UK “Micro-Multinationals” Growing Faster Than Domestic Small Businesses
Nearly four in five UK micro-businesses that trade overseas are now of the opinion that you don’t have to “be big to be global”
31% of UK micro-multinationals –micro-businesses that open offices or hire staff in one or more overseas market – are growing at a rate of 11% or more, compared to just 21% of domestic small and medium enterprises in the same position, according to a report by FedEx Express.
Surveying senior decision makers across 12 markets, the research found that 78% of UK micro-multinationals feel international trade is just as accessible for smaller enterprises and believe that you“don’t have to be big to be global”.
40% of UK micro-businesses operating abroad have opened offices in new markets in the last five years, one of the highest rates in the world, with three in 10 having increased overseas employee numbers.
Different skill sets, technological benefits and lower overheads were cited by UK micro-multinationals as the top three factors contributing to this increased performance.
Martin Davidian, managing director of sales UK North and Ireland FedEx Express, said:
“With a wealth of benefits for the taking, becoming a micro-multinational is certainly something small businesses should consider.
“Microbusinesses have the agility to respond quickly to market changes, which is more essential than ever in today’s connected world.”