Boosting Export Mentoring Services for Family Businesses We strongly welcome the recent launch of the National Mentoring Business Council. Recent surveys show that eight in ten SMEs believe mentoring services can lead to further business growth. [5] A strong focus on export mentoring across the Government’s Business Growth Service, Business Gateway in Scotland, Business Wales Mentoring, Invest Northern Ireland, and regional and local business support will be critical to helping family firms on their international trade journey.
Expanding Trade Touchpoints for Family Businesses Improved Access for Family Businesses
Scale Up Institute data shows that a third of family businesses (34%) [6] believe improved access to trade shows would enable them to expand into new markets. There should be greater provision for family business opportunities to connect with international family counterparts on the world stage and participate in targeted trade shows. International Ambassadors Spending Time in Family Businesses FBUK was delighted to see British diplomats recently spending time in British businesses to help identify opportunities for UK firms. We urge Ambassadors and High Commissioners to engage regularly with family businesses to help foster international connections and unlock overseas opportunities. Targeted Trade Support for Mid-Sized Family-Owned Businesses Mid-sized family firms across the UK play a vital role in achieving the government’s growth agenda. However, these businesses are often overlooked by policymakers, who tend to focus on either very large companies or start-ups. The scaling opportunity for these firms has, for too long, been neglected. Six in ten (55%) mid-market family businesses feel there is very little support available for businesses like theirs. [7] The British Business Bank’s new £6.6 billion fund, introduced as part of the Government’s Industrial Strategy, along with UK Export Finance, must set achievable finance targets to support these scalable businesses. Mid-sized family firms have the potential to scale rapidly. It is essential that the Treasury monitors the impact of these funds and ensures that international trade support remains a key driver of growth for this cohort. Digital Trade Facilitation to Aid Family Businesses Digitalisation has the potential to transform how family firms export – yet many family businesses have yet to embrace these opportunities. Common barriers include lack of awareness, upfront costs, and uncertainty about interoperability with overseas systems.
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