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Account Assistant | Johannesburg | The Forum | 6 Aug |
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“According to the South African Revenue Service (Sars) trade statistics, between 1 January to 31 December 2018 exports increased by 5.4% from R1,183.58bn in 2017 to R1,246.94bn in 2018. It is evident that more businesses are taking advantage of the opportunities presented by doing business abroad in order to remain competitive and diversify their revenue streams,” says Zak Sivalingum, FNB regional head in Gauteng East.
“SMEs which are still new on this journey should be wary of currency exchange risks that impact every business that trades abroad, from selling goods and services to the sourcing of raw materials to produce finished goods etc,” adds Sivalingum.
He shares a few tips that businesses should consider to avoid these risks:
“SMEs which are serious about expanding their businesses abroad should prioritise having a currency risk management plan in place which should be updated regularly as the business evolves.
Losses resulting from currency risks could have a devastating impact on the bottom line of SMEs which are not yet fully established,” concludes Sivalingum.
Family Office Manager | Cape Town | 1 Sep | |
Account Assistant | Johannesburg | The Forum | 6 Aug |
More jobs |