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SME exports on the increase

Small and medium enterprises in the UK are looking to international exports to fuel growth. Research carried out by Invoice and Asset Based Lender Venture Finance and Accountancy magazine, the official journal of ICAEW, shows an urge to fire up the economy by looking further afield.

The research shows that, where applicable, a third of accountants have witnessed an increase in exporting among their client base in the last 3 years.
Those accountants that saw an increase estimate that exports have risen by 10% among their client base,  from 20% pre-credit crisis to 30% today.
The Research was carried out over 311 different companies in August and September of this year in their annual Credit Check report.
Accountants believe that the current UK business environment is fuelling the desire to export. Over half say that clients are increasingly looking overseas for sales opportunities due to stagnant growth at home while 41% suggest it is due to weak demand.
At the same time, nearly two thirds feel that the weak pound has driven the rise in overseas business among their client base.

However, almost half feel that SMEs are drawn to exporting as strong growth in emerging markets has created new possibilities for British businesses looking to grow their revenues.

Peter Ewen, Managing Director at Venture Finance, comments: “As SME
confidence increases, a sluggish home economy has encouraged companies of all
sizes to explore new revenue streams and opportunities for growth further
afield.”

As UK Exports increase economists are seeing a growing rise in that part of the economy.
A quarter of accountants have seen the greatest rise in overseas invoicing
in the Far East while others have also seen a significant increase closer to
home in central and eastern Europe and other European countries.

Peter Ewen, comments: “Selling overseas can be daunting and
presents many challenges but with the outlook at home looking choppy at best,
more and more businesses will need to take the reigns and seek out new avenues
for growth both in the UK, and, increasingly, abroad.”
“Businesses moving into any new market, let alone a foreign country, must do their research if they are to make the most of the opportunity. Providers such as credit insurers and financiers can help ease this burden and ensure success.”

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