The fluctuating Australian dollar continues to be a cause for concern for many Australian businesses, suggesting there is an opportunity to develop a service around the notion of currency “protection”.
A recent survey, by American Express FX International Payments, reveals only 39% of Australian small businesses have a strategy in place to protect themselves against the fluctuating dollar.
According to the survey, around a third of Australian companies don’t believe they conduct enough international business to justify the exercise, while a quarter believe managing risk is “too big a hassle”.
But according to American Express spokesperson Paul Norwood, the most common reason is that the issue of foreign exchange risk has simply not been considered.
Norwood says the Australian dollar should be at the forefront of business owners’ minds, urging businesses to research their options.
Why not be the one to help them do this? You could set up a consultancy for businesses in international trade, keeping them informed on everything they need to know about the ever-changing currency and other related conditions that impact operations.