More Midland entrepreneurs look to exports for growth
NEARLY 60% of entrepreneurs in the West Midlands are looking to expand into overseas markets in 2012 – the largest percentage outside London, new research suggests.
RSM Tenon, which completed the study, said those firms which were exporting were amongst the most successful in the region.
The advisory firm said that of all the firms it questioned, more than 40% said the increased opportunities offered by exports would be an important factor in improving entrepreneurship in the UK during 2012.
Stephen Newman, the West Midlands head of international at RSM Tenon, said: “West Midland companies that are exporting are amongst the most successful at the moment. The majority are looking to Western Europe as a main source of growth in 2012, and growth areas will not just be in goods and services, 12% of entrepreneurs said they will grow by acquiring overseas businesses.
“It’s interesting that despite the current crisis in the Eurozone many entrepreneurs see their businesses expanding into Europe over the next year. So despite the current difficulties, there are interesting opportunities for UK companies.”
Mr Newman said he was advising firms to consider the export potential of their business, especially when favourable exchange rates made the proposition more attractive.
He said firms wishing to explore their export potential should tap into support available through bodies such as UK Trade & Investment and the private sector.
“There is also a huge amount of help and support available that can provide significant assistance in accessing overseas markets,” he added.
The research is contained in a new report – Lonely at the Top: The entrepreneurial challenge. It asked leading entrepreneurs about the different challenges and issues they face today.
Unsurprisingly, the highest number of entrepreneurs looking to expand overseas was based in London (68%). The West Midlands came second with 58%, followed by the North East with 52%, South England with 50% and Scotland with 37%.
Just under half of the UK entrepreneurs questioned said Western Europe was the area they expected to expand into, followed by Eastern Europe at 37% and North America at 35%.
