07-10-2008
SMEs looking overseas for business
Many small-to-medium business enterprises (SMEs) are looking to expand overseas to take advantage of new markets, one professional body has claimed.
According to the Institute of Chartered Accountants, many businesses are still focused on growth despite the impact of the credit crunch.
Findings from a study conducted by the body showed 60 per cent of SMEs claim to have been affected by the economic downturn but are still planning to look for more business opportunities.
Clive Lewis, head of SME issues at the institute, said: "One of the main barriers to growth is access to finance so they need to be careful with their financial management of their business."
However, he added that many SMEs in the UK are still growing as they continue to do what they do well.
Achieving deliveries, helping customers and supplying them with the services they require are all helping businesses employ good money management – "the backbone of British business", concluded the organisation.
In a recent survey by the Institute, one in five businesses said the impact of the credit crunch had been 'very negative'.
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