Small businesses face challenges when exporting

Red tape and volatile exchange rates are the main challenges facing small businesses when exporting, a report from the Federation of Small Businesses (FSB) finds.

Currency fluctuations are the biggest headache, with 48 per cent of those who export challenged by the issue, while 32 per cent complain about red tape and bureaucracy.

Payment is a concern for 25 per cent of businesses that export, while for 23 per cent, finding customers is a worry.

The FSB’s report: Made in the UK – Small businesses and an export led recovery calls for more support to be made available to encourage small businesses to export.

Mike Cherry, policy chairman, Federation of Small Businesses, says, ‘Manufacturing and defence are two sectors which offer big opportunities for small firms to export, but more effectively targeted information on the support that is already available is vital if small businesses are to be successful.’

Some 1,668 businesses responded to the survey, of which 23 per cent sell their products and services overseas.

See also: Managing your currency risk when exporting

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