Give SMEs the tools to open up the global market

This week (9-13 November) is ‘export week’, and ACCA (the Association of Chartered Certified Accountants) is calling on the government to increase the support services it provides to small businesses who want to compete on a global scale.

Only a quarter of British SMEs (Small and Medium Sized Enterprises) are internationally active, a figure that is not only bad for UK PLC but should also be worrying for the government.

Anthony Walters, policy manager, ACCA Western Europe: “It is very concerning that only a quarter of UK SMEs are trading internationally. International trade is a key element to growth and expansion and in the UK we’re lagging when compared to other European countries. When you look at Germany you’ll see that almost half of their SMEs are exporters. Equally concerning is the fact that it’s the faster growing economies, such as China and Russia, that are seen as the hardest to break into. Language is still a significant barrier for many attempting to break into these markets and it would be good to see Government do more to help SMEs overcome such barriers. 

“SMEs regularly cite costs as a barrier to trading internationally, but few seek advice from their accountants on exporting – meaning many UK business may be missing out on expansion opportunities.  ACCA accountants are well versed in helping SMEs avoid unnecessary costs and the global nature of our qualification adds more weight to their advice on this issue.

“The government has offered tax breaks to small companies that export but that is just a temporary measure. If the government is serious about helping the small business sector compete globally services like translation, legal and political/ market conditions, would be far more valuable.”