As experts forecast that more businesses will consider expansion into the foreign markets during 2015, there are a number of overseas trends that could have an impact on any company venturing into foreign trade.
Here are some international business trends which could have an impact on your company:
Oil prices
Cheaper oil during 2015 will have a positive impact on UK businesses. As many companies have struggled during recent years due to rising oil costs, the recent fall in prices will be good news for many. The costs of production and transportation will fall significantly, providing a much needed boost for small businesses in the UK.
Consumers will also be paying less for their fuel and will have greater disposable income, beneficial for business owners as consumers gain more spending power.
Communication advances
Improved communication will enable consumers to purchase goods from anywhere in the world, comparing quality and pricing information. As more companies enter the international market, UK businesses will have to remain competitive, especially as companies from developing countries may have cheaper overheads, including labour costs. UK small businesses can benefit from financial accounting services, to offer advice and deal with the administration.
Going green
Sustainable business methods are becoming more popular in the developing countries which, along with ethical sourcing, is a driver of profitability and long-term growth. It may be possible to secure finance for your business if you fulfil the criteria for sustainability. A number of companies in the retail and apparel industries already benefit, as they have built their empires based on sustainability and safety.
Better systems
Improving technology will play a huge role in global commerce, as consumers are able to buy any product from any company worldwide. UK companies will have to consider investing in better technology so that they can improve the supply chain – from locating the best suppliers to delivering a product in record time to a consumer. The latest technology will aid a business in the tracking of a product from production to purchase, achieving greater visibility of delivery, orders and materials used
For many UK businesses, 2015 will be a year of change, which will possibly require investment. Creating a sustainable business could result in cheaper finance deals, while cheaper oil prices will benefit consumers and business owners. Rather than trying to deal with all aspects of running a company, many will rely on outsourcing to reduce costs.
If you have any queries about moving into foreign markets, contact us today.