Yorkshire’s small firms are being urged to start exporting sooner after research revealed they hit their growth ceiling after four years if they rely on domestic business.
Barclays Bank says almost two out of five Yorkshire SMEs wish they had looked to overseas markets earlier and nine out of 10 said they found exporting as easy or even easier than they expected.
Barclays says manufacturers can keep growing in domestic markets for as long as eight years, but telecoms; internet, media and entertainment businesses hit their limit in only two years and logistics and retail businesses reached it in three.
Caroline Pullich, head of Barclays Business Bank for Yorkshire, said: “What strikes me about our research is how successful at exporting SMEs are. This is despite 58 per cent of business in Yorkshire claiming to have ‘fallen into it’, or only looking at it ‘when an overseas customer got in touch’.
“With such high growth opportunities, imagine the possibilities that could come from taking a more proactive approach!”