Businesses that want to succeed need to recognize and take advantage of the fact that competing globally is more important than ever.
And doing business internationally is not as difficult as you may think. With the right technology, even the smallest of businesses can engage in the global marketplace through the Internet.
But, global expansion is more than just selling your product overseas. There are a lot of factors to consider, the most important of which is how you will find and make use of international banking services.
“You have to work with a bank that understands your business, your industry and the goals you want to achieve,” says Darlene Nowak-Baker, executive vice president and lending manager with First Place Bank. “By taking advantage of the international banking services your bank offers, you’ll be able to successfully compete on a global scale.”
Smart Business spoke with Nowak-Baker about international banking, the services your bank can provide to help you succeed and how to use those services to expand your business globally.
Why is now a good time to take advantage of international banking services?
Everything is global now. If you want to remain competitive, you almost have to expand your business globally. Because the U.S. dollar is relatively weak right now against other currencies, it’s becoming easier to find overseas business partners who are interested in your product. Foreign bank accounts extend your international reach by leveraging local accounts and services in the countries that are essential to your business.
When the U.S. dollar regains strength against foreign currencies, should companies abandon international banking?
The current outlook for the dollar is continued weakness due to low interest rates, persistent liquidity concerns and the still-rebounding housing market. Still, the dollar will regain strength at some point, and when you establish a foreign trade opportunity, you build long-term relationships that have the ability to stay successful no matter what the domestic economic cycle happens to be.
Also, once you go global, it’s difficult to go back. There are always going to be open borders, so international banking will always be a viable option.
