With SMEs in the UK continuing to flourish and being hailed as the backbone of the British economy it may be time for them to set their sights further afield and expand their offering overseas.

This is something to think about, especially given the fact that Brexit has opened a lot of doors for businesses that are interested in doing more on a global scale.

While Brexit has sparked a lot of uncertainty in the market, it may be necessary for small British companies to set their sights further than home turf, where economic growth has stalled and inflation is rising again.

So many SME’s have the potential to expand overseas, especially in our increasingly digitised and connected culture where communication between countries and organisations is fluid and easy to achieve.

Unfortunately, many companies are looking upon Brexit as a wholly negative thing and choosing to hone in on the uncertainty that it is presenting. They aren’t looking at the bigger picture and recognising the potential that there is to turn their business into a global brand.

This is something that GIC Capital as a company can help them achieve with the range of funding options that we have available for SMEs. The working capital service that we offer is carried out by our team of handpicked lenders and will ensure that each and every SME has the ability to meet its full potential.

Expanding globally may be something that all SMEs need to consider, especially given the fact that consumers in the UK seem to be becoming more frugal with their finances.

Advances in technology is making it easier than ever for UK companies to export their goods as a wide pool of markets are now at their fingertips.

Online marketplaces like Amazon and eBay also mean that companies won’t have to funnel time and money into creating their own shopping portal for regional sales. Such websites are accessible globally and ensure that companies can engage with consumers from all corners of the globe. 

With the prospect of Brexit still hanging over many Brit’s heads, a lot of SME owners believe that the idea of expanding their business abroad is a risky venture fraught with potential hazards.

While Brexit has sparked uncertainty in many different marketplaces, SMEs may be missing out on the chance to grow and expand their services if they ignore that there are opportunities for them on a global scale.

Given the fact that consumers in the UK are becoming more frugal, perhaps now is the time for SMEs to spread their wings and start considering expanding their company globally. If you run an SME, read on for some top tips that will ensure you get the start that you need.

Due diligence

Much in the same way that you would if you were starting a business from scratch, assessing risks before you expand globally is imperative if your new venture is going to be successful. Analysis is key, so be sure to undergo SWOT analysis, gap analysis, and market segmentation analysis.

Develop a strategy and business plan

It’s impossible to move forward if you don’t have a clear idea of the direction that you want your business to go in, so before you start pitching your business to international clients, ensure that you have an idea about long-term growth and the way that you see things progressing in the future. This will help you stay on task and will ensure that you don’t lose sight of what’s important for your business when introducing it to new, global marketplaces.

Research and analysis

As you’re probably aware, markets vary from country to country, so doing your research beforehand is going to be really important to your success. Through the use of customer analysis you will be able to determine whether or not your product is going to be viable overseas.

Seek the right advice and support

Don’t just go it alone, there are a number of organisations, that you can help you to get the best out of your endeavors, so be sure to find out about these types of businesses by doing your research online.

Consider your finances

 One of the most important aspects of transforming your business into a mutli-country organisation is securing the appropriate funding. We have a number of finance options available for businesses looking to facilitate growth, find out more about them here.