[United Kingdom, Jan 2023] Despite the current economic downturn, 70% of UK businesses actively explore overseas expansion opportunities. According to a recent study, businesses in the UK have begun researching potential markets abroad and looking into ways to capitalise on them. Even though most companies faced significant financial losses due to COVID-19 restrictions in previous years, many are optimistic about the prospects of overseas expansion and believe it is a viable way to invest in the future.
About 81% of UK businesses are looking into expanding their operations to North America and Europe, while another 60% plan to reach Africa, Asia, the Middle East, and Latin America. This is a sign that businesses in the UK have not been discouraged by the economic challenges posed by COVID-19 and are instead embracing opportunities for growth and expansion.
Despite the growth potential, businesses are also aware of the risks associated with overseas expansion and are taking steps to mitigate them. They must focus on formulating risk management strategies to ensure that they can navigate any potential difficulties while still achieving their goals.
One strategy that has proved to be successful is customer segmentation. This allows businesses to understand the market better and tailor their services accordingly to gain a competitive advantage.
Finding reliable partners and suppliers with the necessary expertise and resources to help them succeed in their respective markets is also essential for businesses looking to expand overseas. Due to the complexity of the process, businesses must partner with a professional who can provide the best advice on how to set up successful operations in a foreign land.
Financial services are being outsourced to local companies to gain a better understanding of the country's regulations. As more businesses are looking to expand overseas, accounting firms such as Bryden Johnson have become increasingly popular in the UK, as they provide trustworthy guidance on minimising financial losses and maximising profits.
About Bryden Johnson
Bryden Johnson is a leading accounting firm in the UK specialising in helping organisations make smart financial decisions. The company provides businesses with access to chartered accountants and business advisers, empowering them to make informed decisions and gain the most from their investments.
With over 125 years of experience, Bryden Johnson can support businesses looking to grow their business overseas. Learn more about their services at bryden-johnson.co.uk.