SMBs are missing opportunities in the export market. An International Trade Survey of 8,000 UK companies has revealed that nearly 70% do not currently export, according to The British Chambers of Commerce.
The reasons cited are various, and include unsuitable products and services, lack of resources and needing help to find overseas customers. And with exports falling, the trade deficit for December was £4.831 billion – the highest it’s been since August 2005.
Business Secretary Vince Cable yesterday announed four new schemes to help firms, including:
- An Export Working Capital Scheme
- A Bond Support Scheme
- An extension of the Enterprise Finance Guarantee (EFG) to exporters, offering export finance of up to £1m to small and medium-sized enterprises (SMEs).
You can find more on this story, plus download a Trade & Investment white paper on the BBC website.
The British Chamber of Commerce export zone is a great place to start looking for advice on how to take your business overseas.
And in May last year, Emma Jones from Enterprise Nation contributed a guest post on 4 ways to grow your business including advice on going global.