We would like to thank Mid Sussex Golf Club for the use of their splendid facilities and the excellent hot buffet breakfast they provided free for our delegates. It all started at the crack of dawn. With a full moon still hanging very low, the clear skies were painted vermillion and pavonine like few sunrises I’ve ever seen. This magnificent location is a jewel in Mid Sussex. |
![]() Another well attended event ![]() Several new members in the crowd |
![]() Rob Lewtas from the Department of Business & Trade explained the great scope of assistance available for British businesses. ![]() Rachel Watkyn OBE and MD of The Tiny Box Company, is one of the DBT’s Export Ambassadors. |
We’ll hear more from the Department of Business & Trade in next week’s issue. One point I’d like to highlight from Rob’s presentation is that, on average, companies that engage in international trade see an uptick in turnover of 11% in their first year trading abroad. We then heard from Rachel and the successes and the pitfalls of dealing internationally. She explained the invaluable assistance provided by the DBT to grow her business to what it is today, with £10 million in sales and international markets representing over 10% of that total. She is also a significant importer of product. She brought up many interesting insights, including the shipping insurance she now takes out to protect her when a shipping company incurs additional costs…you will recall the Evergreen Container blocking the Suez in 2021? Turns out the shipping company could charge over £20,000 per container onboard to resolve that, charged to every company shipping containers onboard. I was particularly interested to hear from Rachel about the promotional aspects of the role, and while she agreed it had certainly raised her profile significantly, she maintained that it had primarily provided her with innumerable incredibly useful contacts in the ten years she has been engaging with the DBT. I would recommend to any of our members trading abroad that taking on the role of Export Ambassador with the DBT offers many advantages. I can readily think of several of our members who could wear this mantle well. Get in touch if you’d like to know more. |
![]() Robert Dowling Partner: Carpenter Box Robert Dowling from accountancy firm Carpenter Box then discussed the various considerations for the structure of your operations in other countries, with the pros and cons of setting up a subsidiary, appointing agents and the like. He then highlighted aspects of how to get paid and how to guarantee that, touching on currency risk and explaining what incoterms are. The tax and duty obligations are important to get right. Preparation and the right structures will reduce your exposure and improve your cashflow. In essence, having a trusted partner to help you plan your international journey is essential. |
![]() Anutosh Zutshi Anutosh Zutshi from the UK India Business Council (UKIBC) gave us run down of the staggering size and potential of the Indian marketplace. We have more details below of what the UKIBC can do for your business. |