UK small and medium-sized enterprises (SMEs) need to invest more time and money in exploring international trade opportunities in order to help the UK meet its export targets, it has been said.
The comments come from Greg Carter, of lending platform Growth Street, who believes that SMEs could hold the key to the Government’s ambition of doubling UK exports to hit £1 trillion a year by 2020.
In an article for Real Business magazine, Mr Carter notes that SMEs are typically responsible for the largest share of employment opportunities in most global economies – meaning that it is crucial that a nation’s SMEs are ambitious in order to keep an economy strong.
Recent data suggests that 2018 has got off to a good start in economic terms, with growth edging up to 3.1 per cent and the Bank of England (BoE) set to gradually increase interest rates over the course of the year if growth continues at its current pace.
Mr Carter says that, even under the shadow of Brexit uncertainty, the UK is currently in a position whereby it can take advantage of “prime market conditions” in order to boost international trade.
“Exporting can safeguard against domestic uncertainty and offset declining sales,” he said.
“As the UK prepares to exit from the EU, ambitious companies are beginning to trade with new territories around the world, even going so far as setting up offices in big markets like the US.”
Mr Carter cited examples of once-small businesses with global ambitions which have proven to be remarkably successful in recent years, such as Brewdog and Monzo, and suggested that SMEs should strive to take a similarly international approach to their operations.
“As we move through 2018, market conditions could present exciting opportunities for SMEs with bold ambitions and plans for growth,” he said.