• Register
Return to: Home > News > ACCA: SMEs lack international trade advice amid global market uncertainties

ACCA: SMEs lack international trade advice amid global market uncertainties

Amid uncertainty over Brexit, just 11% of UK SMEs have sought external international trade advice, according to the Association of Chartered Certified Accountants (ACCA).

A survey from the ACCA revealed this figure despite 31% of SMEs citing uncertain global trade as their biggest barrier to growth over the next few years.

The survey, Scale-up success: What do SMEs need to supercharge their growth?, which contained more 1200 responses from SMEs, highlighted the state of the domestic market and the uncertain global trade environment as the biggest barriers faced worldwide by SMEs.

The survey suggested that a possible solution to long-term growth potential lies with the power of external advice and funding networks.

It also noted external advice enables SMEs to have improved access to business intelligence and technological know-how.

ACCA’s interim director of professional insights Jamie Lyon said: “Growth can come at any stage of an SME’s lifecycle. This requires business leaders to think strategically about the steps they can take to enable it. SMEs with high growth ambitions often tend to have an international outlook from the outset of their business journeys.

“Growth prospects can be supported if SMEs build a governance structure from the outset of their business journey. It is important to establish a management team that encompasses the broader skills and experience required to help expand the organisation.”

Caroline Plumb founder and CEO of Fluidly, a UK based machine learning company which helps SMEs manage their cashflow, said in the report: “Investors definitely provide useful advice. They’re people who’ve done it before and experience always counts. They can not only help you identify the best course of action but they can also say where you are likely to go wrong. I think that’s very valuable.”


By Mishelle Thurai

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.