{"id":20090,"date":"2023-09-14T14:47:50","date_gmt":"2023-09-14T14:47:50","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/blogs\/?p=20090"},"modified":"2023-09-14T14:48:02","modified_gmt":"2023-09-14T14:48:02","slug":"time-to-dispel-five-of-the-most-common-myths-about-overseas-trade","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/time-to-dispel-five-of-the-most-common-myths-about-overseas-trade\/","title":{"rendered":"Time to dispel five of the most common myths about overseas trade"},"content":{"rendered":"\n

By Mark East, Partner at Moore Thompson<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Many misconceptions about international trade are commonly shared, which can often prevent smaller businesses from seeking new opportunities overseas.<\/p>\n\n\n\n\n\n\n\n

However, you should not let them hold your business back from reaping the rewards of foreign markets.<\/p>\n\n\n\n

Over the years I have worked with numerous clients expanding their businesses into different international markets \u2013 helping them to understand the true benefits and risks.<\/p>\n\n\n\n

As such, I am aware that there are several myths, which I think it is important to dispel by examining the realities of overseas trade.<\/p>\n\n\n\n

Myth 1: International trade is too risky<\/strong><\/p>\n\n\n\n

Small-to-medium enterprises (SMEs) are often worried that trading across borders is dangerous and risks the financial security of the business.<\/p>\n\n\n\n

But, in today\u2019s interconnected world, this is simply no longer the case \u2013 in most instances. <\/p>\n\n\n\n

Modern international trade operates under strict laws and regulations and, with numerous trade agreements in place across the world, the chances of your business running into financial trouble is low.<\/p>\n\n\n\n

However, it never hurts to take the right precautions by conducting thorough research and working with experienced experts who can support your trade expansion.<\/p>\n\n\n\n

Myth 2: International trade is too complicated<\/strong><\/p>\n\n\n\n

You may feel that getting involved in international trade is too complicated, but this couldn\u2019t be further from the truth.<\/p>\n\n\n\n

The standardisation of regulations and laws \u2013 as mentioned above \u2013 has made the process of international trade far more straightforward.<\/p>\n\n\n\n

Even with the added complexities of Brexit, there process of trading internationally, once established, becomes a normal part of your business\u2019s activities.<\/p>\n\n\n\n

Access to international advisors, accountants and tax experts has also never been easier due to the advent of technological innovation and online communication.<\/p>\n\n\n\n

Real-time advice that keeps your business compliant with international law is now often only a click or a phone call away.<\/p>\n\n\n\n

Myth 3: Only large corporations can succeed in international trade<\/strong><\/p>\n\n\n\n

The misconception that only large corporations, with abundant resources, can venture into international markets, is one that I have seen hold back a lot of smaller enterprises.<\/p>\n\n\n\n

However, SMEs often have the advantage of agility, allowing them to target niche markets more effectively than larger corporations and adapt quickly to consumer preference changes.<\/p>\n\n\n\n

In addition, smaller companies can more easily forge partnerships and collaborations with local businesses in foreign markets, bolstering their presence and increasing their competitiveness.<\/p>\n\n\n\n

I have personally assisted SMEs in leveraging various Government grants and subsidies, aimed at encouraging international trade, to great effect, boosting their profitability enormously.<\/p>\n\n\n\n

Myth 4: Language barriers hinder business<\/strong><\/p>\n\n\n\n

In my experience, some SMEs fear that language barriers will impede their ability to succeed in international trade.<\/p>\n\n\n\n

In fact, in most international business settings, English continues to be a widely accepted lingua franca and is the most widely spoken second language in most countries.<\/p>\n\n\n\n

It is estimated that 1.1 billion people speak English globally, roughly 15 per cent of the world\u2019s population.<\/p>\n\n\n\n

Advances in technology have also made translation apps accessible, facilitating real-time communication. In the worst-case scenario, translation services are also readilyavailable and inexpensive.<\/p>\n\n\n\n

Myth 5: SMEs don\u2019t have the resources for international trade<\/strong><\/p>\n\n\n\n

You may feel that your business lacks the capital or the staff numbers to participate in international trade but, again, this simply isn\u2019t the case.<\/p>\n\n\n\n

According to some estimates, 67 per cent of internationally exporting companies have less than 20 employees.<\/p>\n\n\n\n

With the interconnected postal services of the international market \u2013 companies like DHL, UPS, etc. \u2013 sending and receiving goods and services has never been easier.<\/p>\n\n\n\n

Even if you have larger shipments, many freight agents can help SMEs with their exports, including assisting with the challenges of customs.<\/p>\n\n\n\n

If you are a primarily service-based firm, international business may be even simpler thanks to the plethora of secure and efficient web platforms that can enhance your communication and collaboration with international clients.<\/p>\n\n\n\n

As you can see, multi-national trade has never been easier. With expert financial advisors who operate internationally, getting the right guidance is also quick and simple.<\/p>\n\n\n\n

To learn more about expanding your business internationally, please get in touch with our experts.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By Mark East, Partner at Moore Thompson Many misconceptions about international trade are commonly shared, which can often prevent smaller … Time to dispel five of the most common myths about overseas trade<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,4,55,63,124,28],"tags":[],"class_list":["post-20090","post","type-post","status-publish","format-standard","hentry","category-blog","category-business","category-business-advice","category-exports","category-overseas-trade","category-smes"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/20090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/comments?post=20090"}],"version-history":[{"count":1,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/20090\/revisions"}],"predecessor-version":[{"id":20094,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/20090\/revisions\/20094"}],"wp:attachment":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/media?parent=20090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/categories?post=20090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/tags?post=20090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}