UK market offering great possibilities

Comment:For all the focus on the US and continental Europe, Irish businesses are well aware of the great potential Britain offers as an export market. Not only is Britain still the largest export market for Irish business, it is also the fastest-growing export market, writes Stephen Hughes 

Enterprise Ireland believes 2007 will see a range of developments in the British market on which Irish companies are well placed to capitalise.

A key development will be the implementation of the WEEE directive, which comes into force in Britain next July. This should create many varied opportunities for Irish companies who have strong experience and proven skills in recycling and waste management. The close business ties Ireland has formed over the years with Britain will also help us all make the most of this opportunity.

However, more important are the lessons domestic businesses have gained through the earlier implementation of the directive in Ireland.

Many sectors will produce Irish success stories in 2007 but one worthy of particular note is the construction industry. While sports fans may yearn for the 2008 Beijing Olympics, it is 2012 where real gold exists for Irish companies. London is already experiencing a construction boom in preparation the Olympics. Close historical links and a strong reputation for providing services and products of exceptional quality will ensure that those running tenders for the 2012 constructions projects will welcome participation from Irish companies.

It is not just British-based issues which will continue to help Irish companies develop the potential that exists in Britain. The weakness of the dollar will be another reason why those companies looking to grow through the export market will look across the Irish Sea. At a time when being in the business of exporting to the US is becoming increasing tough, we are fortunate to have such a fertile market on our doorstep.

Ireland has been blessed commercially by the power of the Celtic Tiger, but future business growth must come through our successful businesses being supported in their drive to increase their share of the export market. Enterprise Ireland believes the work ethic, skill set and entrepreneurial ability which has bred success for Irish companies abroad over the last 40 years, must be nurtured and developed and used to convert available market share in Britain into the hands of Irish companies.

Whether businesses are thriving at home or achieving success in other export markets, they must seriously challenge themselves to ascertain the real potential Britain has to offer.

Enterprise Ireland recognises this strong opportunity and has as a result made significant investments in the future, one being a recent office move in London.

For those with ambitions to grow across the Irish Sea, or even a wish to understand the nature of the opportunity, there are some basic steps which will allow any company to identify and act on the potential.

1) Research. The first step is to quickly establish the size and needs of the sector you wish to target. As those companies in the environmental or construction sectors will discover, the time to act is now. At Enterprise Ireland we can provide data and insight on all key sectors and advise companies on what other practical support we may be able to offer.

2) Modify your products and services. Be prepared to adjust your offering to fit in with the specific needs of the British market.

3) Spend time on the ground. Not only is Britain the market with most potential for Irish companies, we are also lucky it is so close physically.

4) Invest in adequate sales and marketing support. Don't assume you can walk into the British market. Investing in sales and sales support early on will reap medium and long-term benefits.

5) Take the lessons from export success and translate these into additional successes in other export markets. We have seen time and time again how Irish companies can not only enjoy success in Britain but how this can act as a springboard for further moves into Europe and beyond.

What I'm hoping for in terms of my business new year resolution is that at Enterprise Ireland we can continue to identify and work with the very best talent in Irish commerce. Good luck to all Irish businesses in 2007. We look forward to hearing from you.

Stephen Hughes is director of northern Europe for Enterprise Ireland. He is based in London