It’s no secret that the UK is entering a period of economic uncertainty. Figures from the International Monetary Fund do not predict a recession, but its UK economic growth forecast of 1.9 per cent for 2008 and 2009 is the lowest since the early ‘90s.
Such a dismal outlook presents an uneasy choice for business owners: Should they batten down the hatches, keep a close eye on the finances and focus on survival? Or should they take a bullish approach and try out new opportunities for business growth? The latter question, of course, depends on the potential value of those new opportunities.
International trade is not for everyone. And admittedly, it’s not the quickest or easiest route to business growth. Nevertheless, the world’s global marketplace offers a world of opportunity for some businesses. It offers the potential for increased sales and profits which could ultimately eclipse potential downturns in domestic trade.
Talking at the Confederation of British Industry Annual Dinner last month, Martin Broughton, CBI President and Chairman of British Airways, had this to say:
“These are times of grievous uncertainty… But these are times also of stupendous opportunity in the international markets for goods and services. Today, even the humble Granny Smith can make a journey of 11,000 miles, and still turn a profit. Such are the daily miracles of international trade.”
Miracles aside, the benefits of international trade are very real. According to UK Trade and Investment, “recent research shows that new exporters boost their business productivity by up to a third in their first year of exporting and confirms that, in general, exporting companies are more productive than non-exporters and significantly more likely to stay in business.”
The challenge may be greater than it was before. But does that mean business owners should stop seeking out new opportunities? Despite economic downturn, the world keeps on turning - and the global marketplace keeps on ticking.
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