But how can your business tap into this market effectively? This blog explores strategies to integrate into international supply chains, boosting your business’s reach and success.

Strengthening Trade Links

Sporting events have a unique way of uniting people from around the world. With fans travelling across Europe for Euro 2024 and other global events, there’s a significant opportunity for businesses to capitalise on this international movement.

If your business caters to sectors such as sports manufacturing, medical supplies, or food and beverage, now is the perfect time to boost your supply chain links. Establishing robust international trade connections can position your business to meet the rising demand associated with these events.

The Impact of UK Consumer Spending on Sports

Historically, major sporting events have substantially increased consumer spending in the UK. As an example, in the third quarter of 2023, UK households purchased approximately £2.2 billion pounds’ worth of sports and other outdoor recreation equipment[1]. And during the 2018 World Cup, UK consumers spent £1.9 billion.

While we can’t predict exact figures for Euro 2024, it’s reasonable to expect a significant boost in spending, particularly if England advances to the later stages. Businesses should prepare to meet this surge in demand which could potentially increase their revenue by millions.

International Trading –  A Strategic Advantage: Sourcing Products Beyond the EU

Southeast Asia presents numerous trading benefits for UK businesses, including a skilled workforce, lower labour costs, and established trading routes. The region also offers a wide range of suppliers who are eager to engage with UK markets.

To ensure quality and standards, it’s crucial to implement a thorough and reliable audit process. Engaging local auditors who specialise in specific areas or conducting comprehensive supplier audits can help maintain high standards and efficiency.

The Benefits of a Strong Supply Chain

With Euro 2024 on the horizon, now is the time to evaluate and strengthen your supply chain. Conducting a detailed supply chain audit with on-the-ground specialists ensures compliance, reduces risks, and enhances performance.

A robust supply chain leads to cost reductions and increased profitability, positioning your business to thrive during and after the event.

Get in Touch

For more information on optimising your supply chain, visit the supplier auditing section of our website. Contact Kiley Tan at 07885 784783 or via email at kiley.tan@mosaicint.co.uk for expert advice and support.

[1] Statistia, 2024

The post Harness the Excitement of EURO 2024 for Business Growth appeared first on Mosaic International.

New HMRC declaration system for exporters from 30th March

Any trader making export declarations needs to move to a new HMRC system from March 30 this year. The CHIEF system is being fully replaced by the Customs Declaration System, and anyone who has been using the old system will now have to move across.

There has been a transition period from the old to the new system, but it ends on this date. You will need your Government Gateway ID to subscribe to the system, plus:

• Your EORI number that starts with GB or XI — if you do not have one you can apply for an EORI number when you subscribe — you’ll need to meet the eligibility criteria to register for an XI number.
• Your Unique Taxpayer Reference (UTR)
• The address for your business that’s held on customs records.
• Your National Insurance number (if you’re an individual or sole trader).
• The date you started your business.

What happens once I’ve subscribed to the new system?

Once you have subscribed to the new system, you will either gain access within two hours, if HMRC doesn’t need to make any additional checks, or five days if it does. It is best to give yourself plenty of time in case your access is delayed, so you don’t find yourself needing to move goods but not having access to the right paperwork.

If you have already subscribed to the new system for either imports or exports, you don’t need to sign up again.

UK Export Finance doubles limit to £10m for traders

Small businesses looking to access funding to expand their exporting opportunities can now fast-track their applications with UK Export Finance, the Government’s export credit agency, and apply for twice the previous amount. The limit available now is £10m.

The move makes it “easier than ever” to sell into international markets, according to the Government, as the UKEF has now expanded its ‘auto-inclusion’ scheme which offers fast-track access to products such as the General Export Facility.

The payment terms have also increased from two to five years under the scheme, which increases the repayment flexibility available to small businesses too.

How does a business access this funding?

To access this funding, a business would need to speak to a participating bank, but the auto-inclusion removes the need for a manual intervention by UKEF, so the funding should be accessible quickly.

If you’d like to know more about these changes to exporting and how we can help you navigate your exporting journey, contact Mosaic International today!

The post Export market update appeared first on Mosaic International.

So how do you tap into this market to benefit your business?

In this blog we dive into ways your business can enter into international supply chains in order to boost business growth.

Thinking about trade links

Nothing brings people together like a shared common interest, and sporting events is one of them. We’ve had people from across the globe travel to the UK in recent months for events hosted here in the UK, and it wouldn’t be a surprise if many UK residents travel off to the middle east later this year for the World Cup.

If your business can benefit from this sort of international trade, be it sourcing parts to sporting manufacturers, having ties with the medical industry or even the food and drink industry, then now certainly is the time to start thinking about those supply chain links.

UK Consumer spending during sporting events

From 2005 to 2019, consumer spending on recreational and sporting services in the UK increased from roughly 7.6 billion British pounds to approximately 12 billion British pounds. And during the last world cup in 2018, UK consumers spent £1.9bn during the tournament.

Now we’ve not got a crystal ball, but we can see how spending might play out in this year’s World Cup (certainly in the billions), and it’s worth noting that if England make it to the final, you could add an extra billion onto estimated figures.

Sourcing products from outside of the EU

Southeast Asia offers many trading advantages to UK businesses. The region offers a highly skilled workforce, with lower labour costs and a well-established trading route to the UK. It also offers a wide range of suppliers who are ready and willing to do business with you.

Having a reliable and robust audit process ensure quality and standards are maintained and you’ll want a localised auditor who’s specific focus is on one key issue, or a full audit across a whole supplier system of operations.

Key benefits of a supply chain

Now really is the time to start thinking about your businesses current supply chain ahead of the World Cup later this year. From having a comprehensive supply chain audit, conducted by a specialist on the ground auditor at the supply source, you’re ensuring that a robust quality management process of compliance, risk reduction and an improvement in performance output is obtained.

This results in a reduction in costs and an increase in profitability.

Get in touch

For more information about our localised supply chain, visit the supplier auditing section of our website or contact Kiley Tan on 07885 784783 or kiley.tan@mosaicint.co.uk for more info.

The post The beautiful game (and international trading) appeared first on Mosaic International.

In our latest blog, we take a look at how travel disruption can affect a supply chain, and why having a plan B is just as important as your plan A.

Servicing your customers and completing orders if your supply chain breaks down

With the current issues facing air travel in the UK at present, there will be no surprise that the delays and cancellations in flights are not only affecting those wanting to take a vacation abroad, but also businesses who rely on air travel for trade.

Since the pandemic, airline companies laid off 400,000 members of staff worldwide, but now the demand for international travel is getting back to normal again, airlines are becoming overwhelmed due to a lack of human resource. This lack of planning has meant that in the UK alone there have been over 900 flight cancellations since May.

There are, of course, other modes of transport, such as shipping, but as we saw with the Ever Given and the Suez Canal in 2021, unexpected problems can arise without warning whatever your preferred mode of transport.

Do you have a back-up if a supply problem arises?

As well as supply chain disruptions caused by travel delays, those who travel abroad for business to make links with customers, make deals, and check on how companies are progressing in other countries a lack of physical presence can also cause issues.

In the physical supply chain, there are options with an on the ground supplier audit service. For example, can you service your customers and complete orders if your supply chain breaks down?

The issues we are facing now with travel disruptions could mean that your product either won’t get where you need it or will be delayed to the point where it is damaging to your business.

Do you have a plan B or a backup supplier in another country if this happens?

If you do, that’s great! But you will need to think about whether your plan B supplier can give you the same amount of quality, and cost-effective product as supplier A. If you do not have a backup supplier, now is the time to source one – and we can help.

Supplier Auditing

At Mosaic International we have an ‘on the ground’ supplier audit service, that is physically based in the local territory of your supplier.

Having a locally based supplier auditor offers major advantages; they can immediately respond to changing circumstances, such as transport blockages and delays, but one of the biggest advantages is they understand the local culture.

This gives our clients a major competitive advantage. Those businesses that have been dealing with this region for some time will know how different working practices are abroad compared to the UK.

Looking at new markets

Global purchasing is on the increase and the Pacific Rim is going to be on most importers list. Here at Mosaic International we can help your business develop in Southeast Asian markets.

We can support you in starting the process of determining which part of the region your products could enter, who your suppliers should be and how to exploit these opportunities.

The reality is this is a medium to long term project – and if you don’t start, you’ll never reap the benefits. While it is never too late, it is also equally true that it is never too early to start!

For more information about our localised supply chain, visit the supplier auditing section of our website or contact Kiley Tan on 07885 784783 or kiley.tan@mosaicint.co.uk for more info.

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