The Coronavirus pandemic has caused disruption for businesses across the world. The ONS reported that in the UK, 49% of businesses surveyed in November 2020 experienced a decrease in profits compared with what was expected for the time of year.
They also found that COVID-19 has had an impact on both exporting and importing, with 72% of businesses saying that they are exporting less than usual, and 59% of businesses stating that they are importing less than usual.
To help South West businesses to recover from the impact of the pandemic and find new opportunities overseas, the Government has launched the Export Academy which offers businesses the opportunity to get involved in webinars, round tables, and mentoring sessions to help firms grow their overseas sales.
Research by Capital Economics for UK Export Finance (UKEF), the UK’s export credit agency, shows that companies with only domestic customers grow less than those that export abroad. They found that businesses with domestic focus grew at 8.4%, compared to 15.2% for those that export.
How the Export Academy is supporting businesses
Peter Wright, Director of Wonderstruck, which delivers innovative science workshops, attended the first three webinars in the South West Export Academy series and said that they were “pitched just right” for companies who are not experts in international trade.
Wonderstruck’s workshops are all about “inspiring wonder in the world around us” and Peter says the company has “performed shows at the Abu Dhabi Science Festival, the Royal Institution and the Cheltenham Science Festival,” including stunts such as safely exploding a car or a shed on stage, taking a shower in liquid nitrogen, or safely setting off 7 kilos of thermite on a school playing field.
Peter says the company signed up for the Export Academy because over the last couple of years it has been building clients up in schools and other institutions in the Republic of Ireland and was keen to continue working with that market with as little disruption as possible.
The company has faced challenges over the last year as its events have not been able to run due to social distancing measures. However, it has recently launched a STEMintheBOX workshop box that can be sent out to schools so they can run their own science events.
Peter said: “The pandemic has knocked us for six but the development of our STEMintheBOX workshops has been a great help. Building an export market with potential to expand beyond just Ireland is an exciting prospect.”
The company needed support with the completion of export documentation and the logistical side of trading overseas. Commenting on the usefulness of the Export Academy, Peter said:
“The topics covered have been very relevant and it has been extremely useful to be able to ask questions of those with expertise.
“If you're thinking of exporting and don't have any prior experience this is a goldmine of information and definitely worth it.”
Muirgen, an engineering consultancy company based in Plymouth decided to attend the Export Academy so the company could be prepared for future export opportunities. Previously, it had missed out on an opportunity to export to Australia as it was not ready for international trade.
Bob Muirgen Director and Chief Engineer of the business said:
“So far, the Export Procedures and Q&A sessions have been particularly useful.
“Companies across the globe are operating on fine margins and therefore improving efficiency and reliability of critical assets can make a big difference in improving profit.
“Exporting is important in my business to minimise risk against market fluctuations. For example, the downturn of production in one country often results in the upturn in another. Exporting to multiple operators across several countries can mitigate risk.”
“I would recommend any business looking to export to sign up for the programme. It is important to be prepared early and avoid getting caught on the backfoot like I did when an export opportunity arose.”
How to sign up
The course, which is offered free of charge for owners and senior managers of businesses can be applied for here.
Topics covered in the Export Academy include:
o Preparing to do international business: Why export?
o Basic Export Procedures
o International Market Research / Selection
o Export Pricing and Distribution
o Classification, Origin and Valuation
o Introduction to Incoterms® Rules
o Export Licensing and Controls
o Getting Paid
o Selling Services Overseas Part 1 & 2
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Export Academy - a free programme to support your international sales
With 2020 being a challenging year for most businesses, we want to support you to get your exports back on track in 2021 with the launch of the Export Academy in the South West.
Export Academy gives new and novice exporters the skills, knowledge, and confidence to start selling goods or services to customers around the world.