UK businesses more focussed on domestic ventures than global aspirations, survey finds

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5th November 2018 12:05 - Business Support

UK businesses more focussed on domestic ventures than global aspirations: A survey has found that 56 percent of businesses in the UK believe their immediate geographical positioning offers the best opportunities for growth.

The findings of a survey by business services provider, Kreston Reeves have been published as part its report, Going for Growth: UK company growth strategies to 2021. 

The survey asked 530 UK businesses about their planned direction and aspirations in the coming years.

It found 32 percent of UK companies achieve 50-100 percent of their revenues from the geographical area they are operating out of, with 18 percent generating 75 -100 percent revenue from hyper-local custom.  

Over a third of businesses polled (35 percent) said they have no desire to trade internationally.

When it comes to branching out into international markets, 27 percent said it was inexperience that was the largest barrier to growth, while 28 percent said they are unable to resource a move into the international sphere. Finding international customers was also a concern for business owned polled, with almost a third (32%) saying they would welcome support in finding them.

Brexit

When it comes to Brexit, almost half (47 percent) view the decision to leave the EU as an opportunity for business development – with just 24 percent seeing it as an obstacle.

In terms of growth plans, 45 percent reveal their plans for company growth have been positively affected by Brexit – with a quarter (24 percent) saying it has had a negative effect.

Andrew Griggs, Senior Partner at Kreston Reeves said: "Too many UK businesses are thinking local when our world is increasingly global. Whilst it is true that businesses will continue to grow in their domestic markets, the lack of international ambition at a time when UK businesses should look to wider international markets has to be worrying."



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