Stepwise approach to mitigation Forex risk on longer term projects:
Step 1
Include language in your customer contract templates allowing for price adjustment for significant Forex fluctuation.
Extra tip- Forex language for reimbursable expenses should reflect how your financial system actually converts such expenses.
Step 2
State the baseline Forex rates in project agreements.
Step 3
State the amount of project fees subject to the various Forex rates (few do this).
Step 4
Automate steps 2 and 3 in your pricing tool outputs (even fewer do this).
I can't think of a time when managing Forex wasn't important, and now is no exception (trailing 12 month view as of Thursday night EST):
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