Striking a balance between growth & staff is tough act
The poll, which canvassed the opinions of over 2600 business owners and senior executives, also highlighted the biggest barriers to expansion. The top barrier identified by seven in ten respondents was finding the right staff (68%). A lack of local knowledge and connections was pinpointed by over half respondents (54%) as an impediment to expansion into new markets, followed by lack of access to flexible work space (44%).
John Spencer, UK CEO at Regus commented, “All the indicators are that domestic growth is back on track, and what is particularly encouraging is that a quarter of SMEs are performing well both at home and abroad.
“Many firms are put off expanding into new markets – whether domestically or overseas - by the perceived risks, time and money involved but, although it can be a daunting prospect, you only have to look at the success stories to see that it can pay dividends. For instance, our previous research found that firms trading overseas were two fifths more likely to increase profits than those sticking to the domestic market.
“Every day at Regus we see companies – including thousands of SMEs - harnessing our international network of business centres to test the waters in new markets without over committing financially, keeping operations as lean and scalable as possible.”