A Business Insider growth survey sponsored by Bishop Fleming reveals an untapped opportunity for businesses in the South West to boost their exports, with two thirds of those surveyed not expecting any increase in their overseas sales.
Yet a key route to the region’s future prosperity lies in generating wealth from selling its products and services abroad, particularly as a weak pound makes our exports more competitively priced.
And with interest rates remaining low, there is capacity to finance growth and exports through borrowing.
But the survey shows that currently most businesses are relying on their own self-generated cash to finance investment, perhaps understandable whilst the outcome of Brexit remains unclear.
With over a quarter of respondents predicting no growth in profit or turnover, exploring new markets does make sense.
Half of those surveyed are relying on customer demand to drive growth, but if the market remains largely domestic, it is hard to see where this demand will come from. Businesses in the region need to be more proactive to grab a greater market share.
A couple of positives from the survey are that two thirds of businesses are planning to recruit, which is great for the region’s employment figures.
The other positive is that two in five respondents say accountants add the most value to their business.
Bishop Fleming has the expertise to advise on all business issues, including the implications of Brexit, such as restructuring supply chains and safeguarding against customs delays and duties.
Our membership of Kreston International means we are well placed to coordinate any cross-border assignment, delivering expert advice to international clients.
[This first appeared in insider magazine]