New report shows that, since the vote to leave the European Union (EU), UK small and medium sized businesses (SMEs) are capitalising on the weak pound to increase overseas sales.
The survey by OFX reveals that, of the 500 owners and senior managers surveyed, 67 per cent say they feel confident about doing business overseas. Since the EU referendum, almost half (48 per cent) have increased international sales, while 36 per cent expect to start or increase exports in the next twelve months.
Of the 500 owners and senior managers surveyed, 28 per cent of the SMEs have however seen sales decrease to UK customers, while 44 per cent say rising inflation is the biggest current concern for their business.
Jake Trask, FX research director at OFX, says: “Following the referendum, small businesses have shown their resilience by turning a weak pound into a real opportunity. While not all SMEs supported Brexit, their size, optimism, and entrepreneurialism have allowed them to adapt swiftly to a changing market. We expect to see more of this fighting spirit as Britain prepares its exit from the EU.”
For information about how we can assist you and your SME business take advantage of Brexit by putting processes in place to benefit your business and plan ahead for the future, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities.