As the global economy develops, the UK is increasingly seen as a knowledge economy. How do you put this world-leading knowledge and expertise to get ahead globally and should you start thinking about developing international operations as part of your growth plan?
We’ve worked with many leading professional services companies over the last 10 years, helping them attack emerging markets and develop their profitability without having to duplicate investment.
We’ve found that there are 3 facts that may help you make the decision to go global.
There is a huge market out there already, in fact over a quarter of the UK’s exports are in the service sector. Exports in January 2014 were estimated to have been £16.8 billion we export a huge surplus (£21 billion) of services compared to our import figure.
This is largely driven by emerging markets who are experiencing faster growth rates than the domestic market, which is an attractive proposition if your company is struggling to grow as rapidly as your aspiration!
Open Market Structure
Due to their relatively early stage of market development, emerging economies are more open. This means that as you enter these new and exciting regions you are likely to face fewer conflicts and have more opportunity to formulate mutually beneficial partnerships.
On the other hand – the detriment to this open market is the difficulty in finding companies that share your expertise levels in the early stages of entering a market and partner acquisition may be slower than expected.
In less developed markets, competition could be less fierce and you may be able to bolster professional service margins as there is a likelihood that few companies are able to compete with your service levels and intellectual property.
So how do you capitalise on these markets?
Clearly there is a great opportunity for professional service companies overseas, especially in emerging markets but to attack these markets – you need partnerships!
One of the biggest hurdles to international success is communicating your brand, added value and technical competency with clarity to compel your customers. That’s where we can help.
With over 1,000 clients, many large consultancy multinationals spanning the spectrum of professional services. Our clients include Aecom, Ernst + Young, Experian and PriceWaterhouseCoopers, so we’ve got a huge amount of experience in translating a wide range of documents for international markets.
If you’re looking to do market research before entering a new region or looking to translate brochures and your website to attract new customers we can help guide you through the process. If you need technical documentation translated, our team of native-speaking post-graduate translators have a grasp of technical terminology in their native language and can ensure that your customers get a great post-sale experience too.