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UK businesses exploring opportunities beyond EU boundaries

SMEs in the UK are already preparing to export goods outside of the European Union to countries they have never traded with before.

The ninth WorldFirst Global Trade Barometer shows that many businesses are already adapting to the changes that Brexit will bring. Twenty-three percent of SMEs are planning to

export goods to a new country, in the near future.

To compile the survey, WorldFirst spoke to 1,000 SMEs about their export plans and asked how confident they were about the future. Of the firms that responded, 30% said that they felt positive about international growth.

However, 46% felt that more external support should be available to make it easier for them to export more products and services. They wanted assistance in identifying potential international partners and 18% or respondents felt the government should provide more help.

Firms, also appear to be buying more raw materials, products and services from abroad. UK-based SMEs made 5% more international payments using the WorldFirst currency exchange service than they did during the first quarter, of last year. On average, they sent £48,000 abroad as payment.

The fact that accountants from Liverpool to Spital have adapted their services to handle global trading is making it far easier for firms to take the step of selling abroad. Good accountancy firms can easily produce reports that enable businesses to accurately calculate profit and cash flow. Something that is far more difficult to do when you are dealing in more than one currency and have to factor in exchange rate fluctuations.

Posted by Louise
May 17, 2018
Economy

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