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UKTI Exporting_PPT
- 1. Pillars of Export Success David Cody Twitter: @BHBizTrvl #BHBT16 #IFB2016 #BusinessisGREAT
- 2. About Us • Decades of experience • Top 50 Travel Management Companies (TMC) • Part of
- 3. UKTI Partnership Natural synergy Alignment with business development CSR 1st TMC partnership
- 4. Agenda • Understand practicalities of exporting: – Readiness – Market(s) – Strategy – Plan • Reasons to use a TMC & travel tips
- 5. 4 Pillars of Export Success • Evaluate business readiness • Pick your market • Plan your entry strategy • Implement your plan
- 6. Evaluate Business Readiness • Comprehend intricacies • Assess performance • Ascertain strengths and capabilities
- 8. Pick Your Market • Avoid snap judgements • Evaluate objectively • Investigate factors
- 9. Plan Your Entry Strategy • Undertake research • Evaluate rivals • Scrutinise market • Decide strategy • Choose partner(s)
- 10. Implement Your Plan •Travel to market(s) • Negotiate terms • Allocate resource • Plan management •Follow-up trips
- 11. 6 Reasons to Use a TMC • You get the best deal • Hassle-free curtailment • Group discount & manifest • Well connected • 24/7 • Research all options
- 12. Tips • Airline sites are not always cheapest • Book in advance • Book flight with hotel • Pre book
- 13. Do’s | Don’ts • Plan • Invest in people • Understand value chain • Sign contract & commercial plan • Obtain commitment • Manage risk and accept failure • Be greedy • Complicate business model • See all opportunities as important • Be impatient • Visit an office only And last but by no means least…
- 14. Don’t forget… Your success is our ambition!
Editor's Notes
- Good morning everyone – I’m David Cody and I’m excited to be here today – it is my first time presenting at this size event and as such I was talking to my partner before coming here and I was told ---- ‘Don’t try to be too charming, too witty or too intelligent…… just be yourself’ So here I am…. Just me… to present to you the ‘Pillars of Export Success’! Raise your hand if you use Twitter, please? ………….. That’s great, please take a moment to follow us, and use the hashtags throughout the presentation. For those of you who don’t have Twitter – it’s the 21st Century – welcome! I’ll give you a couple of moments to also take some time to say hello to the people around you. After all we’re all here for the same purpose….. And it’s good to talk.
- (1) We have decades of experience (2) We are in the top 50 Travel Management Companies (TMC) as reported by Buying Business Travel magazine (3) Part of Barrhead Travel Group
- The Barrhead group started as a family-run business, and still is. It has gone through the growth stages and understands ambitions to grow and develop, it is why Barrhead Business was created. We also understand that growth doesn’t happen alone; we wouldn’t be where we are today without collaborating and partnering with other businesses. As part of our new outlook on how and where to find opportunities to do business we felt that a (1) natural synergy existed between ourselves and other business wanting to grow. When we discovered the Exporting is GREAT campaign, we saw an opportunity, (2) not only for our own development, but for that of other businesses too. We felt along with this synergy we had a (3) social responsibility to help businesses develop and in turn, as we help more businesses to export, the need for business travel would increase and thus we could help in the creation of a symbiotic relationship. (4) It also turns out we are the first TMC to contact and partner with UKTI and are still; and we made the move as we felt that we could not only help businesses with our experience, but could offer our expertise, and this is us here launching our partnership with UKTI at IFB 2016.
- (1) Understand practicalities of exporting: (2) Readiness (3) Market(s) (4) Strategy (5) Plan (6) Reasons to use a TMC & travel tips
- (1) Evaluate business readiness (2) Pick your market (3) Plan your entry strategy (4) Implement your plan
- (1) Ensure you comprehend the intricacies of expanding into foreign markets in order to mitigate the risks. What will you bring to a foreign market? Has one of your competitors tried to enter the market before? What obstacles did they face, what was their approach. What would you do differently? It may be necessary to conduct focus groups to test the waters – ensure you are clued up on the way to conduct yourself professionally and personally. This extra level of insight and understanding will signal to your target market and potential clients that you’ve done your homework and are serious about doing business. Will you have the necessary resources, people and production capacity? What kind of partners will you need? (2) Assess your company’s present performance against objective measures Will you have the financial resources to see the project through? Are there any funds or grants you may be eligible for domestically. Always check to see if there is anything available. It may make all the difference (3) Ascertain your strengths and capabilities to capitalise your exporting potential Are you patient and adaptable enough to build trust with foreign partners? This Where can you find help? – Government support – UKTI – speak to one of their International Trade advisors – they are here to help you with every aspect of your exporting journey The best way to analyse readiness is to complete a (4) SWOT –
- Here is an example of what a SWOT might look like for a first-time exporter… (1) We have the Helpful column – where we have Strengths (2) (3) On the opposing side we have the Harmful column – where we have Weaknesses (4) These are Internal elements (5) The parts that you have control over. Then we have External elements (6) which are… Opportunities (7) and Threats (8) Taking control of the issues your businesses face will help you to grow and manage your time in terms of the day to day actions that will take you into new markets. And understanding the externalities will help you mitigate risks that you could come up against, and hopefully you will experience no nasty surprises as a result
- When investigating different markets, you should ask yourself some questions, like which markets are best suited to your products and company? How will you overcome linguistic, cultural and regulatory challenges? Can you find suitable partners? If not what might you be able to do as a contingency? Are there any sources of funding in the country you are looking to enter? These are just a few, there are many more, all depending on your product or service. However… (1) Avoid snap judgements and (2) evaluate each market objectively. You will find the best match to match your product and business capacity (3) Investigate several factors, e.g. GDP growth, competitive landscape, business risks like market volatility and foreign exchange rates – these will be paramount to helping you make your decision. Also a large question is… What might your competitive advantage be? (4) Brand Britain is a big one – denotes quality and prestige, especially in international markets. What other competitive advantage might you have?
- Is there a gap in the market? (1) Undertake primary research by contacting potential clients, distributors, sales agents etc. & (2) evaluate competitors’ strengths and weaknesses Will your product need to be customised or remain standard? What will your pricing strategy be? How will you go about penetrating the market? (3) Scrutinise the market to ascertain areas of customer dissatisfaction Focus groups are a great tool for learning all you need to before entering a market (4) Decide the most suitable market entry based on your findings (5) Will you export directly or indirectly, or distribute through local partners or form a joint venture, or another way? What is your strategy for meeting regulatory requirements? Do you know everything you need to about legalities and paperwork. You don’t want anything to impede your entry – understand how everything will work. And……. once you have done all the above, you should be in a position to… (6) Choose your potential partner or partners
- Implement your plan – build long-term relationships and be patient (1) Travel to the potential market(s) to meet with your prospective partners: Do you fully understand the local culture? Will you need a translator? Why would a foreign partner want to work with you? (2) Negotiate favourable terms by demonstrating your added value What questions will potential partners ask you do you think? What would you ask them? Who can accompany you to/in the country and help advise you on your project and assist with negotiations (local agent, distributors etc.) Ensure you Intellectual Property is protected, whether this be by trademark or patent. In China, they do not have IP laws so this may be a barrier to entry. (3) Allocate resources for two/three years to safeguard your market penetration & (4) plan for the continued management of your project over the long term Very much in the same way that you would do when starting a business in a domestic market How will you manage your project over the long term? What will the governance structure look like? Who will be in charge etc? How often will you visit? What do you think is the right amount? (Ask the audience) (5) Follow up with regular trips Continue to visit your partnership base/bases and build upon the relationships you have formed. It is vitally important to show these partners that you are serious about doing business with them, and sometimes that is just about being present from time to time. It is worthwhile to know that in the value chain we can assist you with the parts in blue – .
- (1) We do what we can to get you the best deal: For a familiar route, you may know what is a good deal for the journey but when it comes to somewhere that you’ve never been before or seasonal fluctuations in price, how do you know it’s good value? A business travel agent has the skills, experience and knowledge to find you the best deal every time and the best deal isn’t always available on the Internet (2) Without a business travel agent you are on your own – you don’t need to handle delays or cancellations: If you book on an Internet site, there is no after sales service. You’ll have to queue up at the airport or train station to listen to the announcements or rebook onto another service. If you call your business travel agency, they’ll do all that for you while you can relax. (3) Booking a group on the same flight, same price and sitting together: Chances are if you’re booking on the Internet for a large group, there will be some tickets that are a different price or maybe someone will have to get on a different flight because they were a late addition to the trip and most likely, you will not all sit together. A business travel agent will handle the entire booking, negotiate a group discount and manage the passenger manifest. (4) We are well connected: Business travel agencies are usually well connected with their suppliers and the best will have a good relationship. We can secure a corporate rate for frequently used routes, possibly get you some additional perks and be one of the first to hear about a new deal. Most business travel consultants will know someone who knows the answer to your question even if they can’t answer it themselves. (5) Without a business travel agent you are on your own – with one you don’t need to handle delays or cancellations: If you book on an internet site, there is no after sales service. You’ll have to queue up at the airport or train station to listen to the announcements or rebook onto another service. If you call your business travel agency, they’ll do all that for you while you can relax. (6) We do all the research so you don’t have to: Business travel consultants are experienced with how to search for the best travel options - they can even get professional qualifications for it! Websites may not always show you the best options because the search engine doesn’t understand that “search cheapest price” for a route doesn’t mean you want to spend 9 hours overlay somewhere, nor do they know how to apply creative ticketing techniques to a complex route. Meanwhile, our business travel consultant can help you eliminate options which don’t suit your needs
- Some of these tips you may already be aware of, some you may not, and albeit not an exhaustive list, we feel these are the ones that are most important… not just for business travel, but also for leisure too (1) Airline carrier web sites may not be cheapest – especially as we have deals with 65 partner airlines (2) Book in advance – this is a no brainer – but still important to understand that the more in advance you can book, the better deal you are likely to get (3) Book flight and hotel together – There are many deals to be had booking these two together – so bear this in mind when looking at business travel (4) Pre book hotels and car rental – again this is an advance purchase – but if it is an afterthought and you buy at the desk you are going to pay top price
- Do’s Plan – it wasn’t raining when Noah built the ark – he had a plan - A good plan is like a road map: it shows the final destination and usually the best way to get there Invest in people – it makes perfect business sense – there may be new processes your people need to understand, a level of cultural sensitivity or language they need to learn – and done properly, training and development of your people (or it may just be you) can provide a considerable return on investment and boost performance. (3) Understand value chain – for example, design, production, marketing, sales and distribution – the better you understand the better your management of it (4) Sign contract & commercial plan – this sets out the governance of the agreements and what is expected by both parties and vital that it is signed sealed and delivered (5) Obtain internal commitment – this involves interaction among all relevant stakeholders, internally and externally. There should be confidence that everything will be performed within cost, schedule and performance constraints (6) Manage risk and accept failure – having done your homework, you should hopefully have contingency plans to help mitigate risks, and ensure you are not hit by any nasty surprises – continually monitor any potential for risk and also understand that failure is a part of success – you will still have learned something from your experience and ensure that you will be more prepared for the next time. Don’ts (7) Be greedy – this is a short term gain – you need to be long term oriented – this means that you may have to take a salary holiday and live within a budget until you start experiencing returns but the rewards will be so much greater (8) Complicate business model – simplicity is king so everyone is fully aware of how things work and nothing can be misinterpreted and become a risk to your success (9) See all opportunities as important – some opportunities may appear hugely attractive but you must be able to ascertain which hold the most valuable across the lifetime of you commitment – and value may not always be measured in pound signs – the (10) Be impatient – again – you need to be thinking longer term here – slow and steady wins the race (11) Visit an office only – you must visit all the sites that will be involved in the partnership, whether it be production facilities or fields or whatever, you need to have seen them all, and only then can you make a choice with all eyes open (12) And last, but by no means least……..
- We understand that it can take a lot of time to find the best travel deals, time that you could be spending more fruitfully fulfilling more important business goals and objectives. So let’s start the conversation on how we can save you time and money and help you on the road to even greater business success. After all, (1) your success is our ambition!!!