow your international sales.

The UK Export Academy is open to any UK business that has a product or service that can be sold internationally. It is for businesses who know that they want to reach international customers and contracts in the future, as well as those who might already be selling beyond the UK and want to expand into new markets.

The programme brings together international trade experts and industry specialists to explore the benefits and opportunities of selling overseas and helps you to navigate your way through what can be a difficult process.

How the UK Export Academy can help you get the know-how you need to find global customers

Mark Burkett, a UK Export Academy trade adviser, is here to provide support and guidance, and he takes a look at some of the key topics that fintech businesses should consider when trading internationally for the first time.

Weigh up the benefits and barriers of selling overseas
Selling overseas can yield huge benefits to your business, including extra sales, competitor advantages, and spreading your market risk. Create an export action plan that identifies your business strengths as well as any areas of weakness that need improvement. Determining whether your business is export-ready or not can have a marked difference in your future global success.

Research your international markets
With so many potential customers across the globe, it can be tempting to target them all at once. However, by undertaking research and choosing key markets for your product or service, you could save your business valuable time and money. Use your international research as a guide for future marketing decisions and be prepared to adapt your approach when expanding to a different customer demographic or country.

Consider your pricing and route to market
UK companies often under-price their services, without considering local market conditions. The market research you conducted at the start of your strategy will help determine your export price. Also consider the length of your supply chain and the best route to market and gain as much information as possible before negotiating with a possible representative i.e., an in-market agent, distributor, etc.

Decide how to get paid
Different methods of payment come with different levels of risk depending on whether you’re the exporter or importer; each has their own priorities. With international payments, there are also exchange rate fluctuations and currencies to consider. Explore options such as staged payments, pro-forma, letters of credit, documentary collections, or an open account.

Check for export controls
Some goods, software, and technologies are restricted or prohibited by international export controls, to align with security, policy and other obligations. You may require an export licence or permit to approve the sale of your product or service.

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Selling your services
Selling an intangible service can be hard. You need to fully understand the client’s needs first and there are so many factors that can affect your service delivery; culture, nuances, risks, time zones, cost, language, digitalisation, Intellectual Property, payment, distance, time in market, route to market etc. We can help you to rationalise all of these and link them in with other UK Export Academy sessions to maximise your chances of success when selling your services to the world.

Want to learn more about the UK Export Academy? Sign up for your free UK Export Academy account today and join their Essentials series of events, each designed to cover the topics mentioned above, giving you the confidence and know-how to begin selling to the world.

Don’t miss out on the opportunity to increase your sales, profits, and business resilience – you can get signed up to the UK Export Academy in only a few minutes. Visit great.gov.uk/export-academy to get started.

You can also come and meet Mark person to find out more at the Fintech Summit in breakout session H at 12.15, where he will be delivering a session on how you can maximise the free support from the Department of Business and Trade and the UK Export Academy programme.