Massive business opportunities are increasingly being missed as a result of reluctance by Midlands firms to convey with potential customers in almost any language except English.
As the economy starts to strengthen, businesses are better placed to seek new business abroad, especially in new, emerging markets. But many are failing to do so, seemingly put off by the language barrier.
So suppose that barrier was removed? Wouldn’t a chance to converse with foreign customers in their language hugely increase the odds of winning business with these?
As a traditionally insular nation having a historical reluctance to speak other languages, it’s usually inevitable that this language barrier gets concerning so many opportunities.
So, although there are potential opportunities in markets like Russia for sure engineering components – not to mention a thirst for UK skills and know-how – the text barrier may be the initial thing to put people off.
It’s not only the different language that puts people off but also the unfamiliar cultures available in prime emerging markets like Chile, Brazil or Malaysia. It’s perhaps the case with countries closer to the West including Turkey or Poland, where we ought to perhaps have a better understanding.
Talking to business leaders across a variety of networking events we have met many individuals from firms who will be willing to expand but neglect to consider foreign contracts as a result of language difficulties.
Add to this particular, deficiency of knowledge many business leaders have concerning emerging markets, remodel which will the reluctance to place a toe in the water is understandable.
However, a good amount of guidance is available through agencies including UK Trade & Investment (UKTI or perhaps the Midlands World Trade Forum. Each has experienced advisors, affordable market reports and real individuals to talk to with extensive experience with a variety of manufacturing and service industries.
Similarly, programs like Leonardo and Graduate Advantage give comfortable access to finding young, qualified individuals who have native level vocabulary skills and cultural experience to help you work on initial projects to get a reasonable a higher level investment.
An easy initial step would be to think about a simple web page inside the target language – easy and economical to produce and makes your small business website accessible to overseas visitors. Language support is straightforward to arrange and competitively priced – it shouldn’t be a stumbling block but a way of bridging the gap to a new export market.
The economic world is expanding, and corporations that don’t at least take a look at whether it can be appropriate to take into account these high-growth potential financial markets are turning away a wonderful potential success story.
The assistance is available and the word what barrier is easy to cross using the right support. UK companies must be in advance and taking their share in the growth that we see happening during these markets.