Accounting network Creston Global releases second “Interpreneur” report on how to succeed as a global SME
London, 10 June 2024–(BUSINESS WIRE)–Kreston Global’s latest Interpreneur Report reveals that small and medium-sized enterprises around the world are optimistic about their global operations and are ready to take advantage of turmoil to drive commercial growth both at home and abroad. This comes despite macroeconomic concerns such as geopolitical turmoil, a slowing global GDP and a gradual decline in international cooperation that have dampened the commercial prospects of many listed companies and raised fears of “de-globalization.”
Creston’s second Interpreneur Report is based on a survey of 1,400 “interpreneurs” across 14 countries, or business leaders from organisations with revenues of up to £300 million (approximately $372 million) who have successfully expanded into international markets. The survey explores trends in global mobility for small and medium-sized enterprises and the strategies business leaders are using to navigate the commercial pressures of today’s global entrepreneurship.
Interpreneurs acknowledge the tough macroeconomic headwinds that global expansion faces, but it’s clear that the rewards outweigh the risks: Nearly all respondents (96%) agree that global expansion has benefited their business, citing commercial growth through increased sales and revenue (53%) and profitability (46%) as the biggest benefit.
More than half of survey respondents evaluating their company’s international expansion journey said the primary driver for their business was securing market growth opportunities (52%), followed by the desire to gain a competitive advantage by gaining a foothold in new regions before competitors (36%). The biggest challenges they faced were adapting to logistics and supply chain issues (41%), finding suitable local partners (39%), and dealing with economic instability (38%).
Looking ahead, 87% of respondents expect the number of companies expanding internationally to increase within the next 12 months. The countries respondents most would consider for their companies to expand to are Western Europe (52%) and North America (48%). When assessing why a country or region is most attractive for expanding internationally, respondents cited favorable economic outlook (43%), favorable trade agreements (41%) and availability of skills and talent (41%).
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About Creston Global
Kreston Global is one of the world’s largest accounting networks, representing over 160 independent firms in over 114 countries worldwide.
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