The UK leads the world on tech – and needs to boost exports
On top of this, this figure is expected to grow even more by the next five years. Reports say that the industry is going to grow by over £8 billion in the future and this is going to be phenomenal to say the least.
The exports include software, tech consultancy, ecommerce and even telecoms too.
This is incredible for the UK economy and the trading surplus is going to keep things functioning at a very high level.
The tech report
Investor Tej Kohli has always looked to tech reports to try and assess the future of the market. The great news for the UK is that it is one of the top powerhouses in the world.
It is also able to demonstrate how important it is to try and reduce the amount of trading friction that companies face. This is especially the case for small or medium enterprises who may, or may not, want to expand into global markets.
This is a timely issue though, as at some point, the UK is going to leave the EU and it is going to venture into the single market.
When you look at the importance of the EU as a trading hub for UK firms, you will soon see that this is a huge moment to say the least. UK exports represent 51.4% of the total in the country.
A lot of UK businesses will have to think about what opportunities lie ahead, and they also need to look at what their services are going to be in the year 2021 as well.
International opportunities
Irrespective of Brexit, it would seem that there are plenty of opportunities for small tech companies to grow their business by exporting their wares.
The Tech Nation study has found that Britain is easily the second to the US when it comes to high growth and scaling.
That being said, the report also suggests that the UK does in fact have well over 7,000 firms and there is a lot of potential for exporting services and digital products.
Understanding the market
One of the main and most important aspects of growing into a new market is having an in-depth understanding of the country or the territory.
You need to think about things such as taxation and regulation, as well as language and culture.
There are many obstacles that you need to move past if you want to establish a customer base out of the UK.
For this reason, it is essential that SMEs take the time to study the market and everything that might come with it. They need to make sure that they encounter enough demand for the tech that they have, but they also need to think about the ease of doing business in that particular country or region as well. All of this is of course, going to cause some degree of issues.