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BizReport : Ecommerce archives : May 02, 2016

Expert: Tips for better small business expansion

Small Business Week is kicking off, and while many SMBs are focused on consumers in their town, there are some who are looking outside the confines of their zip codes. One expert offers three tips to improve small business expansion.

by Kristina Knight

Think international

"Now could be the time to consider an overseas expansion. The strong U.S. dollar combined with increased U.S. consumer spending greatly benefit the businesses that make the leap. More specifically, international expansion is perceived as growth and as a positive indicator to investors and potential employees evaluating your company. Furthermore, by making an international move and offshoring the production of some goods to other countries, you will stretch your dollars and cents further," said Prince Ghuman, Global Director of Enterprise Development, USForex.

Think Ivy League

"For American businesses, the dollar's strong recent performance has a number of unexpected advantages. When it comes to talent for both remote work and one-off projects, it has opened new frontiers and made hiring top-notch experts around the world far easier on your company's bottom line. Many companies often look to low-cost options such as India and Eastern Europe. However, with the U.S. dollar as strong as it is, highly educated talent from western Europe, Australia and Canada is more affordable than ever. The favorable dollar rate means access to engineers, coders, QA teams and other experts in a variety of labor markets around the world - and the opportunity to pay fair compensation to top-notch talent in otherwise inaccessible markets," said Ghuman.

Think long-term

"From the outside, planning for market fluctuations might seem impossible. On the contrary, if your company relies on imported goods or supplies, thinking about the long-term and locking in rates when possible with your international supplies will save you big bucks in the long run. While there are many things that impact your business that are outside your control, this approach gives you both stability and shelters your company if the strong dollar begins to go in the opposite direction," said Ghuman.

Tags: small business week, SMB expansion, SMB tips, SMB trends, USForex

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