Why the Export Strategy matters to small businesses

FSB National Chair Mike Cherry:

Over the past couple of years, small businesses have faced unprecedented upheaval dealing with negotiations over our?exit from the EU followed by the pandemic. The latter caused a crisis unlike anything we’ve seen for generations. And while the most stringent restrictions have now been lifted, supply chain disruption and new paperwork for exporters is still a reality, and we have import checks taking effect next year. But as the long road to recovery continues, it’s never been more important for small firms to have access to the tools and support to grow and thrive internationally. That’s why the new Export Strategy released this week could mark a major milestone for traders in the UK.

?As we look beyond post-pandemic recovery as an independent trading nation, the UK Government has a unique opportunity to help drive growth and economic recovery by unlocking the export potential of the UK’s smallest businesses.

?Through better access to better export finance, an improved trade show programme, more information and support regarding new Free Trade Agreements and a switch to paperless trade, all of these plans and more can make huge differences to small exporters either trying to expand their existing trade routes or even for those looking to export for the first time.

?Small firms make up the vast majority of businesses in the UK but are under-represented in international trade. Previous FSB research has identified the barriers that deter small firms from exporting, from finding overseas customers to managing exchange rate risk. Small firms are less likely to have access to the resources required to meet the upfront costs and challenges of exporting, so Government support is often the first port of call for small businesses interested in internationalising.

?The Government has set itself an ambitious target to be exporting ￡1 trillion of goods and services by 2030. Without small businesses, that surely will be unachievable – which is why the success of this strategy in delivering for smaller firms is so important.

?It’s fantastic that this anticipated strategy is now a reality. Against a backdrop of supply chain disruption, the introduction of import checks and spiralling shipping fees, swift installation of the many welcome measures contained within it is a must. Delays will only dampen the spirits of small exporters who are keen crack on.

?More than 25 per cent of FSB members currently export. The potential to grow that figure is there if the right support in place, and this strategy from DIT provides real building blocks for that growth. FSB stands ready to help Government and small businesses make the most of this Strategy, including via our new?Trade Advisory Hub.