Recent stock market news have been quite worrying, to say the least. Over the last few days, all major US indexes have plunged into the red zone before recovering slightly. As usual, Asian and European stock markets followed suit.
While many experts warn that another financial crisis looms above our heads, others argue that these recent US stock market swings are simply a way of the market correcting itself.
Whoever is right, we all remember the 2008 crisis and don’t want a repeat performance. But what can small business owners to do protect their business from circumstances they have no control over?
Preventing a financial crisis is not within the power of small business owners, but there are some steps you can take to prepare your business for the worst.
Diversify Your Suppliers
Relying on one source for your supplies is not sustainable, especially in case of raw materials you need for the production of your own products. What happens if that one supplier runs into difficulties? A fall-back plan can save your business from a crisis.
Look for alternate suppliers, preferably from different countries. Sourcing supplies from overseas is a smart business decision if you want to cut your costs and get ahead of your competition, even in “normal” times.
If you want to know more about buying international supplies, read our article 4 Reasons Why Overseas Suppliers Benefit Your Small Business.
Widen Your Market
Similarly to suppliers, diversifying your customers is another great tool for small businesses, and not just in times of crisis. Thanks to the internet, going global is only a few clicks away for US businesses.
Exporting your products has never been easier. Research various overseas markets and find out which of them has the most potential for your products. Reaching prospective international customers via ecommerce is easy and allows you to access many new customers.
Should a financial downturn hit our economy, it may not have the same effect everywhere in the world. Having customers in other countries could save your business.
Having customers in other countries could save your business.
Research the possibilities and read our international business guides to prepare yourself for going global.
Buy International Stocks
Do you see a pattern here?
Attaining a global portfolio is your best weapon against volatile stock markets. Invest your money in emerging and international markets, as well as a wide variety of US stocks.
Many stock market trends are global, but most emerging markets aren’t strictly tied to the US.
If you’re active on the stock market, possessing a diverse, international portfolio may be your best bet against future crashes.
Going global requires safe international payment options. Veem offers a fast, secure, and low-cost solution for all your international transfers.
Creating a direct connection between you and your international partners, Veem cuts out the middlemen. This means that there are no hidden costs and no unexpected delays attached to your transactions.
Just fast, secure, and trackable payments.
In addition, Veem charges no wire fees and offers competitive foreign exchange rates.
Sign up for a free Veem account and enjoy easy international transfers.
You need 7 tools to master international trade. Find out what they are.