Businesses too focused on hyper-local, reports survey

Published in a report named Going for Growth: UK company growth strategies to 2021, the findings showed that over 56 per cent of the businesses surveyed believed that the geographical area immediately surrounding their location is the most attractive growth market, with 32 per cent generating either half or all of their revenue from this, and 18 per cent at least 75 per cent.

The report also showed that over a third of UK-based private businesses have no international aspirations, with 27 per cent citing lack of experience as a reason. 32 per cent of respondents said that they would appreciate help in finding customers outside the UK.

Andrew Griggs, senior partner at Kreston Reeves said, “Too many UK businesses are thinking local when our world is increasingly global. Whilst it is true that businesses will continue to grow in their domestic markets, the lack of international ambition at a time when UK businesses should look to wider international markets has to be worrying.”

“A quarter of businesses told us that they simply do not know how to access international markets, which suggests that all the time, effort and money successive UK governments have invested in encouraging UK businesses to expand internationally is just not working. There is clearly more that can be done.

“The advice and support businesses need to support international expansion is quite straightforward. They want help in identifying customers, partnering opportunities to spread risks and better government support and incentives. Accountants and other advisers also need to play a greater role in advising businesses on international growth.”

To download the complete version of Going for Growth: UK company growth strategies to 2021 click here