Using the Weak Dollar to Grow Sales and Expand Market Reach
Sure, it's tough to admit it when your country's currency is not
as strong as competitive currencies. However, small businesses
would be wise to create a competitive advantage out of the
Dollar's weakness.
There is a fair amount of talk these days about the Dollar's
weakness relative to other world currencies, most notably the
Euro and the Pound. Most of that talk seems to have a tone of
concern, sometimes stopping just short of despair. Unless you
have huge sums of dollars that need to be converted into euros,
then you really don't have too much to be worried about. To hear
some people talk, one might actually think the sky is falling.
Question: What should you do if the sky is falling? Answer: Sell
umbrellas!!
Smart companies will use the weak Dollar as an opportunity to
build fresh relationships and generate new sales channels in
previously untapped geographies.
Small- and medium-size enterprises (SMEs) would do well to adapt
a pro-active strategy now to penetrate foreign markets. Strike
while the iron is hot (or the dollar is low). A receptive
European audience awaits just about any U.S. company who has a
good widget for sale.
Let's take a look at some facts. The Euro was released as a
currency on 01 January 2002. On that day one dollar would buy
you