SIXTY per cent of small businesses in Bournemouth are missing out on growth opportunities by limiting themselves to domestic markets, it is claimed.

The majority of attendees at a Backing Your Ambition event, held at the Pavilion Theatre by Lloyds Bank Commercial Banking, said they were not currently exporting.

However, those already exporting were reporting growth, with 29 per cent expecting to create an average of up to 10 new jobs over the next two years.

For 23 per cent of small businesses represented, the euro zone was their biggest target export market, despite its recent instability. Only a small number concentrated their efforts further afield, with six per cent trading with Asia and three per cent with North America.

Of those currently trading overseas, 14 per cent said that the biggest factor in their decision to export was that they had found the right person to represent their organisation abroad.

Mark Handscomb, area director for SME Banking in South Central England at Lloyds Bank Commercial Banking, who spoke at the event, said: "While a good proportion of local firms are already trading internationally, many are missing the opportunities in foreign markets.

"In today's competitive global marketplace, it is increasingly important for small firms to expand their horizons and actively seek out new opportunities overseas to avoid getting left behind.

"Realising the full potential of international trade needs preparation and planning, especially if you’re starting to export for the first time.

“As with any business investment, guidance from an experienced professional can be key to breaking into new markets successfully.”

Although 99 per cent of attendees agreed that British products and services have a good reputation overseas, small business owners said more advice was needed to help them move into international markets.

This included having the right advice on finance (40 per cent) and appropriate regulatory information (23 per cent), while 17 per cent cited marketing as an area where they needed support.

The Bournemouth Backing Your Ambition event saw more than 70 businesses leaders discuss international trade opportunities.

Guests heard from Nick Field, a representative from the South West branch of UK Trade & Investment, Hugh Francis, UK Export Finance and Stephen Bath, founder of Skycab.