Hasty, director at Smart Currency Business, commented: "It will be
interesting to see if businesses will seize this opportunity and invest in
imports, especially in cases when doing so helps cut supply-side costs and
improves a business
Reality, however, is governed by momentum, and although small and medium-sized companies are confident about growth, they are still cautious to translate this into financial activity like borrowing. This means that more efforts need to be exerted to motivate business growth, as these businesses may be slow to bat, preferring to obtain more reassurance of economic growth before expanding their own businesses - particularly when it comes to international trade.
Carl continued: "While there is certainly a case for prudence, businesses need to remember that economic activity - and, by implication, currency strength - can be forecast, but are still subject to circumstances beyond prediction. SMEs looking to scale up have to take the initial steps to get the ball rolling toward successful business growth."
to recent figures from United Kingdom Trade and Investment (UKTI), businesses
that export are, on average, 34% more productive, 75% more innovative, undertake
three times as much research and development and are 12.5% more resilient than
businesses that don
pointed out: "Although it can be argued that exports are a sport for weak
currencies, as a strong currency theoretically hampers export competitiveness,
the view barely scratches the surface of a larger economic playing field and
"Businesses that are convinced of the opportunities offered by starting out in exports or expanding current exporting facilities still require much support. A significant proportion of this is extended by United Kingdom Export Finance (UKEF), which provides businesses with an array of services, from funding support and face-to-face export guidance to educational and networking events.
"The fanfare surrounding exports means that they have been expected to perform miracles for businesses and the economy even before they have been fully harnessed at full speed. As with anything else, exporting endeavours require patience. They also require support, as well as a proactive, dynamic approach to growth."