Making sense of economic uncertainty

Making sense of economic uncertainty

There are many lessons to be learnt when looking at the rise and fall of economies.

Countries flourish and decline as a result of ambition, aggression, absolute advantage or through careful management of available resources. There have been winners and losers in the economic stakes throughout the centuries.

Without a doubt, governments have played a part, yet the real driver in economic growth is the private sector. Those organisations that have grasped opportunities when others overlooked potential.

The word ‘Economy’ comes from the Greek ‘oikonomea’ meaning extended family units and also from the Latin ‘oeconomia’ meaning the management of a household, the same intention that any business leader or manager has for their business. It neatly comes back to the management of available resources to make sure the ‘household’ is not only sustainable but successful. A state ambition, a business imperative.

While we can look back as historical observers, there is a constancy of rising prices, conflict, plagues, and natural forces wreaking havoc on economies across the globe. Then, as now, the challenges arise and multiply, creating both opportunity for innovators, and disaster for the unwary. Some businesses have flourished. Others have withered when they cannot adapt to uncertainty and volatility.

Certainly, we are experiencing high levels of disruption from myriad causes. In the UK, post-pandemic and post-Brexit companies are facing inflation predictions, supply chain disruptions, vacancies for key roles, increased regulations, fuel availability, and climate changes leading to drought and/or flooding in equal measures. There is discontent across the board. Indices produced by the Federal Reserve Bank shows that current geopolitical risk has not been this high since 2003. 

Against this background the government of the UK has laid down the gauntlet of achieving £1 trillion exports by 2030. They are reminding UK businesses that we used to be a trading nation with global networks and customers.

It is true that for many companies who used to ‘sell’ into Europe that learning the wider aspects of exporting and importing has been a steep climb accompanied at times by despair. There is a greater awareness of the challenges of trading internationally.  Strange concepts are emerging like IPAFFS, GVMS, Incoterms® to name but a few. 

More companies are being encouraged to export – the plethora of Free Trade Agreements is indicative of the emphasis being placed on economic growth through the private sector. To support this ambition, rafts of webinars, trainings and advice services have developed.  For those that have been exporting, they provide a useful reminder of compliance issues and developments. For new exporters, they can learn “on the job”.

Set against the scenario of uncertainty within global markets as illustrated in the World Uncertainty Index, many companies are risk averse. The Office for national Statistics (ONS) regularly provides further data that clearly shows the disparity between exports and imports. As a country we seem to be in a state of stasis, we need to energise the potential benefits of international trade and mitigate the risk of failure by considering a range of internal factors that will result in sustainable success in overseas markets.

This is where we are: A massive challenge set against significant business risk. 

As a company, we have been thinking about the current situation and asked ourselves;

“Why are companies risk averse to approaching new markets or extending the ones they have?”

“Could we help to mitigate those challenges to allow them to feel confident in their international growth strategies?”

We recognise that although companies can conduct market research, undertake training and, make plans, they face significant challenges with not only market customs requirements but also in maintaining quality, cost and delivery. Succinctly, their own organisation, their own leadership and direction may not be leveraging export opportunities. They are focusing on the complexity of international trade without checking that they had the internal strength to deliver to overseas markets.

Our innovative Global Trade Blueprint has been designed to overcome this reticence by merging disciplines to create a new way of approaching overseas markets. Using Lean principles and expert international trade knowledge, together with softer skills from NLP, mBIT and Transactional Analysis, it ensures both visibility and credibility in overseas markets – two essential criteria for sustainable success in the uncertain and volatile business environment. This powerful programme provides both personal and corporate development covering the importance of understanding internal and external forces inherent in international trade.

We have been assured during our trials when businesses have told us that this approach is a game changer for them. It increases their awareness of how geo-political, and geo-economic forces play in planning for the future. It allows companies to assess their strength and robustness to meet demand, it allows participants to adapt to and achieve future ambitions through both visibility and credibility.

In effect, International Trade Matters can reduce the risk by enhancing skills, productivity and agility.

Delegates will be introduced to sense-making to understand the right market for them by equipping them with a strategic map to outline their capability to succeed in our volatile and uncertain international environment.

 I just wanted to give you an update on our progress, most of which is thanks to the foundations that you helped me to build. We’ve won contracts with the NHS, MoD, Amazon, Sony and around 1000 other customers

Global Trade Blueprint Client

Want to know more?

Speak to the team today to find out how developing a Global Trade Blueprint for your business can help unlock potential and navigate the risks on the horizon and beyond!

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