Limited company contractors will be interested to hear that almost a third of smaller firms, are seeing a positive impact from exporting their products for just two years.
The latest study, carried out by Barclays, has revealed that 29% of SMEs (small and medium sized businesses) have seen a positive impact on their bottom line within just six months of expanding into international markets.
Barclays found that of the 1,500 small companies surveyed, more than 54% had surpassed their expectation of growth and 87% said that there are even more benefits of exporting their products, such as having greater confidence in the longevity of the business (44%), increased productivity (37%), stronger innovation (28%) and a longer lifespan for their products and services (27%).
Steve Cooper, Vice Chairman of Barclays Business Banking said, “Winning business overseas is a vitally important way for SMEs to prosper and help the economy grow out of recession.
Our new research shows that in the challenging domestic market, exporting provides attractive new revenue growth for businesses, boosting the bottom line and supporting job creation.”
He added, “We are committed to helping UK SMEs take that step to winning new trade around the world, and have experts in place across the globe ready to lend their support and advice.”