SMEs Are Increasingly Looking Beyond the EU for the Future Growth Plans

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Brexit is requiring small businesses to fundamentally reassess the way they do business internationally, with small business owners being forced to adjust to a vastly different trading landscape. That means looking beyond the European Union to new international markets to facilitate growth and expansion.

Many are investigating market that have a dedicated Amazon and eBay national site, a useful medium for online retailers seeking to break into new markets. "EU countries are still a major target for SMEs expansion plans, with 50% saying Germany was a priority foreign market, 44% saying France and 24% saying Italy," according to the Financial Director.

However, SMEs are increasingly looking beyond the EU for their future growth plans. 70% said that the US was a key priority for expansion, 41% said Australia and 27% said Canada, clearly indicating that large, developed and English-speaking nations lead the way outside of the EU. Beyond that, 16% said China was an opportunity for expansion, 12% said Japan and 9% said India.

Read more about how SMEs should tackle Brexit.