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International Trading for SME Owners

If you run your own business, chances are that you already have a website for your business.  This might be a website that allows you to sell online or you might just be using the website as a means of reaching a wider customer-base in order to let them know about your products or services.  If you’re not already selling your products or services online, it’s worth considering making the move to do just that.  Having a website means that your business is visible to a global audience and the next logical step would be to allow prospective customers to place an online order.  This could mean that your business would expand in ways that were just not possible in years gone by.

If you already have business premises, such as a shop, fulfilling online orders could enable you to grow your business and increase your income.  As long as the products you sell are suitable to ship to other parts of the country or overseas, you could find yourself with a much larger customer base than you expected when you first went into business.  Nowadays, it’s a relatively simple task to add a payment option to your website and this means that goods or services can be paid for when they’re ordered.  This means that you would no longer have to worry about collecting funds owing to you – without the payment, the order would just not go ahead.  This would ensure a more regular cash flow and free up time that you would have spent in chasing payments, allowing you to devote more time to developing your business – always an attractive prospect.  After all, you didn’t go into business in order to spend your time sorting out late payments from your customers.

Simple online business transactions are becoming easier and easier and more businesses are turning to this method of payment than ever before.  Most people these days do a certain amount of online banking and are finding these methods much more convenient than traditional ones. 

Obviously, there are additional expenses involved when trading with customers overseas.  Firstly, there is the issue of currency conversion – currency rates are in a constant state of flux and this is particularly the case with Sterling right now as it has steadily dropped in value since the shock Brexit vote last year.  In order to determine your prices for overseas customers, you’ll need to keep a close eye on the exchange rates and may need to alter your prices at some point if the Pound keeps dropping. 

The shipping costs will also be more when sending goods overseas.  However, there are plenty of international delivery companies operating with offices and agents all over the world and it’s usually possible to strike a good deal with one of these if you have plenty of repeat business. 

So, what are you waiting for, there’s a whole big wide world out there with an army of potential new customers!  Take your business to the next level by offering your products to customers in every corner of the globe.