How new exporters will help Torbay grow
Torbay has some fantastic companies exporting its goods and services all over the globe. From photonics components supporting the growth in data centres, composite components for aerospace, key analytical chemistry services, testing equipment for space and satellite applications and the best of food and drink – the list of products and services exported from Torbay is growing. Many of these exports are high quality, high value products and services with much of the added value provided by the knowledge, expertise and skill of a fantastic Torbay workforce.
What about those companies who would like to identify new growth markets – those who have never exported but have the potential to? How can we reach them and help them grow? In fact, where are those companies who have never traded internationally? Well the answer is, they are everywhere.
A survey of businesses by the Export for Growth project from Autumn 2017 highlights three problematic areas: funding, resources and capability as the main barriers to exporting. TDA aims to overcome these barriers by supporting local businesses to find a solution. Through one to one sessions and workshops, businesses are given a range of options to help them access overseas markets. Supporting local businesses that are new to export with training, market research, information on finding buyers, distributors, and online trading, their knowledge and confidence along with their exports are likely to increase.
A great upside is that you can identify new markets for a number of straightforward reasons. You might find a market that extends your product life cycle or you might find seasonality comes into play. Your product or service may be so good that you may have saturated your home market so need to target others. Your product may be found online by somebody who wants it to be shipped internationally. Something as simple as this could make all the difference to your sales and it could also help bring in additional revenue to invest in equipment, hire new staff or refurbishment to premises. And all of these things help to grow market share.
At TDA we want to reach those companies who have yet to benefit from selling overseas. Exporting offers the potential to increase profits through increased sales volumes, further new product development, which enables the ability to charge higher prices for goods and services and also raises the profile of Torbay and encourages inward investment into a location.
On 1st May in conjunction with our partners at Business West and Department for International Trade, TDA will host a ‘Ready for Export’ workshop at the Torbay Business Centre in Torquay. The workshop will help new to export companies to understand and think about realising the potential of new international growth markets.
We are very excited to also be able to offer Torbay based businesses that are new to export, or haven’t exported in the past 12 months, the opportunity to apply to a new International Trade Bursary. This is a new pilot scheme to encourage and support new export from Torbay Council, as part of the Economic Strategy for Torbay. Funding is potentially available to help start the export journey building on the tools and action plans developed from the workshop. This can be used to fund visits to international trade shows, undertake market research or visit prospective buyers. Attending the workshop is a prerequisite to applying for the international trade bursary.
If you know of companies who could benefit from support to start the export journey please tell encourage them to register or contact me direct.
FREE Ready for Export workshop, May 1st, Torquay. Register at www.tda-business.com