Business development Rebecca Smith · 9 November 2015
880, 000 of the UK’s small businesses aim to expand overseas by 2025
Nearly a fifth of Britain’s small firms intend to expand overseas by 2025, an increase from the 10.8 per cent currently taking advantage of additional export revenues. Research conducted by business e-lender Everline and the Centre for Economic and Business Research (Cebr) found that after growing their workforce, exporting was the next popular option for how small firms planned to implementexpansion plans over the next ten years. Differences wereevidentacross regions, with nearly twice as many London small businesses intending to export, while those in the North were least likely to look overseas with 11 per cent of firms saying it was on the horizon for them. This was followed by the South at 13 per cent and the Midlands at 17 per cent. The industries most likely to engage in exporting over the next ten years were IT and telecoms (29 per cent), manufacturing (26 per cent) and media, marketing and PR (23 per cent). Finance and accounting firms had less concrete intentions, with seven per cent intending to expand overseas, and 14 per cent of retail outlets, even though online has widened opportunities to scale internationally. Russell Gould, COO at Everline, said: Although the number of small businesses planning on expansion overseas is hugely positive, more could be done to encourage small businesses in this area, particularly outside of London. He pointed out the Annual Business Survey figures showed that a third of medium-sized firms, and 41 per cent of large companies currently take advantage of export growth. ‘small businesses should work with industry bodies like the UKTI to see what opportunities exist.
ABOUT THE EXPERTRebecca Smith
Rebecca is a reporter for Business Advice. Prior to this, she worked with a range of tech, advertising, media and digital clients at Propeller PR and did freelance work for The Telegraph.