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Posted: Fri 16th Jun 2023
Enterprise Nation and Santander UK have joined forces to offer guidance to UK SMEs to support their international growth. The Go Global scheme will help 100,000 businesses trade overseas over the next 12 months.
With invaluable support from Deloitte and Dropbox, the programme aims to unlock the global ambitions of SMEs by providing high-quality resources, online learning modules, trade events, mentoring and tailored advice.
A report from Enterprise Nation and The Entrepreneurs Network found that if UK exports had rebounded as strongly as Germany's following the COVID-19 pandemic, the nation would be exporting $111 billion more than it is now. And even if the UK had simply kept pace with other G7 countries, it would be exporting an additional $65 billion.
Santander's Spring 2023 Trade Barometer found that UK businesses that trade internationally are outperforming those that are limited to domestic trade. Despite economic headwinds, 59% of companies that trade internationally report improved performance over the past year compared to just 46% of those which do business solely in the UK.
Importing and exporting are key drivers of productivity and growth. Figures from the Office for National Statistics (ONS) show UK businesses that trade goods internationally can be around a fifth more productive on average than similar non-trading firms, even when you factor in company size, the industry they operate in, and the type of ownership.
But small and medium-sized businesses find red tape frustrating and clear advice in short supply. For this reason, the Go Global programme will provide a series of downloadable, easy-to-understand guides that focus on trading in different worldwide territories.
Emma Jones CBE, founder of Enterprise Nation, said:
"We know from our own research that the UK has dramatically fallen behind other G7 countries in its exporting capabilities.
"Go Global is about reigniting the UK's appetite to export and ensure that Britain's SMEs have the best conditions possible to flourish on the international stage.
"We know that exporting, whether it be a product or a digital service, is a significant driver of productivity and growth. But many businesses tell us they can't find one single place to find what they need, or when they do find information, it's over-complicated and patchy.
"This international focus on trade is about taking the lead and helping the SME community to confidently access new territories and markets with all the tools they need."
John Carroll, head of international and transactional banking at headline sponsor Santander UK, said:
"It's clear international trade is a significant growth driver and the fastest route to recovery for businesses that have been up against challenge after challenge in recent years.
"I'm delighted to be working with Enterprise Nation on the Go Global initiative. We've already supported over a thousand businesses into a new market overseas since 2019 and I firmly believe that our unique international network, together with the knowledge and expertise of our teams, can make a real difference to many more, as well as the wider UK economy."
Lucie Swiestowska, director of supply chain tax operations at Deloitte UK, said:
"We're incredibly excited to extend and collaborate across networks in this space; to support, understand and facilitate trade from the UK. We intend to bring our global network to be a part of this, and fully engage with the social value benefits this can provide to SMEs across the UK.
"Our work with Enterprise Nation is particularly exciting in allowing us to bring a number of skills, experiences and new faces to the market, in supporting new and growing businesses to achieve their international trade aims."
