Britain’s small businesses are not benefitting from the new trade deals, as many report flat or falling exports in the third quarter of the year.
Many are still struggling with the effect of post-Brexit bureaucratic red tape and Trump’s tariffs and fears are rising that they will be excluded from the trade deals.
As 42 per cent of some of the largest companies are seeing growth in export orders, the divide between themselves and smaller businesses is becoming more apparent.
Smaller businesses are experiencing a lack of international trade and we can help you understand how to use the new trade deals to your advantage.
How have small businesses been affected by recent trade deals?
According to a new survey by the British Chambers of Commerce (BCC), 4,638 firms found that 84 per cent of businesses with 10 or fewer employees received too few export orders.
William Bain, head of trade policy at the BCC, commented that the growing disparity was “deeply concerning” and that the new trade deals were only as effective as a company’s ability to apply them.
Recent increases in lending limits of UK Export Finance from £60 billion to £80 billion have allowed for smaller exporters to access affordable funding.
However, the BCC urges for more support ahead of the Autumn Budget on 26 November.
How can you use government aid to your advantage?
As the gap between small and large exporters is widening, the BCC has called on the Government to support small businesses and modernise trade systems.
With many structural barriers holding back growth in small businesses, the BCC are calling for a ‘Trade Accelerator’.
This would be targeted to help businesses overcome the complexities of international trade deals and finance in new deals.
Ensuring you are aware of your company’s benefits from these trade agreements and the changing effects it has on your business is vital.
We can help you assess your economic growth and leverage available Government support and technology that will benefit you.
How can you stay informed on the new trade deals?
When dealing with overseas trade deals it is important as a small business to understand specific rules for imports, exports and services and analyse the impact of tariffs.
We can help you stay informed and assess how these trade deals will impact your business.
Together, we can advise you on your business strategy to manage potential changes in costs and market competition.
When you speak with us, we can support you with your financial planning and how to remain resilient as a business in these challenging times.
For expert financial advice and support, contact our team today.
