The 2018 ‘Barriers to Growth’ research commissioned by the members of The City of Expertise, reported that 80% of the businesses in and around St. Albans are planning to grow, either dramatically or moderately, over the next two years. And, undeterred by the complexities of the current economic and political climate, 54% plan to do so by entering new markets.
The businesses of St. Albans are taking the initiative and not waiting for the government to resolve all the issues – they are getting out there and doing it themselves.
Over 30% of our businesses are aiming for new domestic markets. Possibly the first route to expansion for businesses in the earlier stages of growth and perhaps a safer bet for less experienced entrepreneurs. This is backed up by the research which shows that those businesses with 1 – 5 employees are leading the way in terms of domestic growth (28%).
The EU is still an attractive prospect for our businesses and the research shows that 10% are expanding into new European markets. However most exciting of all is he finding that 14% of our businesses are expanding into other new markets. Unsurprisingly it is the larger companies with 51+ employees that are heading further afield with 21% of this cohort planning to look beyond the EU to meet their expansion plans.
The businesses of St Albans are going global and no amount of red tape and regulatory issues can stop them. We are very lucky in St. Albans to have a wealth of skills, experience, and expertise within our professional advisory firms that can support the growth ambitions of businesses in our area and beyond.
If your business is looking for solutions to its challenges, please get in touch with one of our members for help and advice. We are called ‘The City of Expertise’ for a very good reason!