Britain Is Still Open For Business

on 8th May 2023 at 2:02 pm

Contrary to popular belief, trading in the UK is still open for business. Yes, the economy is uncertain, and yes, half of B2B SMEs are questioning their future, but that relates to a ripple effect that’s still rippling its way through the country. It wasn’t helped by the fact that post-pandemic, the government and banks hiked interest rates in a desperate attempt to combat the financial downfall of the pandemic and then of the war between Russia and Ukraine, which caused gas supply issues.

Those are three issues, but there are other factors at play, and we won’t turn this into an failing UK economy 101 article. Instead, we’ll talk about how the UK is still open for business – and there are plenty of ways for B2B brands to thrive. Let’s explore.

Markets Opening Up

The promising news that’s hit the headlines lately for the UK – Business and Trade Secretary opens up markets worth £11 million every day to UK businesses. That was the latest press release from the UK government that writes about how Kemi Badenoch – the Business and Trade Secretary – has knocked down barriers to markets that will bring more than £2.2 billion in trade. That’s over £11.1 million per day.

It’s no secret that post-Brexit trade between the UK and the EU hasn’t exactly been a walk in the park, which is one of the reasons why so many SME B2B brands in the UK struggled to thrive. Bureaucracy, red tape, and bans have been obstacles that many brands simply haven’t been able to overcome, but it’s evident the government is finally doing something about it.

As outlined in the press release, it’s not just about barriers to the EU; it’s global. Here are some of the barriers that she’s removed:

Support for companies to access financial products in Mauritius and support further development of the local financial market.
Removing a ban on importing luxury products, including toys, diamonds and colour TVs for Nepal.
Allowing the export of pet food to Chile
Review of regulations such as the price threshold for the sale of refurbished mobile phones to Turkey.

Still, there’s a long way to go before trade between the EU and the UK becomes easy – in fact, not one of the points in the press reease relates to the EU, but at least it’s progress.

Brands Are Thriving

The brands that are thriving are really thriving. They’re using the best marketing, sales channels and actually taking the time to research what’s required for a brand to succeed. Timing, investment, and perseverance also play a part, of course.

It’s also thanks to the new platforms and new investment funnels, enabling B2B brands to sell seamlessly. Allinged, for example, recently raised $5.8 million to build a B2B buyer-seller network. BigCommerce has added new functionalities to its B2B eCommerce platforms that facilitate sales. And, everywhere else you look, brands are securing funding enabling them to grow – Region’s B2B e-commerce platform Eighty6 securing $3.7 million is one of the most recent.

Multiple Channels Equal Success

Whether B2B or B2C, multiple sales channels equal success. But what’s interesting is that b2b marketing channels are now taking new directions – introducing the rise of the b2b influencer. One article outlined how brands are exploring the hugely successful influencer philosophy that uses popular Instagram pages to promote products and services. It works for B2C, so technically, it should work for B2B.

There are other channels for communication and sales, including; email, LinkedIn, customer incentive programmes, and trade events. These also transpire into sales channels, but one of the biggest not to be ignored is e-commerce.

E-commerce is the best sales channel for B2B at the minute, and with the likes of Amazon Marketplace and BigCommerce creating platforms that allow B2B brands to trade seamlessly, it’s a no-brainer to have a foot in the E-commerce door. It’s something McKinsey research now says is essential for B2B success.

B2B sales are far more complex than B2C, and the current economic climate and trade restrictions in the UK have made it tricky to sell, but that doesn’t mean Britain isn’t open for business. It simply means there are more obstacles in place.