Barclays is calling on SMEs to take a more global outlook and consider the growth opportunities that can come from exporting, as new research reveals that businesses across the UK hit a growth ceiling after an average of just four years in business.

While the thought of taking a business overseas may seem daunting for some, the research, which surveyed 500 UK SMEs already exporting, provides encouragement for those yet to start.

Looking back on their experiences, 83 per cent of SMEs already exporting in Wales said they found the experience to be as they hoped, or even easier than expected. Nationwide, this was especially true for retail (92 per cent) and utilities (94 per cent) businesses.

This could be in part because the majority now realise that a number of the factors that had held them back were psychological, rather than actual, barriers.

In Wales, 50 per cent of those who said they wish they’d started exporting sooner said the reason they hadn’t done was because they either just ‘didn’t know where to start’, thought it would be ‘too complicated’, ‘didn’t think it would work’ or just ‘didn’t think to do it.’

Having overcome those psychological barriers, 43 per cent of Welsh SMEs in the area now say they wish they’d started exporting sooner. Nationwide, this is most evident in utilities, logistics and pharmaceutical businesses, where 75 per cent, 61 per cent and 83 per cent of businesses respectively say they wish they’d started exporting earlier.

Jeff Lane, Barclays Business area manager for Newport and south east Wales, said: “What strikes me about our research is how successful at exporting SMEs are.

"This is despite 43 per cent of business in Wales claiming to have ‘fallen into it’, or only looking at it ‘when an overseas customer got in touch’. With such high growth opportunities, imagine the possibilities that could come from taking a more proactive approach."