A breakdown of trade deals, talks of trade wars, political turmoil that disrupts markets and supply lines: this economy isn’t an easy one for international businesses, and many economists predict that the economy will get worse before it gets better.

In economies like these, it’s a common instinct for small and medium-sized businesses to batten down the hatches and try to weather the storm. You don’t have to resign your business to merely surviving during a difficult economy – with the right strategies, it is possible to successfully grow your business even in an economic downturn.

Stay focused on your mission

One of the most common mistakes businesses make when they are trying to grow, especially in a difficult economy, is that they try to provide as many products and services to as many different customers as possible. When you are trying to serve too many people in too many ways, providing value to your customers and appealing to new customers can become difficult.

Remember that you started your business for a reason. There was a particular need you were trying to fill for a specific set of people. Focusing on that core mission can guide your business decisions and help you grow the right way.

Diversify

There are two ways to grow your business, no matter the economy: grow your customer base or expand the products or services you offer. In a tough economy, looking for ways to diversify your customer base and diversify your business is especially important. To diversify and grow the right way, look to add products and services that you know fill a need for your existing customers. Look to your competitors to see what they are offering that you should be offering too.

Add new customers by marketing and raising awareness about your business. In a slow economy, your competitors might be faltering – staying on top of your marketing and outreach can help bring some of their stray customers to your business.

Look for opportunities to expand

A difficult economy can have other businesses looking to downsize, or business owners might be selling their business. If you are working your way through the situation with a growth mindset, you stand to benefit. Look for opportunities to expand your business by purchasing portions of other businesses or by purchasing smaller companies. Just be sure that the businesses you acquire are in line with your mission and your vision for the future of your company.

Keep cash flow and credit open

A healthy cash flow is essential to a healthy business, and even more so to a growing business. Keeping cash flowing, and possibly maintaining an open line of credit, can help you to react to problems with your business, take on an unexpected larger client or even take advantage of an opportunity to expand. Maintain cash flow by setting a monthly cash flow budget. Look for ways to save on expenditures, and don’t overspend on inventory.

Protect your pricing

In a tightening economy, small and medium-sized business owners often feel compelled to lower their pricing in attempts to retain customers or attract new customers. This tactic can be dangerous, as it can decrease profits and cash flow, threatening the growth of your business. At a minimum, hold prices steady in a downturned economy, and emphasize the value you provide to your customers.

If things are going well for your business, you can bolster prices to help grow your business and maintain profits to help your business through difficult times – a small price increase often goes relatively unnoticed by customers while having a positive impact on your business growth.

Continue to serve your customers

It’s often customer service that makes one business stand out against the competition. Providing top-notch customer service is important for your business’s growth in any economy, and it becomes especially important in driving your business forward in a slow economy.

Create a culture of customer care within your company. Great customer care increases the value your business has for your customers, which helps you retain your existing customers and grow your business with the help of referrals and a strong reputation.

Leverage the advantages of being small and agile

Growing a small or medium-sized business in a slow economy can seem like an uphill battle. There are advantages to a smaller size, however, as you can make decisions and adapt to market changes more quickly. You can also provide better customer care, thanks to more intimate interactions with your customers. By utilizing those advantages, and employing some key strategies, you can continue to grow your business through a difficult economy.

The post Tips to successfully grow your small business in a challenging economy appeared first on Trade Ready.

Particularly popular articles featured the basics of importing and exporting, as well as how and what you need to know to start your own business. The wider factors affecting Canadian businesses involved in international trade also had people reading.

Whatever matters most to you, we hope this will give you a chance to catch up on some of the hottest articles from the past year that you may have missed, or refresh your memory as we head into 2017.

10. How the lower Canadian dollar is reshaping our economy

The Canadian dollar’s diminishing value has begun to leave its impact on the economy. When compared to United States’ dollar, which has improved in value over the same time period, it might appear to some that Canada is in poor economic shape. While businesses have a reason to be cautious, a weakened dollar actually brings tremendous benefit to Canadian businesses in a variety of industries.

9. Wondering if you should start an import/export business? Here’s what it takes

Global trade is growing, and with it opportunities to increase sales and profits, grow your market share and client base, expand your workforce and reduce the risk to your business. So how can you get in on this trend, and do you have what it takes to be successful in this type of endeavour? We asked two global trade experts who have experience running their own successful businesses about the realities of starting an import/export business.

8. How 3 major challenges to China’s economy will affect Canadian businesses

Recent reports state that China’s economy is showing signs of improvement, after a volatile few years for Canada’s second largest trading partner. However, China continues to face major economic challenges, contributing to what is largely considered to be an unsustainable growth rate.

7. Face Off: Buy Local vs. Buy Global

In the past few decades, the call to support local businesses by patronizing locally sourced and sold products over those that are imported and sold at corporate chains has gained momentum. While there seem to be many benefits to supporting the neighbourhood “mom n’ pop”, not least of which is a warm feeling of doing “the right thing”, is it really best to buy local?

6. Canadian exporters: here’s how to register to do business with the U.S. government

 The good news is that U.S. Government procurement represents a wealth of opportunities for Canadian exporters who are enterprising enough to do the legwork. And, the even better news is that a U.S. Government-wide resource exists, providing details on all proposed procurement actions and contract awards over U.S. $25,000: the Federal Business Opportunities (FBO) website.

5. 5 ways importing and exporting will be more challenging in Trump’s America

Following the global trend for political change, the United States elected a candidate who has promised to shakeup both the political and economic fabric of the country. Donald Trump has promised to reform his country’s approach to global trade, claiming that he can revive the American economy by bringing back jobs that America has, for decades, exported to other countries. In consequence, those looking to enter the U.S. market may find protectionist measures which will create challenges in bringing their products into the country.

4. Statistics prove these 4 benefits to importing and exporting in global markets

According to several recent studies in Canada, the U.S. and the UK, statistics prove that there are significant benefits for companies who export. While going global will never be completely risk-free, these numbers prove that the potential benefits can outweigh any negatives, and help your company excel like never before.

3. What are service exports, and why are they suddenly so important?

Exports are a hot topic these days, but generally when people talk about exports, they are referring to product exports.   Did you know, though, that the fastest growing type of exports is services?   More and more companies are finding profit in exporting services, and several trends ensure that these exports will grow rapidly.

2. 10 books for import-export professionals that you need to read

Books can be incredibly powerful tools for gaining knowledge on a particular topic. When it comes to international trade, there are a number of books that can help you gain real insight and appreciation for this bustling industry. Here are some excellent books to help you broaden your understanding of global trade.

1. The 5 essential stages in developing a successful supply chain

Supply chain management encompasses such a wide range of functions that it can seem daunting, even to the most experienced international businessperson. However, the process can be effectively modelled by breaking it down into several main strategic areas. One common and very effective model is the Supply Chain Operations Reference (SCOR) model, developed by the Supply Chain Council to enable managers to address, improve and communicate supply chain management practices effectively.

The post Top 10 most popular global trade articles from 2016 appeared first on Trade Ready.

Early in 2014, we began our International Competency Standards (ICS) project with the goal of creating world-class industry standards and defining exactly what it takes to outperform the competition in global trade.

Hundreds of international trade professionals are taking part in various focus groups across Canada. We even have global business experts from other countries participating in this first-of-its-kind initiative.

We’re excited to announce that, in an effort to continue moving toward world standards in international trade, FITT has collaborated with the Institute of Export & International Trade (IOExIT) UK to cross-accredit both organizations’ international trade credentials.

Individuals who earn FITT credentials can now also apply for IOExIT’s equivalent credentials and vice versa, with a few exceptions.

We’re confident this new collaboration will build on our ICS project efforts, and help to further consolidate trade training standards in Canada, the UK, and globally.

We are very proud to be working with FITT, one of the only organisations we have found currently committed to the quality that we aspire to here in the United Kingdom

says Lesley Batchelor OBE, Director General of the IOExIT. “We hope that this is the start of many collaborations that will bring a standard and recognition of the value of studying world trade and getting it right!”

Setting the standard for international trade training

FITT and the IOExIT are world leaders in providing quality international trade training, developed by-business for-business. Both are committed to equipping individuals with the knowledge and skills needed to succeed in today’s competitive integrative marketplace.

IOExIT was established in the UK back in 1935 after a period of heavy recession to support economic recovery by increasing exports in goods and services. FITT was later established in 1992 to support Canadian business growth through global trade. FITT’s teaching models were originally modelled after what FITT-founder Dieter Hollweck saw organizations like IOExIT doing in Europe at the time.

“FITT and IOExIT are committed to ensuring quality international trade programs and credentials,” says Caroline Tompkins, CITP®|FIBP®, FITT President.

Strengthening trade competencies internationally will benefit not only individuals but also their employers, and ultimately the world economy.

Strengthening international trade ties

Silvia Baptista, FITT’s Manager of Product and Service Delivery, has been working hard with IOExIT staff throughout the extensive process of mapping the qualifications that both organisations have developed and maintain.

“The cross-accreditation process has been well worth the effort,” she says. “This collaboration will only increase the global visibility of credential-holders from both organizations, and it will further us all on the path toward creating a globally recognized set of international business standards.”

Silvia would also like to thank FITT’s Certification and Accreditation Committee for their support in approving the cross-accreditation.

CETA has set the stage for enhanced trade and investment between Canada, the UK and the rest of the 27 EU member-states. Collaborations like this will further equip trade professionals with the skills to ease trade between our countries, in addition to creating international growth and more global career opportunities.

The post Canada and the UK take the lead in creating global international business standards appeared first on Trade Ready.