There's a lot of traders to keep on top of as we launch into another busy year for international trade.
So, to help our members out in the first few weeks of the year, we asked some of our IOE&IT experts to offer their top practical tips for importers and exporters in 2024.
Be compliant and focus on relationship building
Kevin Shakespeare, director of strategic projects and international, says it’s important to always be focused on compliance.
“My top tip would be to stay compliant and make sure you have all your records in order.” He adds that the best way to achieve this to not see it as a drag.
“Don’t look at international trade as a chore. It may be easy for us to say when we find it interesting and exciting but try and see it as an opportunity to grasp as well as a big achievement.”
Shakespeare, a customs expert with decades of experience in the industry, emphasised the importance of building and maintaining strong relationships with suppliers and buyers, saying that international trade is always a two-way process.
“And this is just about whenever you’re negotiating to buy and sell goods. It’s about working together. I always say: repeat business is the best business.”
Don’t forget due diligence
Anna Doherty, senior trade and customs specialist, agrees with the need to focus on compliance, she recommends traders take the time to stay up-to-date.
“It’s important to always be on the look-out for changes. There are lots of things in development right now and there are even some changes we can’t anticipate.
“We’re living through very interesting times in a complicated world – in particular with complex supply chains.”
While many focus on documentation when it comes to trade compliance, Doherty urges members to also think about due diligence, saying its importance cannot be overrstated.
“This is not just about ‘know your supplier’ it’s also ‘know your customer’.
“Make sure you know who you’re dealing with beyond your immediate suppliers, customers and end-users.”
Keep on top of digitalisation
William Barns-Graham, executive editor, concurs with Doherty’s comments on the need to keep on top of numerous changes in trade policy, customs regulations and also the rapidly advancing tide of digitalisation of trade.
“There's a lot of changes due this year and next. We have the introduction of the single trade window, ecosystem of trust methodologies and the regulatory changes coming in with the Border Target Operating Model.
“And it's not going to stop there, because trade is very much at the centre of things like the climate crisis and the move to net zero and nearshoring. All these things are increasingly going to need digital solutions to support them. Businesses will
need to be at the top of their game when it comes to compliance.”
Barns-Graham says the best way for members to keep on top of all this change is to really engage with the Institute on these topics, and make the most of access to IOE&IT experts.
“Our experts sit on committees with government, providing industry feedback,” he adds. “And they are often the first people in line to get government views back to industry, as well.”
Read more here on how IOE&IT has been representing members in its engagement with government.
Be prepared and book early
Sarah Greenwood, strategic events manager, points to the IOE&IT events as a great way to make the connections with both fellow members and IOE&IT experts. She suggests keeping an eye out for new events and booking as early as possible.
“Booking early means you’ll be on the mailing list for all updates that are sent out, which in turn means you will find out about things that won’t necessarily be on the event website. As things are announced, we send out mailings. So book as soon as
possible to maximise the information you get.
She adds that if there are opportunities to engage with the event before the day, then it makes sense to take them.
“Last year, we started to incorporate Slido and other audience interaction tools into events, and in future we want that interaction with delegates to start in advance of events.
“Delegates will be able to submit questions to panels to help frame and shape the discussions.”
“Also, before the event share on social media channels that you’re attending. That way other delegates and the sponsors will know you’re there and may contact you. You can start the networking effect early.”
Greenwood adds that it pays to plan exactly what you want to get out of any event. She says there will be more of the sort of opportunities to meet IOE&IT experts that featured at last year’s MemberCon and the inaugural Import Export Show.
“Even if you haven’t necessarily got anything specific as a concern, it can be a good idea to engage with experts and get advice or support you didn’t know you needed. Once you’ve booked onto an event, don't think that’s it. Don’t just book and turn up.
Do your research and engage in advance. You’ll get much more out of it.”
Be open to the unexpected
Helen Hastie, member development manager, agrees with this focus on networking.
“I can’t stress enough how important networking is, whether it’s meeting your existing network or expanding it by meeting potential new clients or new partners. You never know, your next employer might be standing across the room.
“Unless you take the time to find out, you also won’t know who you are sitting next to. It could be a future business partner.”
Hastie adds that it also pays to keep an open mind and go along to events, including webinars, that may on the surface appear irrelevant to your current role.
“We had a member join one of our qualifications last year. As part of it he was invited to a slightly random webinar. His qualification was a Master’s in International Trade Strategy but he was an invited to a webinar on manufacturing. It seemed irrelevant,
but he went along and six months later he was working as a trade compliance manager for a major international manufacturing company.”
This, says Hastie, highlights that something unexpected had enabled his career to develop, but it also helped the business who put him forward for the qualification.
“While he switched employers, his original company was to reap the benefits of him moving up as they formed a partnership with the business he went into. As a result there is now a really strong collaboration in place between those two companies.”