Many of the UK’s small businesses are set to move to international markets over the next year, research has discovered.
The report found that 1.9 million small British companies (40%) are planning to take their business abroad in the next 12 months, with nearly a third claiming international economies are more welcoming to small firms than the UK.
According to the survey of small business owners, markets outside of Europe were preferred, with six out of the top 10 markets being outside the eurozone. Furthermore, the research shows a more positive picture of 2011, with a fifth of businesses saying they had been forced to say no to opportunities abroad over the course of the past 12 months.
Simon Devonshire, head of Small Business Marketing at O2, which conducted the research, said: “These latest statistics highlight just how many small businesses are looking to move into overseas markets in the next year...”
The report found that the most popular choice of market for British small firms was the US at 33%. Outside of Europe, Australia, New Zealand and Canada were also popular choices.
© Crimson Business Ltd. 2010