News July 2010
The government have said that they have incentivised Small & Medium Businesses with attractive corporation tax rates. They have justified this for two reasons. With the reduction in public sector spending the SMB sector is seen as the engine house of new jobs. They also recognise that growth and profitability will increase tax revenues.
With the UK economy experiencing very low current growth rates of 0.3%, growth within SMBs will only really come from an export led recovery!
UKTI statistics show where the worldwide growth is forecast to occur
- 70% of global growth in BRIC economies(Brazil, Russia, India and China)
- 30% of global growth in US
- 0% of global growth in EU!
With little or no growth anticipated in Europe, these economies are struggling and are unlikely to be the source of opportunities for new entrants. Enterprising businesses should be considering the potential offered by BRIC and US territories.
I am not saying every country will offer equal opportunities for all SMB’s. Detailed research and investigation will be necessary to identify the potential.
What works within your home market will need refining or reconfiguring to ensure it is both effective and competitive in a new market.
For example, I have recently started working with a Mumbai software product company who want to exploit the US market and was looking for a Software Marketing Expert who could coach and mentor them in the product marketing and channel development strategies.
The challenge for me to enter that market was to reconfigure my service to make it an effective arms length solution where face to face meetings are not an option and Skype and email become the basis for all communication.
If you are looking to expand your business overseas and need some assistance in tackling a successful planned strategy then please contact me and we can discuss the next important step for your business.
-ENDS-
