UK Small Businesses Bullish About Brexit, As Half Believe They’ll Increase Exports
With Article 50 set to be triggered by the end of March, small firms are looking beyond the EU and want to sell to the world
UK small businesses are confident about their ability to achieve future growth, despite the uncertainty caused by Brexit.
A survey by Oxford Economics has revealed that 50% of all small enterprise owners believe they can increase their revenues by at least 4% in the coming year, with 57% believing they can achieve the same within three years – while 20% have set their sights on achieving an 8% annual growth rate.
Indeed, it’s suggested optimism among business owners is high, with respondents almost twice as likely to think growth will accelerate rather than slow down over the next three years during which it’s assumed the UK will officially leave the EU.
With Article 50 set to be triggered by the end of March, small firms are now looking beyond the single market and want to sell to the world, with the weak value of the pound attracting foreign buyers to their goods and services.
Jose Carvalho, a senior vice president at American Express, said:
“It’s very encouraging to see this evidence of optimism and self-confidence among small and medium-sized enterprises, both in Europe and globally. Businesses are deftly navigating through challenges and this resilience is helping them to thrive.”
With Brexit and an unstable pound causing economic uncertainty, has your small business considered overseas opportunities? Click here for our guide on exporting.