The UK Government is determined to double the nation’s exports to hit £1 trillion a year by 2020. However, in order to achieve this within such a short space of time, more small and medium-sized enterprises (SMEs) need to get to grips with international trade, it has been warned.
With uncertain times ahead due to Britain’s upcoming departure from the European Union (EU), businesses are being advised that bolstering exports could be the key to “safeguard against domestic uncertainty.”
In recent days, Greg Carter, of lending platform Growth Street, has said that SMEs should not be deterred from exploring international trade opportunities due to Brexit-related uncertainties.
“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,” he said.
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.
He indicated that UK firms should take advantage of “prime market conditions” elsewhere and explore “exciting opportunities” in a bid to extend their medium and long-term growth plans.