The number of small and medium sized businesses (SMEs) trading internationally is more than double official estimates.
According to recent research, using data from the United Nations, the Organisation for Economic Co-operation and Development and Eurostat, the European Commission’s data service, almost one in three companies export or import compared with Government estimates of slightly more than one in ten.
Commenting on the findings, which suggest that smaller businesses are doing more to help the UK’s trading performance than initially thought, a spokesperson says: “This reinforces our belief that small and medium-sized companies are vital to UK trade. Smaller, more innovative companies, especially in manufacturing, play an important part in the UK’s capacity to form a part of global supply chains.”
Fluctuating exchange rates and currency volatility represents a risk to small and medium sized businesses. It is therefore essential that UK SME business owners maintain effective management of their company’s working capital and put processes in place to survive and thrive in challenging times.
Our experts at Beavis Morgan work with SMEs across a broad range of sectors, assisting with their business plans, establishing the market for their product through research, analysing their financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.
Our Research & Development (R&D) tax credits team has also made a significant number of successful claims on behalf of clients who have invested in innovation.
Further reading: Government R&D financial support key for UK manufacturing