SMEs overseas expansions could be secret to success

SMEs may benefit by choosing to expand their business operations outside of the eurozone to make sure that they stay on track. Given the fact that the recession has painted a dark picture of the British business scene; most UK businesses actually like the idea of looking for opportunities to expand outside of the EU.

New statistics from the UK Trade and Investment (IKTI) show that companies that export their products outside of the eurozone on average see a 34% increase in their productivity after just one year of exporting. In addition, those that export outside of the eurozone are 11% more likely to be successful.

Successive governments have been attempting to encourage additional UK companies to conduct their business overseas. Even though the government has promoted the idea of exportation, only about one out of every five SMEs actually trade overseas compared to the 25% that trade across the EU. Now that there are two billion people online it is now easier than ever to get to overseas markets.

It can be daunting to move into the export market, and it takes a lot of research to learn about the culture of a new market. This is why taking advantage of advice from UK banks can be a great free way to step into the export market as a new business.

Another great local resource is the UKTI which will help SMEs conduct their market research and can also suggest advisers that they can talk to in the countries that they are thinking about exporting too. In addition, depending on the type of business in question grants may also be available to help fund your business.

The world of e-commerce is very helpful and will help put a new edge on the way that business is conducted; getting a head start on the export market will benefit any SME in the UK.