5 reasons to start importing
Importing could help your business save money, increase profit and gain a competitive advantage. Here’s why.
1. Lower priced products and materials
Because of lower employee and manufacturing costs, many countries can produce goods at a lower price than UK manufacturers. Importing these cheaper goods could help you keep costs down and improve your profit margin.
2. Specialist or authentic products
Sourcing products or materials from a country that specialises in them could give you a competitive edge in the domestic market.
3. Be the first to market
By expanding your suppliers to include those from outside the UK, you could benefit from access to a wider, newer range of products. Many businesses benefit from bringing in unique goods and being the first to market with them in the UK.
4. Support from the specialists
From customs tariff codes and duties, to foreign exchange risks and documentation, importing can seem a daunting task. That’s why many businesses opt for specialists like freight forwarders and import agents who can take on the logistics and paperwork. Remember that you don’t have to do it all yourself.
5. Expert help is at hand
Our International Managers have years of experience1 in guiding their customers successfully through importing. UK Trade and Investment team and the British Chambers of Commerce also have advisers who can provide valuable support.
Common importing issues
In many ways, the problems you can run into with importing are the same you face doing business in the UK – being let down by suppliers, delivery issues, cashflow concerns, payment delays, etc.
The difference is that sorting these issues out will be more difficult with importing – and more expensive. That’s why it’s best to give proper consideration to the importing issues you face.
The right suppliers are crucial to successful importing. To avoid being caught out by an unreliable or problematic supplier, make sure that you find out as much about them as you can through business contacts, foreign Chambers of Commerce, the UKTI, trade associations and overseas agents.
Taking steps to help reduce your risk can include getting more insight into your suppliers’ creditworthiness by asking for references from their bank or a credit-reference agency, and making sure you have the right insurance. Barclays Business Abroad can help.
If it’s possible, visiting potential suppliers is always recommended. Meeting face to face helps you to assess their products’ quality and suitability, as well as get a measure of how they do business.
Underestimating foreign exchange risks
You don’t have to do it by yourself
Find an International Manager
Our team of International Managers covers the UK, providing businesses with expert support and guidance on trading overseas.
Other services that may interest you
Make and receive secure payments around the world
A collection is a simple and efficient tool for settling your trade debts. It can be used to make payments of any size and in any freely traded currency.
A secure way to pay your suppliers
With a letter of credit, you can pay for the goods you import while covering your trading risks.
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