31 per cent of small businesses are considering overseas expansion in 2012, according to new research. Author: Elizabeth Smythe
31 per cent of small businesses are considering overseas expansion in 2012, according to new research.
A survey carried out by accountancy firm RSM Tenon found that a third of British firms said tapping into new geographical markets would be a priority this year, according to Fresh Business Thinking.
‘Lonely at the top: the entrepreneurial challenge’ investigated the issues faced by small businesses today. A fifth of the bosses said they were hoping to expand their business by 25 per cent this year and a third believe that “increasing international opportunities” is an important step toward increasing British business.
This could be doubly important for companies who operate online; opening up their business to the world has the potential to significantly increase sales. Payments overseas need not be an issue as vendors can easily set up an international merchant account, easing the process of worldwide expansion.
The importance of global markets was highlighted by Mark Edmonds, managing director of entrepreneurs at Gripple. Firstly, he said UK business would be restricted if firms didn’t seek external opportunities. Additionally, as an island, exporting is “what we have always done as is part of our place in the world.”
Commenting on the survey, RSM Tenon’s Philip Coleman told 4-traders.com: “I think there are some really promising opportunities for UK companies at the moment. If entrepreneurs are prepared to look beyond the crisis and prepared to stay in for the long-term, then there could be some good rewards to be had.”