More than one-third of SMBs are concerned about red tape when exporting

5/12/2011

With the American economy still on the rebound, many small businesses have begun to explore the possibility of exporting their goods abroad. However, a recent survey conducted by American Express suggests that most entrepreneurs have a number of questions and concerns about the exporting process.

The report found that as many as 37 percent of entrepreneurs are concerned about violating "red tape" or legislation. Moreover, 7 percent of small businesses were unsure how to work internationally, which is more than double the number of entrepreneurs in the UK and Australia who had the same issues.

"Smaller businesses often need to fund offices overseas or manage payments to international suppliers and no business should be intimidated by the prospect of paying in currencies other than their own," Brett Weinhouse, vice president and general manager of FX International Payments at American Express, noted.

This fear of red tape is why President Barack Obama's administration is looking into launching new programs to better help small businesses export their goods.