February 08, 2018
How Small Business Owners Can Think Even Bigger
Small business owners are big thinkers by nature. It’s that ambition that drives them to tackle their customers’ most frustrating problems, and to inspire the kind of service that challenges big companies.
The difference between a successful small business owner and one who truly thrives, however, is the ability to think beyond borders and to adopt a global mindset.
Tackling new markets and taking your company global is part of reaching for new heights. The opportunities for international expansion are endless, and working with a Global Currency Specialist will help you seize them.
With the right expert in your corner, it will be that much easier to make going global part of your strategy. Here are a few tips to help you think even bigger:
1. Ask the Essential Questions
While it may be tempting to go full steam ahead, stop and consider the essentials to set yourself up for success:
• Website – Do I have various currency options on my website? Can shoppers around the world see local pricing that will allow them to really understand the cost of my offerings?
• Transactions – Is my website equipped to handle currency transactions when customers are buying from different countries?
• Shipping – What are the customs and duties implications when transacting with a foreign market? Who will pay the costs? Do I need a shipping partner to help manage this? Shipping issues can be costly to both you and your customers if you haven’t looked into them beforehand.
• Language – Is the service and support on my website available in my customers’ preferred languages?
2. Take Advantage of Your Resources
There is often an abundance of government programs available to small business owners, so it’s worthwhile to research which resources will benefit you. For example, see if there are any programs promoting trade between your country and your target markets, and check out chambers of commerce or inter-country business councils for direction.
If you’re based in the US, we suggest checking out export.gov. It’s a useful place to access advice and tools to help you understand how to export, and to gain insight into foreign markets.
3. Learn the Language of Foreign Exchange
Trying to understand currency is not unlike trying to understand a foreign language – having a translator can work wonders.
A Global Currency Specialist makes it easier to do business across borders by translating the foreign exchange market for you. Your dedicated specialist will ensure that you get a great exchange rate every time you make a transaction, will monitor the currency market for you, and will flag the optimal time to buy or sell currency.
Pricing stability should always be top of mind. A Global Currency Specialist can also develop customized hedging strategies, set spot orders or make forward contracts to better manage currency risks and fluctuations. Also, have you thought about how you will get paid and how you will settle? They’ll take care of your international payments and receipts by accurately tracing and verifying your wires, electronic funds transfers (EFTs), and checks.
The traditional barriers to international growth no longer exist. Any small business can be a global business if it’s agile, and understanding the ins and outs of foreign exchange is part of having a global mindset.
Tap into the experience of professionals and don’t be afraid to expand your international team. Our Global Currency Specialists can help guide you, and with over 20 years of experience around the globe, you can trust our foreign exchange expertise.
Finding new markets is one of the fastest ways to grow your business, so I encourage you explore what the world has to offer. I promise you won’t regret it.