The Government has released its new Export Strategy, outlining plans to increase the number of UK businesses trading overseas.
The international trade secretary, Liam Fox, say he wants exports as a proportion of UK GDP to rise from 30 per cent to 35 per cent, making Britain a “21st century exporting superpower”.
Responding to a call from business, the Export Strategy outlines how the government will better support UK companies sell overseas, by putting measures in place to encourage businesses to export, providing more information, advice and practical assistance on exporting, and better connecting UK businesses to overseas buyers, markets and each other.
Responding, Mike Cherry from the Federation of Small Businesses said that, although the document was strong on aspiration, it lacked detail on concrete interventions or real money.
“The success of the UK economy rests on helping more small firms to translate their ambitions into reality and start exporting, as well as increasing the potential of existing exporters.
“Incentives like export vouchers and grants should be made available to small businesses to help them with upfront investment costs for things like translation services or additional market research. An assessment of financial incentives, including export vouchers, as mentioned in the strategy, is a step in the right direction, but we are fast running out of time.
“The clock is ticking. If the Government doesn’t act quickly and introduce financial incentives there is a risk the current uncertainty will have a serious and detrimental impact on the growth of small businesses.”
Ahead of Brexit and in this current economic climate, it is essential that businesses put in place measures to help them adapt to the market changes. Businesses must also keep a constant lookout for risk factors in their supply chains which could mean the difference between success or failure. By recognising and acting on the warning signs at the earliest possible opportunity you will be able to re-evaluate, improve and, where necessary, restructure your personal or business’ financial affairs.
At Beavis Morgan, our specialist advisers to SMEs are able to assist with all aspects of business performance including putting adequate measures in place to protect the health of your business, both now and for the future.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.
Further reading: British-made brands that aren’t exporting are missing out