By now we’ve all experienced the effects of supply chain disruption that began with the pandemic in late 2019/early 2020. Between worker shortages, inventory shortages, high costs, long wait times and unpredictability, the challenges, for those doing business across borders especially, have been incredibly difficult to manage.

As part of Startup Global (Startup Canada’s annual  program empowering founders to start their business with a global mindset) FITT teamed up with them for this fascinating and informative Twitter chat on how to build a resilient supply chain – no easy task.

We brought 6 CITPs on board to share their knowledge and experience, and the insights were too great to limit to Twitter. So for those that missed it live, here are the conversation highlights.

CITP Panel:

• Greg Gerritson, CITP, Global Logistics and Trade Compliance Manager at Phoenix Technology Services
• Rahim Mohtaram, CITP, Supply Chain Management Program Coordinator at triOS College
• Audrey Ross, CITP, Trade Compliance Specialist at Orchard Custom Beauty
• Clarecia Christie, CITP, Professor International Business, Marketing and Management Studies at Algonquin College
• Igor Chigrin, CITP, Senior Business Advisor, International Expansion at
  BDC
• Veronica Abella, CITP|FIBP, Bachelor’s Degree in International Business

In your own business or as a customer of a business, what was your biggest supply chain challenge?

The biggest supply chain challenges nowadays are various risks (political, currency exchange rates, shutdowns, delays), cost pressure (raw material and energy costs, logistics freight,), and digital transformation requirements. #StartupChats

— Rahim Mohtaram (@RahimMohtaram) May 25, 2022

A1 – adjusting to
1) the new timing, ex. no more last minute bookings, have to book ocean 5 weeks in advance. Ports taking waaaayyyy longer to offload.
2) the amount of chasing! Nothing is on track, every project constantly monitored. #StartUpChats pic.twitter.com/WPxHAFrIx4

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

#StartupChats #CITP pic.twitter.com/Q4nOuSgmXr

— FITT (@FITTNews) May 25, 2022

When it comes to international business and your supply chain, how can you protect yourself?

A2 – Understanding true “landed costs” and associated supply chain intricacies within your business. #startupchats

— Greg Gerritsen (@greg_gerritsen) May 25, 2022

A2 From B2B perspective there are a number of risk mgmt tools to tap into such as export credit insurance, maritime insurance, inventory loss insurance, etc. @FITTNews #StartupChats

— Clarecia Christe CITP ?? (@ClareciaChriste) May 25, 2022

Ensure your contracts & documents are accurate, precise and compliant.
Now is the time to get super detail-oriented bc you cannot afford the extra charges for storage or delays.
Control what you can control – the precision of your paperwork. #StartupChats

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

Selecting reliable suppliers, early involvement of professional 3PL service providers, cargo insurance (Clause A plus war & SRCC), hedging, redesigning supply chain network, nearshoring or reshoring mixed with offshoring. #StartupChats

— Rahim Mohtaram (@RahimMohtaram) May 25, 2022

Let’s talk about Incoterms. What are they and how do they help entrepreneurs mitigate risk?

They regulate where the costs and risks transfer between the buyer and the seller in the international shipping transactions. So, you need to know incoterms to know when you start being responsible for the loss or damage of the goods in transit. #StartupChats

— Igor Chigrin (@winglobal_igor) May 25, 2022

The @iccwbo #Incoterms® rules are used in contracts to clearly communicate the obligations, costs, and risks associated with the transportation and delivery of goods, providing clarity for sellers and buyers and helps facilitate trade.
Learn more: https://t.co/Rs0PAq4F2n

— FITT (@FITTNews) May 25, 2022

Understanding INCOterms is crucial in import / export biz. Obvi, you want to choose the one w/ most advantage to you… but then you have customers & DDP is a real value add. You just have to ensure (& insure!) you plan for the costs & risks involved. #StartupChats

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

What problems are small businesses currently facing when taking their business internationally and exporting to new markets?

Recruiting experienced traders, finding a practical method for selecting the right target markets, finding a suitable and reliable agent, distributor, or partner in the target market, negotiating and drafting a comprehensive contract, and logistics coordination. #StartupChats

— Rahim Mohtaram (@RahimMohtaram) May 25, 2022

Finding and marketing to the right buyers or customer segments is also a problem, on top of all others. #StartupChats

— Igor Chigrin (@winglobal_igor) May 25, 2022

High costs! Freight rates being just one example.#StartupChats #SupplyChain #SME #CITP pic.twitter.com/jrxHreNlsJ

— FITT (@FITTNews) May 25, 2022

A4 Understanding industry regulations of international markets which affects their goods accessing the market, using incorrect HS Codes, assuming an homogenous culture, not using a customs broker. @FITTNews #StartupChats pic.twitter.com/1CxbSojCJP

— Clarecia Christe CITP ?? (@ClareciaChriste) May 25, 2022

A4. Generally what I see is an assumption that conditions, market and regulations will be similar to the home country. Not doing your homework. Also- – not bringing on paid advice (legal, financial, trade compliance) early enough. #StartupChats

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

A4- Marketing plan (online?), Financing (distribution, landed costs) and reverse logistics (returns/damages, customer service). #startupchats

— Greg Gerritsen (@greg_gerritsen) May 25, 2022

The pandemic has clearly shown the interconnectedness of our global supply chains. How do you navigate difficult conversations between all your different stakeholders?

Having a long-term view, creating cross-functional teams, early involvement of customers and suppliers in projects, honest and open negotiation and creative problem-solving technics, and strategic cooperation with preferred partners. #StartupChats

— Rahim Mohtaram (@RahimMohtaram) May 25, 2022

A5. Have them early and come with solutions.
It is a reality that you will not always have awesome convos with your customers. Be responsible, honest and get it over with so you can move forward together. #StartupChats

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

A5 – Being aware of cultural and business process differences in different regions and educating yourself so to have productive dialogue to overcome challenges, and help achieve goals. #startupchats

— Greg Gerritsen (@greg_gerritsen) May 25, 2022

A big part of being resilient is having a support system and strategies to overcome hard times. For supply chain issues, what might this look like for entrepreneurs?

A6 As we are in the #digitalage Entrepreneurs have new tools to use tracking shipments and communicating with 3PL partners; her the use of AI, Blockchains is playing a big part in managing some supply chain issues @FITTNews #StartupChats

— Clarecia Christe CITP ?? (@ClareciaChriste) May 25, 2022

A6. It’s connections and knowing who is in the community. @Startup_Canada @FITTNews @wekh_pcfe @ExportDevCanada @TCS_SDC , Chambers of Commerce, @OWITintl etc. #StartupChats

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

A6 – Relationships with trusted experts and resources who understand your vision and business. #StartupChats

— Greg Gerritsen (@greg_gerritsen) May 25, 2022

Knowing the impact supply chain issues have had in the past few years, will you structure your team differently in the future? Who can help entrepreneurs tackle these challenges?

A7. If you haven’t already adopted some digital tools and moved away from excel spreadsheets – the time is now.
Also- you can’t copy & paste someone else’s supply chain design. We all tried copying toyota JIT model… #StartupChats

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

Yes, We need cross-functional and cross organizational teams including all links in our supply chain, from third-tier suppliers to end-users. @FITTNews, @StartupsCanada, and @ExportDevCanada can help with their professional advice. #StartupChats

— Rahim Mohtaram (@RahimMohtaram) May 25, 2022

A7 first the entrepreneur must know the trade ecosystem and the players, budget for paid professional advisors such as CITPs @FITTNews in the business and hire great custom brokers, freight forwarders, etc. #startupChats

— Clarecia Christe CITP ?? (@ClareciaChriste) May 25, 2022

I’d say that a good freight forwarder can make a difference. They are not all equal. #StartupChats

— Igor Chigrin (@winglobal_igor) May 25, 2022

A7 – Talented CITP certified staff! #StartupChats

— Greg Gerritsen (@greg_gerritsen) May 25, 2022

What are some strategies you can adopt to make sure your customers remain happy even if there is a delay with shipments and product delivery?

Being proactive, considering pessimistic transit times, managing expectations when signing contracts, being realistic and honoring promises, clear and fast communication and explanation, increased visibility by online tools, hard work, and honesty. #StartupChats

— Rahim Mohtaram (@RahimMohtaram) May 25, 2022

A8 Bring customers in the supply chain journey with you with tracking technology, be transparent and realistic on arrival times, provide complementary services e.g. inventory management software, future discounts, etc. #StartupChats @FITTNews

— Clarecia Christe CITP ?? (@ClareciaChriste) May 25, 2022

A8. Over-communicate, provide them expectations in advance and sometimes you have to throw in a “we’ll cover the expedited delivery cost for this one!”

— audrey ross citp|fibp (@tresAudrey) May 25, 2022

A8 – Real time tracking and tracing, and visibility of your goods in transit. Regardless of mode, air (courier or heavy freight), land or Ocean. #StartupChats

— Greg Gerritsen (@greg_gerritsen) May 25, 2022

Yep! There will be a quiz later! https://t.co/AOYkY90git#Incoterms2020 pic.twitter.com/kVfQHsjQHn

— FITT (@FITTNews) May 25, 2022

Learn more about Startup Canada’s Startup Global Portal.

Don’t forget, once you register, you can access several FITT presentations, workshops, videos, and even a discount on FITTskills training.

The post How to build a resilient supply chain – CITPs weigh in with Startup Canada appeared first on Trade Ready.

As many businesses begin their recovery efforts, a cascade of questions are top of mind. This is new territory for everyone. Where are the opportunities for growth and expansion? How do you approach business development? What should my recovery to growth plan look like?

To answer these questions we turned to a team of diverse experts in last week’s #TradeElite Twitter chat. Their insights were informative, practical and inspiring. Read through their responses below.

Topics covered:

• New global business landscape: changes in policy, market access, disruption
• Today’s opportunities for global growth
• Latest digital tools for global business 
• Global business recovery -> growth action plan
• Restarting business development efforts
• Biggest lessons learned that businesses can use to protect their futures
• Future global growth opportunities

Panelists:

Rad Dockery @Rad_Dockery Chief Innovation Officer, Unifai Solutions

Amy Karam @AmyKaram Founder, Global Competitive Strategy Consultant, Karam Consulting, and China Trade Expert

Craig Atkinson, CITP @CraigAAtkinson Trade, Technology and Sustainable Development Specialist, Founder of Lexmerca International Trade

Paula Greene, CITP @PaulaIntlMkt President & CEO at BEYOND Ventures Group Inc., Export Entrepreneur and Business Developer

Bernadette Fernandes @On_the_Varanda Global Connector – International Trade & Development, Founder & CEO of the Varanda Network

What is the “new global business landscape” we are looking at today? What has changed in terms of policy, market access, and disruption?

Q1. EDC forecasts global growth at 1.6% in 2020—the worst performance since 2008, they expect a substantial increase to 5.3% in 2021. We need to be in the forefront. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

A1: Much has changed on the #policy front. @WTO #TFA came into effect over 2 years ago. #Tech for #trade is proliferating. Cost-effective and rapid movement of goods can have as much to do with a product’s #data as with a product itself. #TradeElitehttps://t.co/HsNwhsAwGT

— Craig Atkinson (@craigaatkinson) June 25, 2020

Clearly, #COVID19 has altered the global landscape significantly. As the level of infections varies across our major trading partners. And in emerging markets. #TradeElite

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A1: it’s the new old… not the recent but the very old, where travel was a tool for international trade. All has changed but not all bad. Policy is being adjusted; market access is now based more on existing relationships/networks; disruption is everybody’s business #TradeElite https://t.co/VTVGwkY3z0

— bernadette fernandes (@on_the_varanda) June 25, 2020

Trade diversification is being highlighted as a necessity not a novelty. #geopolitics rule and companies cannot afford to be dependent on the cheapest or low hanging fruit option #tradeelite https://t.co/1Px5iAC6Ft

— Amy Karam (@AmyKaram) June 25, 2020

We are also seeing more nations become more nationalist when it comes to procurement. The global Supply Chain is being questioned. As we see in Japan, where they put away substantial amt of funds for Japanese firms to diversify away from Chinese based Supply Chains #TradeElite https://t.co/2LM8XnrCCL

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A1: Disruption caused by the pandemic is forcing the digitalization of #trade faster than expected. Non-evidence based policy / protectionism is hurting some of former leading nations. Fragmentation and convergence are norm. Tariffs in the media, but NTBs are problem. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

Market access has also changed. For instance, we had to cancel a couple of trips to @ASEAN due to Covid19. And to adjust the service delivery model for a project. Remote work plus remote access to critical data infrastructure is new for many emerging markets. #TradeElite # https://t.co/2LM8XnrCCL

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

…and that impacts the trust factor that is very important for #emergingmarkets customers #tradeelite https://t.co/5MCAeBKLsr

— Amy Karam (@AmyKaram) June 25, 2020

Lots of interesting insights coming in already. We’re hearing that:
Policy has been changing a lot over last few years
Tech and data are huge for supply chain efficiency
Diversify, as political climate is changing
Disruption everywhere#tradeelite

— FITT (@FITTNews) June 25, 2020

Very broadly, for businesses that may be in recovery mode, where are the opportunities for growth today?

A2: opportunities are where you create them 1) develop a growth plan as you may have to abandon recovery; 2) implement the plan… slowly and wisely; 3) have check-points often to ensure the opportunities are still in your line of sight… you may have to shift/pivot #TradeElite https://t.co/Ao9Sy8YSj6

— bernadette fernandes (@on_the_varanda) June 25, 2020

There are many opportunities. But first, organizations have to ask themselves are they truly ready? Do you have not only the technical/business but the CULTURAL ability to perform in a Global Market. #tradeelite #BussinessGrowth #globalbiz #cdnbiz @CanadaTrade https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A2: Opportunities are in the #knowledge based industries #tradeelite https://t.co/9XGBLnGoGy

— Amy Karam (@AmyKaram) June 25, 2020

A2: The opportunities for growth are in new markets. Diversification must also be top of mind when considering lack of response in some countries to pandemic/natural disasters. Canadian ?? business needs to think about non-traditional #markets and #trade partners. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

#DigitalTransformation which has been mainly an overly used term, is now being taken more seriously. And it has many elements! From Skills, culture, management, politics, finance and obviously Technology #TradeElite #businessgrowth #Globalbiz #cdnbiz https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A2: If you are looking to export markets, look at where they are in flattening the curve, those experiencing high incidences may not be receptive. Where they are recovering , an opportunity #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

We also have found that Supply Chain visibility has become a huge issue. This applies domestically and globally. If one offers products/services that can improve #SCM visibility, there are opportunities. #TradeElite #businessgrowth #globalbiz #cdnbiz https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Looking at innovative ways to deal with #inequality is also an opportunity. #Covid19 has underlined how many global citizens are on the edge. We have received calls from West / East Africa on this topic since we won our deal in Indonesia #TradeElite #businessgrowth #globalbiz https://t.co/ccO6RcbxeH

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Forrester’s analyst Joana de Quintanilha said that companies should be measuring the customer journey to listen to their needs all along the buying process, and she mentioned Customer Effort Score for that purpose, for example, and constant micro-surveys. #TradeElite #globaltrade

— Sandra Cravero | 4/5 replies from ? marketing (@sandracravero) June 25, 2020

Where are the opportunities for global growth? We’re hearing:
?Knowledge-based industries
?Collaboration
?Digital tools/transformation
?New markets who are flattening the curve #COVID19 #TradeElite
Are we missing any?

— FITT (@FITTNews) June 25, 2020

We are hearing a lot about technology applications. What are some of the most relevant digital tools that can give global businesses a competitive edge?

A3: technology applications are a dime a dozen, too many to mention with #DigitalTransformation; it’s no longer about the tools but about how quickly and effectively you can adopt, integrate and transform for competitive differentiation #TradeElite https://t.co/ZUXB8xFuwe

— bernadette fernandes (@on_the_varanda) June 25, 2020

A3: The most relevant digital tools that can give global businesses a competitive edge – the tools easily used by your customers and the target market. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

A3: On the research front, can’t beat @ITC_MktAnalysis tools. Otherwise, #singlewindow platforms req. under @WTO #TFA is helping traders to more efficiently comply with rules of different ministries (eg #customs + #ag). #Paperless #trade #TradeElite https://t.co/NIQDtKfQXn https://t.co/zijlsptwwl

— Craig Atkinson (@craigaatkinson) June 25, 2020

A3. Familiarize yourself with multiple platforms, make it easy for your prospective client. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

An internal data strategy is key. What your sweet spots? Where have you and where can you deliver the most value. Internal data analytics here is crucial. Don’t guess at what you are good at. KNOW IT! #DataAnalytics is CRITICAL! #tradeelite #globalbusiness #cdnbiz https://t.co/vDk6XLF0Mj

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A3: that’s bang on @PaulaIntlMkt , can’t go wrong being customer centric even when it comes to digital and especially our own competitive edge! #TradeElite https://t.co/JFbphEBu3s

— bernadette fernandes (@on_the_varanda) June 25, 2020

Building secure 2/3 way platforms will also allow more seamless interaction vs. only email. This is where technologies like #smartcontracts may finally take off. #digital #tradeelite #globalbusiness #cdnbiz https://t.co/vDk6XLF0Mj

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

What are the best digital tools for global growth?
We’re hearing:
?No specific tools effective adoption
?Internal data analytics
?Tools that help your customers
?Agile inventory management
?3BL framework
?@ITC_MktAnalysis tools
?#singlewindow platforms #tradeelite

— FITT (@FITTNews) June 25, 2020

What should be included in every global business’ recovery -> growth action plan?

A4: top of my list to include is a new business mentality, an attitude shift to recovery, from survive mode to thrive mode; but also a coming to terms with the fact that you may not be recovering but rather pivoting, developing a completely new action plan for growth. #TradeElite https://t.co/Lz0qzxOMPo

— bernadette fernandes (@on_the_varanda) June 25, 2020

A4. Research, vet and validate your prior business plan either confirm information pre #COVID19 or plot a new direction. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

BUSINESS CONTINUITY PLANNING!!! You can’t grow if you can not demonstrate how you will handle an unexpected event. Our own internal process here has become part of the narrative we share with clients! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A4: Incorporation of #contingency plans, regardless of potential added costs. e.g. #supplychain #diversification, #economic security by widening reach of #customerbase. Long-term #growth plans and investments vs. short-term wins #TradeElite https://t.co/pURFXji7a8

— Amy Karam (@AmyKaram) June 25, 2020

Cultural awareness and sensitivity. At first I bought a N. American attitude to trade. and failed badly! Respecting culture is critical for growth planning. Because that builds trust and personal relationships! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A4: How to ensure the safety of employees as they move forward. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

It is critical to team up with External Experts. We have some on this thread who can help you grow your global business! This can save you time and money. And help you really focus on your sweet spots! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A4. Analyze what is happening in your sector, some sectors have been continuing to work as before and are struggling to procure supply. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

A4: Remember when we all had disaster recovery plans? Wait, you’re not as old as me but either way, now it’s not even a #hashtag bring back #DisasterRecovery #TradeElite https://t.co/sSSlUDDmQX

— bernadette fernandes (@on_the_varanda) June 25, 2020

What advice do you have for global businesses looking at restarting their business development efforts?

1) Don’t be afraid to ask for help! We have failed and slipped up many times. Ask for help from @TCS_SDC and engage your team. Also get your news from sources outside of our home base. #tradeelite #globalbusiness #cdnbiz https://t.co/ZQQ3Og5k3t

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A5: start at the beginning, before you went global, because everything, even where you go & grow is different now. If you’re restarting you have a head start, & lots of tweaks; If you’re pivoting/starting fresh, then go back in your mental archives to how you started #TradeElite https://t.co/7RIiMcKLKv

— bernadette fernandes (@on_the_varanda) June 25, 2020

2) Be honest.. If you can’t hire someone who will be honest for you :-)… What are you really good at? What does firms actually need? Can you offer it at a good price and be profitable. U have to be brutal honest! #tradeelite #globalbusiness #cdnbiz https://t.co/ZQQ3Og5k3t

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

A5: Diversification is key for businesses that are already global and looking to restart their business development efforts. #TradeElite https://t.co/2FWOLRnijQ

— Craig Atkinson (@craigaatkinson) June 25, 2020

A5. Don’t stop! Reach out now. Look for alternate paths, channels, or contact information due to offices that may be closed. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

What are some big lessons from this crisis that businesses can act on now to protect themselves in the future?

A6: my biggest lesson was to expect the unexpected, and by expect I mean prepare for the worst: build a business continuity plan for the worst crisis that you CAN’T even imagine; then put in mitigating measures with several checkpoints to ensure you’re still protected #TradeElite https://t.co/KZ3tPMUIcR

— bernadette fernandes (@on_the_varanda) June 25, 2020

A6: I’d say #digital is key. Administration can be simplified, but transferring and storing #data has consequences now. Be familiar with your market’s rules (e.g. #EU member countries). #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

A6: Rethink your #strategy to be more long term focused and incorporate #geopolitical #risk considerations in your business plans. #TradeElite #globaltrade https://t.co/xjdgZZCcO1

— Amy Karam (@AmyKaram) June 25, 2020

A6. Look for avenues, how competitive are you to customers in countries seeking to diversify import dependence, Stabilize their supply chains, seeking substitutions for current supply.#TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

1) Business Continuity Planning is a MUST!
2) #DigitalTransformation must start NOW!!!!
3) Businesses must be able to deliver anytime/anyplace
4) Economic and Social Inequality is even a larger problem than many of us realized. #tradeelite #globalbusiness #cdnbiz #SDGs https://t.co/0J2fTjovvi

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

With #DigitalTransformation – you can turn Data into information!!! #Digital… #Digital.. #digital.. with respect for culture.. And Canada should absolutely kick you know what on this topic! #tradeelite #globalbusiness #cdnbiz https://t.co/0J2fTjovvi

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Lastly, businesses need to re-evaluate every single vendor/partner. What are they doing to become more digital? Do they engage diverse voices in a global economy.. Or are they still operating as if nothing changed. #tradeelite #globalbusiness #cdnbiz https://t.co/0J2fTjovvi

— Rad Dockery ??? (@Rad_Dockery) June 25, 2020

Crystal ball time! Where do you see more growth opportunities in the near future?

A7: I think growth will occur in products and sectors that are “sustainable”. If anything, the pandemic and natural disasters have shown how fragile the whole system is. #TradeElite

— Craig Atkinson (@craigaatkinson) June 25, 2020

A7: One word; one continent… Africa! Personally, I see growth happening in markets that are unfortunately used to being resourceful, responding to crisis, before it happens. Africa gets growth; they’re ready for diversification; they’re ready for Trade & Investment #TradeElite https://t.co/k3bVi88R6w

— bernadette fernandes (@on_the_varanda) June 25, 2020

A7. Define the best approach, look at opportunities, adjust to adapt new practices, perhaps as part of your corporate social responsibility practice, pivot and optimize your efforts. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, July 23 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Accessing opportunities in a new global business landscape: Experts weigh in on Twitter appeared first on Trade Ready.

After being in some form of survival mode for a couple of months now, and  restrictions starting to ease, many businesses are looking toward their future. Small businesses across the map still face a long uphill battle, but we wanted to dig into how they can lower costs today to help make it through to the better days ahead. And how to really hit the ground running as soon as possible. Here’s what the #TradeElite small business experts had to say.

Topics covered:

• Costs businesses can cut from their budgets without damaging their businesses
• The absolute essentials that businesses should not economize on
• Where can businesses find savings on the essentials?
• How does partnership/collaboration fit into cost-saving?
• Managing cash flow and forecasting during uncertain times
• Should you take out loans to speed up recovery?
• Jump-starting your business post-shutdown while still keeping costs down

Panelists:

Cathy McKnight, PMP (@CathyMcKnight) VP Strategy and Consulting and Solver of Problems at The Content Advisory based in Toronto, ON
Frances Schagen (@FSchagen) CEO at ClearToYou Bookkeeping and Business Support Agency and Founder at Business Owners Success Club based in Toronto, ON
Dr. Halia Valladares, CITP (@HaliaMayela) Professor at Thompson Rivers University, Managing Partner at Global Trading & DS, Inc. based in North Vancouver, BC
Lora Rigutto Vigliatore, CITP (@RiguttoV) Global Business Expansion Coach and Instructor, Certified Incoterms2020 trainer for Canada based in Pickering, ON
Bernadette Fernandes (@on_the_varanda) Founder & CEO of the Varanda Network, based in Saint John, NB, Canada
Daniel Lewis, CITP (@TbyDaniel) T By Daniel Founder, Certified Tea Master/ Tea Sommelier, Author and Public Speaker based in Brampton, ON

Right off the bat, what are some costs businesses can cut from their budgets without damaging their businesses?

A1: During the BUSY times we sometimes overlook poor performing products, now’s the time to thoroughly analyze inventory, cut the poor performing products, and put a concentrated focus on the top sellers. Reduce cost by cutting down on inventory. #TradeElite

— T By Daniel (@tbydaniel) May 21, 2020

A1 Travel expenses. Get familiar & embrace virtual meetings. Huge savings ($$ and time). Turn your camera on…..clients want to see your face. Use the savings on travel time to prepare and nail the presentation. #TradeElite

— Lora Rigutto (@CitpLora) May 21, 2020

A1- excessive inventory, premium services for mobile phone plan review if you actually use all that is included, perhaps you need less, print less, reduce the use of consumables such as paper, paper coffee cups, less eating out, fancy bus. Dinners.#TradeElite

— Halia Valladares (@HaliaValladare1) May 21, 2020

A1: It’s likely different depending on the business, but for service businesses, cut any costs related to tangibles like printing, physical like travel & “go” digital…attend events/networking online. Then adopt & “stay” digital where possible to recover! #TradeElite #SmallBiz https://t.co/DndjmX3yuy

— bernadette fernandes (@on_the_varanda) May 21, 2020

A1 Cut your ‘nice to have’ costs. You know what they are. Anything that you buy ‘just in case’ can go for now. #TradeElite

— FSchagen (@FSchagen) May 21, 2020

@FITTNews A1- More time (sometimes) = More ability to reassume outsourced tasks and thus reducing labour or contracting expenses, however this may not always be the case for everyone from a productivity standpoint. You’ll know what you can handle #TradeElite

— T By Daniel (@tbydaniel) May 21, 2020

A1 Audit all your expenses and make sure they are doing their job. #TradeElite

— FSchagen (@FSchagen) May 21, 2020

A1 Expedited trucking & Air shipping. Most customers have had to change their schedules & want to move inventory 1st. Projects that were urgent may not be anymore.
Communicate to see where you can re-quote freight. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

Flipping the script now: What are some absolute essentials, that businesses should not economize on?

@FITTNews A2 – Content. Content. Content. Don’t ease up on content, but be sure it is relevant for today’s time – now is not the time to be promoting international travel or large events. Instead think about what you can do for your customers. #Content #TradeElite

— Cathy McKnight (@cathymcknight) May 21, 2020

A2 Don’t economize on internet security, now that your people are working from home.
#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A2 Clarify the right message and continue to pay for marketing. As long as you are getting ROI, why stop?
#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A2: Don’t economize on seeds (ideas) and the planting (processes), so you can nurture them and your team, then harvest, to reap the benefits and hit the ground running with your clients post-crisis. #TradeElite #MyGardenAnalogy @VarandaNetwork https://t.co/p10e6WazW7

— bernadette fernandes (@on_the_varanda) May 21, 2020

A2 Now may be the perfect time to invest in training for your staff. Upskill your people and improve productivity. #TradeElite

— FSchagen (@FSchagen) May 21, 2020

A2 Preparation! No excuse not to invest the time and money on market research. Wealth of online resources available for free. Take your time, do your #marketresearch. #TradeElite https://t.co/A3UA8VcbLf

— Lora Rigutto (@CitpLora) May 21, 2020

A2 Continue to invest in communications tools. Your people need to hear from you even more, now.
#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A2- You need to continue advertising your brand and your products, invest in your loyal clients, cutting mkt will be a mistake. Cover fix cost rent, essential salaries, pay suppliers, contract responsibilities #TradeElite https://t.co/VXOFF6MepA

— Halia Valladares (@HaliaValladare1) May 21, 2020

A2. If at all possible… don’t economize your people. Be upfront & let them know if the biz is struggling. Your team can support w/ cost savings ideas or innovative products or services.
Ppl dont want to lose their jobs & will get creative. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

@FITTNews A2 – If shipping products, now is not the time to economize on the “WOW” factor and experiential add-ons our customers have come to appreciate when receiving goods/un-boxing. This should increase, to help generate more customer loyalty & new interest #TradeElite ?

— T By Daniel (@tbydaniel) May 21, 2020

All kinds of great thoughts on what’s really important to continue to spend on during tougher times!
Customer experiece
Your people
marketing/advertising
training
research#TradeElite

— FITT (@FITTNews) May 21, 2020

@FITTNews A2 – Content. Content. Content. Don’t ease up on content, but be sure it is relevant for today’s time – now is not the time to be promoting international travel or large events. Instead think about what you can do for your customers. #Content #TradeElite

— Cathy McKnight (@cathymcknight) May 21, 2020

Aside from government assistance programs, where can businesses find savings on the essentials?

A3: Savings can be found in economies of scale: cluster-build a community of similar #smallbiz or those in your supply chain; share costs. Look to seasonal businesses or those affected by crises, they know, learn from them. #TradeElite #WeAreInThisTogether https://t.co/YUzLrjVDvP

— bernadette fernandes (@on_the_varanda) May 21, 2020

@FITTNews A3 If you have been doing business with “GOOD’ companies/ suppliers/ partners… Now is the time you’ll know, these GOOD companies are doing everything they can to help your business continue to flourish. utilize their savings, relief campaigns etc. #TradeElite

— T By Daniel (@tbydaniel) May 21, 2020

@FITTNews A3 – when it comes to marketing and advertising, companies should leverage existing content that has worked in the past. Costs less to update/revamp than to recreate, and ou know it works. #TradeElite #contentmarketing

— Cathy McKnight (@cathymcknight) May 21, 2020

A3. That’s a tough one. In products you have to start looking at where you can save. Asking our Partners for variations. Ex. We like this fabric but is there something similar with a lower cost. Without compromising o quality… it’s tough! #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

@FITTNews A3 – another money saver is to shift to more content marketing than advertising. Take a longer piece and build a content program on it by breaking it down into a campaign of tweets, blogs, etc. #TradeElite #ContentMarketing

— Cathy McKnight (@cathymcknight) May 21, 2020

A3- With their suppliers and providers, i.e. renegotiating contracts with their transportation providers, or establishing new partnerships generating new sources of revenue #TradeElite https://t.co/NHVlJeMBS7

— Dr. Halia M. Valladares (@HaliaMayela) May 21, 2020

A3 Join a local board of trade/chamber of commerce/business or industry association. Often there are member benefits with group discounts for the essentials that can far outweigh the cost of membership. #TradeElite

— Lora Rigutto (@CitpLora) May 21, 2020

How does collaboration fit into cost savings and business recovery? Is now a good time to find partnerships?

@FITTNews A4 – COLLABORATION IS THE KEY! We are stronger together in every way (especially now) keep an eye out for the unique ways companies are altering their operations and see if and how your services might be able to correlate or add value! #TradeElite

— T By Daniel (@tbydaniel) May 21, 2020

A4. Most def. Collabs are key.
Part of a creative pivot could involve a partnership or shared product launch.
Innovative strategies are integral to your recovery. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

A8 Absolutely! Shared expenses is a natural fit. Combining offers can increase the value many-fold. Piggyback services to take your customers on a journey to their ultimate desires. Don’t just sell the food, teach them how to prepare it, serve it, clean up after etc.#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A4: Collaboration not only fits but rules on cost savings and business recovery… imagine sharing costs and recovering together versus reinventing the safest and quickest wheels to recovery… also funner #TradeElite #TogetherIsBetter #Community https://t.co/cQSz9fgQeu

— bernadette fernandes (@on_the_varanda) May 21, 2020

A4: It is agreat time to find new partnerships, by collaborating you can share the costs and reduce your risks, plus increase your reach #TradeElite https://t.co/XjuExp8AbU

— Dr. Halia M. Valladares (@HaliaMayela) May 21, 2020

@FITTNews A4 – Collaboration / sharing services between companies can be a great way to save costs and build new relationships. This is applicable both w/n and outside your org. #TradeElite #knowledgesharing

— Cathy McKnight (@cathymcknight) May 21, 2020

Here’s a tricky one. How do you manage your #cashflow when forecasting is so uncertain right now?

A4 Make your best guess with your cash flow, then track actual and update your projections as you go. You will learn and improve.#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A5: Stay focused on using the financial principles you’re accustomed to but revisit weekly or better daily to ensure that cash in is greater than cash out, and that cash out is essential only while looking for new ways to bring cash in. #TradeElite #EssentialCostsOnly https://t.co/pUr1dJWHu2

— bernadette fernandes (@on_the_varanda) May 21, 2020

A5. Get clear on what your costs are.
Start eliminating / shifting anything unnecessary.
Ask for extensions, instead of 30 try for 45 days or a payment plan.
If you qualify for a gov’t benefit – apply.
Re-negotiate EVERYTHING#TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

A5: By expending in only the absolutely necessary, and continue to look for new sources of revenue #TradeElite

— Dr. Halia M. Valladares (@HaliaMayela) May 21, 2020

A5 Talk to the experts! Reach out to your financial institution or partners like @ExportDevCanada and @bdc_ca. They want to see you succeed and have the tools and mechanisms in place to assist your company navigate through this crisis and into a profitable future. #TradeElite

— Lora Rigutto (@CitpLora) May 21, 2020

A5. In products try:
a pivot to pre-order sales. That way you can collect some cash and deliver a little later.
Or
ask customers for a deposit up front. Maybe just 10% or 15% but something. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

@FITTNews A5 – this is a great time to look at technology /services being paid for vs. actually using. Many companies have 2/3/4… of same/similar subscriptions that could be consolidated down to one for cost savings, and increased efficiency/effectiveness. #TradeElite

— Cathy McKnight (@cathymcknight) May 21, 2020

Is it a good idea to take out loans or other financing options to speed up recovery?

A6 Interest free loans make that decision easier. Use financing to carry you over the hump if you have a realistic recovery plan.
#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A6- you should only take out loans if you need it (exhausted all other options), it is still a loan, you will have to pay it back with interest, adding to your costs of doing business, now or later it will reduce your profits #TradeElite

— Dr. Halia M. Valladares (@HaliaMayela) May 21, 2020

A5 I will let the experts handle this one. But, to reiterate, don’t hesitate to reach out to your financial institution and/or your financing partners to analyze the specific options available to you and customize a plan that works for your company. #TradeElite

— Lora Rigutto (@CitpLora) May 21, 2020

A6: Yes, especially if loans are supported by government (i.e., interest-free during recovery periods) and as long as you build in risk-mitigating measures to be able to repay without detriment in case you don’t recover as quickly. #TradeElite #Leverage https://t.co/XeO12mFr1y

— bernadette fernandes (@on_the_varanda) May 21, 2020

A6. Def a tool if you have confidence that your biz can adjust to the new reality (we aren’t going back to before).
If it was faltering & you can’t figure out how it will work or grow… shut it down to avoid more losses. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

A6. This is a “hard look” situation.
You have to brutally scrutinize what you are doing and there is a difference between pragmatic optimism & denial.
If you think this is a short term hurdle – go for it. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

As we look to recovery, how can businesses jump-start their businesses post-shutdown while still keeping costs down?

A7 Get very clear about what is most important to your team members and focus on that. Same with your customers. What is most important to them and focus your resources on delivering only that for now. And tell people why. They will appreciate you more.#TradeElite

— FSchagen (@FSchagen) May 21, 2020

A7 Focus first on high-profit offerings. Meet people where they are. People are thinking safety first, then comfort followed closely by learning. Lean into that. #TradeElite

— FSchagen (@FSchagen) May 21, 2020

What?? Already??? Last answer… A7 By having a strong digital marketing presence. Utilize social media to the maximum extent. Explore adoption of eCommerce platforms which can integrate seamlessly into your operations. #TradeElite

— Lora Rigutto (@CitpLora) May 21, 2020

A7- Communicate they are open to their former clients using digital marketing, launching attractive promotions, engaging in virtual networking, get a deal with the local news for an Ad #TradeElite

— Dr. Halia M. Valladares (@HaliaMayela) May 21, 2020

A7: Start now! Don’t incur additional costs unless you incur additional revenue sources, i.e., pivots. Set new goals to reflect the changes post-crisis, leverage the time to learn, improve your SM presence. #TradeElite #SurviveNowThriveLater https://t.co/N2QicEbZma

— bernadette fernandes (@on_the_varanda) May 21, 2020

A7. For products, In the 2008 fin crisis, we saw a number of customers add “impulse buys” at the cash register. These were lower value items that added to the sale.
What is going to be the C19 pivot?
Personal PPE? Custom Hand Sanitizer?#TradeElite

— audrey ross citp|fibp (@tresAudrey) May 21, 2020

#FITTNews A7 – Keeping an outside-in perspective (ie: the audience’s perspective) for eveything you do/say will help ensure the company meets their customer’s needs – now and as our new normal evolves. #TradeElite #AudienceCentric

— Cathy McKnight (@cathymcknight) May 21, 2020

@FITTNews thank you for the invitation to be a #TradeElite chat panelist. In summary SMEs can save $ by collaborating, renegotiating contracts, reaching out to bus. Assoc., EDC, Banks, their suppliers, investing in MKT and caring for their clients #TradeElite

— Dr. Halia M. Valladares (@HaliaMayela) May 21, 2020

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, June 4 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How small businesses can save money and recover faster – experts weigh in on Twitter appeared first on Trade Ready.

It’s simple really. This is a very difficult, confusing, and stressful time for everyone, not least of which business owners. To get some answers on the tough issues businesses of all shapes and sizes are facing right now, we assembled a team of experts to provide advice and resources on Twitter. Read the highlights below and follow the links for more information.

Stay safe and healthy. We’re all in this together.

Topics covered:

• What are the biggest challenges your business is facing today?
• What can businesses do today, in the middle of this crisis, to mitigate the effects of COVID-19 on their company?
• Cashflow and payment risk are major issues for most businesses right now. How can businesses reduce this risk and get access to $ they need now?
• What kind of conversations do we need to have with our vendors, 3PL, customers, accountants, lawyers right now?
• What are some global resources businesses can tap into to manage this level of disruption?
• How can businesses prepare now for the next 6 months to a year? What have we not thought of yet?
• Are there any positives coming out of this today? What about looking ahead to the future?

Panelists:

Audrey Ross, CITP (@TresAudrey) Logistics & Customs Specialist at Orchard International Inc., based in Toronto, Canada
Sarah Barnes, (@BeVictoryus) CITP Director at Victoryus Inc, and host of Let’s Talk Supply Chain podcast, based in Mississauga, Canada
Bernadette Fernandes (@on_the_varanda) Founder & CEO of the Varanda Network, based in Saint John, NB, Canada
Emiliano Introcaso, CITP (@Introcaso) Export Advisor at Export Development Canada (EDC), based in Toronto, Canada
Cathy Morrow Roberson (@CMRoberson06) Founder and Head Analyst Logistics Trends & Insights LLC, based in Atlanta, USA
Mark Agnew (@Mark_Agnew) Senior Director of International Policy at the Canadian Chamber of Commerce, based in Ottawa, Canada
Irina Rosca (@sustainSCM), Director of Supply Chain and Customer Success at Helix, based in San Diego, CA

Why don’t we start by getting it all out on the table.
What are the biggest challenges your business is facing today?

A1- We are in healthcare so our biggest challenge is being part of the answer and response with limited resources. #TradeElite

— Irina Rosca (@sustain_SCM) March 26, 2020

#TradeElite A1 the uncertainty is a big thing on everyone’s mind. How do you plan? where do double down? a lot of questions with minimal answers available #SmallBiz

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020

This could be quite a list…safety of employees, business continuity, cash flow, maintaining sales yet meeting drastically shifting consumer expectations??? #TradeElite #COVID19 #globalbiz

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

#TradeElite A1 When will it end is a question I’m getting

— Cathy Roberson (@cmroberson06) March 26, 2020

A1. unprecedented change and not knowing where to start, what is credible, where to focus, what are the priorities, feeling behind the 8-ball, hard to be proactive when you’re in the thick of it, and alot of information coming at you at once from everywhere. #TradeElite #COVID19 https://t.co/HEtpsSnq2Z

— bernadette fernandes (@on_the_varanda) March 26, 2020

A1 #TradeElite for exporters what we are hearing is that cashflow is a constrain. The Canadian Government has joined forces with @ExportDevCanada & @bdc_ca to bring solutions to exporters (and #SMEs) to help solve this issue through financial solutions that can help your ops. https://t.co/e9dwx2ZBRz

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

#TradeElite A1 protect your team, customers and community first; then do a business stress test.

— Caroline Tompkins (@carolineFITT) March 26, 2020

A1. Air cost & capacity issues, warehouse closures, uncertainty around when businesses are closing and when they think they will be back to full operations. #TradeElite

— audrey ross citp|fibp (@tresAudrey) March 26, 2020

A1. In my interaction with #Indian exporters out here the biggest challenge is ‘what lies ahead’? Are the products they’ve been exporting all these years going to even be accepted once the dust settles. Are consumers going to look for new products. #TradeElite

— Varun Anthony (@Varunanthony) March 26, 2020

Hi! A1: These days it’s all #COVID19 all the time. #cdnbiz are scrambling to grapple with what it means for them and what are the implications for their supply chains. Key issues include medical equipment, air cargo, and the Flag of CanadaFlag of United States border. #tradeElite

— Mark Agnew (@mark_agnew) March 26, 2020

I’m hearing lots of big challenges right now:
Uncertainty
Cashflow
Costs
Safety
Let’s move on to some solutions #TradeElite

— FITT (@FITTNews) March 26, 2020

What can businesses do today, in the middle of this crisis, to mitigate the effects of COVID-19 on their company?

#TradeElite A2 Communicate regularly with employees, customers and supply chain partners.

— Cathy Roberson (@cmroberson06) March 26, 2020

A2 #TradeElite My first suggestion to a business is to know they are not alone. Many organizations such as @CdnChamberofCom have created resources that can provide guidance on what’s going on with #COVID19 and how business can prepare 1/2 https://t.co/SzJmyMXkNi

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

A2. My heart goes out to the SMEs all across the globe. The businesses who have just begin to take steps into international markets. However this is the time when SMEs & even the larger cos. should closely monitor the trends occurring across potential markets (1) #TradeElite

— Varun Anthony (@Varunanthony) March 26, 2020

A2. Today: think about people 1st: yourself, your team, clients, families, community (not necessarily in that order) and immediately put measures in place to protect everyone; start now! Essential & Response services only
Tomorrow: plan for today#BizIsolate #TradeElite #COVID19

— bernadette fernandes (@on_the_varanda) March 26, 2020

A2 I agree with @cmroberson06 that Communication is key, I would add focusing on the wellness of your teams is necessary, empathy in our back pockets & looking at a new way forward through #innovation #TradeElite

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020

A2. Really understand what you have underway, communicate with your customers. Obvi it’s not biz as usual but letting them know that their projects are underway, deliverable (either now or on pause for later). Stay positive. #TradeElite

— audrey ross citp|fibp (@tresAudrey) March 26, 2020

A2: First and foremost, follow directions of all Federal & Provincial officials. Then assess impacts to your biz & realize where/if you can change. Seeing lots of creativity – home delivery, caremongering in communities, companies shifting to produce needed supplies #TradeElite

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A2: It is absolutely critical to understand your supply chain. The rollout of “essential services” measures and border restrictions around the? are straining the movement of goods. Thinking holistically about the enablers for you and your logistic providers #TradeElite

— Mark Agnew (@mark_agnew) March 26, 2020

A2. Surveying what is essential. We send a lot of samples & we see couriers are going to add surcharges starting April 1st… so being careful with what samples are needed & what can be rendered or shown in a video. #TradeElite

— audrey ross citp|fibp (@tresAudrey) March 26, 2020

Lots of great advice from our panel for companies out there.
Right now you can:
Take care of/support your team
Communicate with your stakeholders
Understand your complete supply chain
Tap into government resources
Take time to adapt and self-care#COVID19 #TradeElite

— FITT (@FITTNews) March 26, 2020

Cashflow and payment risk are major issues for most businesses right now. How can businesses reduce this risk and get access to $ they need now?

A3: Talk to every one of your lenders. Chances are they have been directed to ease terms, offer more flexible timeframes etc. Seeing this from student loans to even CRA tax time. #TradeElite #COVID19

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A3: Leverage federal gov’t (and provincial/state) programs for cashflow NOW (NGEN funding 100% of #COVID19-response); Plan your sales pipeline during downtime/slowdown for cashflow LATER; Lean on @ExportDevCanada to mitigate payment risk ALWAYS. Expect the unexpected #TradeElite https://t.co/xNEsY2Vbsi

— bernadette fernandes (@on_the_varanda) March 26, 2020

A3 #TradeElite more than ever companies need to know how much (and for how long) are they going to be in the red. Communication with your commercial bank is key, and they know we are in this together, and they will help you. If you are a #SME currently going through some… 1/2 https://t.co/Da8dOZz9nJ

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

A3: #cdnbiz shd understand their contracts and potential pain points. Be proactive in watching how rapidly evolving gov’t policy announcements will impact you. Spend time looking at @CanadaTrade @ExportDevCanada resources. @Ailish_Campbell‘s team is keen to help biz. #TradeElite

— Mark Agnew (@mark_agnew) March 26, 2020

#TradeElite A3 There are also a growing number of solutions from logistics providers to help finance cargo. For example, Flexport offers such a solution.

— Cathy Roberson (@cmroberson06) March 26, 2020

A3 2/2 #TradeElite cashflow issues, so prepare a plan, find out what you need. If you want to ensure you covered all of your basis, use @FITTNews ? https://t.co/ccSBQIDOd3 – Cash Flow Management unit. Download it here ??

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

What kind of conversations do we need to have with our vendors, 3PL, customers, accountants, lawyers right now?

A4 #TradeElite find out what kind of service support are they offering during #COVID19. All businesses have been very proactive and supporting in any way of form. https://t.co/kydtyw92Rj

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

A4. Dear Vendor, now’s not the time for you to sell us anything but #essentialservices or things that makes things easier. Dear Customer: please support your local SMEs now and later. Dear Everyone Else: we need your expertise/guidance and your deferred invoicing #TradeElite https://t.co/6Sv5vMsPWU

— bernadette fernandes (@on_the_varanda) March 26, 2020

A4: Make sure your supply chain and enablers are open! Companies are taking different interpretations of “essential business” and some companies have had a surprise to learn that their partners have decided (or are required) to shut down. #TradeElite

— Mark Agnew (@mark_agnew) March 26, 2020

A4: With every touchpoint of your biz connect with them. Tell them what’s happening, what you are doing. Ask them how they are doing. Work on solutions to keep the biz flowing. They need you as much as you need them. Can’t say enough – we are in this together. #TradeElite

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A4 Communicate, Communicate, Communicate and find ways to collaborate in new ways #TradeElite

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020

What are some global resources businesses can tap into to manage this level of disruption?

A5 ok… this is going to be a ? see below some of the resources that are specific for ?? companies https://t.co/uyEDJyGFqC

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

A5: What they said RT: @FITTNews – #COVID19 global resources from world-leading organizations collected in one place – that businesses can tap into https://t.co/AfC1zpOais. I LOVE @TCS_SDC because they know my #Canadian business, my customers, in their markets #TradeElite https://t.co/yPkOOOi87P

— bernadette fernandes (@on_the_varanda) March 26, 2020

A5: Social Media. Get your story out there is you are an SME. Tell it like it is, if you can keep going, tell your customers you’re there for them. Pivot if you can, but use social tools to build your biz. Here’s what my accountant is up to for example https://t.co/A0AOmzqmqm

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A5: the resources that FITT has available online are top-notch for #cdnbiz to get a digestible but substantive take on issues affecting them. @CdnChamberofCom will be launching a dedicated micro-site next week with lots of resources. Watch our Twitter handle for more info!

— Mark Agnew (@mark_agnew) March 26, 2020

#TradeElite A5- best resources to use are #partners. Communicate with your partners, customers, vendors and professional colleagues, this is a great time to share #knowledge and learn.

— Irina Rosca (@sustain_SCM) March 26, 2020

A5. As a former Trade Commissioner myself I would always say the biggest trade resource that any #Canadian company has at the moment in their international markets in @TCS_SDC Reach out to all federal, provincial and crown teams across the markets you are present in #TradeElite

— Varun Anthony (@Varunanthony) March 26, 2020

A5 Lots of great resources out there, webinars, podcasts and blogs full of thought leadership on the subject, you can find some of it here: https://t.co/7JvtuW6pPu #TradeElite

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020

#TradeElite A5 Service updates from logistics & transportation providers. @Agility publishes a great one – https://t.co/IpsKd0PY0h

— Cathy Roberson (@cmroberson06) March 26, 2020

How can businesses prepare now for the next 6 months to a year? What have we not thought of yet?

A7: 1/2 #TradeElite Most biz will never be done the same again. Ever. If you changed because of #covid19Canada you may not be able to go back to old ways. Probably a good thing for many. Change is often hard but brings progress. Look at impact this had on global pollution.

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A7: 2/2 #TradeElite Be prepared to do lots of reading on global lessons learned. Listen to what your customers/suppliers tell you they learned or how they responded. Most importantly be ready to get back at it – stay in touch with employees. You’ll need to bring them back & fast!

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A7 prepare a plan of action for innovation. document and learn as much as you can while going through this, what worked, what didnt, what could have been done better #TradeElite

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020

A7: NOW is the time to adapt quickly and mitigate #COVID19-response! When this is over, then is the time to prepare for #BusinessContinuity #DisasterRecovery – is that still a thing? #TradeElite https://t.co/JY1b9YeUAO

— bernadette fernandes (@on_the_varanda) March 26, 2020

A7 (well A6 ?) #TradeElite consider getting informed. If you are not part of a chamber or association, I think this is the time to consider. Look at national, provincial or local associations and chambers such as @CdnChamberofCom @cme_mec @OakvilleChamber @TorontoRBOT https://t.co/wZTEjQFOPH

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

Let’s look on the bright side to end today’s chat!
What, if any, are the silver linings with this crisis? Are there any positives coming out of this today? What about looking ahead to the future?

A8: There are always silver linings. With #COVID19 it’s more community-building, new words like #caremongering, less meetings, more resourcefulness… and #ClimateChange… our Earth is healing <3 #TradeElite https://t.co/gyeLpfMIzF

— bernadette fernandes (@on_the_varanda) March 26, 2020

A8 #TradeElite this is a great question @FITTNews Businesses have learned how preparedness is important and how changes can be good for both sides. How they can adapt to a situation, etc https://t.co/hcAiN5Uynj

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

A8: #TradeElite So many creative ways to do biz have emerged. Global pollution dropped. Industries will adapt (cruise lines esp.)I’m hoping we are realizing how connected we all truly are to one another and that we all have impacts that are far-reaching.

— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020

A8. We have learned that it has to be people first. If your company “can’t afford” sick leave, fair wages, safety / protective gear, you need to re-think your biz strategy. #TradeElite

— audrey ross citp|fibp (@tresAudrey) March 26, 2020

I think that we all saw how a few weeks of everyone stopping, can have a significant effect in our environment, so maybe this might mean that more #cleantech companies might help solve some issues in the future #TradeElite – I am sure @lynncote can add here!

— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020

A8 Tough one. @CdnChamberofCom hears every day about the difficult choices #cdnbiz are making right now b/c #COVID19. Use this as a chance to re-evaluate your 3PL, supply chain inputs and brush-up on the resources that are out there. Good luck and stay healthy. #TradeElite

— Mark Agnew (@mark_agnew) March 26, 2020

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, April 16 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post COVID-19 effects & next steps for your global business: experts weigh in on Twitter appeared first on Trade Ready.

Every year FITT likes to join the myriad of organizations marking International Women’s Day by taking the opportunity to discuss issues unique to women in global business.

With many countries promoting a progressive trade agenda and businesses and organizations working hard to get improve diversity and gender equality around the world, progress is definitely being made.

But are women truly feeling empowered? In this month’s #TradeElite Twitter chat, we asked the experts this and many other pointed questions to find out about the resources, organizations and individuals who are empowering women in international business. Follow the highlights below to see what they said.

Moderator:

Pamela Hyatt, (@Lyricsby Pam) Content Marketing Specialist, FITT , based in Ottawa, ON

Panelists:

Idalia Obregon (@Idalia_Obregon) Executive Director of BCCTC -British Canadian Chamber of Trade and Commerce (@BCCTC), based in Toronto, ON
Gaby Castro-Fontoura, (@uklatinamerica) Director of Sunny Sky Solutions, LATAM market expert, based in Montevideo, Uruguay
Marcela Mandeville, CITP (@MsBrightIdea) , CEO of @AWEbusiness (Alberta Women Entrepreneurs), based in Edmonton, AB
Bernadeen McLeod, (@Bernadeen) President & Founder of Mentor Works (@Mentor_Works) , based in the GTA, ON
Shannon Pestun, (@ShannonPestun) Director of Women’s Entrepreneurship at ATB Financial (@ATBFinancial), based in Calgary, AB
Kseniya Stogniy, CITP (@Kstogs) Export Advisor at Export Development Canada, based in Ottawa, ON

Let’s start by talking about where we’re at now.

Do we have gender equality in the international trade environment?

In the international trade environment, women entrepreneurs are still under represented. This continues to be a challenge for Canada and the world. While women are starting businesses at unprecedented rates, most women-led businesses aren’t engaging in trade activities. In Canada only 11% of exporting small and medium sized enterprises are women owned. – Shannon Pestun @ShannonPestun

A1: While women have definitely come a long way, there is still room for improvement! Research has shown that advancing women’s economic equality will benefit all Canadians, but only 11% of today’s women-owned businesses in Canada are exporting. #TradeElite #WomenInTrade https://t.co/aId3TK0nBy

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

A1: Unfortunately, no. We’ve made progress but still have work to do. From an entrepreneurship view, the number of women-owned businesses that are exporting has grown but only represent 11% of exporting enterprises. #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

A1: Women are under-represented at all levels, lead smaller firms than men, and are less represented in high export potential industries. These drive broader patterns of inequality. Irrespective of size and industry, businesswomen looking to export are at a disadvantage.

— Idalia Obregon (@idalia_obregon) March 12, 2020

A1: If you compare Canadian women, on a global scale, we hold the number one spot when it comes to creating and running our own business. Source: GEM 2015/2016 Global Entrepreneurship Monitor Report.

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

A1 No. E.g. a lot of the time, women decision makers are not allowed to travel (explicitly or implicitly), so under-represented in intl trade. #TradeElite

— Gaby Castro-Fontoura (@uklatinamerica) March 12, 2020

A1: The Office of the Chief Economist Office at Global Affairs Canada reveals that women-owned SMEs represented 14.8% of Canadian exporting SMEs in 2017. Indeed there is room to grow. #TradeElite #womenexporters @TCS_SDC @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

Women are trying to be seen and succeed but equality is not the case in international trade as it is a sector dominated by men

— Adriana Carrillo CITP/FIBP (@acarrillo2016) March 12, 2020

#TradeElite A1 Hard questions right from the start, I love it! I think more and more people are aware but we are def not there yet, we have some work to do at the high levels for more equality, in the boardrooms and in speaking roles #supplychain

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 12, 2020

Looks like we’ve got some work to do.

What are some of the biggest challenges unique to women in international business?

There are systemic and attitudinal barriers at play here. A lot of the challenges are faced by both men and women, however the impact is much deeper for women, especially around accessing the financial capital required and accessing the networks and supply chains needed to grow into new markets.  And the impact of cultural expectations and norms in different countries. – Shannon Pestun @ShannonPestun

Global perception of women is a huge challenge especially when working in #supplychain because there are partners from so many different countries where women do not have a seat at the table.

— Irina Rosca (@sustain_SCM) March 12, 2020

A big challenge is being seen a a business partner that has the same potential than any other. Also, negotiation may be bias when power is involved and terms of trading could be different or advantageous for one of the players. Ordering small quantities is a huge barrier

— Adriana Carrillo CITP/FIBP (@acarrillo2016) March 12, 2020

Maintaining a long-term career (including travel and long hours) whilst bringing up a young family. #TradeElite

— Nynzi (@Nynzi) March 12, 2020

A2: Women-owned businesses under participate in trade potentially because they tend to be smaller in size and are more likely to operate in sectors where goods and services are not traded internationally. #TradeElite #womenexporters @TCS_SDC @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

A2: Finding clients, financial planning and literacy, building a network, and keeping a steady workload. Not necessarily unique, but important. #TradeElite

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

A2: In addition, women-owned businesses are more likely to operate in domestic industries. They are not well-represented in Canada’s export-intensive industries such as manufacturing and natural resource extraction. #TradeElite #womenexporters @TCS_SDC @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

A2 Personal safety. We’re definitely more vulnerable. Machismo. Particularly in some countries like LatAm/Middle East. #TradeElite https://t.co/j1KMxSTV3q

— Gaby Castro-Fontoura (@uklatinamerica) March 12, 2020

#TradeElite A2: While jobs in trade usually pay better than jobs elsewhere (12% better on average), women only hold 38% of those jobs. Moreover, only 15% of exporting firms globally are women-led.

— Idalia Obregon (@idalia_obregon) March 12, 2020

#TradeElite A2 women tend to be more risk adverse so international trade may seem very risky. #internationaltrade

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 12, 2020

Maintaining a long-term career (including travel and long hours) whilst bringing up a young family. #TradeElite

— Nynzi (@Nynzi) March 12, 2020

A2: Access to networks connected to the centre of power and decision making; access to role models and mentors; under representation of women, in general, in certain sectors and industries. #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

The ambition to export is a mindset to grow beyond borders. Many business owners don’t have that ambition and…. often women need more encouragement to be that ambitious to try #tradeElite

— Nynzi (@Nynzi) March 12, 2020

A2: Identifying a market is definitely a big one – social & gender norms in some countries can be a barrier. Accessing capital & lacking appropriate networks are others. Sometimes taking the plunge to try exporting for the 1st time can be the biggest barrier of all. #TradeElite https://t.co/Iveaih4Tuu

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

Now for some good news. Where are we making progress on gender equity? Can we talk about some success?

1. We’re seeing more collaboration within the entrepreneurial ecosystem of gov’t, education, industry and civil society. The spotlight on women’s entrepreneurship has never been brighter. Canada’s women’s entrepreneurship strategy is laying the foundation to double the number of women entrepreneurs by 2025 while helping more women scale their business through growth and export opportunities.
2. More than ever, we’re seeing a gender lens applied to entrepreneurship from research to investing and financing to policy and strategy
3. Women’s Entrepreneurship Day, November 19th was officially proclaimed in the province of Alberta, and the cities of Calgary and Edmonton, signalling the importance of women’s entrepreneurship to our cities, communities and economy. More to come! – Shannon Pestun @ShannonPestun

A3: Programs are becoming available to help open doors – women are leaning on each other for mentorship, sharing networks & experiences. Also supplier diversity programs are being developed. #TradeElite #WomenSupportingWomen https://t.co/HH9vVWgKQH

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

A3: It’s great news that the proportion of Canadian women-owned exporting businesses doubled from 2011 to 2017 and continues to grow. We also see increased interest in export and incredible women who are leaders in international trade skills and knowledge. #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

A3: There is more awareness, more studies on their way, more research, realizing the importance on analyzing sex-disaggregated data and field experience. These stats will make us act more promptly.

— Idalia Obregon (@idalia_obregon) March 12, 2020

A3: In 2018, the Federal Government Budget introduced the Women Entrepreneurship Strategy. This plan stated a goal of doubling the number of women-owned businesses in Canada by 2025. #TradeElite

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

A3: What this means, is that the gov allocated $30M to the Women Entrepreneurship Fund to over 300 projects in 2018 w/$100k grant. #TradeElite

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

I think women community base networks and women venture capital groups are evolving and promoting the work of women in trade. Government funding unfortunately is on a matching fund agenda, so it restrict those women that are starting without much economic resources. #TradeElite

— Adriana Carrillo CITP/FIBP (@acarrillo2016) March 12, 2020

A3: In some aspects, the gender gap is closing: from 2014 to 2017, the proportion of women-owned SMEs that export rose from 8.4% to 11.1%. By comparison, 12% of men-owned SMEs exported in 2017. #TradeElite #womenexporters @TCS_SDC @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

Yes! 30 years ago (when I started) I wouldn’t have met so many younger women working in international trade, so ?? But, still not 50% or enough in senior positions #TradeElite

— Nynzi (@Nynzi) March 12, 2020

A3 Also, soft skills (women v strong at that) more valued these days in international trade, I can see women being more sought for in the future (or less undervalued) #TradeElite

— Gaby Castro-Fontoura (@uklatinamerica) March 12, 2020

#TradeElite A3 conferences are coming together and recognizing the inequality, I am on a committee to drive more female speakers as well as diversity – this year if the event hadnt been canceled we would have been at 25-27% speakers and attendees #diversity

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 12, 2020

Let’s keep the inspiration coming. Who are some of your women in trade role models?

Mary Ng, Jennifer Cooke and Kim Matheson of EDC, Stacey Gordon of ATB Financial and Lisa Christensen of BDC all come to mind for me. I chose them as role models for me because I’ve learned so much from each of them and I’ve had the opportunity to collaborate with them on multiple projects. Our north star has always been guided by one question: how we  can better support women entrepreneurs? – Shannon Pestun @ShannonPestun

I also have many including @carolineFITT @vickis @Mairead_Lavery @Ailish_Campbell @cafreeland and everyone here today! #TradeElite and so many more smart #CITP women!

— Pamela Hyatt (@lyricsbypam) March 12, 2020

A4: So many! Here are a few: @CEOVazquez @Ailish_Campbell @ninavaca @JennCooke_ #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

@karimacatherine @Lucyor27 @iRMAconnects @EHajducek @cafreeland inspiring hard working intelligent women who are my trade role models ??????????

— Idalia Obregon (@idalia_obregon) March 12, 2020

A4: I’ve really enjoyed Dr. Alaa Murabit and her TED talks. She’s a strong supporter of advancing gender equality and attacking barriers women face. https://t.co/CgwB7hVPMS #TradeElite @almmura

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

I am inspired by the work that radical generosity creates under #SheEO. Also, inspired by some other women entrepreneurs in my network that have broken stereotypes in their own field. #TradeElite

— Adriana Carrillo CITP/FIBP (@acarrillo2016) March 12, 2020

A4: The @TCS_SDC celebrates its 125th anniversary this year. Check out the story of the first female Trade Commissioner at https://t.co/PLXcnE1vwe #TradeElite #womenexporters @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

Just jumping in to one Q4 Humera Malik is a fantastic role model. @JosipaPetrunic is another of my heroes. And my friend and colleague @OntarioGermany Angela Spreng #TradeElite

— Chris Begley (@BegleyChris) March 12, 2020

Rather than given names, I would say I’m inspired by those women in international trade who are effectively supporting other women.

— Carolina Vasquez (@Carol2012cl) March 12, 2020

#TradeElite A4 – sooo many! @sustain_SCM @tresAudrey @carolineFITT @LeahGlobal @ShapAngela

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 12, 2020

#TradeElite I agree with Gaby @uklatinamerica. I meet inspiring women in trade every day. Also @AnnaJerzewska , @BastidonPauline and @tresAudrey & @Nynzi are people I look up to and Gaby of course.

— Jacqueline Tulip (@JustJacquiTulip) March 12, 2020

A4: Our fantastic CEO & President @Mairead_Lavery of @ExportDevCanada is such an inspiration & encourages women to take bold steps internationally every day.

Of course, @Ailish_Campbell and @CGTheodore. They are incredible at championing Canada on the world stage!#TradeElite https://t.co/YXPF824QJi

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

What are some organizations and resources designed to drive success for women in trade?

There are so many great organizations and under the Women’s Entrepreneurship Knowledge Hub, we’ll soon have a mapping system that shows the full ecosystem. The organizations that come quickly to mind are, EDC, FITT, OWIT, Startup Canada, Canadian Trade Commissioner Service and WE Connect Canada. And we have a pretty great trade team at @ATB Financial who can help connect to each of these organizations. – Shannon Pestun @ShannonPestun

A5: @ExportDevCanada announced it’ll increase funds available for its Women in Trade Investments Program! @WEConnectCanad1 & @WBECanada can certify your company as a certified Women-Owned business if you’re looking to get involved in a Supplier Diversity program.#TradeElite https://t.co/wDz2e2f8eo

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

A5: There is such a variety of resources. Top of mind (some cross over with yours:))- @TCS_SDC @FITTNews @WEOCanada @ExportDevCanada @BDC @OWITIntl @WEConnectCanad1 #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

A5: For further details on the top international partnerships and government support programs, review here: https://t.co/1hveSN8dn8 #TradeElite

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

A5: @OWITTORONTO , Stephanie Dei, National Coordinator – Canada of @Empower_Women @fcevvb in #Brussels

— Idalia Obregon (@idalia_obregon) March 12, 2020

A5: Indeed! The Business Women in International Trade initiative (BWIT) of the @TCS_SDC helps create opportunities for Canadian women entrepreneurs looking to expand internationally: https://t.co/lBesjIknG8 #TradeElite #womenexporters @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

A5 Let me recommend @maiden_voyage for those women travelling internationally and for those men keen to support them #TradeElite https://t.co/OWDyBKbz5S

— Gaby Castro-Fontoura (@uklatinamerica) March 12, 2020

Is a progressive trade agenda working to make strides in gender equity for women along the global value chain?

Progress has been slow, and without question there’s still a lot of work ahead to close the gender gap. Each of us has an opportunity to help support a progressive trade agenda, and create more opportunities for women to reach their full entrepreneurial potential at home and around the world. The more we do to advance and advocate for an inclusive trade environment, the quicker we’ll see the social and economic benefits flow.- Shannon Pestun @ShannonPestun

A6: CPTPP is a great example of work being done to create gender equality – it includes dedicated provisions to women’s economic growth. By removing barriers for women to do business internationally, economic growth wins as a whole. #TradeElite https://t.co/uNUjmLvQSR

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

A6: It is slow progress but if combined with effective support for women’s growth in international trade careers and women-owned business success in international markets, we will see the impact of full participation of women in international tarde. #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

Absolutely, having women as negotiators also will elevate the participation of women in the global value chain

— Idalia Obregon (@idalia_obregon) March 12, 2020

A6: Canada is committed to creating opportunities for more Canadians, including women, to engage in and benefit from trade. Check out Canada’s inclusive approach to trade: https://t.co/LTdD01L4gd #TradeElite #womenexporters @TCS_SDC @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

A6: Depends on how you want to measure results. If you focus on how much Canadian women-owned businesses make, we are still 58% less than our male counterparts. There’s progress in #innovation, with women owned businesses as high as 36% compared to male at 44%. #TradeElite

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

Diversification is always good. The rules of the game are set by new FTA’s and knowing them could offer opportunities for SME’s seeking international customers. Women should keep up to date on where opportunities can be, sometimes the opportunity is in niche markets

— Adriana Carrillo CITP/FIBP (@acarrillo2016) March 12, 2020

How can we as individuals help support women in global trade?

We can help individuals by breaking myths around exporting (myths like, I’m too small to export, my product is too hard to sell in another market, it’s too risky or too complicated, you can’t export services), creating meaningful education around trade, and providing  more opportunities for women to connect to other women exporters and influencer groups such as the TCS, EDC. – Shannon Pestun @ShannonPestun

A7: Encourage and support one another. Make connections and leverage your network. Share success stories (and failures too). Acknowledge challenges and work through them together. #TradeElite #WomenSupportingWomen https://t.co/9qkAFfedBr

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

Q7: women who are involved will attract & bring more women, will hire more women, will support women initiatives… is a virtuous circle #TradeElite

— Idalia Obregon (@idalia_obregon) March 12, 2020

#TradeElite support #womenintrade initiatives, at work / your business, support women owned business, from the local fair to international initiatives, join associations, join Boards!…

— Idalia Obregon (@idalia_obregon) March 12, 2020

A7: The @TCS_SDC BWIT initiative helps open doors to successfully access global markets. Our Trade Commissioners provide dedicated support and services to Canadian women entrepreneurs. #TradeElite #womenexporters @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

A7: The @TCS_SDC BWIT initiative helps open doors to successfully access global markets. Our Trade Commissioners provide dedicated support and services to Canadian women entrepreneurs. #TradeElite #womenexporters @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

A8 I admire @IanDuddyFCO‘s recent #8M pledge not to attend events with men-only panels. Imagine that in international trade. That kind of thing can be very powerful. #TradeElite https://t.co/iDtLtm3T7C

— Gaby Castro-Fontoura (@uklatinamerica) March 12, 2020

#TradeElite A7 so many ways, when women are brave and tell their stories, lets support them, share their posts and get behind them. Lets also not hold ourselves back and toot our own horns because we deserve it #WomeninBusiness

— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 12, 2020

Do you feel personally empowered to do what you do best in international trade?

When you see an opportunity to make a difference,  it’s very empowering. The best part of this journey for me as the head of ATB Financial’s women’s entrepreneurship strategy and as a member of Canada’s Women’s Entrepreneurship Strategy Panel has been working with women entrepreneur champions from across the country,  and from across disciplines and sectors to leverage our collective experience and expertise, and find a common voice to help more women take their businesses to a global stage. Together, we are making a difference and in many ways it feels like we’re just getting started. – Shannon Pestun @ShannonPestun

A8: Yes, and a lot of this is attributed to working at @ExportDevCanada, which does a lot to support women’s empowerment – both within & outside the org. We have recently joined the UN Women Women’s Empowerment Principles community. #TradeElite https://t.co/c1Me73w6XG

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

A8: Yes, and I love that our team, in partnership with others, helps to grow businesses that can sell to the world. #TradeElite

— Marcela Mandeville (@MsBrightIdea) March 12, 2020

It’s a constant fight, have to work on it daily, we have to empower ourselves all the time ??????????

— Idalia Obregon (@idalia_obregon) March 12, 2020

A8: Our role at @Mentor_Works is to enable and educate all business owners and how to take advantage of government funding programs and incentives. We love to be a part of womens success stories. #TradeElite

— Gov’t Grant Expert (@Bernadeen) March 12, 2020

A 8: A 2019 report estimates that closing the gender gap in entrepreneurship in Canada could add $41-$81 billion to Canada’s GDP. Empowering women to participate in international trade contributes to reaching that potential. #TradeElite #womenexporters @TCS_SDC @CanadaTrade

— Joëlle Midy (@MidyJoelle) March 12, 2020

At the end of the day, remember your worth, trust that your voice is valued at the table & do not be scared to challenge the norms. #TradeElite

— Kseniya Stogniy, CITP® (@KStogs) March 12, 2020

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, April 16 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Empowering women in trade: resources, organizations, stars and success stories appeared first on Trade Ready.

For years now, FITT has been taking to Twitter to engage in lively discussions with our global trade community every month. Always focused on practical advice and trade-related topics, these chats have been a goldmine of wisdom and a great opportunity to network with thought leaders. Thought leaders we like to call, the #TradeElite.

So, after a short hiatus in 2019, and by popular demand, the chats are back in 2020! In December, as part of our holiday #FITTmas celebrations, we asked what you wanted to talk about this year. Partnerships! Partnerships! Partnerships! was the answer. Do we need them? How do we find them? How do we know when a partnership is the right fit?

• When should a business consider making a strategic alliance in their target market?
• How can you assess a potential partnership?
• What are the benefits of a strategic alliance for a small business?
• Who can help you identify potential partners across borders?
• What are the red flags and risks of partnerships and how can they be mitigated?

We assembled a crack team of experts to answer these questions and more. Read on for their answers. Have more questions? Leave them in the comments below!

Moderator:

Marcela Mandeville, CITP (@MsBrightIdea) , CEO of @AWEbusiness (Alberta Women Entrepreneurs) based in Edmonton, AB

Panelists:

Audrey Ross, CITP (@TresAudrey) Logistics & Customs Specialist at Orchard International Inc., based in Toronto, ON
Sarah Barnes, CITP (@bevictoryus) Supply Chain Expert, Entrepreneur and Podcaster at @LetsTalkSChain, based in Mississauga, ON
Kseniya Stogniy, CITP (@Kstogs) Export Advisor at Export Development Canada, based in Ottawa, ON

When should a business consider making a strategic alliance in a target market?

A1 relationships are key in business today so including connections from your target market in your online community as soon as possible #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

A1. You may not know specifically what you need yet, so best to build a variety of relationships early so they are in place when you figure it out.
In gen every biz usually needs local legal, accounting, hr, translation, gov’t & marketing services #TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

A1 when there is benefit to both sides and it aligns with your strategic long term goals. Otherwise the alliance won’t last. #tradeelite

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A1 #TradeElite There are no set rules when wanting to form a partnership. If you have an opportunity to explore working with another business, take it! If you’re new to your target market, you can leverage your partner’s knowledge, network & resources in that market! https://t.co/mUA9ZLR9gs

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

How can you assess a potential partnership?

A2 #TradeElite To build on my A1, it is all about commitment. If you have similar goals, similar values that is good. Has your partner set aside resources to make it work? Do you have a workplan? Do you have milestones?

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A2 – #Communication is key to assess who they are as people, as a company and if your #values align. It may take a few conversations and even an in person meeting but keeping your eyes wide open moving into a new partnership is critical to #success #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

A2 #TradeElite Assess it based on how it aligns to what you’re trying to achieve – is this the best fit for me? Will it bring me closer to where I want to be? Do your due dil. on their reliability & reputation – is this someone you want to be associated with?

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A2. Referrals or word of mouth. Ideally this will be an intro through shared connection or they are so good at what they do, they are standing out.
Assessment is lining up your values & being clear on expectations, desired outcome & goals.

#TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

What are the benefits of a strategic alliance for a small business?

A3 #tradeelite Local knowledge is one benefit; don’t reinvent the wheel if there is a partner who can help you. Plus they are present there every day.
Complementarity is another. If you do X and they do Y, you can do Y for them in your market and they can do X in theirs. Win-Win

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A3. Sharing.
They
can do some of the costlier (either $ or time) items that are local market specific.
be an extension of your resources.
ensure last mile / tailored customer service
may have access to more customers
help avoid local risk
#TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

A3 #TradeElite There are many – increased competitive advantage by leveraging each other’s expertise, access to new technologies or filling gaps in skill sets that your company may have, risk sharing, leveraging their network… the list goes on and on.. https://t.co/VIqCTURCmt

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A3 As I always say “Collaboration is the future of business” so there are so many benefits from shared growth – networks, revenue, online community – a true partnership will always look at ways where it is a win/win scenario for everyone #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

Any suggestions on how a business could research reliability and reputation?

#TradeElite – word of mouth, talking to other companies who also have partnerships with the came company, credit checks! Also check out @ExportDevCanada‘s Company InSight tool – it can help you find reliable & trustworthy info about foreign companies. https://t.co/G9DatP5uf1

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

Who can help you identify potential partners across borders?

A4

This may tie in! Through the EDC (@ExportDevCanada) Business Connection Program, Canadian companies are introduced to leading global companies interested in working with Canadian expertise and innovation.https://t.co/o92ZTHEgmd #TradeElite #CDNbiz #Export

— Barry Y (@yrraByrraB) February 20, 2020

A4 #TradeElite Leverage industry associations! They often have access to lists of companies through their members directory who can become your potential partners in market. Check out tradeshows. And work with the @TCS_SDC https://t.co/yZXPTVYQVI

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A4. Start with your home gov’t resources & then check other countries embassies. They have consular services along with Trade services.
Hubs are going to be in city capitals but a lot are accessible online (like twitter).#TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

A4. The #TradeElite on twitter.
Honestly, I’ve asked for help with UK warehouses, importing cosmetics to South Korea, where do I find this tariff schedule, why is getting a POD so hard and my twitter connections have never failed to deliver.
Huge resource.

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

What are the red flags and risks of partnerships and how can they be mitigated?

A5 #TradeElite Along with the benefits, come the challenges… Choosing the wrong partner can negatively impact your reputation. Partners can bump heads on ideas & you could lose some control of decision making. Also, when making an agreement make sure you #GetItInWriting https://t.co/cLH6ilwa0Z

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A5 read the fine print, I think the risks are almost the same with any partnership, globally tho be careful of the jurisdiction of any agreement. If there is an argument you may be flying across the globe to go to court, each time $$ #TradeElite

— Sarah Barnes (@bevictoryus) February 20, 2020

And above all else protect your IP!!! #tradeelite

— Ontario in Deutschland (@OntarioGermany) February 20, 2020

A5 #TradeElite Again, #DueDiligence is key!

— Kseniya Stogniy, CITP® (@KStogs) February 20, 2020

A5. if things go badly – they can go very badly.
The key is to hash out your break up at the beginning. Of course you will be together forevah… but for fun, work out who gets what & who pays what into your agreement UP FRONT. ESPECIALLY JURISDICTION. #TradeElite

— audrey ross citp|fibp (@tresAudrey) February 20, 2020

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, March 12 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Forming strategic alliances in your target market appeared first on Trade Ready.

International business-related jobs pay an average of 13-18% more than domestic-focused positions. And with more global trade happening than ever before, there are new opportunities of many kinds. So, how do you get a job or build a career in global trade?

Where do you start? Who can you ask for help? We decided to ask some global business experts to give their advice and take your questions in this month’s live #TradeElite Twitter chat, How to Get or Build a Career in Global Trade. The result? Lots of useful advice and interesting insights. Highlights of the chat are below, and you can scroll through the #TradeElite hashtag to follow the entire chat.

Moderator: Nicole Chevrier, Content Marketing Specialist with FITT (@FITTNews)

The Panelists:
Marcela Mandeville, CITP, Alberta Women Entrepreneurs (AWE), based in Alberta (@MsBrightIdea)

Audrey Ross, International Business expert, Orchard Custom Beauty, based in Toronto, ON (@tresAudrey)

Simon Slyper, CITP, International Trade Compliance expert, based in New York, NY (@SimonTradeBuzz)

Emiliano Introcaso, CITP, Export Help Advisor, Export Development Canada, based in Toronto, ON (@introcaso)

Floyd Simpkins, CITP, International Business Professor (@FloydSimpkins)‏

Pernille Fischer Boulter, CITP, President and CEO, Kisserup International Trade Roots (@PFB6)

Q1 What’s your advice for getting a good job in global trade?

A1 #TradeElite a good job should not only be considered based on pay, but also on the contribution you as a professional will be making. Is this job going to allow you better somebody’s life? What is the culture of the company? Researching the org is key! https://t.co/KVV8Ws4IxS

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A1. Get your #CITP designation from @FITTNews !!! #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

it not only helps, but pushes your salary up a bit as well. Plus some for some jobs this is a MUST! #TradeElite #CITP #CITP20 #certification #designation

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

Generally any extra training / certification is a salary boost.
Know more than one language? salary boost.
Really great w tech or know how utilize it & have it created by your tech team? salary boost.
Penny saver & can find efficiencies? salary boost.#TradeElite https://t.co/WM24eqBBGk

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

Good Afternoon! We are so excited to be apart of today’s chat! It is @PFB6 & the @kisserupInt team Our advice is to get out there and network as you never know what connections that could bring. Also, volunteering provides a great opportunity to get involved. #tradeelite

— Kisserup Int. (@kisserupInt) May 9, 2019

Oooh – good ones. Networking was where I met @introcaso and volunteering has led to some great learning experiences (public speaking, networking, podcasts). #TradeElite https://t.co/ZEqenVBVrD

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

A1. Stay on top of new technology. #tradeelite

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

A1 In my experience you “good job” usually starts off on the periphery of where you actually want to go. In other words, be prepared to start off in a less than perfect job and work your way into the job you want, by gaining experience gradually. – Floyd Simpkins‏

Another point about networking  …. join a local Chamber of Commerce. They are always looking for good people to volunteer on committees. Show them your “stuff” and opportunities will arise. – Floyd Simpkins

A1: learning as much as possible in areas where there is demand (e.g. @FITTNews certification), getting your CITP credential, and connecting with global trade professionals working in non-profit organizations and businesses #TradeElite

— Marcela Mandeville (@MsBrightIdea) May 9, 2019

Q2 Where should I look? What are the industries that are growing the most right now?

A2 #TradeElite look at where you think you career might take you. What kind of company would you like to work for? The company’s career section helps you learn of their current openings, the culture of the organizations, their corporate social responsibility (#csr), etc. 1/2 https://t.co/7tPtILkKlw

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A2 2/2 #TradeElite when it comes to other sources to find jobs, a career site such as @LinkedIn for example, is also a great tool to search. You can use keywords you are most interested in when it comes to this industry. Find jobs, in you current city or in other cities.

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A2 #TradeElite here’s a resource directly from @LinkedIn help pages: ? https://t.co/wR9UH8dQX6 #career #jobs #findjobs

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A2: Service exports are a good place to look, especially in industries experiencing significant change and disruption in markets of interest #TradeElite

— Marcela Mandeville (@MsBrightIdea) May 9, 2019

A2. Supply Chain! I often see openings in Customs & Logistics at entry level but would recommend you get expertise in compliance to take it to the next level. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

A2: Agree with @MsBrightIdea! #TradElite

A “good job” might not present itself right away, so also apply for roles that may offer you a path towards one. You need to build your skills, knowledge and experience and get your hands dirty as soon as possible

— Simon Slyper (@SimonTradeBuzz) May 9, 2019

A2: @PFB6 We totally agree with @SimonTradeBuzz & @MsBrightIdea

Getting a foot in the door is the first step! #TradeElite https://t.co/H8kM8FhA8a

— Kisserup Int. (@kisserupInt) May 9, 2019

A3 #TradeElite Review the job posting… remember that is a “Wishlist” so you have to have some of those skills to be able to apply. If you have more than 65% of the skills, I think it is a safe “possibility” to be considered through the interview process. If… 1/2 https://t.co/eugBm2CUL2

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A3 2/2 #TradeElite if you do not have the skills, then you need to find ways to acquire those. Either through academic credentials (I studied @FITTNews skills at @SenecaPartTime) or via workshops, seminars, etc… check @TorontoRBOT if you are in #Toronto

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A3: Do not get discouraged if you do not have all the skills listed on the job posting. No candidate is 100%. Remember the job posting only lasts for so long, so don’t miss it. In the meantime, take courses such as are offered by @FITTnews to shore up your cred #TradeElite

— Simon Slyper (@SimonTradeBuzz) May 9, 2019

A3: @PFB6 There are many opportunities out there in order to advance your skills. Check out the CITP @FITTNews it is a great resource for international trade, a comprehensive course that covers all angels of International Business #TradeElite

— Kisserup Int. (@kisserupInt) May 9, 2019

If you want to learn but you are short on resources, there are tons of government websites, such as the @TCS_SDC where you can lookup guides and information, and that helps you train your brain too! #TradeElite

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A3: Look at the desired skills and ask a trusted advisor to help you identify where you are strong and need work, then you can find programs to build skills that could be improved. If you feel you could do the job and you would have a chance to work to improve, apply #TradeElite

— Marcela Mandeville (@MsBrightIdea) May 9, 2019

This is a great answer! ?#TradeElite https://t.co/uzznu6TlXU

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

Q4 I want to work overseas – what’s the best way to find jobs abroad?

A4 The United Nations is actively seeking young people for internships. The UN has a career page and you can fill out your credentials and experience on-line. Follow the UN on Twitter and you will also see announcements about jobs. – Floyd Simpkins‏

A4 Again, government offices, banks, consulting firms operating in other countries sometimes hire “locally engaged” staff at their international operations. You have to be in the right place at the right time. It is a form of networking. – Floyd Simpkins‏

A4 #TradeElite well… sometimes when working in #InternationalBusiness you get to travel a lot and work overseas too! Maybe finding a job in a global company might be a good start. However…. 1/2

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A4 2/2 #TradeElite However, there are rules (and sometimes serious tax complications) as to how you can work in another country. As an example, you can take a look at what is required to work in the USA. ? https://t.co/znThKveeNi

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

Your companies HR team is often tasked with re-location but it’s best to do some independent research too as they won’t necessarily be able to guide you on tax implications or support moving family members #TradeElite https://t.co/dIHFKqCfv8

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

This is where you might need to engage with a good accountant well versed in international tax law, to know your tax repercussions (if there are not tax treaty between your home country and the foreign country you are going to work at). When in doubt, seek an expert #TradeElite

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

Agreed @_LeighAnnR the @FITTNews blog is a fantastic resource for postings #TradeElite https://t.co/uisRL2D8wa

— PFB (@PFB6) May 9, 2019

A4: Look at businesses and organizations in your community, province and across Canada with ties to your countries of interest. Local connections can offer great opportunities into global work #TradeElite

— Marcela Mandeville (@MsBrightIdea) May 9, 2019

A4. Find a company with global offices, be up front in interviews that you are willing & wanting to travel and / or live abroad. Learn the language(s) of your ideal destination. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

Q5 What are your secrets of success?

Be curious! Be interested and dedicated to what you are focusing your time on. Find ways to think outside the box and be creative. #TradeElite

— PFB (@PFB6) May 9, 2019

A5: Not cutting corners, putting in the time to learn, asking questions, putting my best foot forward on a daily basis and not taking anything for granted, paying attention to detail; no room for complacency in compliance. #TradeElite

— Simon Slyper (@SimonTradeBuzz) May 9, 2019

A5 #TradeElite well… work hard, commit to the industry & continuous education + training. But there is no secret formula. Employers tell you what they want for a particular job, so if they ask for a designation, go and get one, if they ask for specific education, go get that!

— Emiliano Introcaso CITP PLog MBA (Cand.) (@introcaso) May 9, 2019

A5: Be open to possibilities, connect with as many people interested in and working in global trade in as many ways possible (e.g. through the @FITTNews community) to learn, share insights, build skills and find pathways to professional goals #TradeElite

— Marcela Mandeville (@MsBrightIdea) May 9, 2019

A5 Yes goals are very important. They bring focus to the effort and allow you to gauge how you are advancing toward what you want to achieve. – Floyd Simpkins

A5. It’s a combination of what you know and your work ethic and also a lot of opportunities are offered because of who you know.
Networking is not this for that, sometimes you need something but make sure you are giving back to the community too. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

A5. Building relationships, saying yes to things outside my comfort zone, saying yes to things that don’t necessarily seem like the obvious “next step”, having an overarching long term goal of what I want to feel like in my work. #TradeElite

— audrey ross citp|fibp (@tresAudrey) May 9, 2019

The post How to get or build a career in global trade appeared first on Trade Ready.

Starting or growing your own business is tough. For women, there are even more challenges that come into play. The numbers tell the story about the challenges women entrepreneurs and women-led businesses face.

• Approximately 16% of small and medium-sized enterprises in Canada are majority women-owned
• Only 10% of high-growth firms are owned by women
• Globally, women are less likely to be entrepreneurs and face more disadvantages starting businesses: In 40% of economies, women’s early stage entrepreneurial activity is half or less than half of that of men’s.

And yet, awareness is growing that when women succeed, everyone succeeds. It’s estimated that promoting gender equality could add $150 billion to Canada’s GDP.

Now is a good time to focus on supporting the advancement of women in business

With a growing understanding across the globe that a balanced world is a better world, International Women’s Day 2019 generated new heights of conversation, inspiration and celebration. We decided to join the conversation and asked ourselves, how do we advance the success of women-led business and women’s entrepreneurship?

One way is by helping others, of course. So we challenged a panel of successful women entrepreneurs and women in business to answer your questions in this month’s live #TradeElite Twitter chat, Ask a Woman Entrepreneur Anything!

The result? Lots of useful business advice, interesting insights and inspiration! Highlights of the chat are below, and you can scroll through the #TradeElite hashtag to follow the entire chat.

What are some of the biggest mistakes new entrepreneurs make?

A1. Not having a support network & thinking they have to tackle everything on their own.
1) it increases your risk of burn out / biz failure
2) you create risk by not reaching out to experts
3) it’s inefficient #TradeElite

— audrey ross citp|fibp (@tresAudrey) March 8, 2019

• Common mistakes: not researching properly and understanding the target market, its size, trends, customer habits, competition. Also not being specific in the entrepreneurs’ value proposition and the distinctive benefits and gaps you are trying to solve/address.
• Not understanding the market or need, insufficient market research, an unclear value proposition, not having enough capital to start, launching too early, trying to do too much alone (burnout/anxiety)

• A1 Not listening, we don’t know everything and aren’t good at everything…we need to really listen – to the market, to the entrepreneurs that came before us and most importantly to ourselves and our gut #believeinyou #TradeElite #IWD2019

  — Sarah Barnes (@bevictoryus) March 8, 2019

Top tip

A1. One of the biggest mistakes is not validating their idea. Are you sure people want it and someone is willing to pay for it (Your consumer may not be the one paying) #TradeElite #IWD2019 #BalanceforBetter

— Janelle Hinds (@MobileAppQueen) March 8, 2019

How do I know if I’m ready to start a business?

A2 thats a great question! The answer is you don’t until you try, being an entrepreneur & starting a biz is hardwork and hustle without a steady paycheck. You need to be committed & in the hard times willing to go without a pay check so others will get paid #TradeElite #IWD2019

— Sarah Barnes (@bevictoryus) March 8, 2019

• If you have something to sell or a problem to solve and know how to price it, you are ready.  Starting a business is not hard, maintaining it might be, and it takes resilience.
• The best business ideas happen in the convergence of events/things, when it aligns with your passion – that keeps you moving through the tough times.

Top tip

Starting as a side hustle and testing the market is a GREAT IDEA! #tradeelite #IWD2019 https://t.co/zTiVAaDtqc

— Sarah Barnes (@bevictoryus) March 8, 2019

Can you start a business with less than $10K?

A3 I think anything is possible, but it depends on what kind of business you are starting. If you need a prototype that may or may not be enough, piece of advice: don’t invest in a lot of product until you have sales #truth #tradeelite #Entrepreneurship

— Sarah Barnes (@bevictoryus) March 8, 2019

• There is not a fixed amount to open a business. It all depends on your product or service. You can sell online with hardly any start-up costs.
• It depends on what the business is and what the start-up costs are. It’s definitely possible. Always good to check out what grants and financing options are available. There’s also crowdfunding which tends to show higher success rates for women entrepreneurs.
• One of the key discouragements for women is they know they don’t fit the traditional finance model and think they can’t get started until they do. Banks don’t always know best.
• Some lenders that will match what the entrepreneur puts in, so check that out before you go spending. A side note on grants is that most want to see revenue or companies to have already been in business for 1 year.

A3) Based on what we know, a challenge for women entrepreneurs is awareness/access to financing.They tend to self finance through personal debts. But there are many specific funds at banks, venture capital, @ExportDevCanada initiatives for women! Knock on those doors! #tradeElite

— Tam Jumelle (@TamJumelle) March 8, 2019

Top tip

Exactly! There are a lot of options outside of traditional financing and a lot of accelerator programs and funds specifically for Female founded businesses, look at all options from the beginning #TradeElite

— Sarah Barnes (@bevictoryus) March 8, 2019

What’s the best way to build industry contacts?

A4 Network, Network, Network! Either in person or online using LinkedIn. Make it about them and not about you, how can you bring value to them? Tips for Linkedin: send a note with a connection request #tradeelite

— Sarah Barnes (@bevictoryus) March 8, 2019

• Attending industry events and later on connecting in social media with those new contacts is a great way to expand your industry contacts.
• Network. Use Meetup, Eventbrite, Twitter and Facebook to look for events. Join groups and follow people. They will share other events you may be interested in.

A4. Social Media gives you reach. Find your village ie #tradeelite (use hashtags & follow interesting peeps). Related industry events. face to face networking. Work on non-profit boards. Support others & build relationships! #TradeElite #IWD2019 #BalanceforBetter

— audrey ross citp|fibp (@tresAudrey) March 8, 2019

• Export Development Canada has contacts in many industries in Canada and around the world and can help with business connections. Organizations like OWIT and the Trade Commissioner Service are also great resources.
• OWIT International has many chapters worldwide, and puts on great events. They are volunteers in the industry all committed to helping other women meet other women, set up deals, and actually do business with each other.

Look to organizations in your area, such as @AWEbusiness @ExportDevCanada @BusinessLinkAB (pls add others). They’re a great connection point. Your banker is also a good person to talk to for intros. Also suggest professional associations, trade shows & social groups. #tradeelite

— A Girl’s Biz Banker (@shannonpestun) March 8, 2019

• Chamber of commerce or sector-specific events, social media, LinkedIn, targeted networking, alumni associations, and community business groups are just some examples.

Top tip

A4) Research and Network! There is a community out there, looking for contacts! Leveraging social media, attending business association events, a targeted Google search…and even looking at who your competitors are talking to… #tradeElite

— Tam Jumelle (@TamJumelle) March 8, 2019

As a new entrepreneur, should I look for a mentor?

• Mentors are important but you really need to know the value you that you will bring to them and show that value before you ask. The people you might be reaching out to could get asked a lot, so be mindful of their time.
• Mentorship has evolved, you won’t have 1 mentor. Build relationships and learn from the experience of others. Find someone you can ask for specific questions.

Absolutely! Your community is likely filled with volunteer mentors. You will be suprised how much assistance is availble, you just have to ask. #tradeelite pic.twitter.com/JSA1nE1lxF

— PFB (@PFB6) March 8, 2019

• In whatever we do, it takes a village. And in business, the same goes! A mentor can help with asking the right questions, guiding your thinking, preparing you and introducing you to key contacts!

Top tip

A5: Being an entrepreneur can be a lonely journey. Having mentors, role models & a support network is critical. Think of it as: who’s on your 411 & 911 business speed dial? (warning: people who love you aren’t always your best advisors) #IWD2019 #TradeElite #womenentrepreneurs

— A Girl’s Biz Banker (@shannonpestun) March 8, 2019

What’s the best advice you’ve ever been given?

A6 You don’t need to know everything to get started and its ok to make mistakes, just learn from them. My Fav quote: Life is lived forward & understood backwards – you may not know why its happening now but trust and it will all make sense #tradeelite

— Sarah Barnes (@bevictoryus) March 8, 2019

 

“You never loose! You win or you learn.” Do not be afraid to try. You can never loose when learning. #TradeElite Best biz education ever CITP, https://t.co/h2aZcOfZ4Q

— PFB (@PFB6) March 8, 2019

Top tip 

A6. Learn but don’t get stuck in your mistakes, move forward.
Don’t burn bridges because you never know when you will meet that person again!
#tradeelite

— audrey ross citp|fibp (@tresAudrey) March 8, 2019

Meet the panelists

Sarah Barnes-Humphrey, CITP|FIBP (@bevictoryus) is the CEO of Shipz Inc, as well as founder and host of the “Let’s Talk Supply Chain” podcast. Sarah stands at the forefront of international trade with expertise in the global logistics industry, and has worked with the private sector to build, develop and increase efficiencies in their supply chains.  In 2018, Sarah was named one of the Top 100 Influential Women in Canadian Supply Chain.

Audrey Ross, CITP (@tresaudrey) is an expert on global shipping, supply chain operations, customs compliance, free trade agreements and international tax at Orchard Custom Beauty, Audrey elegantly translates mundane details into beautiful results. With more than a decade of experience in a privately held global business based in Canada, she is often asked to contribute as a subject matter expert to interviews, white papers and event panels. Audrey is the Board Member for Social Media & Communications for Fashion Group International Toronto.

Pernille Fischer Boulter, CITP (@pfb6): As the founder, President and CEO of her own company, Kisserup International Trade Roots, Pernille’s trajectory to the heights of global business success has been a fascinating one.  From landed immigrant to entrepreneur and community leader, Pernille has built not only a company but a legacy over the past 25 years, having worked on projects in over 90 countries and six continents in over 25 sectors.

It would be impossible to name all of the companies, individuals, development organizations, non-profits and communities Pernille and her Kisserup teams have influenced and impacted through her work worldwide. Through her work with SMEs, charities and mentorships she has made a difference in people’s personal and professional lives, just as she always dreamed of doing from a young age.

Shannon Pestun (@shannonpestun): As the Director of Women’s Entrepreneurship with ATB, Shannon is an advocate for women, passionately working to advance the success of female entrepreneurs in Alberta and help them overcome the barriers that stand in their way of starting or growing their business.  “​For many women entrepreneurs, banks are seen as a barrier, instead of a catalyst to success and we want to change that,” she says. “​ATB is committed to listening and understanding the barriers women are facing and reimagining how we can change their banking experience​”.

Shannon is at the forefront of that change, creating more opportunities for women entrepreneurs, not only by influencing how financial institutions serve the needs of their female customers, but also as an active mentor and business advisor.

Tamaïka Jumelle (@TamJumelle) is the Program Manager, Trade Acceleration Programs at Export Development Canada (EDC). She manages EDC’s participation in governmental and private sector initiatives aimed at supporting high-potential firms. Since joining EDC in 2014, Ms. Jumelle worked as a Public Affairs Advisor as well as a Trade Advisor where she recommended financial solutions to Canadian exporting firms.

Ms. Jumelle was previously a private consultant, providing recommendations on international strategy and investments, and developing legal viability studies for Canadian companies seeking to invest abroad. She started her career at the Québec Government office in Paris and later took on the role of Trade Commissioner at the Embassy of Canada in Paris.

The post #TradeElite chat recap: Women entrepreneurs share their secrets of success appeared first on Trade Ready.

Why talk supply chain?

The pressure is on. Rising transportation costs, sourcing shifts, retaliatory tariffs and increasing consumer expectations are just some of the challenges that are impacting global trade in 2019. Top industry experts have predicted that global supply chains will continue to feel the pressures of increasing freight rates, transportation capacity struggles and continued volatility in global trade policy.

What can be done to mitigate these challenges and the risks that come with them? How can small business successfully navigate these minefields? Is the answer to invest in big data, automation and technology solutions?

We asked a panel of supply chain gurus in January’s #TradeElite Twitter chat and gathered some valuable insights:

• Challenges can also present opportunities – taking a fresh look at your operations, sourcing and product lines is beneficial and may potentially even lead to cost savings opportunities
• Appreciate the power of research, knowledge and training – more you know, the more you can plan and mitigate your risk – invest in your people in your supply chain
• Be diligent with forward planning to mitigate the shipping, capacity and logistics pressures
• Importance of strong partnerships, collaboration and communication with partners, suppliers and customers
• Be careful about jumping to tech solutions – technology can help but only when it’s used to make the right decisions

Moderated by FITT (@FITTNews), this chat featured these four excellent panelists:

• Sarah Barnes Humphrey, CITP (@bevictoryus), the CEO of Shipz Inc, as well as founder and host of the “Let’s Talk Supply Chain” podcast.
• Irina Rosca (@sustain_SCM), global supply chain and logistics expert.
• Audrey Ross, CITP (@tresAudrey), expert on global shipping, supply chain operations, customs compliance, free trade agreements and international tax.
• Simon Slyper, CITP (@SimonTradeBuzz), Senior Customs Compliance Specialist.

The ‘global trade scramble’ is on. We’re facing changing trade agreements, retaliatory tariffs, rising transportation costs and sourcing shifts but some say that the uncertainty might be the most difficult part to contend with – do you agree?

A1- Uncertainty is a fact #supplychainmanagement deals with daily, as professionals we cannot continue to use this as an excuse for not thinking ahead & outside the protocols we put in place. #globaltrade #TradeElite

— Irina Rosca (@sustain_SCM) January 31, 2019

A1: Yes, with things changing so fast companies are tasked in very different ways then they used be, but this can also be a great challenge. Look at the resources you need internally to keep up to date so you can pivot quickly ie. think outside of the box #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A1. Abs agree. More than enough variables in managing a Global #SupplyChain (import/export rules, Customs, Country reqs, lang & market culture etc) adding uncertainty from players who don’t understand the game / benefits is challenging! #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A1: Uncertainty is all around us, but through challenges there is opportunity. Taking a fresh look at your #operations, #sourcing, product lines, etc. is most certainly beneficial and may potentially even lead to cost savings opportunities #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

A1. It’s so often media & people outside the sphere of Global #SupplyChain who create a hysteria or uncertainty. There are loads of industry #TradeElite professionals who can plan & prepare themselves for shifts. #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A1 – Uncertainty is disruptive but as all disruptions it can be an opportunity for some. Also an opportunity to review current #supplychain and processes #TradeElite

— Dr Anna Jerzewska (@AnnaJerzewska) January 31, 2019

Experts are predicting that trends of ecommerce, global trade destabilization and the transportation capacity shortage will continue in 2019. How can businesses, especially small biz, prepare and deal with all this in 2019?

A2: Businesses need to know their capabilities and in turn may be more suited to respond more intelligently to the fast changing environment. Responding too quickly and not making calculated decisions can be risky. #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

A2: They don’t have access to the same types of resources as Enterprise so it will be new technology companies to the industry and innovators in the space that will help them. #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A2- #smallbusiness need to understand who their #customer is, their #business goals, know their product & analyze how the marketplace interracts with it- COMMUNICATE this to all their #supplychain partners, build strong #partnerships to carry them through uncertainty #TradeElite

— Irina Rosca (@sustain_SCM) January 31, 2019

A2. Agree w/ @sustain_SCM – our communication w/ our customers & being upfront has really helped w/ increased Tariff situation. It always helps w/ delays. Be honest, don’t try to fudge what is actually happening. #tradeelite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A2. Spec Transportation Capacity – get very familiar w/ times of the year that are busiest – Sept, Nov, Dec & Jan (esp in AIR). If you have projects shipping then
– book earlier
– plan to pay 20% more than other times of year.
– avoid (LOL)#TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A2. Where possible – build in extra time for transportation.
If you take on a project w/ tight timelines be prepared to Air ship. Plan for it up front. Maybe you can pull off another mode, if not you already budgeted for it. #tradeelite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

There’s a lot of talk about ‘agile’ supply chains. What does this mean and should it be a priority now?

A3: Being agile is to be flexibility and that is what we will need to pivot with all the changes that are coming our way now and into the future. It should def be a priority but most don’t know where to start…. #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A3: continued…First ask yourself, what are the changes that are making the most impact to our industry and to our business? find solutions there and expand #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A3. Being agile means not relying on 1 or 2 partners. Ex. Orchard has cosmetics manufacturers in China, Taiwan, South Korea, Italy, UK, Czech Republic, USA & Canada etc… when Tariffs or geo-political hiccups happen, we can shift. #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A3. I think a lot of businesses are realizing how important it is now & smart supply chains already were agile – more than 1 partner, checking out the marketplace, small trials, etc. SME’s def need to be agile to survive. #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A3: A #digital #supplychain strategy needs to consider a multitude of areas such as smart warehousing, supply chain analytics, autonomous and B2C logistics, etc. A digital supply chain strategy needs to be able to leverage these areas to the max. #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

I just interviewed someone today about this very topic for an upcoming episode! He made a great point that customer centricity, sustainability, visibility and innovation are the key driving factors to the digital economy and we must consider all angles #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A3: It should always be a priority to work towards an agile #supplychain; having the #budget, #resources and internal support is another story . #Reactive vs. #Proactive #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

Exactly, always challenges but will force us to get creative and collaborate! #TradeElite https://t.co/zJREimjaFl

— Sarah Barnes (@bevictoryus) January 31, 2019

Absolutely! But I think we also need to encourage a collaborative environment and get out of traditional way of thinking #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A3: Having an agile #supplychain is important, but #business relationships are incredibly important too. Pulling the plug on a long time partner to save a few $$ may not be the best option. #Relationships take time to build. #worktogether #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

A3- For me it starts with a deep understanding of your supply chain and customs footprint. Agile requires built-in flexibility and fast decision making+ readiness to change internal procedures at short notice. Agile supl chain needs to be a part of the compny’s culture

— Dr Anna Jerzewska (@AnnaJerzewska) January 31, 2019

For sure! The old environment was very secretive & every company for themselves & it’s awesomesauce to see people SHARE their knowledge, collaborate more & focus on relationship success over $$$ success. Bringing others up w/ them & not shutting them out. #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

The trade and shipping environment has changed drastically. Ocean freight and air shipping rates are increasing and capacity is fluctuating. How to deal with this rapidly shifting situation?

A4- Plan ahead! #oceanfreight rates are not growing nearly as much as #air, ifthe #supplyplaning systems are in place & #demand is accurately analyzed then companies should not have to rush #shipments for #air. #TradeElite

— Irina Rosca (@sustain_SCM) January 31, 2019

A4: As @sustain_SCM planning is super important so you are proactive instead of reactive. Build the right team of expertise and see what innovation is out there to help you manage it #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

A4. Build relationships, learn how shipping works & when it’s the most price-y & congested & try to plan around it…
& When all that fails b/c you have a super urg project, buy Murphy a drink while typing your daily “no change on delivery” updates. #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A4: #Plan as far in advance as possible. Last minute #freight arrangements will most certainly lead to higher #shipping costs #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

A4: Consider #consolidating your #shipments if your needs do not exceed #LTL #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

Sometimes you can’t throw money at it either… there simply is no space. https://t.co/5ZnRRV8mZM

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

SO MUCH YES.
Or… pay for the full load option even if you don’t have a full load because on some routes it’s totally worth it. (balanced against the potential cost of air shipping or missing an in-store launch date). My job is never boring. https://t.co/HN8tYcnye8

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

Investments in digital and tech are accelerating, to yield better demand planning, product traceability, real-time visibility, and anomaly detection. It can be a game changer but it comes at a cost. How can small biz get in on the game?

A5 – technology can help but only when it’s used to make the right decisions. Invest in ppl in your supply chain/customs team #TradeElite

— Dr Anna Jerzewska (@AnnaJerzewska) January 31, 2019

A5: By Collaborating, by partnering, by looking at new technology and new companies to the space. Leverage Consultants in the specific field to learn more and gain insight. Hire for your gaps – tech, supply chain etc #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

@tresAudrey most of the time you should not throw money at it- decisions need to startegically align with the #company goals and long term vision. Do not think in silo and do not react! #TradeElite

— Irina Rosca (@sustain_SCM) January 31, 2019

A5: #Smallbiz should consider using #SaaS-based #supplychain solutions to avoid heavy capital investments. Digital #3PL providers utilizing #cloudstorage and nible platforms are helping drive down costs for #traders #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

True but it still makes such a difference to have someone who can interpret results and make decisions internally, someone who understands the implications #TradeElite

— Dr Anna Jerzewska (@AnnaJerzewska) January 31, 2019

That is for certain and goes hand-in-hand in the decision making process. It’s critical to vet providers and understand if their services can really make a difference for your business #TradeElite

— Simon Slyper (@SimonTradeBuzz) January 31, 2019

Some companies are making decisions in silos and reacting to changes by rushing their decisions. How do you balance the need to move quickly to get to market with risk mitigation? How do you best manage risk in this unpredictable environment?

A6. Being able to move quickly means the whole team has to be on board & leadership needs to emphasize team work & collaboration as a priority. Making sure your company goals are clear, helps employees take initiative while being diligent. #TradeElite

— audrey ross citp|fibp (@tresAudrey) January 31, 2019

A6: By doing your research and getting the right training for international trade. Organizations like FITT offer training and courses to fit with all time constraints and the more you know, the more you can plan and mitigate your risk. #TradeElite

— Sarah Barnes (@bevictoryus) January 31, 2019

This is key. Supply chain, customs etc highly technical areas but a lot of good training is available. #tradeelite

— Dr Anna Jerzewska (@AnnaJerzewska) January 31, 2019

A6 – Can’t see many cases where moving quickly would be more important than reviewing risk. Prioritise what works for your business, what’s doable for you. Specially since supply chain failures affect many areas. #tradeelite

— Dr Anna Jerzewska (@AnnaJerzewska) January 31, 2019

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, February  21 at 2:30-3:30 PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Do you need to digitally transform your supply chain? appeared first on Trade Ready.

Despite a growing focus on women’s entrepreneurship, studies show that women-led businesses still face many challenges. In Canada, only 10% of high-growth firms are owned by women and about 8% of women-owned businesses export. The numbers tell the story, for example, research from PayPal Canada and Barraza & Associates, shows that women-owned businesses “earn $68,000 less on average, than men who run similar businesses.”

While there is a growing understanding that full and equal participation of women in the economy is good for everyone, there’s no doubt that it’s a complex issue on multiple fronts. What is clear however, is that the stakes are high: the implications are that “across all small businesses in Canada, bridging the gap in earnings of women and men entrepreneurs could unlock an additional $88.2 billion for the Canadian economy.”

We wanted to find out more about how women entrepreneurs can overcome the barriers to success and grow their business. We put this question to a panel of experts in a live #TradeElite Twitter chat and uncovered plenty of valuable insights from multiple viewpoints: bankers, women in business, lawyers, consultants and international business experts.

Moderator: Nicole Chevrier, Content Marketing Specialist with FITT (@FITTNews)

The Panelists:

Shannon Pestun (@shannonpestun), Director, Women’s Entrepreneurship at ATB Financial, based in Calgary, AB

Sara Haq (@HaqCast), Founder & Principal of SH International LLC, based in Washington, DC

Jennifer Diaz (@CBPAttorneyJen), Board Certified Customs & Int’l Trade Law Expert. Founder of Diaz Trade Law, President of OWIT International

Frida Owinga (@FridaOwinga), OWIT International Vice President of Chapter Development, and founder of Passion Profit, business breakthrough coaching for small and growing businesses, based in Nairobi, Kenya

Marcela Mandeville, CITP (@MsBrightIdea), Alberta Women Entrepreneurs (AWE), based in Alberta

Audrey Ross (@tresAudrey), international business expert, Orchard Custom Beauty, based in Toronto, ON

Miriam Lopez Arbour (@MiriamLopezArbo), Global Affairs Canada, based in Ottawa, Ontario

What is different about women-led business or women’s entrepreneurship vs the status quo – are there differences?

A1: Some of the differences in women-led companies: size (most are smaller companies), industry (highest representation of women-owned businesses are in accommodation, food services, professional services) and less likely to engage in international trade. #tradeelite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

International trade often involves hoping on a plane to go overseas. Does family and motherhood responsibilities keep women out of this business field? #TradeElite

— ONSCREENinterpreters (@WCInterpreting) November 15, 2018

Yes! Great point. Not all barriers are around capital. Entrepreneurs with exporting companies have heavier travel demands and schedules.This can make it difficult for women who, in addition to running a business are often are the CEOs of their households!

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Women owned businesses are starting at nearly the same rate as men-owned but are not growing as quickly. In order to grow, access to capital, networks and international markets are needed but are still a challenge.

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A1 – Women, generally, strive for perfection (which is unrealistic). As a women entrepreneur, being meticulous, detail oriented, and a massive planner, this has helped me immensely in business. But, I’ve had to learn, “progress over perfection,” and make it happen. #TradeElite https://t.co/TydzprJ8eS

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A1 women are as varied as cultures/institutions that support them. Each has own set of challenges/strengths & must learn to leverage them for success. Ability to build global relationships is a strength many women entrepreneurs have that can overcome many challenges #tradeelite

— Sara Haq (@HaqCast) November 15, 2018

A1In recent years the word business and entrepreneurship have been used interchangeably but I would say the main difference is the women entrepreneur is more about solving a specific felt need as opposed to starting a business out of what one to school for. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

A1 ….uh and aren’t we part of the status quo? Women entrepreneurs have been critical to economies for centuries…even if we’re underrecognized as part of that status quo. #tradeelite

— Sara Haq (@HaqCast) November 15, 2018

A1. A lot of women get started because they have family responsibilities / emotional labour demands & working a 9 – 5 can be unrealistic. Finding a company with flex time can be a challenge #TradeElite

— audrey ross (@tresAudrey) November 15, 2018

A1 Women start businesses to create their own destiny and have more control over their life. #TradeElite @weggtoday

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Only 10% of high-growth firms are owned by women. According to Victoria Lennox, Co-Founder and CEO, Startup Canada, women-led businesses have high-growth ambitions but systemic gender barriers encourage women-led businesses to stay small – would you agree and why?

Q2: Women have high-growth ambitions now more than ever but there are systemic and attitudinal forces at play that often prevent them from growing their companies. The primary barriers women entrepreneurs face are: access to financial capital, information & networks. #tradeelite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Yes! Very hard to get finances from traditional models as entrepreneurial businesses often don’t meet the criteria. https://t.co/x7r0jHYXgu

— audrey ross (@tresAudrey) November 15, 2018

Q2: At the same time, growth & profit aren’t always the driver or motivator for women going into business. For some, it’s building a company that allows them to meet the holistic needs & wants of their lifestyles. For some sustainability over growth is a greater priority.

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A2 Many women business owners have high growth ambitions and face challenges to getting the money, buyers, talent and support they need to fulfill their aspirations, especially if they are dong business in traditionally male-dominated sectors and markets #TradeElite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A2 – Women contribute 10 TRILLION to the economy in unpaid care & domestic work – add that to running and growing a business. It takes a huge support system and confidence to take the leap. #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

#womenexporters represented only 11.1% of exporting SMEs in 2014 while 15.7% of all SMEs were women owned. The gap can partly be explained by firm size and prevailing industry. Access the report https://t.co/aUkerUNIZX #TradeElite @weoc @awe @TCS_SDC @CanadaTrade https://t.co/MyfJXIVxB6

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A2 From where I sit as a Business Breakthrough Coach, I somewhat disagree coz what I have observed as the greatest barrier is the mindset of the business owner. How one thinks about their business & the end they have in mind plays a greater role in what they achieve. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Curious if you find any noticeable correlation in risk aversion based on gender / upbringing / education opportunities? (as an aside to the chat )#TradeElite

— audrey ross (@tresAudrey) November 15, 2018

There is definitely a co-relation because our beliefs are drawn from our experiences, education and exposure which varies form place to place. For instance I am more open to opportunities coz I had the rare chance to live abroad which has given me broader world view. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

For sure, you can see that people who travel or who have connections outside of their own family / cultural unit generally see & take on very different opportunities.

— audrey ross (@tresAudrey) November 15, 2018

A2 I don’t like to get lost in statistics. If you want to build a business as any kind of entrepreneur (m/f/x) you must learn to get around ANY barriers that hit you. But yes there is some truth to that. I like getting powerful men & women to support which helps a lot #TradeElite https://t.co/o6qD0iyuhc

— Sara Haq (@HaqCast) November 15, 2018

It does take a village. Having the right people in your corner to help you grow is a huge portion. #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A2 Women can grow as big as their thoughts.There are no systematic barriers. As women we need more confidence, tools, resources, access to mentors (like here), networks, links to capital and more risk-taking tendencies. With all that, we can grow global @weggtoday #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

What resources are available for women who might be wondering if exporting is a viable option? Where should they start?

A3 @TCS_SDC, @WEOCanada partners across Canada including @AWEbusiness, Chambers of Commerce, @ExportDevCanada, @cme_mec offer various resources to explore new market potential #TradeElite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

.@OWITintl has great resources as well

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A3 Starting places can include chambers of commerce, ministry of international trade export councils (depending on a country’s structure) embassies of countries one wants to export to can also be helpful. https://t.co/KiV76OKrA2 is also a great info platform #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Q3: Talk to your banker. They are connected with agencies such as @ExportDevCanada. Your banker can help you formulate your plan and test for readiness, explore payment options when dealing in different markets and provide you with risk mitigation tools. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Shannon, would you recommend making connections with your financial institution, building a relationship there even if you aren’t exporting now, but for later? #TradeElite

— audrey ross (@tresAudrey) November 15, 2018

Yes! It’s so much better to build that relationship early. That way your banker can help you get ready for exporting and all that goes with it. Planning is so important when it comes to going #global with your business. Great question, @tresAudrey

— A Girl’s Biz Banker (@shannonpestun) November 16, 2018

Absolutely! A strong relationship with your bank and a good solid deal team that understands your business is key to helping navigate needs that may be more complex than your local business needs; laying the foundation as early as possible will only help.#TradeElite

— Stacey Gordon (@StaceyCGordon) November 16, 2018

Q3: One of the biggest questions women ask is: How do i know if I’m ready to export? This quiz might help: https://t.co/oaMJ3XqMYz #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A3-At @OWITIntl we have various trainings & amazing partners like @FITTNews, @WEGG @EximBankUS @GroYourBiz and many others (listed here: https://t.co/XH8sSqG0ed). We have terrific webinars & experts available to assist with exporting (available in our member directory)#TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

#BWIT can help Canadian women owned biz navigate the complexities of international markets regardless of your size. If you are starting out check out the step-by-step guide to exporting https://t.co/1iFTzHYg1n @TCS_SDC @CanadaTrade #TradeElite https://t.co/KSEmqOHDFb https://t.co/ADVw931C6O

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A3 – Also… Consider exporting to the U.S. market! At @DiazTradeLaw we provide numerous trainings and tutorials on tips to be ready for the U.S. market and offer a FREE “Top 10 Tips When Importing” cheat sheet at my home page https://t.co/lVq4hES2iI #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A3 Start by taking ANY small action to start the snowball growing. Check out https://t.co/QHY0KrM7PZ. Reach out to awesome women on LI (@tresAudrey, @LeahGlobal, @weggtoday). Take our free intro to Multinational Entrepreneurship https://t.co/6I3MyklAjc #tradeelite https://t.co/jqJanRqOio

— Sara Haq (@HaqCast) November 15, 2018

A3: You have proven success locally and now desire to bust a border with your service or product offering. It’s that simple. @weggtoday #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

A3. Modelling & Mentorship are a factor – if you aren’t seeing other companies exporting successfully you are more likely to hesitate to export. #tradeelite

— audrey ross (@tresAudrey) November 15, 2018

A3. Could be knowledge or time or desire. In Canada a LOT of companies aren’t reaching their export / growth potential. Some still don’t even have websites or online sale options. Start with: @ExportDevCanada @OWITintl @USTradeRep @TradeHelpdesk #tradeelite

— audrey ross (@tresAudrey) November 15, 2018

Let’s talk about accessing capital: In an interview with Forbes, Vicki Saunders said that less than 4% of venture capital goes to women and that it doesn’t seem to be changing and could be getting worse – would you agree? And why?

A4 The stats aren’t pretty. But consider that venture capital isn’t the best way to grow many multinational ventures. Read more here (https://t.co/xSeoRSemtz). Many women value their time and flexibility- another reason VC might not be THEIR cup of tea #tradeelite https://t.co/XrOnRwPelF

— Sara Haq (@HaqCast) November 15, 2018

Check out CanExport – a GoC multi-year prog providing direct financial assistance to small and medium-sized businesses (SMEs) registered in Canada that are seeking to develop new export opportunities and markets @TCS_SDC @CanadaTrade #TradeElite info bwit@international.gc.ca

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

Each country will something for you, & gov’t programs have to help & have to distribute the money they have been given. They struggle w/ connecting. Part of networking has to be w/ local city Councillor, provincial / state rep as they need you too! #TradeElite https://t.co/WOorArDm3t

— audrey ross (@tresAudrey) November 15, 2018

Q4: The gender investment gap is real, and some reports are indicating it’s widening further. When it comes to supporting women entrepreneurs, the VC system isn’t effective. New models are needed. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Q4: The biggest contributors to this is the gender disparity in VCs firm, unconscious bias among investors, & the reality that investors are looking for fast growth, not long-term value creation which is often at odds with a women’s goals & motivation for business. #Tradeelite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Q4: In addition, Venture Capital is most commonly used in the tech sector, which doesn’t represent the sectors where the majority of women-led startups are prevalent. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A4. Funding is hard for any business, Banks want reliablilty, “a proven track record” & most Micros don’t have that. VC’s have their own demands. Financing is a big hurdle & it forces you to get creative. #tradeelite

— audrey ross (@tresAudrey) November 15, 2018

A4: it’s not a case of agreeing or disagreeing, it’s getting on with the fact of doing whatever you can to grow. Be proactive, focus on your goal and do something extraordinary. When you go beyond, people will notice and offer support. #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

A4 Diversity in VC investors influences the decisions on where capital flows. There area few VC investments led by and focused on women. Any model to effectively support women-owned businesses should include people who represent diverse perspectives. #TradeElite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

What about more traditional financing? Women entrepreneurs are less likely to seek debt and equity financing and are more likely to be rejected or receive less money. What might be driving that?

Q5: Studies would show this to be true. We need to keep focused on creating banking experiences that better serve the needs of women entrepreneurs – increasing access to capital, info and networks.

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A5 – @WorldBank counted 104 countries with laws that prevent women from working certain jobs & in 15 of these countries a husband can object! Before 1975 a married woman couldn’t get her own credit card without permission! Even today, we still have a ways to go! #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

Q5: women entrepreneurs may be adverse to risking relationships for perceived self gain. Taking on debt = paying it back no matter what, a risk to family. Taking on equity means risking not paying back investors. Investors also need to be taught there is a strong ROI #tradeelite https://t.co/XXbgZyubQa

— Sara Haq (@HaqCast) November 15, 2018

A5 Check out the #BWIT website funding page https://t.co/MIlwb8XQiQ. Full of resources specifically targeted to women-entrepreneurs looking to expand globally. DYK #BWIT services are free? Check our partners @weoc #TradeElite @TCS_SDC @CanadaTrade

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A5 From my context women start businesses with a relatively “narrow” end in mind – meet family obligations and enhance family lifestyle. So the amounts of money don’t call for equity financing. Again decisions driven by the woman’s vision and beliefs. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

A5: risk adverse. Although external financing might be needed at some point, Women are reluctant to ASK for it. Banks are willing to finance women enterprises, the women need to go after it.

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Yes – so true!!! A lot of people are discouraged by the first “no”. It shuts them down – but you have to keep asking, or ask different people, or ask a different way. You have to champion your idea / service. If you don’t fight for it, who will? #TradeElite https://t.co/ThmhMVsUra

— audrey ross (@tresAudrey) November 15, 2018

Beyond financing, one of the barriers seems to be confidence – do you think this is accurate?

A6 Strategic risk assessment and planning can be mistaken for a lack of confidence instead of appreciating how these entrepreneurs are looking for opportunities, understanding what the business needs, and connecting and making the most of resources and strengths. #tradeelite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A6 I say a BIG yes women tend to suffer more with self esteem issues causing them to feel not good enough and therefore undeserving causing them not to reach out for more. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Q6: It’s not that women aren’t confident – As a generality, women aren’t satisfied with a good decision, they want a perfect one and that can make the decision making process longer which sometimes gets mistaken as a confidence issue. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Best line I ever learned was “progress over perfection” by #PaulaBlack After hearing this I finally pulled the trigger and opened up my own law firm. If we wait for perfection, we’ll keep missing the boat! #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

I love that – thanks for sharing. And congrats for taking the leap!

— A Girl’s Biz Banker (@shannonpestun) November 16, 2018

Entrepreneur @MicheleRomanow has great advice (paraphrasing) – you need to start before you have all the answers or the perfect product. Hide away until it’s perfect – either someone already gets the idea out, or you miss out on collaborating. #TradeElite https://t.co/OR55vbIZU3

— audrey ross (@tresAudrey) November 15, 2018

A6 – 1/2 – Love this article on confidence – “One simple tactic is for workplaces to normalize the practice of self-promotion, so that when women talk about their achievements, they are less likely to face the well-documented backlash. #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A6 – 2/2 – Start each meeting by asking everyone to share one thing they’ve achieved since you last met…” https://t.co/uhyTsvIjL3 #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A6 Participate in #BWIT trade missions reach out to #weoc women orgs and network with like-minded business women. There are lots of resources available to help boost your growth plans. We are here to help @TCS_SDC @CanadaTrade @ExportDevCanada @EntrepreneursQC #TradeElite https://t.co/5tOYE945Hn

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A6: confidence counts. You have to get out of your comfort zone or else you won’t learn and grow global. We @weggtoday are covering this 12/5. Anyone can join for free: https://t.co/9PReaCw0kb #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

How can women secure more access to resources such as mentoring, networking and skills building?

A7 Connect with people, ideas, initiatives and organizations you admire and want to work with in your local community and around the world. #tradelite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A7 When the student is ready the teacher will show up. Having a desire, doing research on what is available that aligns with what one wants to achieve is critical. I often say when one is struggling its a sign support is lacking, and its time to get help! #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Q7: Find a mentor. Identify a role model and build a community around you. Establishing connections with other women entrepreneurs open doors to networks, opportunities and learning. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A7 Connect with #womenbiz @weoc women associations, chambers of commerce, trade events. Attend #BWIT trade missions. Here are helpful organizations @ReseauRFAQ @AWEbusiness @nlowe @WESK306 @businesswomenbc #TradeElite @TCS_SDC @CanadaTrade

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A7 – Join (&more importantly, take on leadership roles in) amazing organizations that assist in both building your network/skills & provide experts to ask questions of. There are so many amazing ones @OWITIntl, @WEConnection , @weggtoday, @GroYourBiz, @NCBFAA #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

Speaking of this @OWITintl actually needs volunteers for programming, social media, chapter support, and website/IT. Want to help a premier networking org that has experts in international trade? Contact president@owit.org today! #TradeElite #WomeninTrade #Volunteer

— Jen Diaz (@CBPAttorneyJen) November 17, 2018

A7: Proactively offer something of value to every person you want to do business with. Even your mentors need your return support and greatly appreciate it. Find communities of like minded professionals and hang out over the long run #tradeelite https://t.co/3bgEojTSdE

— Sara Haq (@HaqCast) November 15, 2018

For specifically women groups: I love the @MiraJoleigh #Ambitionista group, the @ChampagneDiet #SlayBaby group. For the trade community as a whole – the @FITTNews #TradeElite. https://t.co/nmytTh19Vd

— audrey ross (@tresAudrey) November 15, 2018

Couldnt agree more. Getting your network together – of people that push you to succeed, and consistently grow … it’s essential!!! #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

Have a can-do attitude and the confidence to just go for it. Let’s never forget that. That will get you global @weggtoday #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Closing remark: thank for the honor to be among such a prestigious group of experts. Remember, if you take away women consumers, buying power and production power of female entrepreneurs, economies of the world would collapse! #tradeelite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Great chatting. Thanks everyone!

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, January 24th at 2:30-3:30 PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How women-led business can overcome the barriers to going global appeared first on Trade Ready.