Coltraco Ultrasonics Limited’s Carl Stephen Patrick Hunter explores the opportunities and challenges that British exporters face and identifies some tips to help them achieve their goals.
Like Trade Finance Global, Coltraco Ultrasonics is a Department for International Trade Export Champion. Our role is to champion international trade and encourage fellow British companies to begin exporting if they are only currently trading domestically, or to explore new regions for those exporting to a few countries. DIT enables their enthusiasm for international trade with the national Export Strategy, which compliments BEIS’ Industrial Strategy. We also warmly support the dynamic leadership of UK Export Finance as an example of the great convening authority of HMG with the UK financial sector to support UK exporter banks to finance their exports but also UK exporter customer banks overseas to finance their companies to purchase UK goods and services. Set amidst all of these is DIT’s GREAT campaign – the single most successful cross-departmental marketing achievement in HMG and one designed as a platform for exporting by beginner, intermediate, and advanced exporters alike. Furthermore, we warmly support the Prime Minister’s Trade envoy network and the network of global HM Trade Commissioners.
Trade Finance Global provides just such a method to ease working capital challenges such as those brought on by long payment terms or upfront costs. TFG helps companies grow and increase trade. They also provide case studies about other exporters with business wins and success stories. For example, Trade Finance Global kindly featured Coltraco Ultrasonics on their newly launched Exporter Hub. TFG interviewed Coltraco’s CEO Carl Hunter about “What is Global Britain and how can it win in overseas markets?” back in August 2018.
It is a pleasure to speak to TFG again with the announcement that we are the winners of the prestigious Queen’s Award for International Trade, for Outstanding Continuous Growth in overseas sales over the last six years.
Who are Coltraco Ultrasonics you may ask? Well, we are committed to innovation; we are proud to design and manufacture in the United Kingdom. We are honoured to be partners with the GREAT campaign and we fly the flag for UK Plc worldwide. Our CEO is an Expert Panel Member of the Business Integrity Initiative at the Department for International Development, member of the UK-USA SME Dialogue, a Business Mentor to the Commonwealth and a Decision-Making Panel member of the Bank of England. Our CEO was admitted to the degree of Honorary Doctorate of Science from Durham University and is Professor-in-Practice at Durham Business School and supports the Overseas Leadership Programme at the FCO.
My tips for those seeking to export are to have a clear idea of your vision, mission and strategy in place before starting.
A second top tip is to know your values. Integrity is at the core of what we do – from our design through to manufacture and customer service. We understand the opportunities of international trade and have spent 25 years travelling to 30+ countries annually across a variety of advanced and emerging markets in Asia, the Middle East, Europe, North America, Africa, and South America. 40% of our exports go to: 10% to the Middle East, 15% to the EU and 17% to the USA which is our lead national market. Exporters are exposed to a greater array of competition, customer requirements and logistic and financial demands. This exporting experience is brought directly into our company to make us “better, faster, cheaper”.
Lastly, to export you need to develop a global network of trusted partners, distributors and agents.
We export 89% of our output to 109 countries, support our customers through our global network of strategic partners and ODA service stations, and digital presence in our core market sectors of marine, Naval, offshore oil & gas, renewables energy, fire, safety engineering, telecommunications, data centres, power generating, and electricity & gas distribution.
We encourage all businesses to export – there is a world of opportunity.
Read this full issue of Trade Finance Talks, free
This article was part of TFG’s third issue of Trade Finance Talks: Trade Wars & Tradetech, launched at Sibos 2019. This free issue gets into the detail of trade wars, trade flows and geopolitics, as well as looking at how digitisation and fintech is bridging the trade finance gap. You can read the full edition for free here.