Exports are the answer.Byline: Jill Hague Having a solid domestic business is the primary focus for many companies in Huddersfield, especially during the recent downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. . continue to pose challenges, and the cost of suppliers, services and skills become more expensive, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) believes businesses should consider what opportunities lie beyond these shores. In doing so, a business can diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. risk and capitalise Verb 1. capitalise - supply with capital, as of a business by using a combination of capital used by investors and debt capital provided by lenders capitalize on growth opportunities by harnessing new revenue streams. The recent HSBC Going International study conducted amongst 500 UK businesses either trading internationally or planning to in the future, reiterates our view. The study reveals that 38% of domestic-only UK businesses see international trade as crucial to their overall survival. This increases to 90% to when speaking to those who are already trading overseas. In Yorkshire and Humberside, over a third of businesses are already trading internationally, with 88% of these reporting that international trade is vital to their long term success. We are currently experiencing an increase in the number of discussions with both existing and new customers in Huddersfield who are either looking to export for the first time or who are researching new markets. As a result, HSBC is working in partnership with UKTI UKTI UK Trade and Investment to explore all possible options for customers. The biggest international markets for businesses in Yorkshire and Humber are in Europe, with Germany, France and Italy topping the list. However, we are also witnessing an increase in the number of businesses looking to trade with emergent emergent /emer·gent/ (e-mer´jent) 1. coming out from a cavity or other part. 2. pertaining to an emergency. emergent 1. coming out from a cavity or other part. 2. coming on suddenly. markets, buoyed by a booming economy in China and growing consumer demands. In fact, 44% of international businesses in Yorkshire and Humber are already trading with China. This trend looks set to continue with businesses in Yorkshire and Humber investigating the possibility of international trade citing Asia, Spain, France and Germany as key geographical targets. Trading overseas can offer a wealth of opportunities and could increase profit potential. But success is dependent on a number of factors; from an understanding of the local currency and payment terms to a different language and rules of etiquette etiquette, name for the codes of rules governing social or diplomatic intercourse. These codes vary from the more or less flexible laws of social usage (differing according to local customs or taboos) to the rigid conventions of court and military circles, and they . Therefore, it is vital to take professional advice from expert organisations such as the North East's Regional Language Network. A strong banking relationship is key for businesses with overseas aspirations aspirations npl → aspiraciones fpl (= ambition); ambición f aspirations npl (= hopes, ambition) → aspirations fpl . HSBC's team of commercial and specialist experts in Huddersfield, working seamlessly with its unique global relationship management team around the world can help negotiate the opportunities and challenges overseas. We believe the only way the UK will recover quickly and sustainably from the recession is by trading her way out. That calls for increased commitment to the export of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . Exposing a business to overseas opportunities makes it more competitive, more productive and better equipped to deal with economic challenges. Jill Hague is HSBC area commercial director for Calderdale and Kirklees |
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