What's interesting is the most dynamic growth in exports is taking place in companies with less than 20 employees.
And what's more, 95 percent of the world's consumers live outside the U.S. So if your company is only selling domestically, you're missing the vast majority of prospective buyers.
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Tapping into this global potential has some attractive possibilities:
- Increasing sales and profits
- Diversifying your portfolio
- And becoming more competitive and adaptable
But there are important things you'll need to address when working internationally... like getting to know your buyer well and understanding the various payment methods in international trade.
You'll need a bank that knows your business and is able to mitigate currency, country and payment risks.
For instance, there's a natural currency risk in any transaction that involves a foreign entity. At first glance paying or receiving U.S. dollars for your international transactions may seem the safest route.
But it's actually the most risky. Dealing in the foreign currency is a better way to manage your foreign exchange risk. And by accepting foreign currencies, you become more attractive to international buyers because they're not forced to bear the exchange rate risk.
So if you're looking to export or import, talk with an international banking specialist.
That's information worth knowing.
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