Eurozone instability sees SME’s expand further afield

Small companies are increasing the amount of interest they have abroad including places such as India and Africa. Figures that have been put together by Western Union Business Solutions have shown that many companies are looking to diversify their customer base because of the financial troubles that are being experienced in the Eurozone.

The research showed that the amount of export that is going on by UK companies has increased greatly. The number of customers being supplied in Africa has increased by around six percent in the last three months, when compared with the previous three-month period. India has also seen an increase, although slightly less, at around four percent.

Small and medium-sized enterprises in the UK are being forced to move away from their traditional markets in order to stabilise their business in the face of economic uncertainty at home. David Sear, the chief operating officer at WUBS has stated, “Businesses are looking abroad in order to find new trade routes to boost sales after declining European trade.

It is not just Africa and India who have seen significant increases in the amount of trade from the UK, but South America and North America have also seen significant increases.”

This indicates that the various programs that are being implemented by the government to improve international trade for small companies are beginning to work. Mr Sear continued, “This is a strong indication that there is an increasing amount of confidence in international markets as companies start to look abroad for business opportunities.”

The head of Street Crane Company, a crane manufacturing business, reported a significant increase in business coming from Africa in recent months while reporting decreases in trade from other countries.