Happy New Year to UK’s hopeful SMEs, as British businesses vow to expand overseas

UK SMEs are feeling optimistic about 2023, despite rising costs, according to new research.

The independent research, which looked at a census of more than 1,000 SMBs across the country, found that 55% of British SMBs are optimistic about the year ahead, while only 20% feel pessimistic.

In fact, 53% also said that 2022 has been good for business despite challenges.

Businesses identified two key, connected challenges: two-thirds expect business costs to rise in the coming year, and most are feeling the impact of rising energy costs. Yet he has a plan to face the year ahead.

For many of us, the new year is a time to commit to personal growth, whether that means running more, drinking less, or trying a new hobby. Similarly, SMEs plan to grow in the coming year: 37% will increase their range of products and services, 29% will invest in their online presence and 26% plan to cut costs. ,

And many are looking to enter new markets, with these businesses most interested in expanding their presence in the European Union and North America, while others are looking to East Asia and the Middle East.

All resolutions face obstacles, such as that tempting box of chocolates hiding on top of the fridge, and it’s no different for SMEs. SMEs have been barred from expanding overseas for all kinds of reasons, including inflation, regulation, energy costs and supply chain disruptions.

However, the most cited deterrent is probably surprising. Nearly a quarter of British SMEs have been put off expanding overseas because of the cost and inconvenience of international banking services.

Clara Nobre, Head of Vice Business, said: “It can be easy to feel pessimistic about the world – yet there is a reason why British SMEs are optimistic about the year ahead. They have survived many difficult years and unexpected events and Now looking forward to a year of growth and investment.

“Overseas expansion provides many opportunities – new customers, new employees, new supply chains – and can be a real boon to a small business. It is unacceptable that banks stifle this with their poor, low-investment services. At Wise Business, we believe small businesses deserve better.”

Wise Business aims to help SMEs who are looking overseas for 2023. Wise Business’ international banking services are fast, affordable, transparent and convenient. Today, Wise Business has over 400,000 active customers worldwide.

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