Exporting efforts bearing fruit for UK businesses
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Growth through exporting is exceeding the expectations of UK businesses that are undertaking the strategy, new research finds.
Businesses that engage in exporting are generating an average growth of 30 per cent after two years, a report from Barclays shows.
In a survey of 1,500 small and medium sized enterprises (SMEs) in the UK, Barclays reveals that 29 per cent see a positive impact on bottom lines within six months of expanding into international markets.
Furthermore, the figure rises to 82 per cent when looked at over a two year period while some 54 per cent say that the growth experienced exceeded expectations.
Barclays' survey suggests that increasing the number of businesses exporting is vital to the recovery of the UK economy as well as boosting job creation.
Findings from its Business Abroad research report find that an average of around 336,000 more people are being employed across the UK as a result of companies exporting or selling to overseas consumers.
Businesses identified in the report as exporting are recruiting an extra 15 people as a direct result of the endeavor.
Steve Cooper, vice chairman of Barclays Business Banking, cites winning business overseas as a 'vitally important' way for SMEs to prosper.
He adds, 'Our research shows that in the challenging domestic market, exporting provides attractive new revenue growth for business of up to a third, boosting bottom line and supporting job creation.'
One of the survey's respondents, Sharda Glass, was founded in 2006 and began exporting internationally in 2007.
Neil Sharda, director and owner, comments, 'We have seen an incredible impact on my bottom line. I first started exporting to Dubai and Qatar, and then a year ago we won the contract to supply the new World Trade Centre in New York.
'As a result of my move into exporting, I've been able to move into new, larger premises.'