Companies in the UK are continuing to embrace globalisation but smaller businesses need help from government in order to compete in the global marketplace, says the Institute of Chartered of Accountants in England & Wales (ICAEW). The appeal comes at the ICAEW’s annual policy summit taking place today which looks at the issue of globalisation.
The ICAEW Enterprise survey revealed that 72% of companies had any global engagement whilst over half had customers outside the UK (56%) or secured services outside the UK (55%). This figure fell amongst smaller companies with only 41% of micro businesses and 62% of small businesses having global engagement. Less than a third (31%) of micro businesses have customer abroad and 38% of medium companies obtaining products and services from abroad.
As well as smaller businesses having less global engagement that their larger counterparts they are also not as positive about the impact a global marketplace will have. 33% of micro and 27% of small businesses were positive compared to 43% of large companies. In spite of both the apparent opportunities and possible threats globalisation can bring to businesses only 21% of small and 18% of micro businesses have a strategy for dealing with globalisation going forward.
See full Press Release.
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