New report aims to help supercharge exporting among SMEs

The Federation of Small Businesses has helped put together a report, which aims to unleash a new wave of small business exporters.

The FSB was asked to lead on an SME Export Taskforce by Jonathan Reynolds MP when he was Shadow Business and Trade Secretary, to address the fact that only 10 per cent of small firms trade internationally.

The taskforce found that the current rules make trading difficult, that government support is confusing and not always helpful, and the firms that do trade do not have adequate advice.

The new paper highlights five key priorities. They include making international trade a priority for all government departments, having a more open relationship with business, global leadership on digital trade, immediate support for SMEs when they start trading internationally and addressing the finance gap.

Tina McKenzie, policy chair for the Federation of Small Businesses, said: “Our economy has been proving its mettle over the last few years, but to ensure sustainable growth we need to focus on exports.

“After all, international trade is the ultimate growth hack for small firms – it allows them to tap into new markets and diversify their revenue streams.

“In turn, exporting businesses are more likely to grow faster and keep their heads above water during tough domestic times.

“But with only 10 per cent capitalising on those opportunities, we have set out a roadmap of how more can, and should, be done.

“Our taskforce identified several roadblocks – a regulatory environment that ties SMEs in knots, government support that is a labyrinth to navigate, and those who already export apply an ‘as and when’ approach.

“However, with the right policies, the benefits to local economies across the UK could be enormous.

“We need to cut through the red tape and lift our small business community to trade globally, easily.

“We hope this paper will form the blueprint for policies that will change the SME exporting landscape for the better.”