Bacon asked: “Is globalisation an opportunity or a threat? Governments are appreciating that protecting home industries from competition is only leading to higher inflation, lower levels of growth and preventing domestic companies from gaining the knowledge needed to compete internationally,” he said.

Sherwood Press learned to become a global player through experience. The company moved to Hong Kong in 2003 after completing thorough market research and talking to industry contacts to gain information on operating in the country. After this research, the firm founded its own Chinese plant by leveraging on client Marks & Spencer’s own international move towards global manufacturing.

Bacon identified four main challenges in what he described as the information age: globalisation of markets; changing industrial structures; the information revolution; and rising customer expectations. The internet has given more than 200m people the ability to communicate at almost zero cost, claimed Bacon, who argued this as the main driver of globalisation. “Companies can connect to each other globally and seamlessly integrate buyers and sellers into a virtual business,” he said.

He illustrated the importance of this “virtual business” structure, citing that while the entire UK book market is worth around £12bn, online retailer Amazon is worth £30bn. “Many markets once at the heart of the economy have ceased to offer profit opportunities for Western firms,” said Bacon, adding that developing countries are aggressively investing in the printing industry to increase their market share.

However, he warned firms not to rush haphazardly into international markets. Instead, a series of smaller steps should be taken to ease the transition. Bacon highlighted this with his ‘Ladder of Growth’, an outline of numerous goals that can help firms prepare to enter global markets.

Firstly, he said, printers must focus on client retention before growing their share of customers by winning new contracts. Then, focus should shift to developing new products and services. Once achieved, firms should consider entering new markets and creating new distribution channels, preparing them for the challenges of international growth.

Further steps include acquisitions, alliances and growing outside industry boundaries. But he reminded firms that the higher up the ladder they climb, the greater the potential risk. Barriers to success, he said, include failure, distance, cultural differences, inflation, currency and the cost of oil.

But Bacon added the risks of globalisation were offset by many benefits, such as gaining an international client base and profiting from lower material, product and service costs. “Moves have been made easier by technological developments, improved commun-ication, transportation and travel routes,” he argued.

The firm has utilised UK practices, such as lean manufacturing, alongside the production advantages that China offers. “The Hong Kong facility has since gone on to generate a £2.5m turnover,” said Bacon. “We worked hard to create the best blend of east and west that we possibly could,” he concluded.