American Express FX International Payments reports, in a survey of over 500 UK small businesses, that 39% of them now do business internationally, but 56% do not manage their currency fluctuation risk exposure.
This means that over 500,000 small UK businesses are exposed, on average £41,000 a year, to volatile currency movements.
30% responded that they had not even considered protecting their currency risk, 19% said they thought that the administration involved exceeded the benefit, 13% did not understand the benefit involved, and 8% said they thought that the facility was only of assistance to large firms.
15% of small business that trade offshore said that it was very difficult to make international payments an easy procedure.
Many of the 44% who do manage their currency risk said they were not being as time and cost effective as they would like to be, with half spending two to five days a month on the matter.
The survey said that the average small business queries five international payments a year, with the related costs that are incurred.
Online platforms provided by foreign exchange specialists are able to reduce the average international transaction down to two minutes.
Since small UK businesses now provide employment for half of the private sector workforce, enhanced productivity by the use of currency risk professionals is very important.
We assist with the productivity of UK small businesses with our Local Search facility in our UK Business Directory by sending them qualified prospects at no cost to them. There are 1.6 million businesses listed in our directory, and the vast majority are small businesses.
Monte Huebsch, CEO.
No comments:
Post a Comment