Many have to overcome the fear factor and a perception that only larger organisations have the resources to trade internationally.
Paul Norbury (pictured), partner and Midlands regional private business leader at PwC’s Milton Keynes office, said: “In actuality, there is a wealth of private businesses in the region that are successfully exporting to the US and BRIC economies for example, where GDP growth rates are higher than here.”
However, he added that private businesses were right to be cautious and could test the international water by taking steps to quantify market demand for their product or service before committing to major investment.
This can be as low-key as translating their website and launching it locally. Companies may also appoint an overseas distributor or agent to promote their products and services and employ a foreign PR company to drive awareness.
Mr Norbury said: “Privately-owned businesses often believe they have more to lose than larger corporates and are acutely aware of the financial risks they are taking. Sounding out the options before making a move is important but private businesses should know that by being nimble and responding to the growth opportunities that exist, they can increase their profits well beyond domestic market expectations.”
