“We have avoided having an infrastructure in China,” says Mr Crozier, who has been backed by support from the Manufacturing Advisory Service’s Reshore UK service, “so they buy from us here and we ship direct. Everything is then consolidated in Hong Kong.”
HP is looking to recognise SMEs that have successfully cracked the export market and support those trying to do so
Crozier also says that they worked very hard to build relationships with global customers early on who, as they have expanded, have taken them with them. “This is definitely better than going to China and just setting something up speculatively,” Mr Crozier says.
“Select your customers carefully and have a global presence and then build long-term partnerships,” he advises.
Another issue putting SMEs off is currency. One way to ease this, says Mr Crozier, is to buy as many materials as you can in the currency of the country to which you are exporting. “Or force the risk on to the customer. But this all comes back to having built good relationships in the first place and depends on the buyer’s’ hedging strategy.” It’s crucial, says Mr Crozier, to monitor currency weekly.
HP is looking to recognise SMEs that have successfully cracked the export market and support those trying to do so. The HP Go Global Awards (a continuation of HP’s Smart Business Awards for SMEs), for which entries are open until the end of July, also aim to encourage those who are looking to break into new territories.
Six shortlisted SMEs will win the chance to attend Go Global’s mission to China in September, during which they will gain access to invaluable training and consultancy opportunities, as well as first-hand insight into one of the world’s biggest markets. Other prizes on offer include a selection of HP’s top of the range business products and money-can’t-buy training and mentoring sessions.
Two overall winners will also receive the HP Go Global Award for Best Breakthrough Exporter of the Year (one that has successfully broken into the export market within the last five years) and Next Breakthrough Exporter of the Year (one that demonstrates the best market entry strategy to crack a new export market within the next year).
The judging panel comprises members from HP, Enterprise Nation, the Institute of Export, techUK, HSBC and Business In The Community.
Is it time for your SME to conquer the world?
The deadline for submissions is 3pm on Friday, July 31 2015. Shortlisted entries will be announced in early August 2015.
For more information visit hpgoglobalawards.com
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Source Article from http://www.telegraph.co.uk/sponsored/business/sme-home/hp-products/11675455/hp-goglobal-awards.html
