More than three quarters (77%) of British businesses, that class themselves as only operating domestically, are planning to expand into international markets within the next two years, according to the 'Global Pioneering Spirit' Survey conducted for
June 17, 2014 (Newswire) - The research, carried out with a representative sample of UK businesses by independent researchers, Vanson Bourne, reveals that 80 per cent of those planning to 'go global' cite the economic upturn as their primary catalyst. A majority (92%) of companies with global ambitions view this planned expansion into international markets as being 'essential' to their future growth.
Communications technology is deemed vital to facilitating this expansion. More than half (59%) of those that have yet to expand globally consider insufficient technology or telecoms infrastructure as a barrier to achieving this ambition. Of those businesses that intend to 'go global', 60 per cent intend to improve their communication infrastructure, and more than three quarters (76 per cent) are planning to invest in other related technologies.
Around half (51%) of businesses surveyed are already operating globally and enjoying the benefits of doing so, including an increased customer base (64%), stronger potential for partnerships (51%), increased market share (48%) and greater brand recognition (45%).
Crispin Simon, Chief Executive for UK Trade & Investment (UKTI) comments:
"There is huge international demand for our products and services with UK exports to high-growth markets like China, India and Brazil at all-time highs. The international success of UK businesses is having a knock on effect and encouraging firms that have not exported before to follow suit."
Rob Jones, European Managing Director at Truphone, comments:
"Historically the UK has been a nation of global pioneers, with the development of international trade a major driving force behind this. We're now living in the modern age, where technology has enabled a significant change in the way we communicate with one another around the world. So there's a particular paradox in the fact that the major barrier UK businesses face is in getting the best from existing communications infrastructure, with many looking to invest in this to make their ambitions a reality."
For further details on Truphone and the Global Pioneering Spirit study, please visit: www.truphone.com/uk/gps