According to the 1.9 million small business owners that plan to move their firms abroad over the next year, almost a third are claiming that the international markets are much more welcoming towards smaller companies than the UK.
The report showed that the markets that appealed the most to small businesses was the United States, Australia, New Zealand and Canada.
The Head of Small Business Marketing at O2, Simon Devonshire, commented:
“These latest statistics highlight just how many small businesses are
looking to move into overseas markets in the next year.”
A number of experts believes that this poses a serious threat to the
future of the British economy. With so many politicians and bankers citing UK small business growth as the way out of the current economic downturn it makes one wonder if the British Government is doing enough to encourage small business startups and giving the right kind of incentives to keep British business on home-turf.
The Prime Minister, David Cameron, last month commented:
“We want to know where we can push the hardest. We have been able to do
some small things for small businesses however we need to know where small businesses need the help most.”
Mr Prime Minister – I think there is no simple answer. However, if I was to hazard a few suggestions this would be a start:
- Force banks to lend more and loosen credit lending criteria for small businesses.
- Drive business taxes even lower.
- Give free or affordable training to those people who need it. The right kind of skills can mean the difference between success and failure.
- Cut the red tape and simplify regulations on small businesses.
- Give debt management help and support to small businesses that need it.