There is no doubt that as we continue to steam towards Article 50 and (officially) begin the journey of Brexit, the majority of us with a vested interest in UK business feel a degree of anxiety. With the media spouting their usual negative spin, you can easily understand why.
Business investment and growth is usually led through confidence of the business market and the people within it. So, how have small businesses reacted to the vote and how do they plan on coping with Brexit?
In the following article by Enterprise Nation, you can view the results of a recent study focussing on business confidence following the vote:
Small Business Barometer Summer 2016
The authoritative Small Business Barometer report, which polled 800 small companies and consulted dozens more via focus groups, found an astonishing 68% were expecting to swell in the last quarter of 2016, despite acknowledging Brexit uncertainty.
Of those, 59% said they were planning to boost profits by introducing new products or services.
While 36% said they were more confident about the next six months than previously, 24% said confidence remained the same. Of those that were more confident, one fifth put the increased optimism down to organic growth.
The results of this study paint a clear picture of an optimistic UK business landscape. It has highlighted, however, that strategy is at the forefront of their minds. IDF have offered their opinion on the export opportunities they believe small businesses should be considering as part of their strategy:
Why should your small business consider exporting?
Figures released during ‘Exporting is GREAT Week’, highlighted that there are a number of opportunities available for UK SMEs who are considering export.
In total, over 6,000 export opportunities have been showcased at exportingisgreat.gov.uk, since November 2015, equating to 40 new opportunities to export every day, that is one every 36 minutes!
Whilst SMEs account for 99% of all UK businesses, they currently only make up 33% of our total goods exports, begging the question, “Why aren’t more businesses making the most of the opportunities that exporting presents?”
With the sterling dropping to the lowest levels in decades, exporting goods and services seems like a naturally progressive strategy consideration for any business wanting to strengthen their position.
If you believe you may require advice on business finance and growth strategy to guide you through Brexit, the services of an Interim Finance Director would be a perfect resource.
If you have any concerns about your business’s performance presently and in the future, Assured FD can help. Contact us today.