Across nine UK regions, 22% of small-business owners are looking to expand into new markets overseas in order to achieve business growth, according to the latest findings from the quarterly Business Barometer survey by Hitachi Capital Business Finance.

It says that with warnings of an economic slowdown, the small-business community “is pushing forward with positive new initiatives over the next two months in order to secure growth”.

Overall, 64% of the small-business owners polled said they were considering new initiatives in the three months to 30 September to help boost their growth prospects and these may include a thorough analysis of their price competitiveness in the industry which can be done with reference to this turf analysis example.

Sectors where small businesses were most likely to be working on specific new plans included real estate (74%), IT/telecoms (71%) and manufacturing (70%).

More seasonal businesses such as agriculture (60%), construction (59%) and hospitality (45%) were among the least likely to be working on new initiatives to achieve growth.

Hitachi Capital Business Finance (www.hitachicapital.co.uk) said that for the vast majority of small businesses, controlling costs and cash-flow was a critical priority.

“For those looking to expand, the top consideration was looking at new markets overseas — a clear sign that small businesses are already adjusting to a world-view beyond the EU and the need to forge new business alliances.”

A ‘financial makeover’ was also a priority for many, with some business owners wanting to re-assess their current finance commitments, while others were looking out for suitable finance partners beyond their High Street bank.

Investing in new equipment was a priority for around one in seven respondents — and it was a top consideration in agriculture (35%), media (21%), hospitality (21%) and construction (19%).

Gavin Wraith-Carter, managing director of Hitachi Capital Business Finance, said: “The size and agility of Britain’s smaller businesses position them well to react quickly to the post-Brexit landscape and adjust their plans to compete and grow.

"The relatively high number of business owners that are looking abroad to identify opportunities presents grounds for confidence and optimism.”