Business

Newer UK businesses ‘exporting sooner’

Small businesses are starting to export products and services abroad much earlier than they used to, according to new research by Barclays Bank.

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Small businesses are starting to export products and services abroad much earlier than they used to, according to new research by Barclays Bank.

Business

Newer UK businesses ‘exporting sooner’

Small businesses are starting to export products and services abroad much earlier than they used to, according to new research by Barclays Bank.

Share this article

Small businesses are starting to export products and services abroad much earlier than they used to, according to new research by Barclays Bank.

A survey of 519 exporters with turnovers up to £5 million revealed that 65% of newer businesses, those who founded from 2007 onwards, started to sell internationally within their first 12 months of trading.

It compares with only 34% of businesses created before 2007. Barclays said the “recession generation” small businesses had to look further afield to find customers.

Newer businesses also said demand was increasing at a faster rate than older firms; up 7% more than companies started in the 1997-to-2006 period.

“The research shows a shift in the time when small business started their export journey, depending on the period the business was formed and against the backdrop of UK economic cycles,” said Steve Childs, head of international for SMEs at Barclays.

“It shows that ‘younger’ businesses whose outlook on UK economy may have been shaken by the events following 2007 and 2008 - have set their sights on overseas horizons right from the start and making a success of this.”

Among other findings from the report, 24% of businesses set up after 2007 said social media including Twitter, LinkedIn and Facebook had helped increase overseas sales.

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Newer UK businesses ‘exporting sooner’

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