Expanding overseas increases small business growth by a third in two years, report claims
Over 80% of surveyed businesses claimed an improved bottom line 24 months after exporting
Businesses that export grow by almost a third in two years, according to new research from Barclays.
Carried out among 1,500 small UK businesses, the study uncovered that a third of business owners experience an improved bottom line just six months after expanding overseas.
Moreover, having experienced the positive impact of international trade, 31% of business owners questioned revealed plans to increase expansion in the next year, with many hoping to export further afield to countries including China and Hong Kong.
The study follows the launch of Barclays’ Business Abroad package, which offers exclusive advice and banking tools to help small businesses to begin trading overseas, including a 25% discount on international payment fees. Steve Cooper, vice chairman of Barclays Business Banking commented, “Winning business overseas is a vitally important way for SMEs to prosper and help the economy grow out of recession.
“Our new research shows that in the challenging domestic market, exporting provides attractive new revenue growth for businesses of up to a third, boosting the bottom line and supporting job creation. “We are committed to helping UK SMEs take that step to winning new trade around the world, and have experts in place across the globe ready to lend their support and advice.”
Barclays has partnered with Growing Business, Startups and My Business to host 10 seminars across the UK, featuring business growth advice from Innocent Drinks co-founder Adam Balon.