British exporters have developed into a breed of linguists, contradicting the popular belief that Britons are a single language nation. Almost half of British exporters (41%) now claim they are fluent in the languages of their non-English speaking markets according to research* launched today (21 February 2005) by Bibby Financial Services.
Indeed, a further 24% of British exporters can hold a basic conversation in the native language of their trading partner. And British businesses are obviously committed to getting it right, with 39% of respondents having benefited from language or cultural training and nearly a quarter (24%) planning to do so in the near future. This homework is obviously paying off - only one in ten exporters have ever made an embarrassing or costly mistake due to a language or cultural misunderstanding.
European destinations remain British exporters preferred markets, with 86% exporting to Germany and 82% to France. Exporters continue to look further afield though with 4% of British exporters now venturing into Russian markets and 26% of exporters still attracted to opportunities in Africa.
When asked which new markets they were planning to enter in the next year the largest proportion of respondents cited the Middle East (14%) perhaps looking to capitalise on opportunities in Iraq and China (13%).
Late payment seems to be less of a concern for British exporters with overall levels remaining static over the past twelve months and the vast majority (77%) recording no change. The United States (73%) and Germany
(71%) where overwhelmingly voted the best paying nations, while the continent of Africa was considered the region least likely to pay on time.
British exporters are now more aware of the alternative funding solutions available to them. When looking to ease their cashflow burden the funding option of choice among the UKís exporters was trade finance (51%) followed by factoring and invoice discounting (39%), only 3% cited forfaiting as a preferred option and 13% grants.
Commenting on the findings David Robertson, chief executive of Bibby Financial Services, said: ìThis survey paints a very positive picture and reflects the professionalism of Britainís exporting community. While Europe remains the mainstay of exporting activity, exporters are increasingly looking further afield for new markets. Owners and managers are also recognising the benefits of securing the right financial solutions to fund their export ventures, with alternatives such as factoring and trade finance now considered the preferred alternatives to the traditional bank loan or overdraft.î
Britain becomes a nation of linguists
New research from Bibby Financial Services
