Thursday, September 23, 2010

Becoming An Export Country

With its, "Export Nation" article, MyBusiness Magazine (NFIB) tells you what you need to know about the government’s ambitious export initiative—and whether your business can profit.

Be sure to catch the following part for a glimpse at a powerful learning lesson that a small business owner experienced on an export deal:
Earlier this year, Sheridan O’Brien, an NFIB member and owner of industrial products convertor, manufacturer and distributor CS Hyde Co. in Lake Villa, Ill., received a large Internet order via credit card from Germany—close to $20,000 worth of tape and film. The customer kept adding to the order, requiring CS Hyde to pay the freight forwarder—a third-party company that arranges overseas shipments—several different times. This made her suspicious. She called the credit card company and sure enough, the card was a fraud, even though it initially showed up as approved. CS Hyde ended up paying a fake shipping company $7,000 out of its own coffers.
See how it ends up here.

At this blog or elsewhere online, we've covered how critical it is to arrange a secure method of payment (refer to "Methods of Payment" by Laurel Delaney) on international transactions. It doesn't have to be complicated. Don't let the notion of how to get paid scare you away from exporting. You just need to consult with your trusted banker (that's how I learned the ropes). Hopefully, they have a strong international division to walk you through your options. If they don't, find a bank that does!

As for "Export Nation," happy to be quoted in it. Special thanks to Christina Galoozis for writing it. Over time, the topic will become even more relevant and only grow in importance.

Posted by: The Global Small Business Blog

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