EU still a key market for SMEs

The EU remains a key market for SMEs despite Brexit, according to research by CitySprint, which found that 24 per cent plan to look overseas to grow their customer base over the coming months.

Some 78 per cent of those looking for international growth are targeting Europe, followed by North America (55 per cent) and Asia (36 per cent) .

The research found tha SMEs view lower customer demand and Brexit as the top two obstacles to success in the 12 months ahead, making unlocking new markets of critical importance.

Over half of SMEs are also looking closer to home for growth with 52 per cent saying they are looking to grow their customer base within the UK, in the coming year.

CitySprint chief executive Patrick Gallagher said:  “The UK’s smaller enterprises show no shortage of ambition when it comes to exploring new markets. While overall SME confidence has dropped since 2015 it is great to see so many SMEs, especially those outside of London, showing no fear in the face international opportunity.”