1 - Foreign Exchange INCREASE profits: How to maximize profits and reduce the leak in revenue. Importers & Exporters be advised.

4090 reads

 

A business is run to be profitable. How many times we question the exchange rates given by banks? This leads to losses of hundreds of dollars on each transaction. Most firms and companies are blissfully unaware that they are leaking profits. 
 

Why pay more? Is that not a key element when doing business. Foreign exchange is no exception. 
 

A simple way is to use the assistance of an expert in this field to track rates, negotiate with banks and pay the least spread on your foreign exchange conversion. 

A saving of 20 paisa on a transaction of 10,000 dollars saves you Rs 2000/-  

 

Turn over of 5 crores increase profit by 2.22 lakhs. Turn over of 10 crores a profit increase of 4.44 lakhs and Turnover of 50 crores a profit increase of 22.22 lakhs.

 

The above table shows potential savings achievable on taking a small step in managing your foreign exchange. However diverting from your core business strength is not the way to go about this. Empanel an expert to assist you and increase profits, while you were wondering all the time where the profits went.
 

About the author:  Dominic Christy a professional banker for over 20 years with expertise in Foreign exchange and  Treasury Management and a well-rounded experience in project finance and banking laws. He has established a firm DAC Consulting to provide professional and timely advise to firms and corporate's. For a free consult, write to dominic@dacconsulting.in. The author invites requests from readers to suggest topic they may wish to have clarity on.

 

Future posts: 

Hedging of foreign exchange risks.

FEMA and you.

Banking laws, where do you find assistance.

Trending

128
adamgrant's picture

Most Personality Quizzes Are Junk Science. I Found One That Isn’t.

Most Personality Quizzes Are Junk Science. I Found One That Isn't."The MBTI is astrology for nerds." Say it with me again: personality types are a myth, traits are on a continuum, and the major dimensions include extravert-introvert, agreeable-
166
changethis's picture

What If Sellers Behaved as Leaders?

“It is time we start making a shift. Research shows you can make more sales by abandoning sales-y behaviors buyers resist and replacing them with leadership behaviors buyers desire. Sellers do extraordinary things when they stop pushing people to
220
adamgrant's picture

Is Curiosity As Good at Predicting Children’s Reading, Math Success as Self-Control? Study Says Yes

The joy of discovery matters as much as self-control, and matters even more for low-income children. We need to encourage kids to ask novel questions, not just give familiar answers.Ever since the landmark "marshmallow test" highlighted the
179
danielhpink's picture

PINKCAST: This is when to quit your job

Should you stay or should you go? After a few years at the same job, many of us begin asking that question.In the latest Pinkcast, former Wall Street analyst and venture capitalist Whitney Johnson offers the answer. You can watch the 136-second
190
changethis's picture

The Speed Trap: When Taking Your Time (Really) Matters

“Speed-for-speed’s-sake is about the most counterproductive* approach imaginable. (*I use counterproductive because it’s impolite to use “stupid”—which is what I really believe.)While we must indeed evolve and experiment rapidly, the process of
285
adamgrant's picture

How to Pick a Career (That Actually Fits You)

This is a post about something I’ve been wanting to write about forever: careers. Society tells us a lot of things about what we should want in a career and what the possibilities are—which is weird because I’m pretty sure society knows very little
223
danielhpink's picture

WHAT TO LISTEN TO: Some audiobooks are more equal than others

“Mr. Jones, of the Manor Farm, had locked the hen-houses for the night, but was too drunk to remember to shut the popholes.”So begins Animal Farm, George Orwell’s classic novella. I’ve read Animal Farm many times. But now, for the first time, I’m
218
changethis's picture

Beyond Business Results: Achieving Sustainable Success

“For most of my career, I focused on my next professional opportunity rather than on my present situation. I was committed to serving patients and to helping my company meet its goals; I was always looking down the line to what was coming next. What
239
danielhpink's picture

WHAT TO WATCH: The Happiest Guy in the World

Two decades ago, Mario Salcedo retired from his job and went on a cruise. He never came back. Mario wasn’t lost at sea. For more than 20 years, he's been a permanent resident on Royal Caribbean Cruises. You read that right. “Super Mario” has