Thinking of Going Global? Everything You Need to Know About International Banking
International banking with a reliable bank can help small to medium-sized businesses compete with large organizations on a global scale.
In 2016 (the most recent year for which data was available), OFX found 58% of small businesses already had international customers . With improvements in technology and e-commerce that help streamline international sales, one can assume this number has increased in recent years.
Still, some small and medium-sized businesses might be hesitant to jump into the global arena. International banking with a reliable financial institution can give you the best chance to reap the most substantial benefits from doing global business, even on a small scale.
Benefits of international banking
Expand your market: Even being able to offer your products and services in Canada or Mexico can have a profound effect on your brand and profits. In fact, SCORE recommends businesses located in the U.S. look to begin expanding into countries like Canada and the U.K. due to the cultural similarities.
Potential for increased sales: If you have already become a local success, you may have capped your domestic sales potential. Being able to sell in other countries immediately expands your market and prospective sales. Just make sure that you're implementing proper marketing tactics to engage your new customers.
An edge over the competition: You may be feeling the pressure of local competition, so expanding to a new territory can once again give you a competitive edge. Gain the reputation of being an international brand with hometown roots.
International banking with a reliable bank can help your business navigate different currencies.
How to prepare for going global
Do your research: Understanding the market you want to enter is vital in setting the foundation for international success. As Forbes explains, you should thoroughly evaluate different regional business regulations, tax codes and legal standards that might differ from your local requirements.
Having a grasp on the these standards before a new launch helps an international transition run smoothly.
Prepare your website: This is the perfect time to freshen up your website! You might want to add additional pages for international audiences, different links and update the language settings so your new customers can get to know your business.
Work with a bank: Finding a bank that excels in international banking and relationships can be your greatest asset for expanding across borders. They can help you navigate different currencies and manage your financial statements.
International banking services with Vectra Bank
The team at Vectra is here to help your business navigate international banking. We offer a wide array of global trade services to assist our clients in meeting the challenges and mitigating the risks associated with growing a business abroad.
Alongside our services, we provide clients access to experiences trade specialists, smart financial products* for leveraging global opportunities and an organization dedicated to serving companies of all sizes.
Now is the time to think big with Vectra Bank. Some of the services we offer include:
- Letters or Credit.
- Trade Service.
- Trade Finance.
- Ex-Im Bank Working Capital.
- SBA Export Working Capital.
- Payable Financing.
- Credit-insured Lending.
Reach out to your local Vectra Bank representative today to learn more about how you can add value to your business, access global solutions and strengthen relationships with our international banking services.
*Lending Products: Subject to credit approval; terms and conditions apply.