The British market has become “saturated” and is forcing many businesses to look for new opportunities overseas, according to a new report by the Institute of Chartered Accountants in England and Wales (ICAEW).
The report showed that around 70% of small businesses are looking abroad to aid in their recovery after the most recent onslaught of the British economy.
David Cameron, the British Prime Minister, recently made a speech at the World Economic Forum in Davos, stating that economic growth could only come from more businesses establishing international trade. He went on to add that more emphasis needed to be put on manufacturing, exports, high tech and new greener industries.
The ICAEW have suggested that it is important for firms to focus their efforts on planning, processes and place before expanding their reach abroad as this is more likely to put them in a far better position to win new, international business.
The head of enterprise at the ICAEW, Clive Lewis, commented:
“The UK is an almost saturated marketplace. Economic growth will be delivered by SMEs and those that look beyond these shores to market their products and services. There are three key things to get right before exporting business though; the plan, the place and the process.”
Mr Lewis went on to add:
“There’s good news to support the prospect of growth from exports in the current exchange rates. UK exporters are enjoying an increasingly competitive position and more UK businesses are already choosing to exploit international markets to take advantage of the situation.”