Mastering Foreign Exchange: How Business Owners Can Save Money and Manage Currency Risks

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Get Financially FIT with Debbie Hancock

Debbie Hancock

23 episodes

1 week ago

Get Financially FIT with Debbie Hancock is a podcast designed to empower business owners to achieve their financial goals and live the life they desire. Hosted by Chartered Management Accountant and Certified Financial Coach Debbie Hancock, the show combines money mindset and financial strategy to help you create a business that supports your lifestyle.

FIT stands for Future, Income, Thoughts. We'll explore how your thoughts, beliefs and money stories can impact your financial success, and provide practical financial strategies to improve your financial knowledge and achieve your income goals. Whether you're dreaming of a luxurious lifestyle or a comfortable retirement, this podcast will equip you with the tools and knowledge to build a financially secure future.

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All content for Get Financially FIT with Debbie Hancock is the property of Debbie Hancock and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Hosted on Acast. See acast.com/privacy for more information.

Mastering Foreign Exchange: How Business Owners Can Save Money and Manage Currency Risks

Get Financially FIT with Debbie Hancock

27 minutes 52 seconds

6 months ago

Mastering Foreign Exchange: How Business Owners Can Save Money and Manage Currency Risks

In this episode of ‘Get Financially Fit,’ Debbie Hancock talks with Alex Cooper from Bibby Foreign Exchange about managing foreign exchange risks for SMEs. They explore how hedging with forward contracts differs from spot trading and how businesses can protect profit margins, reduce costs, and avoid common mistakes with currency management. If your business deals with international payments, this episode offers practical insights to help you improve profitability and cash flow by taking control of foreign exchange.

Takeaways

Foreign exchange management is crucial for businesses involved in importing and exporting.
Hedging is a strategic decision to protect profit margins, not a gamble.
Spot trading is for immediate currency needs, while forward contracts secure future rates.
Understanding the spread in foreign exchange can lead to significant cost savings.
Many SMEs are unaware of their foreign exchange exposure and potential savings.
A 0% deposit forward contract can help businesses manage cash flow better.
Regularly reviewing foreign exchange strategies is essential for cost management.
Communication between finance and supply chain is vital for effective foreign exchange management.
Businesses should not ignore foreign exchange losses; they can be mitigated.
Bibby Foreign Exchange offers tailored solutions for businesses of all sizes.

Sound Bites

"There are significant savings to make."

"Do you want to increase prices?"

"It's a no-brainer, isn't it?"

"Are you using a budget rate?"

"Do they know what it's costing them?"

Alex contact details:

https://www.linkedin.com/in/alex-cooper-95b70525/

alex.cooper@bibbyfinancialservices.com

07469 088424

Hosted on Acast. See acast.com/privacy for more information.