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Overseas Expansion for SMEs

If your business is struggling to get by in a tough domestic market, then exports could be an option to allow you to grow further. This is a big step, however, and it’s never easy to break into a completely foreign market. However, of those SMEs currently financing trade overseas, 4 in 10 are looking to expand further and into more countries. This shows that it can be a successful route for SMEs, and can trigger some serious growth.

Research by HSBC has shown that small and medium enterprises are remaining committed to operating internationally despite the ongoing problems in the eurozone which could impact on opportunities in Europe. 38% of SMEs who are already prospering abroad are looking to extend into even more countries, while 46% are looking to remain strong in the markets they are already penetrating.

This isn’t just relevant to those businesses who have been up and running a while. It’s possible for start ups to take advantage of foreign markets, and HSBC has found that 1 in 5 new businesses which are under one year old already generate revenue from overseas. Of these already operating abroad, 90% are looking to increase their presence in foreign markets.

This has all been noticed by the government, who are championing exports as a way for the UK economy to get back on track, as well as being a way to re-invigorate the SME sector. There are plans to double UK exports to £1trillion this decade, with small and medium businesses taking a major role to reach this figure. As HSBC have shown, there are already promising signs which show that SMEs are up to the challenge.

If your business is looking to expand overseas, then it’s an option that’s definitely worth serious consideration.

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