Thursday, 1 November 2012

Making the push into new markets abroad

This week's view from Smart Currency

The big news item in the business world last week was the latest economic figures from the Office for National Statistics (ONS), which showed the UK clawed its way out of recession in the third quarter of 2012. However business and political leaders were quick to point out this result was helped, at least in part, by one-off events such as the Olympics, and that overall economic activity remains subdued.

Regardless of the official statistics, anecdotal evidence suggests that many British businesses are continuing to seek opportunities abroad in order to pursue growth or, in extreme cases, to survive. Indeed BPF President Philip Watkins has encouraged plastics companies in the UK to look hard at export opportunities, particularly outside of beleaguered Europe.

Many smaller companies in particular are often wary of venturing into new markets, fearful of exposure to exchange rate fluctuations. Indeed 65% of the businesses recently surveyed by Smart Currency Business agreed that such exposure acts as a deterrent to entering new foreign markets. However in doing so, these companies are missing potentially vital streams of revenue and profit growth, as well as the chance to diversify their base of both customers and suppliers.

When trading internationally, businesses must confront a range of factors, including foreign exchange. The difference between success and failure when facing these issues depends on the kind – and amount – of advice received from experienced specialists in the field. Devising tailored risk management strategies for entering new foreign markets is one of the services Smart Currency offers, which help businesses to make the most of new opportunities overseas during these subdued economic times at home.

 For more information on Smart Currency Business call: 0845 638 0571 (or +44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyBusiness.com

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