International Trade ‘Crucial’ to UK Small Enterprise Growth
The United States and Western Europe are cited as the top target growth markets for UK small businesses
International trade is seen as ‘crucial’ to the UK economy with smaller enterprises believing it will drive 25% of their growth over the next five years, according to a study by EE titled SME International Ambitions.
Surveying 1,000 UK small businesses, the United States and Western Europe were identified as the top growth markets with 55% of business owners saying they are either trading or planning to trade with the American market while 82% said the same of Western Europe.
Other key growth markets named were the Nordics, Asia, and Australia.
Manufacturing (71%), media and marketing (67%) and IT/telecoms (43%) were identified as the industries most likely to be trading, or planning to trade, abroad
Business owners also highlighted the impact that mobile technologies had on their trading abilities with 69% having deemed international calls as ‘critical’ to their business, while 70% said mobile technology helped them better interact with customers overseas.
David Mason, managing director of EE client Anthony Sinclair, said: “International operations are crucial to our business. We travel frequently to Europe and America to meet with suppliers, clients and new business leads, and technology helps us to bring the office with us.”