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

Case Study: Walwyn Fine Antique Clocks

The business of buying and selling antiques is not the same as your everyday retail operation. With such prized pieces of history on sale, buyers and sellers don’t tend to make hasty decisions. Although the need for international payments can be erratic, when it does arise, it is important that payments are made swiftly and that an agreeable exchange rate is achieved every time.

After running Kensington’s Rafferty and Walwyn Ltd for quite some years, Howard Walwyn decided to branch out on his own and his new company, Howard Walwyn- Fine Antique Clocks now handles exquisite timepieces from a range of makers spanning the globe. Dealing with suppliers and highly experienced craftsmen in a number of countries created a need to enlist the services of a reputable company to deal with all of their international currency transactions. On a friend from the antiques industry’s recommendation, Howard Walwyn was led to Smart Currency Business…

“After receiving the recommendation, I took the time to investigate Smart and a number of their competitors. The service that Smart provided was by far and away the best of the bunch, the rates offered put those offered by the banks to shame and no expensive fees were charged. Above all, Smart were reliable and trustworthy - just what we were looking for”.

Howard embellished on the levels of service received from his personal trader, Siobhain Barry: “I was instantly put at ease by Siobhain, so much so that I decided to use Smart Currency Business for not only my business account but my personal transfers too”.

He continued: “No matter how close together or far apart my payments are, the team are always on hand as soon as the need to make an international transfer arises. I am kept in the loop at all times so I always know where my money is and I enjoy feeling confident that I am getting the best rates possible at time of trade”.

In addition, Howard was quick to express his joy after hearing that Smart Currency Business had been appointed partner and recommended service provider to the British Antiques Dealers’ Association (BADA). It seems only right that for an organisation like BADA, who place such great emphasis on establishing and maintaining confidence between its members and the public, that they have forged a partnership with a trustworthy company who dedicate their time to getting to know and meeting the needs of their valued clients”.

Managing your foreign currency exposure effectively is a vital requirement of any business that deals internationally. For more information, get in touch with the team at Smart Currency Exchange on 0207 898 0503.

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