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.

Has Brexit Dampened SME's Appetite for Global Expansion?

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Research in the aftermath of the EU referendum has found small businesses are more upbeat about their international growth prospects than their domestic expansion.

Almost half (47.8%) of more than 1,000 businesses believe they will see growth in international trade activity and only 5.5% think it will deteriorate, according to a survey by East & Partners on behalf of Western Union Business Solutions.

What this really tells us is that a new, nimbler UK might be benefiting from being cut loose from the EU -- having a greater sense of optimism about the future on business opportunities.  Only time will tell how it all nets out.

Read more:  Small businesses buoyed by global possibilities after Brexit

Today In Global Small Business: E-Commerce Platforms Provide Market Access Across Borders

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What's affecting me, my clients, my colleagues and other global small business owners:

• WEGG webinar on July 13th at 11:00 a.m. Central time on "China Exports:  Growing Brand Recognition Locally First" (no charge but you must register to attend).
• LIVE event in Chicago on July 13th on "Saving Your #$%:  Due Diligence in International Transactions" -- learn more and register here (includes lunch).
• European businesses brace for post-Brexit scenario.
• Find out why localization is the key when going global with your business.
• More Chinese companies are taking the world stage.
• Use of e-commerce platform [in India] could provide market access across borders.