Open to Export recently published the results of a study conducted in November, for which they spoke with 400 UK companies.
The key findings were:
- 78% per cent of business owners and managers believe that 2015 will be better than 2014
- Most popular regions for expansion are Europe and North America, with 59% and 44% planning to target these markets respectively
- Business-to-business firms more likely to expand into Africa and South East Asia than business-to-consumer firms
- 34% of respondents say ‘cultural similarity to the UK’ is a major factor when selecting a new market to enter
- Decision-making more likely to be based on market research and analysis than any other factor
You can to address the two latter points highlighted.
Clearly cultural similarity is an important factor, 34% of respondents stating it’s a ‘major factor’. There is no question that the Middle East has a very different culture generally to that of the UK, however it is important to highlight that more than 100,000 Brits have chosen to live in the UAE (myself included!).
The final point, regarding research, fills me with optimism for the future of the BCB initiative. Of course, a company should fully research the market it wishes to enter, but we’re here to lessen the bureaucratic load once you make that decision. The BCB helps you jump the first few hurdles and makes things easier for you in that critical first year, allowing you to focus on capitalising on the opportunities on offer in this thriving and dynamic part of the world.
So, 100,000 familiar faces and with the BCB as a partner to manage government issues means that your business, through expansion, could be one of the 78% mentioned above.
Image taken from the report