We’re heading into the next installment of our popular #TradeElite chat for international business professionals. I hope you did not miss our previous chat which was very well received by the global trade community on Twitter. Our expert panel from that chat provided us with some additional risk management resources for global trade. You can find these resources below.
In the next #TradeElite chat, an international panel of global trade experts from Uruguay, U.S.A and Canada will get together to discuss ways to get small and medium sized enterprises (SMEs) involved in exports. We hope you will join in this virtual networking opportunity and add your own perspectives.
Topic: How to get more SMEs involved in export
Date: March 6th 2014
Time: 2.30 p.m. – 3.30 p.m. EST (you can jump in and out at any time during the chat)
Chief Moderator:
Doug Taylor (CITP). @globethoughts
Doug is a creative, results-driven lateral thinker with a wealth of international business experience. He’s the Managing Director of Pacific Business Intelligence Ltd. (Canada). | Pacific Business Intelligence Ltd.
Supporting Moderators: @FITTNews
Your friendly FITT Twitter sidekicks Daniella and me.
Special Guests:
Ed Marsh. @edbmarsh
Ed has founded and owned international businesses, so he brings an owner’s high-level perspective to his clients’ challenges, rather then a single niche myopia. His practice is built on the belief that business development is a company’s objective—and that great digital marketing compliments targeted global expansion as an incredibly effective business development formula. | www.emarsh.com · ConsiliumGlobalBusinessAdvisors.com
Gaby Castro-Fontoura. @uklatinamerica
Gabriela is the Director at international boutique consultancy Sunny Sky Solutions based in Montevideo (Uruguay). Sunny Sky Solutions is all about making it easier to do business with Latin America. From market research to distributor recruitment—and beyond—whatever stage you’re at. | Sunny Sky Solutions
David Mark Noah. @DavidMarkNoah
David is the President of InterMart, Inc., maker of Shipping Solutions export documentation and compliance software and publisher of International Business Training (IBT). | InterMart, Inc.
Becky DeStiger. @intlentreprenr
Becky DeStigter is an International Business Consultant focused on helping B2B technology companies to become more globally competitive. She seeks practical solutions for growing companies’ international marketing and operational issues. Becky is based in Denver, USA and works with companies worldwide. | The International Entrepreneur
In the meantime here are some highlights from the #TradeElite chat last month.
Q1: (Repeat): Risk: a combination of objective reality and perception that gets amplified in international activity. Comments? #TradeElite
— Alexander R. Malaket (@ARMalaket_OPUS)
February 6, 2014
A1: Agreed. There are perceived and real risks like: Not getting paid, Contract cancellation, political risks…#TradeElite
— Sarah Cogliati (@SarahCogliati)
February 6, 2014
A1 The risk is amplified, but can be minimized when working with experts in the industry. #tradeelite @FITTNews
— ICECORP Logistics (@icecorplog)
February 6, 2014
@ARMalaket_OPUS risks are also reduced as you gain more experience in intn’l mkts. The learning curve works #tradeelite
— Doug Taylor (@globethoughts) February 6, 2014
Let’s not forget #Incoterms as a way of minimizing misunderstandings of risk and responsibilities #TradeElite
— Emiliano Introcaso (@introcaso) February 6, 2014
Here's some more helpful resources
Protect Against the Risk of Not Getting Paid
Want to take on a new customer but worried about the risks? Want to protect your accounts receivable – likely one of your largest assets? Credit insurance is a great way to protect your U.S. and foreign receivables and ensure you get paid. But do the benefits outweigh the costs? Visit our website to find out whether credit insurance is right for you.
Effective use of Letters of Credit in Import/Export
Understanding Realities, Protecting Your Interests: A Documentary Letter of Credit can be one of the most secure methods of payment and financing in international trade, and while the instrument is proven and effective in many circumstances, it is, in practice, prone to error and potentially risky if poorly structured.
What are INCOTERMS, and why do they matter in the world of global trade?
Language is one of the most important tools of global trade, so small changes in wording or uncertainty can have a major impact on aspects of any business transaction.
Read the info on the Icecorp blog today!
Other resources: Cash Flow Management, Credit Risk
Managing Risk and Cash Flow in International Trade: International business opens up a world of opportunities but it can also bring more complex operational risks, greater requirements for capital and a need to manage your cash flow and operating risks more vigilantly.
Dealing with Credit Risk: Dealing with Credit Risk can help Canadian companies understand how they can avoid serious cash flow issues by putting these 5 strong credit management practices into place.
Highlights continued:
@ARMalaket_OPUS A2: Before issues of non-payment, etc… is there real demand for your product/service? Cost-benefit analysis. #TradeElite
— Craig A. Atkinson (@craigaatkinson) February 6, 2014
Q3: Cash is king: get everything right but payment options wrong, you lose! Thoughts? #TradeElite — Alexander R. Malaket (@ARMalaket_OPUS) February 6, 2014
A3: Certainly. Settle the nitty gritty at the beginning. If you wait until the end there is no leverage. #TradeElite — audrey ross (@tresAudrey) February 6, 2014
@ARMalaket_OPUS A3: Testing mkts with lower quantities. Build trust with payment options that put more risk on the buyer #TradeElite
— Craig A. Atkinson (@craigaatkinson) February 6, 2014
@ARMalaket_OPUS A4: Leverage your network and don’t be afraid to take the road less travelled if you have sound information! #TradeElite — Craig A. Atkinson (@craigaatkinson) February 6, 2014
@FITTNews @ARMalaket_OPUS A4: If you are exporting, you need to be speaking with EDC and the TCS if only to inform yourself! #TradeElite — Sarah Cogliati (@SarahCogliati) February 6, 2014
A4: Know your incoterms! #TradeElite — ICECORP Logistics (@icecorplog) February 6, 2014
@LinkusFruit A3: Engaging a foreign lawyer, or a local lawyer with expertise in that market to set up initial master contract #TradeElite — Sarah Cogliati (@SarahCogliati) February 6, 2014
@LinkusFruit by developing relationships with your customers-first rule of intn’l bus. #tradeelite
— Doug Taylor (@globethoughts) February 6, 2014
We hope you can take advantage of the next #TradeElite chat and virtual networking session.
Look here for details on how to take part and gain visibility for your international business and brand.
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