New Study Puts Spotlight On Issues Affecting Ambitions Of Growing Businesses

A new report has revealed that around a third of small and medium-sized enterprises (SMEs) would be confident in relying on English language communication when looking to trade or expand their operations in regions abroad.

Research by Global Lingo also revealed that 59 per cent feel their main concern over trading in overseas markets would be language barriers, with 21 per cent also raising concerns over a lack of local knowledge and business practices.

In addition, it was confirmed 15 per cent of SMEs said they were specifically worried about adhering to legal requirements and other compliance issues related to trading in foreign countries.

The release of the findings has come after research by Experian suggested SMEs in the UK are not doing enough to take advantage of the opportunities arising in relation to export contracts.

Expert Opinion

With the improving economy and the changing world of business, opportunities are arising for SMEs which are not always related to their domestic markets. <br/> <br/>"Ambitious SMEs are increasingly looking abroad as part of their future plans, so this research is particularly timely in showing some of the concerns they hold regarding taking what remains quite a bold step. <br/> <br/>"Growing businesses are right to identify that local knowledge of business practices and a proper understanding of legal issues is vital. <br/> <br/>"This is something we’re well aware of at Irwin Mitchell, which is why we are increasingly looking to build our knowledge base in growing overseas economies such as India to provide a quality service to our clients. <br/> <br/>"Expanding in foreign markets is a massive step and the right advice on all aspects of doing business abroad is absolutely pivotal to being set on the road to success." Steven Beahan - Partner