If we needed any more proof that a successful business today isa global business, consider a recent Bank of America Merrill Lynchsurvey of U.S.-based middle market companies. In the 2013 CFO Outlook Midyear Update, more than three out of fourexecutives said their companies are doing business internationally.That figure is even more incredible when you consider that 18months earlier it was only 54 percent. Clearly, internationalmarkets have been important to these companies' revenue growthduring the economic recovery. And the number of midmarket firmslooking to grow globally may continue to climb, as many of thebusiness conditions necessary for expansion—such as access tolow-cost credit—remain stronger than they have been in yearspast.

At the same time, the risks inherent in doing business overseasremain significant. It is vital for a company's leaders to decideon a cohesive corporate strategy before entering internationalmarkets. By taking into account all of the risks and opportunitiesthat overseas expansion might entail, an organization can reduceits borrowing costs, optimize its working capital and liquiditystructure, and facilitate investment activity—all while navigatinglocal clearing systems and currencies.

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