BARclays is calling on SMEs to take a more global outlook and consider the growth opportunities that can come from exporting, as new research reveals that businesses in Yorkshire hit a growth ceiling after an average of just four years in business.
On average, across the UK, this tipping point – the limit at which businesses realised they could no longer achieve desired business growth by trading only in the UK – was clear across all sectors, but at different times.
Telecoms, internet, media and entertainment businesses hit their limit at only two years, whereas logistics and retail businesses reached it at three.
Manufacturing businesses found they had more time before needing to look abroad for growth opportunities, hitting their limit at eight years.
While the thought of trading overseas may seem daunting, the research, which surveyed 500 UK SMEs already exporting, provides encouragement for those yet to start. Some 89 per cent of Yorkshire exporters said they found the experience to be as they hoped, or even easier than expected.