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• Global survey of more than 1,200 small medium enterprises (SMEs) reveals only 16 percent of companies worldwide have accessed advice on international trade when looking to grow their businesses
• Amid uncertainty over Brexit, only 11 percent of UK SMEs have sought external international trade advice. Vietnam, Hong Kong and Singapore almost twice as likely to have obtained such information
• Study also shows 24 percent of SMEs intend to undertake international trade activities in the next three years when looking to grow their business
• UK SMEs are up to nine times less likely to use alternative sources of funding, than Malaysia, Hong Kong, Vietnam, Singapore
ACCA has produced Scale-up success: What do SMEs need to supercharge their growth?, a study of companies with 250 employees or less on how their approach to management and governance can aid their future growth.
It revealed the power of external advice and notably external funding networks as important ways to deliver an organisation’s long-term growth potential.
The survey highlighted the state of the domestic market and the uncertain global trade environment as the biggest barriers faced worldwide by SMEs.
A mere 16 percent of SME businesses questioned had sought international trade advice, despite fears over the uncertainty of Brexit only 11 percent of UK companies have done so. This compared with Vietnam (21 percent), Hong Kong (18 percent) and Singapore (17 percent).
Jamie Lyon, interim director of professional insights, believes firms intent on realising high growth ambitions need to think internationally and to prioritise seeking external advice.