FedEx’s David Poole explains how firms wanting to tap into emerging markets need to identify new trading opportunities and access these markets quickly.
With so much attention focused on the big players of the business world, some could forget the contribution micro businesses – companies employing up to nine people – make to our growing economy.
In the UK there are 5.2m small and medium-sized enterprises (SMEs) of which 96 per cent are micro. These micro businesses provide around 33 per cent of all jobs and generate a combined turnover of £655bn annually. Therefore, micro businesses have a crucial role to play in strengthening the UK economy even further.
Access a global audience
Thanks to the internet and ecommerce there’s a world of opportunity in today’s international marketplace, and micro firms are no longer disadvantaged by size or economies of scale. ecommerce has broken down barriers to make the world a smaller market within which to do business and, as a result, the reliance companies place on “e-tailing” – the act of selling goods over the internet – is ever-growing but needs to be managed and supported accordingly.
Having a product that people want to buy is a fantastic start and if you are ready to take it to the next level and export globally, the benefits are plentiful. To tap into emerging markets, micro businesses need to be smart by identifying new trading opportunities and quickly accessing these markets to help identify their full potential.
Solution to international success
Sourcing a trusted global transportation provider is one of the first things micro firms should do in order to get their products across international waters quickly and efficiently. Whether it’s the physical movement of goods, monitoring inventories in different places or securing access to new locations, there is a whole host of activity throughout the supply chain. Your logistics provider can help you access this information so you can track your packages at any time, and determine when they will reach their destination.
Yet while cross-border trading is more accessible than ever, it is not without its challenges. Even with the rise in ecommerce and mobile activity, UK businesses of all sizes often require extra guidance, support and expertise to approach global markets with confidence. Yet those who act now stand to make the biggest gains, so it’s important to seek guidance in areas that will help those gains to be realised.
Micro businesses today have the ability to grow in ways not possible for generations of businesses in the past. With a wealth of communication technology at your fingertips, combined with the global transportation expertise of a company like FedEx Express, you are best placed to conquer new markets and build a higher level of compliance. So now is the time to get out there and get involved.
Sign up to our newsletter to get the latest from Business Advice.
