Small businesses are looking to expand to mitigate Brexit impact

The high number of business owners looking for opportunities abroad presents grounds for confidence and optimism, says Hitachi

More than one in five small business owners are reportedly looking to expand into new markets overseas to achieve growth targets post Brexit.

The findings come as the UK is facing uncertainty over the outcome of its exit from the EU, but many businesses are already looking beyond Europe.

This is according to the quarterly business barometer research by Hitachi Capital Business Finance, which suggests that small businesses are pushing forward with positive new initiatives over the next two months in order to secure international growth.

Overall, 64% of small business owners polled said they were considering new initiatives to help boost their growth prospects. According to Hitachi, businesses working on such initiatives were significantly more likely to have an upbeat outlook for the three-month period.

Industries, where small businesses were most likely to be working on specific new plans, included real estate, IT and manufacturing. More seasonal businesses such as agriculture, construction and hospitality were among the least likely to be working on new initiatives to achieve growth.

"The relative size and agility of Britain's smaller businesses positions them well to react quickly to the post-Brexit landscape and adjust their plans to compete and grow. The relatively high number of business owners that is looking abroad to identify opportunities presents grounds for confidence and optimism," said Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance. 

"When considering the broader range of growth initiatives, access to finance was also an important consideration for many small business owners. Whether this be reviewing current commitments or investing in new equipment and assets, access to the right products at the right time is crucial to power growth."

Despite the lack of clarity about the UK's economy post Brexit, the country's tech sector saw record-breaking investment in the first half of 2019, according to Tech Nation.

The Data Commons for UK Tech stated that UK startups had received 4.8 billion in venture capital funding in the first six months of this year.

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