The Outdated Industry Costing UK Companies $7bn a Year

Too Long; Didn't Read

The 21st century has seen an exciting growth in startups and SMEs. The costs of starting businesses are far lower now than in the 20th century. In all industries, small businesses have chipped away at the market caps, often dominated by two or three large corporations. The SME market now has over 100 million businesses globally, increasing 8% annually, with SMEs now representing around 99% of all enterprises¹. The boom in startup culture, combined with technology spurred globalisation, has made operating internationally far more affordable for small businesses than in previous years. SME international trade in the UK is now worth $935 billion, with businesses transferring an average of around £35,000 every month internationally.¹