Many businesses are in the dark about how successful they’ll be after Britain leaves the EU. However, the majority of fast-growing businesses are burning bright. According to new research by Santander Corporate & Commercial, these trailblazers are confident about their international plans despite Brexit.
In November and December 2018, the researchers questioned over 1,000 UK businesses that had experienced 20% revenue growth over the past year or are expected to do so about their expansion plans. The research reveals 74% of these high-growth companies already are or expect to operate overseas within the next 12 months, compared to 63% of enterprises with slower growth. Furthermore, 50% of high-growth businesses are aiming to increase their international sales in the coming year as opposed to lower-growth businesses at 30%.
Of course, expanding rapidly will put entrepreneurs in high spirits. High-growth businesses have been found to be more optimistic about their growth in general. In fact, a third of these trailblazers expect Brexit to be good for them while only 9% of lower-growth companies shared their sentiment. Moreover, 31% of fast-growth enterprises still plan to increase sales within the EU over the coming year, making it the biggest area for expansion for these businesses. North America was the second most popular destination with 27% planning to grow sales there. 25% said the same about Asia.
John Carroll, head of international and transactional banking at Santander Corporate & Commercial, said: “Trailblazers are leading the way by grabbing the opportunities that are out there for British goods and services across international markets. The desire to take risks, to have confidence in your product and your people puts businesses in the best position to succeed, especially at a time of economic uncertainty. These attributes set the trailblazers apart from their competitors.”
It’s great to see that trailblazers are still bullish about exporting despite the Brexit uncertainties.
