Businesses that trade overseas targeting larger global footprint in next five years

Four out of five businesses that trade overseas plan to grow their global footprint in the next five years, according to new research from a Glasgow-based company.

The Translation People says it polled 500 senior executives with a direct involvement in international trade, including business-owners, export managers, sales directors, finance directors, marketing directors, logistics managers, operations managers and HR managers.

It found that 23 per cent of UK-based businesses that trade internationally have experienced an increase in overseas activity, and a further quarter have increased their targeting of new overseas markets since January 31, 2020, when the UK left Europe.

The firm, which is based near the West End of Glasgow and last year outlined double-digit growth in its client base, has also revealed the ambitions of global companies and the changes they have made to their operations since Britain left the EU and became affected by Covid-19. When asked what their biggest barriers were to overseas growth in the next 12 months, 39 per cent cited supply-chain issues, 36 per cent said rising business costs, just over a quarter said labour shortages, and just under a quarter said overseas conflict.

A quarter of UK-based businesses that trade internationally have experienced an increase in overseas activity, according to the report. Picture: Odd Andersen/AFP via Getty Images.

More than three-quarters said remote working has made them realise they don’t need to travel internationally as regularly, but The Translation People said this has put greater reliance on online communications channels and services. Three out of five firms surveyed currently use multilingual voiceover and subtitling translations, which can be used for content such as marketing videos, with a further 18 per cent planning to start using such services in the next year.

The Glaswegian company added that the use of translation services is also supporting businesses that increasingly find themselves with remote and international teams due to their growth. Almost six out of ten respondents say they now use multilingual voiceovers and subtitling for staff-facing content and meetings, and a further 16 per cent will use it for the first time in the coming 12 months.

Finally, two-thirds of global businesses already invest in marketing and design translation services, and a further 15 per cent will for the first time in the next year, with three-quarters saying they have seen an increase in international sales and conversions when marketing materials like their website, social media, packaging and apps are localised into the language of the target audience.

The findings of the research by The Translation People have now been used in an industry-facing whitepaper, which further explores the link between international business operations and the use of translation tools and services.

Alan White, business development director for the firm, said recent years have seen a “plethora” of challenges for businesses, but they “appear to have adapted and are making clear plans for growth in the coming years, utilising different services – like translation – to achieve their targets”. He added: “Whether it’s reconsidering travel, training their teams, or improving their marketing materials, businesses have strategies in place to continue capitalising on all the benefits international trade brings with it.

“Our role now is to continue providing insight and guidance on how different approaches to translation can support operations so businesses to navigate these uncertain times and achieve their overseas objectives. Doing so will help ensure the UK remains at the epicentre of international trade.”