BOSSES in the North West are looking more to "home grown" expansion rather than international growth, according to a survey by business experts KPMG.
The study found more than half the region's firms (53 per cent) believed the home market offers better potential for stable growth than markets overseas.
Growth by merger or acquisition figured in only 21 per cent of firms' business strategies and growth by developing export sales in 24 per cent of cases.
Martin Newsholme, KPMG's owner-managed business partner based in Preston, said: "The level to which UK Limited will fund new international ventures will depend on the medium to long term view of the stability of international markets.
"We see from the survey that the leaders of private companies are a conservative group in this respect.
"They are clearly cautious about the future of the global economy."
The survey was carried out national among 550 managing directors and chief executives, 46 of them in the North West, of large UK-owned private companies.
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