Only 37% of UK SMEs ventured into international markets in 2014, a new study has revealed, down from 53% in 2013.\u00a0<\/p>\n
The study, conducted by venture capital firm Albion Ventures, was used to shed light on a seemingly growing issue within the UK \u2013 the reluctance or apprehension of international expansion.<\/p>\n
A climate borne from global recession, UK businesses remain wary about market conditions, with hopes of a full recovery still in their infancy.<\/p>\n
In total, the study revealed that 43% of SMEs experience problems when trying to enter new sectors and geographies.\u00a0 Meanwhile, 16% cited lack of expertise around their target market, 11% said competition was too strong and 8% found they lacked financial resources.<\/p>\n
Patrick Reeve, a managing partner at Albion Ventures, said: \u201cEntering new markets can be an exciting yet daunting challenge for many businesses and it\u2019s not surprising that nearly half have encountered problems along the way.\u201d<\/p>\n
However, he noted that the UK\u2019s recovery so far could, though indirectly, be a positive factor, with fewer businesses feeling the need to take risks overseas to create growth.<\/p>\n
He said: \u201cAs the UK economy recovers it\u2019s understandable that small businesses are less willing to take the risk as more growth opportunities appear closer to home.\u201d<\/p>\n
Meanwhile, James Taylor, operations director for AngelBerry, a company that has seen successful international expansion over the last 13 months, said: \u201cDealing internationally can be a pain.\u00a0 Time zones, travel expenses, language barriers and social differences all mean that entertaining a new market takes a lot longer as there are so many new regulations to conform to.<\/p>\n
\u201cThere will be lots of business that just can\u2019t afford this added capital outlay, hassle and just see the UK as a stronger economy to grow in.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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