Exports could double with more government help

Medium sized UK manufacturers believe that more Government support could potentially double export volumes according to recent research. Over half (54%) of businesses surveyed said that if the Labour Government provided more incentives and backing for exporting, demand from overseas customers would increase by 100%. The survey, conducted by Fortis Commercial Finance, covered 200 CEOs, managing directors and financial directors of manufacturing companies with an annual turnover of £100 million-plus. 45% of those surveyed also said they were concerned about trading in a different business culture and the impact of potential payment delays. 24% indicated they were interested in learning more about alternative forms of funding their export drive. Murray Chisholm, managing director of Fortis, commented: “This research demonstrates that whilst manufacturers are keen to export, they aren’t sure how to go about it or who to approach first for advice. Businesses need to be aware that overseas markets have to be researched thoroughly, as financial and cultural issues arise from trading in a different country can often have a significant effect on cashflow.” Other key finding of the survey were: 62% felt that electronic payment will reduce late payment – 91% said that they were not concerned about the security of using electronic payment systems; 31% of MDs said they admired Germany most in terms of economic growth; and 19% of MDs said their business would benefit from their finance provider giving them more business advice.