The vast global market remains a largely untapped opportunity for small businesses in the UK, a potential we can no longer afford to overlook. Astonishingly, only 10 per cent of these agile firms engage in international trade. Imagine the economic growth if we could just double this figure.

This week, the Federation of Small Businesses (FSB) introduced its SME Export Taskforce — a strategic blueprint aimed at dismantling the barriers that hold small businesses back from capitalizing on global opportunities.

Commissioned by Jonathan Reynolds when he was the shadow business and trade secretary, we gathered insights from enterprises of all sizes and trade associations to craft this vital document.

The conclusions are clear: the current trade support system is a maze that obstructs rather than assists. Government aid is fragmented and perplexing, often leaving small firms without the guidance they need to navigate the complexities of international trade. The taskforce has proposed five pivotal changes to revolutionise the system and unleash the export prowess of small businesses.

Firstly, a cohesive cross-Whitehall policy approach is needed. International trade should be a priority across all government departments, with each one aware of trade objectives and actively contributing to trade negotiations. Aligning domestic and international trade policies will ensure the UK maximizes the advantages of free-trade agreements.

Secondly, maintaining an open dialogue with the business community is essential. Crafting trade legislation and agreements through transparent and honest discussions that prioritize the needs of small businesses is crucial. Establishing a senior exports council will guarantee ongoing, meaningful engagement with the business sector, ensuring policies remain relevant and effective.

Thirdly, the UK must take the lead in digital trade. Adopting paperless trading throughout the global supply chain will dramatically cut administrative hassle, improving efficiency and making international trade more accessible for small businesses.

Fourthly, immediate support is crucial for SMEs entering international markets. Offering robust expert guidance from the outset, addressing any concerns that may deter potential exporters, and outlining possible achievements are critical. SMEs need access to the necessary resources and support to thrive globally from day one.

Lastly, addressing the finance gap is vital. Small businesses need better access to trade finance and reduced financial barriers. This support will enable them to seize international opportunities without the daunting financial risks that currently dissuade many from exporting.

The potential benefits of these proposed changes are substantial. By cutting through red tape and offering clear, actionable support, we can empower small businesses to engage in global trade confidently. Exporting is the ultimate growth strategy for small firms, allowing them to expand rapidly and remain resilient during economic downturns.

The priorities outlined could transform how small businesses perceive and engage with global markets.

The path forward is evident, the rewards are significant, and it’s time for small businesses to embrace the global stage — supported by a framework designed for their success.

Tina McKenzie is the policy chair at the Federation of Small Businesses