Stay nimble and crack new markets

FIRST you’re up, then you’re down. At least, that’s what UK exporters might have been thinking over recent weeks and months.

Towards the end of 2017, the weakness of the pound may have helped to boost exports. But the first quarter of 2018 saw a strengthening pound dampen exports somewhat. In an already uncertain political climate, an unpredictable pound doesn’t make things any easier for business owners.

But there are good reasons for ambitious businesses to think seriously about international trade. There is much that remains unknown about about where the UK’s economy will be a few years from now. So it could make sense for business owners to think about diversifying into new markets, to mitigate risk and to build new international relationships.

Technological advances have made it easier for businesses to take advantage of currency fluctuations, too. Fintech firms like Transferwise and Revolut, for example, now let businesses deal across currencies more quickly and easily than ever before. As with many aspects of finance, young, innovative companies could be showing traditional incumbents the way forward.

For SMEs, being nimble and prepared for changing circumstances is often a good way to get ahead of bigger, slower-moving competitors. Finance can be one way to open up new opportunities, and the government is trying to increase awareness of different export finance options.

But in a recent Growth Street survey of over 1,000 businesses, just 35 per cent of respondents agreed that enough guidance was available for businesses looking to start exporting. It’s not enough to expect businesses to make big decisions like starting to trade internationally without the right support.

Businesses often have to prepare to take calculated risks when planning for growth. Whether it’s the price of the pound or the political climate, I have faith in the ability of Britain’s SMEs to overcome uncertainty. Greg Carter is CEO of

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