The X-Port Factor
UK businesses are being urged to take advantage of improving trade conditions and a weak pound to boost their exports.
With the effects of the recession receding, many companies can capitalise by selling more abroad and finding new markets on foreign shores.
An increased number of businesses are looking outside the UK to stimulate growth and boost turnover with the trade gap now at its narrowest for almost four years.
Latest figures from the Office for National Statistics show the trade in goods deficit narrowed from £8bn to £6.2bn as we are exporting more.
But there are fears that UK businesses could overstretch themselves as they juggle growth with the uncertainty of a still-fragile economy.
Many businesses will not exactly be flush with cash but that need not hold back an export drive, according to Andrew Bullard, head of business at Eastbourne-based specialist finance broker Cashflow UK.
Andrew said: “The weak pound is good for exporters as it makes their goods and services cheaper to potential customers abroad.
“Now is the time to explore fresh markets and gain a foothold to help boost your business’s recovery.
“Export factoring is an ideal way of keeping your cash flowing. It removes the worry about collecting payment from customers in unfamiliar countries and cultures.”
By releasing cash from invoices as soon as they are issued, it gives an immediate and on-going supply of working capital that can be used to pay suppliers, thereby improving the overall management of the business and cutting out the need for expensive bank facilities.
Working with an export factoring company can also provide expert advice to break into new territories.
Providers have specialist overseas sales ledger management skills, conducting multi-lingual negotiations and taking account of legal and cultural differences, freeing up valuable management time for the business to develop new and existing business.
Andrew added: “Working with an export factoring specialist is about more than just boosting business cash flow.
“Exporting is a potentially lucrative business as it broadens the market share of your business and can considerably boost turnover.”
For further advice contact Cashflow UK on 0800 132 156 or visit the website www.cashflowuk.com
