The Australian dollar has reached a 27-year high at US99 cents and smart companies need to be looking at what they can do to take advantage of new opportunities now available to them.
Whether you’re travelling or staying at home, the dollar is now too high to ignore putting off any long-awaited purchases. Last week we gave you 10 ideas for what you can do with the high Australian dollar. Here are 10 more:
Now is the time to start looking for some overseas workers. Outsourcing is now cheaper than ever and if you start doing some research you may be able to find some companies overseas that are able to complete some projects for you and reduce your workload.
Many industries in Australia have their own conferences, but heading overseas can expose you and your business to a wide range of talented speakers and entrepreneurs you normally wouldn’t have access to. Take advantage of the dollar and buy yourself some tickets.
While exporters may be suffering as the dollar continues to rise, now is the time to snare opportunities when they come up. Buy some time at trade shows and look at networking overseas to expand your market. Reaching parity with the US dollar might erode some of your margins, but if you had overseas now and establish some good contacts, you’ll be able to expand your customer base.
You may even be eligible for some funding through the Export Market Development Grant.
There are several clothing manufacturers in the US, (including some operators online), that will be able to provide you with some good deals on uniforms and other clothing merchandise. If you’re looking at clothing your staff in some company digs, then buy some uniforms in bulk.
Have you been thinking about moving your company into the cloud? Data hosting is becoming cheaper and if you start looking at overseas options you may find you’ll get a better deal than the current providers can offer. IT may be worth checking out if you can lock yourself into a contract at a specific price.
With the skills shortage looming and employees eager to start testing the waters in regards to an open job market, employers would do well to start offering further education and training. Start searching to see if you can order study or educational materials and get yourself – and your staff – some much-needed training to keep you up-to-date.
Technology is becoming cheaper by the month and now is the time to purchase some pieces of office equipment you might have been waiting to replace. Whether it’s a projector for slideshow presentations, a scanner, a printer or even tablets like the iPad or upcoming Samsung Galaxy, start thinking about your office tech and whether you can look overseas for some upgrades.
Like all technology, video and digital cameras are becoming cheaper and photography is now more important than ever for your business. If you’re an online retailer, start taking high quality photographs of your products and make your website really shine.
The other option is a video camera. With so many businesses starting to produce YouTube videos and channels, purchase a camera to start experimenting with videos and how you can add some value to your site and customers.
There are plenty of industries which rely on tools and machinery. If you’ve been coveting some special equipment or tools that might have taken some time to reach Australian shores, now is the time to have then sent over for cheap.
You should treat yourself after reaching the end of a very tough year. Been thinking about buying something special? Look online and get it for cheap. Or better yet – travel there and get it yourself.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
