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3 Key Currency Tips for Taking Your Small Business Global in 2015
Is 2015 the year that your business goes international? With the global digital marketplace, it is easier than ever to establish a customer base across American borders. Fluctuating currencies can be confusing, but that can easily be overcome, too. Large companies have “forex” teams for this, but you can reach out to a currency trader for expert input. Also, small businesses don’t really need to know the play-by-play, the momentary changes, but you should still have a basic understanding.
The Associated Foreign Exchange, or AFEX, has experienced an increase of 25 percent in the volume of people looking to lock down currency rates in advance, compared with three years ago. The majority of this group is comprised of small to midsize businesses looking to set a currency strategy. Below are the three key tips for small businesses and entrepreneurs to manage multi-currency revenues.
1. Local currency for customers
Having international clients go through currency conversion on their end instead of dealing with it in the U.S. may save you some trouble, although not a lot, but it will also make you less appealing to customers compared with some of your competitors.
2. Secure exchange rate
Exchange rates and stock markets are a lot like gambling - you have to know when to hit and when to fold. Small businesses typically do not have enough on the bank to make a losing bet on exchange rates. Entrepreneurs should consider securing an exchange rate for a set period of time, which will let you set a sound pricing strategy. The rate may change in favor of the U.S., but with international volatility, it may not be worth what would happen if the value dropped.
3. Stay grounded
In this industry there is something call casino fever, which means that entrepreneurs can get overzealous and cross over into currency brokerage territory. Some business owners may try to boost revenues by selling currencies for a profit, which is exceptionally risky for a small business and not worth it.
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