[CROYDON, 22/06/2023] - As businesses face more uncertainty in the coming year, accountants can be a reliable source of guidance. They can help their clients prepare for economic challenges and guide them towards long-term growth.

Expansion to Foreign Markets

A survey reveals that 70 per cent of UK small and medium-sized enterprises (SMEs) aim to expand into foreign markets in 2023, despite the economic slowdown. Expanding into new regions has two advantages. Firstly, it allows businesses to reach millions of new customers and compensate for any decline in their domestic market. Secondly, expanding abroad can help venture capital-backed businesses attract funding from international investors by showcasing the demand for their products overseas.

North America and Europe

Around 60 per cent of UK businesses plan to expand into North America and Europe. In comparison, 60 per cent have ambitions to grow in Asia Pacific, Latin America, Africa and the Middle East within the next five years. Of those surveyed, 42 per cent want to find new customers overseas, 37 per cent aim to increase their international marketing efforts, and 36 per cent plan to hire more staff.

Fintech Solutions

Cloud accountants can expect a positive shift as businesses increasingly opt for digital financial solutions over traditional ones. According to data, 42 per cent of SMEs plan to transition to fintech platforms next year, and 33 per cent have already. It is predicted that in the next five years, the overwhelming majority of UK SMEs will have adopted fintech solutions. Thus, the days of convincing hesitant clients to adopt digital technologies may be dwindling as more businesses perceive the advantages of doing so.

Technology for Cross-Border Finances

Small and medium enterprises (SMEs) seeking international growth will require technology to manage cross-border finances effectively. According to a survey, 25 per cent of SMEs do not have sufficient software to support their expansion, while 65 per cent need a fintech platform to manage growth across borders responsibly. In the coming year, accountants can aid their clients' expansion and help them maintain healthy profit margins by advising and establishing the appropriate financial infrastructure.

Prioritizing Growth

Most businesses today prioritize growth, but small and medium-sized enterprises (SMEs) are also concerned about managing expenses. The survey found that over 70 per cent of SMEs plan to invest in people, technology, and expansion to achieve sustained growth in 2023. Furthermore, 69 per cent believe retaining current employees is more critical than hiring new talent.

Clients will be implementing more employee wellness programs to keep their staff. As an accountant, it is essential to be ready to guide how to make the most of their budget and to consider moving to digital solutions to minimize waste.

About Bryden Johnson

Bryden Johnson is a Chartered Accountants and Business Advisers firm that creates flexible and practical solutions to align with business and personal goals. They are known for their innovative approach. For more information, visit https://bryden-johnson.co.uk/.