£1 Trillion Government Export Target Won’t Be Reached

£1 Trillion Government Export Target Won’t Be Reached

The government’s target of having an export industry worth £1 trillion by 2020 looks unlikely to be reached, as 96% of all non-exporting businesses have no plan to sell overseas in 2017 – according to research by ICAEW. Despite an extensive advertising campaign, it’s revealed that just 53% of all UK small businesses currently export, the same number recorded in 2014 – with just 1% of enterprises exporting for the first time this year. Just 25% of businesses that sell abroad are planning to enter new markets in the next 12 months, down from 33% two years ago. When quizzed about why they decided not to take the jump into the world market, 41% of small businesses have replied that they had a sufficient customer base in the UK The US and Europe are the main destinations of selling for 30... »

Strengthened Currency Rate offers UK Firms Incentive to Export

As Sterling increases in value against the Euro, UK businesses thinking of expanding into Europe could save up to £66 per trip Sterling is now worth 15% more against the Euro, compared to two years ago, saving British enterprises expanding into European markets approximately £66 per business trip, according to research by currency business Centtrip. The new report revealed UK companies made approximately four million trips to the EU in 2013, spending a total of £2bn, an average of £428.78 per journey. For businesses making the same trips this year, Centtrip estimates firms would only need to spend £362.79 per trip, meaning the time is ripe for companies considering going abroad to analyse markets. Centtrip’s co-founder and managing director, Brian Jamieson, advises companies – especially t... »

Autumn Statement: The Key Issues Affecting Small Business

Promises of re-structured business rates, further tax relief and support to exporters announced during 2014 Autumn Statement On Wednesday, December 3, the chancellor of the exchequer George Osborne disclosed 2014’s Autumn Statement – outlining the government’s latest plans for the UK economy. A number of entrepreneurs cited hopes for extension on current research and development tax credits, cuts on corporation tax, and more government support prior to the release of the statement and many of these requests were answered. Here, is4profit has pulled together the key elements from the statement that will impact the small business community. British Business Bank Osborne announced that the government will be expanding its British Business Bank; this will mean that the Business Bank’s Enterpri... »

Government Called to Introduce Export Tax Breaks for Small Businesses

Forum of Private Business appeals to chancellor George Osborne as National Export Week begins The Forum of Private Business (FPB) has called upon chancellor George Osborne to introduce a tax break scheme to facilitate small businesses trading in overseas markets. Coinciding with the start of National Export Week (NEW), the FPB has stressed that exporting must be made easier for small and mid-sized businesses, with the forum proposing that the government introduce a tax scheme similar to corporation tax’s research and development relief. The FPB, which lists its proposals in its autumn statement submission, suggests reducing an eligible entrepreneur’s tax bill or providing export activity tax credits, which would increase along with the business’ overseas sales. This, the FPB believe, will ... »

7 Golden Rules for Driving Export Success

7 Golden Rules for Driving Export Success

Exporting is a crucial element if businesses are to grow, create jobs and boost the economy; UK Trade & Investment (UKTI) research shows companies that export can see a 34% increase in productivity within the first year of exporting and are 11% more likely to survive. Since we started exporting in 2011, we export nearly a quarter of our turnover, representing over £1.2m. We now export luxury cars, parts and accessories across the globe and have doubled our team to deal with business growth. Of course, exporting is not without its challenges. Here are some of the tips we’ve learned along the way to help your business achieve export success: Do your homework and research the market Research is a vital first step to assess if there is a market for your products. We’ve built relationships ... »

US named Top Small Business Export Destination

Importance of exporting highlighted as 37% of small and mid-sized businesses hit growth ceiling in the UK after three years New findings released by Barclays named the US as the top export destination for UK small and mid-sized businesses, with 55% selling to the market. The survey, which examined the most popular UK export destinations, revealed that the US was closely followed by France (53%) and Germany (51%). European countries dominated the list, with Spain (42%), Netherlands (39%), Belgium (31%), Italy (37%), and Sweden (29%) all present. However, Australia and Canada also featured in the top 10 list with 33% of small and mid-sized businesses exporting to Canada and 26% to Australia. The report highlighted the important role of exporting for business growth as 37% of businesses reach... »

Three Quarters of UK Small Businesses Not Exporting

52% of survey respondents identify ‘lack of support’ as main barrier to exporting despite 35% of businesses identifying new markets as essential to business success Despite a growth in UK exports, only a quarter of small and mid-sized businesses are trading overseas – with over half stating they require more support to do so. A FedEx survey of 1,000 businesses entitled The Great British Export Report revealed that, although only a quarter of small and mid-sized businesses are exporting, 35% of the respondents identified tapping into new markets as essential to their business’ success in the next 12 months. Furthermore, of those companies that are exporting 41% predict that in five years their business will be mostly international. Despite the government setting an export target of £1tn by ... »

Negative Online Content Becoming Major Concern for UK Businesses

Over three quarters of business owners surveyed cite negative online content as number one worry Three quarters of businesses cited negative online comments as their number one business worry in a survey commissioned by Igniyte. Having interviewed 500 business owners and senior managers, the survey highlighted an average loss per business of £46,815 as a result of damaging online content. One in five business leaders also noted dissatisfaction with their portrayal via Google. Although businesses believe that online presence is essential and 88% of the respondents stated that the company’s online profile is important to their customers, the survey demonstrated business owners lack confidence in their ability to manage their online presence – with two thirds of respondents stating they are n... »

Small Businesses Optimistic about Domestic and Overseas Growth

British Standards Institution survey shows that over half of small and mid-sized businesses expect their turnover to increase in 2014, with 20% planning to expand abroad A report conducted by the British Standards Institution (BSI) has found that 56% of small and mid-sized businesses are optimistic about growth in domestic turnover, with only 13% expecting their annual turnover to decrease. Furthermore 20% are looking to begin exporting overseas while 18% plan to develop their current overseas market. Although the BSI findings were positive overall, they also highlighted key barriers small and mid-sized businesses worry will obstruct their progression both at home and abroad. The survey revealed that main concerns were the sustainability of the economy’s growth (34%), as well as lack of su... »

A World Awaits for UK Exporters

A World Awaits for UK Exporters

There are opportunities for UK exporters in all corners of the world. They include: Brazil – The value of UK goods exported to Brazil grew by 24 per cent to £2.2 billion in 2010. China – China has become the UK’s ninth largest goods export market and British export activity there rose by 418 per cent from 2000-2010. France – The UK’s fourth-biggest export market. India – UK exports to India grew 45 per cent between 2005 and 2010. Ireland – Widely considered the ‘easiest’ overseas market for UK exporters, who sold goods worth £17 billion there in 2010. Mexico – UK goods exports to Mexico increased by £207 million in 2010. 24 per cent of internationalised UK firms said that they are already doing business here or are ‘very’ or ‘quite’ likely to do so in th... »

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