Having a global outlook is a
vital attribute for business leaders argues Carl Hasty, Head of Trading with
Smart Currency Exchange.
The issue of management and leadership – a subject which, I think
we would all agree, is critical to the fortunes of the national economy - often
comes down to the question of what makes a good leader. For my own part, I
firmly believe one of the most important attributes for business leaders of the
future will be the ability to think globally.
Now, you don’t need to be Einstein to figure out why I should draw
such a conclusion. Figures from earlier in spring showed that the UK UK
has had seven quarters of GDP growth – compared with nine quarters of GDP
contraction.
On the face of it, then, these are worrying times, particularly
given ongoing unrest in the Eurozone. And yet, there is a world of opportunity
out there. At Smart Currency we work with hundreds of exporters who see the
world – not the UK
– as their market. They think in global terms and their leaders and management
teams have a global vision.
So is now a good time to export? In my opinion, there’s never a bad time to be exporting. Question -
what do the following countries have in common: China ,
Qatar , India , Iraq ,
Estonia , Turkey , Saudi
Arabia , Indonesia ,
Hong Kong and Singapore ?
The answer is that these are just a few of the 70-plus countries whose GDP
growth rate exceeded 5 per cent in 2011.
Clearly, the global market offers opportunities for firms
around the world. My overriding point here is that it is easy to get caught up with
the doom and gloom engulfing the UK economy and, in the process,
lose sight of the fact that many parts of the world are developing fast in all
manner of business sectors.
Currency strategy
While I am all for thinking globally, I would add that any
business embarking on an international strategy right now needs to have a
currency strategy in place. The uncertainty of the global economy has led to
volatile exchange rates in recent times. Sterling
has moved markedly against the euro and US dollar of late. For exporters without a currency strategy,
movements in sterling’s relative value will prove costly.
At
Smart, we can help your business develop a robust currency strategy in order to
negate the currency fluctuation risks associated with international trade. Smart adopts a range of techniques such as forward
and spot contracts to provide stability to those engaged in international
trade. We also help exporters to maximise margins by offering significantly better-than-bank currency exchange rates.
We
expect more currency swings in the next few months as the Groundhog Day scenario that is the Eurozone crisis rumbles on. By
partnering with Smart you won’t need to worry about currency movements and
their impact on your foreign contracts, and can instead focus on developing
your business beyond the shores of the UK.
To ensure you’re getting the best information on FX, get a risk
strategy in place. Smart Currency Exchange can help you do this in one phone
call. Call us now on 020 7898 0500 or visit our site at www.SmartCurrencyBusiness.com
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