British marketplace ‘saturated’
UK firms turn to overseas markets
Many companies are exploring international markets as the UK marketplace has become overcrowded, according to a new report.
Research conducted by The Institute of Chartered Accountants in England and Wales (ICAEW) has revealed that 70% of small and medium sized enterprises are looking overseas to further their recovery, with access to new markets cited as the predominant reason.
Clive Lewis, ICAEW’s head of enterprise, said: “The UK is an almost saturated marketplace. Economic growth will be delivered by SMEs and those that look beyond these shores to market their products and services. There are three key things to get right before exporting business though; the plan, the place and the process.”
In a recent speech made at the World Economic Forum in Davos, the prime minister, David Cameron, made it clear that growth will come from international trade. He said: “We need to rebalance our economy with greater emphasis on exports, manufacturing, high tech and new green industries.”
According to the ICAEW, companies should spend time working on planning, place and process before attempting to expand overseas as this would put them in a better position to win business.
Lewis added: “There’s good news to support the prospect of growth from exports in the current exchange rates. UK exporters are enjoying an increasingly competitive position and more UK businesses are already choosing to exploit international markets to take advantage of the situation.”
© Crimson Business Ltd. 2011