The Prime Minister has issued a national challenge:

• to double exports to £1 trillion by 2020;
• to remove the trade deficit by 2020;
• to increase the number of firms exporting by 100,000 by 2020;
• to raise the number of SMEs exporting from the current level of one in
five, to the European average of one in four, by 2020.

So can we meet that challenge?

Choosing a partner in business can be rather like choosing a partner in life.

Once off the ground, a business joint venture (JV) typically last less than 5-7 years in the form they were created, much like a "marriage of convenience".

After some time, the phenomenon of "same bed different dreams" starts to creep into the "marriage" and so the JV fail.

The term joint venture is often bandied about when companies talk about looking for partnering opportunities and it's surprising how loosely the term is used. In essence, a true joint venture in business terms is really an 'equity partnership' in which both parties share equity, knowledge, markets and profits.

The key to a successful JV is in the planning. Done correctly, the benefits for both parties can be enormous since both parties share resources to achieve a common goal.

One partner may bring the technology and the other knowledge, about the local market. Some of the benefits include - shortening the learning curve, enhancing capability, reducing cost and risk, speeding-up market entry, while building up credibility and competitive advantage.

But, don't rush - poorly planned and executed JVs can be doomed.

I'm often asked by companies for advice on how to tackle a new market and among the many routes to market, Licensing is definitely worth considering.

Licensing is essentially the granting of a 'Right' by the owner of the intellectual property to another business or individual to do something that, without that permission, would infringe the owner's Intellectual Property Right.

It's particularly useful for those who recognise the value in their intellectual property (IP) be it inventions, trademarks, industrial or even architectural designs. Or creative products such as music, art or film. These can all provide income for a company by giving others permission to use its IP in return for a royalty payment.

Today's business world is fast changing and many companies that seek new markets for their products face constraints within their own organisations - such as lack of skill sets or resources to meet market opportunities, little local knowledge of these markets, shortage of capital to invest in the venture, or simply not enough time in the day!

Licensing is relatively quick to set up and can generate rapid revenue streams - all with the added attraction that it is a relatively 'hands off' solution.

There are all sorts of licensing arrangements depending on who you want to use your IP and where.

Choosing the right route to market is critical for success in any market and can easily mean the difference between success and failure. Getting it right can spell increased sales and profits, while getting it wrong can lead to headaches and frustrations and ultimately, wasted time and money.

You may decide to control your destiny and sell direct. But the most common routes to market, especially in Europe, are through commercial agents or distributors.

In using either you need to look at three key factors: the risk you are prepared to take; the control you need and the flexibility offered.
Of course, having the right product in the first place is essential. It needs to be fit for market, meet market regulations and have some kind of competitive advantage.

The next step is to choose your market and acquire a good understanding of the dynamics of that market from supply chain to final customer.
Many companies opt for a commercial agent to help sell their goods. The right agent helps a company save on overheads and gain key information through the agent's local knowledge and contacts. This route also allows the company to be in control of the sale and to pay on results.

These are all valuable benefits. But the use of agents isn't without pitfalls. Agents need to be properly managed with good communication, clear guidance and a robust, legally enforceable agreement specifying, for example, if the agent is to be the sole agent for your product. If things go wrong, a bad agreement can be costly. It's worth remembering that as the seller (commonly known as 'The Principal') you retain the 'Title of Goods' and therefore carry all the risk associated with any transactions.

To help you with drawing up a template for an agreement, have a read of 'The EU Commercial Agents (Council Directive) Regulations 1993'. It sets out the duties and obligations for both you and the agent, and provides some guidance on remuneration, terminations, compensations and restraint of trade.

An alternative to an agent is a distributor. This route can meet a need to achieve sales volume and economies of scale from productivity and financial accounting while also having the advantage of offering a local facility for stockholding and infrastructure to handle delivery and after sales service to a multitude of consumers.

However, in a distributor agreement, the 'Title of Goods' normally passes to the distributor. This can lead to a loss of your own deeper knowledge and understanding of the market, a reduction of margin income and less control in product pricing. This means you need to be more diligent in understanding pricing models and marketing and to provide good marketing and advertising support.

Whatever the route to market, clear and robust agreements are key. It's essential to take professional advice and have your agreements prepared, checked and approved by professional legal advisers.

You then need to manage those agreements by keeping close records and having regular review meetings with your agents/distributors.

Other key routes that can be considered are licensing, joint venture, incorporation, acquisition overseas or even greenfield investment overseas - but that is for another time.

At UK Trade & Investment we provide free, expert advice on how to get started and which routes to market may be best for you. If you'd like to find out more, contact my colleague Hari Rai at h.rai@cad.coventry.ac.uk

This was the message from both the Prime Minister and the Trade Minister Lord Green at a major Summit on exporting held in London last week.
Launching 'Exporting for Growth' in the UK, PM David Cameron, HSBC Chief Executive Brian Robertson and PWC Chair Ian Powell all spoke extremely supportively of boosting the UK's export platform. Nick Baird, UK Trade & Investment's Chief Executive launched some new initiatives including teaming up with founding Dragons' Den panellist Doug Richard and Yell to get 3,500 businesses into workshops all over the country to ensure they are able to exploit the global opportunities offered by the internet.

The PM's message was clear - we need to excel in trade if we are to grow the UK economy at a time when global economies are under huge pressures. The challenge is to get more SME's exporting and to do so, there needs to be greater engagement between the public and private sectors in supporting and developing our exporters.

Here in the West Midlands we have a proud history of international trade. Many of our companies are already doing well in international markets with innovative, cutting edge products - but we need our existing exporters to export more; and more companies to start exporting.

At the Summit there were over 400 representatives from intermediary organisations - banks, lawyers, accountants, consultants, trade associations, Chambers of Commerce, etc discussing how we can do this.

Nationally a number of promising initiatives are already underway such as:
- HSBC has introduced a Business Thinking programme including support for Trade Missions and Mentoring for SME exporters working with UK Trade & Investment.
- Barclays is working with UK Trade & Investment, utilising their customer base and expertise in Sub Saharan Africa to promote exports.
- Lloyds is launching a programme of Export Mentors working with the Manufacturing Technologies Association and UK Trade & Investment.

But this sort of cooperation should not be limited to the "big boys" in London. There is much we can do at the local level. Here in the West Midlands we will be holding our own Exporting for Growth Summit on 28th February for regional SMEs and intermediaries.

In the meantime if anybody has any thoughts or ideas on how UK Trade & Investment in the West Midlands might work more with local partners to help exporters I would be delighted to hear from them!

If you'd like more details of the announcements made at the Exporting for Growth Summit last week, have a look at the website: http://www.ukti.gov.uk/pt_pt/uktihome/media/item/217400.html

Much of the informed chatter coming out of Whitehall continues to focus on boosting international trade, on how the country can stimulate economic growth and employment opportunities through a robust approach to foreign markets. And it isn't just government that's pushing this agenda but also a host of business organisations, multipliers and stakeholders such as banks, accountants and lawyers.

Indeed, Lord Green, Minister for Trade, has made it an integral part of the UK's immediate export strategy to align and build on the relationships the multipliers have with their customer base to push the export agenda more widely. And why not, as any means that gets the message out effectively has got to be welcome - and who better than the business and service professionals, the multipliers, working alongside UK Trade & Investment?

A major barrier to export growth is confidence and knowledge. But how to find out what to do, how to do it and where to start? We know that businesses are inundated with invitations to business events. So much so, that sometimes there aren't enough hours to do the day job, let alone attend everything on offer. That's why at UK Trade & Investment we try very hard to make sure that anything we invite businesses to has a tangible outcome they can use.

One area of growth is Aid Funded Business. And there's a very good reason why SMEs should think about this area of export. Last year the United Nations alone bought and procured over US$10 billion of goods and services with an average contract size of just under than US$100,000. Dealing with major NGOs and Development Banks - such as the UN or the World Bank - can sometimes be intimidating to SMEs. But it really does help to have someone who's done it before to show you the ropes. We can help with advice; support; research and networks.

With the global total of Aid Funded Business so vast, there aren't many sectors that are not part of the picture. So is there anything in it for you? To find out, come along to a workshop called 'An Introduction to Aid Funded Business' being run by UKTI / Birmingham Chamber of Commerce at Villa Park on 29th November. For details contact: c.boxall@afbs.org.uk

Can we export our way out of recession? My own view is that economic recovery will need to be much more broadly based but trading internationally and taking advantage of the opportunities the global economy still provides will play an important part in the economic wellbeing of this country.

Exports have always been the cornerstone of UK trading success and they are still equivalent to nearly 30 per cent of UK GDP.

We need to increase exports from existing exporters and increase the overall number of West Midlands exporters - and recent research has shown that the signs are promising.

The percentage of companies nationally doing business overseas has risen from 26 per cent to 31 per cent over a two year period.

More young companies are seizing opportunities at an early stage. One in five companies currently doing business abroad is classified as " born global" - ie has been doing international business since day one. While more than one third of companies less than five years old reported significant growth due to exporting.

Nearly 40 per cent of companies say that exporting delivers levels of growth that wouldn't be possible otherwise. Companies also report a significant return on investment, improved financial performance and higher levels of innovation and productivity as a result of doing business overseas.

Most companies do business by selling direct to foreign companies or through agents, but there is growing evidence of the use of other routes to market such as distributor networks, joint venture/partnering, manufacturing under licence and establishing a direct presence in a market.
The research also shows that companies who access support services like those provided by UKTI tend to be more ambitious, innovative and strategic, and are more likely to progress faster than those who do not access support.

If you want to know more about the research or more about how UK Trade & Investment can help you start exporting or increase your exports why not arrange to talk to one our specialist International Trade Advisers? This is a free UKTI service available through the Chambers of Commerce in the region and if you contact http://www.wmchambers.co.uk they will arrange for someone to call you; or simply get in touch with me on 0121 345 2205.

When we talk about innovative technologies and high growth businesses, we tend to think of software services, mobile phone technologies and ipads.

It's perhaps less well known, that here in the West Midlands, one of our biggest technological success stories is in the fields of gaming and digital media.

We have a wealth of gaming companies across the region which develop and produce innovative apps and games used by commercial and retail markets worldwide.

Yet many of these small, innovative companies are not maximising their potential and selling direct to the likes of Sony, Microsoft, Nintendo and other international customers.

I can't remember who first said "export or die" - but sometimes it feels bit like that at the moment!

Recent weeks have seen ever growing concern about Greece, Ireland, Portugal, Spain and the Eurozone crisis, Italy being drawn into the crisis and then the markets turning on France.

This combined with poor economic performance figures from Germany and the USA and the US debt fiasco have left markets jittery and in fear of another global recession.

So how can we improve export performance against such a background?

The answer lies in what in the past have been called " emerging markets" - although I prefer " high growth markets" ( as far as I am concerned markets like India and China " emerged" a long time ago!).