Family Business Scale-ups: Breaking Barriers to Growth
The challenges to growing and scaling family businesses
Figure 25: Interventions needed to expand internationally Access to markets
Businesses also identify a clear set of interventions that would help them to expand internationally. As part of the government’s Trade Strategy, focused export support is being developed at a local level, and the survey highlights where this aligns with business needs. Three in ten mid-market and scaling family businesses point to the value of a local international trade hub, support for finding or recruiting in-country management or employees, funding for research into new markets, and access to financial products to support overseas expansion, including UK Export Finance insurance and loan guarantee schemes. Support with market selection, entry and fulfilment, as well as introductions to corporates and financiers able to support overseas growth, are also cited by a similar share. These findings show that scaling and mid-market family businesses are already active across domestic and international markets, with exporting and overseas activity seen as a key enabler of their further growth. Rather than a lack of market ambition or international orientation, access to markets, both in the UK and internationally, remains the leading barrier to scaling up, reflecting persistent frictions in procurement, trade routes and market access mechanisms.
The government has announced plans to provide focused export support in local areas across the UK as part of the Trade Strategy. What would be helpful to your business to be included in this support? 3 in 10 • A local international trade hub close to where you are in the UK • Support to find / recruit in country management / employees in overseas markets • Funding for research into new markets • Access to financial products to support overseas expansion (e.g. UKEF Export Insurance and loan guarantee schemes) • Training / support on market selection, entry and fulfilment • Introductions to corporates and financiers who can support overseas expansion 2 in 10 • More proactive information on trade missions and market opportunities • Introductions to buyers in overseas market • Single point or contact for scaleups at the trade department in the UK and overseas • Export-focused peer groups 1 in 10 • Greater bespoke market insights, e.g. via email, webinars etc. • Tailored scaleup export trade missions
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