Exports in the UK are growing. The major catalyst was sterling’s weakness which meant that the demand for UK goods and services expanded greatly. What is interesting though, is the benefits are not just price driven. Earlier this year, we attended “International Giftware” which fills all 20 halls at the NEC Exhibition Centre just outside of Birmingham. We found international buyers purchasing UK goods because of the quality and innovation as well as the price. We then decided to talk to our clients about the benefits and the risks of trading internationally and the key points they highlighted are discussed below:
Top five benefits:
1 Grow your business
When trading internationally the “universe” of potential clients and suppliers will increase significantly. Just imagine increasing the number of potential clients by 100 percent each time you start selling in a new country. In all likelihood, this will probably be much easier than trying to expand your market place in your “home” country.
2 Diversify risk
The idea that a business relies solely on one market and directs all its resources into a single currency may prove to be more risky than it may first seem. Just look at the number of unprecedented global “disasters” (financial meltdown, earthquakes and unrest in the Middle East) over the last few years and the drastic impacts these have had on markets. Your home market could contract or even disappear, but your business may be saved by the revenue it generates overseas.
3 Better margins
As well as seeing increased sales, you may well enjoy better margins. Sterling which is currently weak may give you a head start when exporting. Pricing pressure could be less and it could also reduce seasonal market fluctuations.
4 Earlier payments
When working with companies overseas, both you and your customer will want to execute the transaction in the safest and most efficient manner possible. One of the many advantages when trading internationally is that overseas payers often pay upfront. This reduces payment risk and may well help your working capital.
5 Less competition
The ability to stand out amongst competitors is a crucial factor in business. When there are fewer competitors, this task is made easier. Your business, which may be viewed as comparable to others in the UK, may, when placed in a larger and more diverse environment, turn out to be a unique product or service not to be missed. By making the product or service available to worldwide buyers, you instantly create another life line for the business by being in less competition and increasing the possibility of standing out. This will in turn boost sales potential and allow your business to flourish.
Major in Finance or International Business?
Hello everyone, I am transfering soon to Cal Poly Pomona. I recently finished up an A.S. in Business Management-International Business/Trade and all the lower electives that I could transfer.
So now I am thinking of majoring in either Finance (With a concentration in Multinational Corp) or Intl Bus and minoring in one or the other.
A few things; First of all, I would like to have a career where I can work in or travel to other countries. Especially Japan/China/Korea. I was in the Air Force for 5 years and spent my last two years in Tokyo and loved it.
Second, I really don't want to end up in some sort of sales job
Responsibility of the Treasury which is federal:
The basic functions of the Department of the Treasury include:
Managing federal finances;
Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.;
Producing all postage stamps, currency, and coinage;
Managing government accounts and the United States public debt;
Supervising national banks and thrift institutions;
Advising on domestic and international financial, monetary, economic, trade and tax policy â fiscal policy being the sum of these, and the ultimate responsibility of Congress
I said ""Historically, the U.S. has almost always produced surpluses, so exports of ag products have almost always served to balance our international trade as well as finance other domestic programs and imports - until recently." You say wrong, then cite an example that shows I'm right. "The northern states were developing manufacturing skills, and the southern states were extremely dependent upon agriculture, which also included the use of slaves.". Well, slavery and the great compromise have nothing to do with the fact that the new U.S. was then, a net exporter of ag products. And, who the hell do you think the South was selling their cotton to? They were selling it to the English fabric mills, that's who