KPMG has launched a guide and online export assessment tool for businesses hoping to boost sales in overseas markets, as the UK prepares for Brexit.
The big four professional services firm said it has seen an increase in mid-market businesses seeking advice about ways of increasing sales, reducing costs and accessing specialist skills from overseas.
Ian Beaumont, the head of enterprise at KPMG in Yorkshire, said: “Having an overseas strategy makes sense for any business looking for growth but is particularly important for SMEs who run their businesses with very tight profit margins.
“Many of these businesses are often wholly reliant on their home market place, but as our departure from the EU gets closer, and with the weak pound proving attractive to overseas buyers, now is the time to reach out to new customers and suppliers further afield.
“Almost half of UK exports in goods and services went to the EU last year so any increases on duties could impact tight margins making it sensible to start exploring the other options now.
“Many of the companies that we work with have a product or a service that they believe is suitable for export, but there are obvious barriers that they perceive in making the most of the opportunities and fear around the potential pitfalls.
“While ‘going global’ can be a complex task with ﬁnancial, tax, legal and cultural implications to consider, the rewards can be great and it can enable a business to diversify both its income streams and supply chain and therefore mitigate against market risk. By 2020 China, US, India, Japan and Brazil are expected to be the leading nations by GDP and UK businesses should be forging links with these countries to get their share of the golden opportunities on offer.”
Commenting on the ‘Going global’ guide, Secretary of State for International Trade Dr Liam Fox, said: “UK exports are growing from strength to strength, but there’s huge potential for more businesses to target overseas markets and meet the global demand for UK goods and services.
He added: “The team at my international economic department are helping more businesses that want to export, and we are proud to work with KPMG to ensure UK SMEs can access the support they need to expand and succeed abroad.”