Devizes businesses urged to look at exporting

Businesses in Devizes have been urged to explore opportunities for growth in international markets, as new research has shown that three quarters of local firms could be missing out on new routes to growth.

That was the message delivered at a Lloyds TSB Commercial event at the Bear Hotel in Devizes recently. At the same time the bank has revealed findings from its New Horizons survey. The poll showed 75 per cent of small to medium-sized enterprises (SMEs) in the South West do not currently export their products or services.

The bank brought together over 100 local SMEs at the event to provide practical advice on how companies can grow during any stage of the economic cycle, particularly focusing on the demand for quality UK products that exists in other countries.

Local representatives from UK Trade & Investment delivered a presentation on the fundamentals of getting started in the import and export markets, while guidance on funding, managing finances and investing was provided by Lloyds TSB Commercial. Croner, a leading human resources consultancy, was also on hand with information regarding employment regulation.

The Lloyds TSB Commercial research showed that 63 per cent of local businesses that do export seized the opportunities created by the growth of the internet, and have entered the export market by selling directly to end buyers via online channels, mainly targeting customers in the EU and the Far East.

In the last year, 69 per cent of firms that export have seen an increase in the proportion of turnover from the sale of goods or services in foreign markets. Furthermore, 44 per cent are expecting this to increase in 2010 and 56 per cent are predicting this trend will continue in 2011.

However, as just 4 per cent of South West businesses that are not involved in international markets have plans to begin exporting, many SMEs may be missing out on the potential to significantly boost sales.

Mark French, area director for Lloyds TSB Commercial in Gloucester and Oxon, said: “I hope today’s event has inspired small business owners in Devizes to fully explore the avenues of growth that are open to them – whether these exist in the UK or abroad.

“While exporting may have traditionally been seen as only suitable to companies in industries such as manufacturing, firms operating in other sectors should look closely at new markets and international demand for their products.

“New technology has opened the borders and means many companies who may not have considered marketing and exporting before or have dismissed it as unfeasible, could find untapped markets are now easily accessible.

“We organised this event because we recognise SMEs are a vital component of the UK economy and it’s crucial they are in a prime position to seize the opportunities a strengthening global economy is likely to bring.

“It was a fantastic opportunity for firms to share best practice, network, and access guidance and support to gain the confidence and knowledge they require to identify new business opportunities and push forward with their plans for the future.”

The event in Devizes was one of 200 being held this year by Lloyds TSB Commercial as part of its 2012 SME Charter.

The Charter is designed to help businesses under three broad dimensions: encouraging enterprise, access to finance and clearer pricing. The events will provide expert guidance and support for SMEs on topics such as starting up, employment, exporting, sustainability and finance.