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Think overseas
GROWING pains can hit hard in a recession although there is hope for businesses wishing to expand in the recession. They are being encouraged to look to export markets, with the weak pound seen as just one of the advantages of firms trading abroad.
Official figures show exports rising month on month and there are thought to be competitive advantages, particularly in the traditional export markets, to exporting now that the price of sterling has plummeted. Diversifying into international markets can reduce the risk to vulnerable businesses while there may be opportunities to open up a relationship with a customer where previously, price was an issue.
It is considered vital to do your homework first though and UK Trade and Industry, a Government organisation, offers free and independent advice under the banner, Gateway to Global Growth. Why not check it out? Of course, it's your choice.
I prefer to deal in the UK. It's my home. Oversea markets work for some but not for me.
Diversifying has its advantages but when you also take the gamble of going abroad for income the route can be laden with potholes. Take care.