Ahmad Malek’s journey in international trade began in 2012 when he joined the Schlumberger Dubai office in the finance team of the logistics and distribution department. The oil and gas company primarily conducted business across borders, which opened doors to Ahmad’s newer opportunities. He soon made the move to the supply chain industry by joining Dubai media Inc. as Procurement Specialist. In this role, he was responsible for dealing with all kinds of purchasing and supplies within the UAE and outside, which offered him a broader picture from the buyer’s point of view.

A job that was always fun and happening

For Ahmad, his job at Dubai Inc. has given him some of his most memorable and favourite career stories. Working with TV channels and radio stations meant getting access to special events like horse and camel races or celebrating the new year at the Burj Khalifa. For him, there was never a dull moment and always something new to look forward to.

Earning the supply chain designation—a feather in his cap

Soon after completing his Master’s degree in Logistics and Supply Chain Management from Heriot-Watt University, Ahmad was awarded the MCIPS, the Chartered member designation of the Chartered Institute Procurement. Ahmad considers this as one of his proudest professional accomplishments in his career so far.

Find yourself a mentor in your field

According to Ahmad, it’s impossible to overemphasize the importance of seeking the guidance of a mentor at every stage of your professional journey.

“A mentor is not only someone who teaches you what you don’t know but is someone who will help you broaden your horizons and achieve more than you expected to.”

Ahmad’s advice to all his counterparts in the industry would be to benefit from the experience and advice of a mentor. They can help you navigate the complexities and challenges that the ever-changing global business environment can throw your way.

International trade training that builds critical thinking abilities

The next step for Ahmad was to upgrade his international business skills and know-how by enrolling in FITTskills accredited training. He found the courses to be excellent resources with the latest and most relevant knowledge spanning the various aspects of international trade, from market entry and finance to supply chain and product development.

The case studies proved particularly insightful to him:

“The case studies are amazing extracts from real examples that happened, and by going through them you become familiar with potential problems that might be similar to what you have faced, and you will have a sense of the solution that others have used.”

With his keen inclination towards finance and supply chain, it comes as no surprise that International Trade Finance and Global Value Chain are Ahmad’s favourite FITTskills courses:

“Studying my favourite topics in detail gives me more confidence and keeps me up to date with the newest terms and trends in the industry.”

The next career goal that Ahmad envisions for himself is to join the Trade Commissioner services. To help him  move closer to this goal he sought to complete the FITT Diploma in International Trade and subsequently the prestigious, industry-backed CITP®|FIBP® designation.

Ahmad was awarded the designation in February 2021, and it marked the successful completion of a milestone aim that he had set for himself. Earning the elite credential adds to Ahmad’s optimism for the future as he prepares to connect with the other members of the CITP community and broaden his network.

Spurred on by a love for his profession and a keen ambition to expand his horizons, we have no doubt that Ahmad will easily exceed the goals he has set for himself.

The post CITP Spotlight: Ahmad Malek, Procurement Officer appeared first on Trade Ready.

Do you ever find yourself wondering what the best way is to receive payments against invoices for your business? If so, you probably already know that there are lots of ways, both old and new!

Each of these ways have their own advantages and disadvantages. Some tend to have far more financial disadvantages than others, and should probably be avoided whenever possible.

Here we examine the best ways to receive payments – and the pros & cons of each method for your business.

Cheques

The use of cheques has dropped massively thanks to modern technology, yet a surprising number of businesses are still using them to pay employees and suppliers. It’s very likely a few of your customers may still prefer to pay you by cheque.

Pros

• Can now be processed electronically via ATMs and Mobile Banking.
• It costs nothing to accept a cheque and most banks won’t charge you to deposit one.

Cons

• Getting a cheque does not guarantee payment. Cheques can bounce, and this can cost you money and challenges in managing your working capital.
• Sometimes when you deposit a cheque, your bank will put some of the funds on hold temporarily.
• If your bank does not have state of the art technology, you will have to take a trip to your bank and wait in the infamous banking line to deposit your payment.
• Many businesses that pay by cheque do so via mail. Millions of letters get lost by postal providers every year- cheques should never be mailed!
• International cheques may take up to 2-3 weeks to get cashed, thus further delaying receipt of the money you need to run your business.

Wire Transfers

Wire transfers are a popular method used worldwide to send payments both domestically and internationally. These transfers use wire networks that essentially act as a messenger between the banks in an electronic money-sending transaction.

A wire transfer requires a considerable amount of trust between the payer and the payee, as a lot of details need to be shared between the two.

Pros

• Payments via wire transfer go directly into your bank account.
• Wire transfers can be used to receive money from employers/clients overseas.

Cons

• Can take up to 5 business days (and sometimes longer) to be processed, meaning you could be waiting a while for your payment to come through.
• Oftentimes the recipient will be subjected to a receiving fee by their bank, meaning you never get paid 100% of your invoice amount. For example, in Canada, some banks charge a $15 fee to receive a wire transfer.
• You will have to gather all of your bank details and share them with the sender. Sometimes a call or a trip to the bank will be necessary to obtain SWIFT codes, Intermediary bank SWIFT / Routing code, etc.
• Usually, wire transfers are denominated in a major currency like the US Dollars. When selling US Dollars at your bank (e.g., to receive a converted amount in Canadian Dollars), you would be paying a conversion fee as a percentage of the amount you are receiving to your bank based on their current USD buying rates.

Cash

One saying we’ve all heard is that “cash is king” – but has its time come and gone?

Being paid in cash is not very common outside of certain industries, and while it sounds great it is not without its problems.

Pros

• Instant cash in hand, no waiting on funds to become available.
• There are no transaction fees with like there are with wire transfers.

Cons

• Cash is riskier to carry. If you carry cash you may be a victim of theft and lose all your earnings.
• Fraud risk – Cash can be easily stolen at a cash pickup point.
• You will have to make frequent trips to the bank to make cash deposits, which can take up a lot of your time – and you have to rely on banking hours!
• Cash on your company’s premises means there is the potential of theft from both insiders and criminals.
• If your business is in retail or otherwise needs to regularly deal in cash, you may have to invest in secure storage, 24 x 7 surveillance, security vans, etc.

Irrevocable Letter of Credit (ILOC or LC)

You may not have heard of an Irrevocable Letter of Credit – they are quite common for large value contracts but no so much for smaller values or where trust is already established between buyers and sellers.

An LC is a guarantee to the receiver, issued as a commercial document, by a bank. They are most commonly used to facilitate international trade between two parties that are unfamiliar with each other.

Pros

• LCs are issued at your client’s request in your favour.
• An LC means that the bank must pay you, even if your customer defaults.
• You can issue an LC for both domestic as well as international contracts.

Cons

• Once the document has been issued, it cannot be modified without both parties’ consent. The language and phrasing in the documents is crucial.
• If not done by an experienced professional, you could end up being burned due to an unforeseen loophole you unknowingly created.
• To ensure things go smoothly, you will have to talk with your bank. You may even have to arrange a meeting with a specialist, and this can all be rather time consuming.

Money Service Business (MSB)

An MSB is a non-bank financial institution that transmits payments or converts currency.

Money service businesses are a great way to both send and receive money internationally and domestically.

Pros

• Many MSBs use state of the art technology to which banks do not have access.
• Some MSBs ensure payments are received with 1 business day, if not instantly.
• More often than not, using an MSB is several times cheaper than using wire transfer.
• MSBs adhere to FINTRAC regulations in the same manner as a bank.

Cons

• Some MSBs are not geared up to handle business transactions and are limited to personal remittances.
• You may need to look around to ensure you find the best MSB for your needs.
• You want an MSB with the right banking arrangements, a transparent fee structure, modern technology based systems, and great customer service.

My recommendation

Using an MSB has become the preferred choice for many businesses who need to send and receive payments internationally.

The post The pros and cons of accepting different payment methods for your business appeared first on Trade Ready.

Tapping into new international markets presents growth opportunities for businesses of all sizes and yet, as of January 2018, only about 15 percent of Canadian SMEs were engaged in global trade.

SME exporters generate more revenues than non-exporters according to SME Profile: Canadian Exporters, a report by Industry Canada. Evidence shows that exporters generate higher sales, pre-tax profit margins and returns on assets, on average, compared with non-exporters. So why don’t more businesses go global?

Among the many challenges faced by businesses seeking to tap into global markets, finance might be the most fundamental.

So how do small and medium sized businesses prepare themselves to take advantage of the opportunities of going global?

We asked a panel of experts in our latest #TradeElite Twitter chat, to find out how SME’s can best get financially prepared to access new global markets. What we discovered is that there is lots of information, support and assistance for business of any size.  Check out the highlights of the chat  below and you can scroll through the #TradeElite hashtag to follow the entire chat.

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

Panelists:

Scott C. Ferris, @ScottCFerrisPEI,  CEO of The Saddle Up Management Co.  and Biz Dev Professional. Scott established the Saddle Up Management Company after 25 years of experience in export sales planning, domestic and international business development, investment attraction, negotiations and partnership engagement. His experience stems from participating in and organizing more than 30 trade missions on four continents.

Stacey Gordon, @StaceyCGordon, Director, International Trade, ATB Financial. Stacey is the Director of International Trade at ATB Financial, where she introduces trade and helps to remove roadblocks. She previously spent 9 years at EDC where she worked with hundreds of companies at all stages of their export journey.  She teaches International Marketing at MacEwan University, where she hopes to influence the next generation of leaders and entrepreneurs about the advantages of diversification.

Jeff Shepherd, @JeffMShepherd, Marketing Coordinator, Mentor Works Ltd. Jeff is a Marketing Coordinator and Government Funding Planner at Mentor Works Ltd. As an educator about the Canadian government funding landscape, Jeff identifies opportunities where businesses could scale and reach new international markets with grants, loans, and other government incentives.

What are some of the most common financial barriers to international trade for small business?

Q1. What are some of the most common financial barriers to international trade for small business?
A1. Business development spending and Pre-shipment/pre-/service costs #TradeElite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A1 – in my experience the most common financial barrier is lack of knowledge and lack of preparedness. This can be a daunting area for many companies and a “fear of looking unaware” prevents many from addressing a very important business area. https://t.co/RiWqF1pN9b

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A1. Supporting upfront and ongoing costs of #internationaltrade is difficult for most small businesses. If outside capital is required, it’s often difficult to secure lines of credit and other sources of investment. #TradeElite

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A1. Monetary systems and dealing with the risk of #currencyfluctuation is often a concern. What currency will you bill customers in? How will you mitigate risk if accepting international currency? #TradeElite

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

What’s the best way for business to assess their financial readiness? Is an expert required?

#TradeElite 1. Understand how financing works: ie: which costs can be covered by your FI institution ( ie: cost that are related to a defined cash flow or have assets attached) and which costs will have to be covered out of pocket ( ie: soft costs )

— Stacey Gordon (@StaceyCGordon) October 18, 2018

2. If the area of trade finance or lending is new to an entrepreneur, they should absolutely seek the help of an expert, talk to your banker and enlist the help of financial resources like @ExportDevCanada who can help you understand how to finance trade. #TradeElite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A2. Upfront costs can range from setting up local offices with foreign personnel and purchasing #insurance to getting product certification and developing new packaging. Ongoing costs include transportation, warehousing, and paying #duties and taxes. #TradeElite https://t.co/PSRsb9ypE6

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A2 – Any business should know its cash flow & assess its overall operations in terms of profit/loss. Beyond this to assess for capital purchase requirements, expansion/growth, new market entry etc. then a detailed examination of available cash, options for financing, is needed https://t.co/QD0Uuq0D1z

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A2 – #TradeElite Also companies need to have a good understanding of what their expected costs to engage in import/export will be. @FITTNews has excellent resources available through its workshop series with costing worksheets, export plan templates and more

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A2. While not essential, using experts is advised. Small businesses often lack insight to the long-term financial commitment of exporting; expertise from organizations like BDC provide an objective view and can help show the big picture. #TradeElite https://t.co/PSRsb9ypE6

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

What are some tools and resources that small biz can use to gauge their state of readiness?

A3 – #TradeElite Economic development/trade agencies from the municipal, provincial and Federal levels have great resources to help exporters. Of course @FITTNews provides in-depth readiness through its training, but so does @ExportDevCanada @bdc_ca and others. https://t.co/8VHNwITvcB

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A3. Innovation, Science, and Economic Development Canada (ISED) also provides a comprehensive set of #exportreadiness questions that cover several areas of exporting. https://t.co/hvW4cLHDhy #TradeElite https://t.co/OtU4MdFoLE

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A3. The Canadian Trade Commissioner Service offers an export quiz that helps #smallbiz owners check a range of export readiness factors. https://t.co/nFXk0zilzq #TradeElite https://t.co/OtU4MdFoLE

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A5: #TradeElite 1/2 There are plenty of resources to help small businesses, but there will always be a large responsibility on the company to do as much of their own due diligence as possible, however, here are some resources to consider state of readiness, but provide info:

— Stacey Gordon (@StaceyCGordon) October 18, 2018

2/2A5: #TradeElite @TCS_SDC @TFOcan @calgaryeconomic – Trade Accelerator Program@ExportDevCanada – @cme_mec – Canadian Manufacturers and Exporters @bdc_ca has commercial consulting services to help move your trade business forward

— Stacey Gordon (@StaceyCGordon) October 18, 2018

How do you prepare a financial plan to access new international markets? Where do you start?

1/2
A4:
Where does trade fit in your overall company strategy? What resources is your company prepared to put behind the development of the strategy. Do you want international markets to represent a small portion of your revenue or a larger portion. #TradeElite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

2/3 What is your market entry strategy going to be? There are plenty of ways to sell into foreign markets; you can go in alone, license, use local agents, sell through domestic suppliers already in those markets. #TradeElite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

3/3
Each strategy has their own risk/return ratio and some countries/industries will have more market entry options than others. Research Research Research. #TradeElite once you have a clear understanding of your resource allocation and market entry plan, set up a budget

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A4. Start by analyzing revenues and projected costs in the #export market. Will company #cashflow be sufficient in covering long-term commitments in your new markets, or will you need to secure additional #financing to make it work? #TradeElite https://t.co/e1euH8jDwh

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A4 – #TradeElite – Start with an export costing worksheet. There are many templates widely available and I have mentioned some sources already. But companies will need to know everything from additional production/service delivery costs right through to moving goods into market. https://t.co/CeFQ0GMUEd

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

How do you forecast the cost of getting into a new market?  What kinds of initial costs and ongoing costs are there?

A5 get expert advice local partnership info if possible to minimize risk #TradeElite

— Mike Au (@Mike_Au1) October 18, 2018

@TCS_SDC is a great service for that, they are located in most countries!

— Stacey Gordon (@StaceyCGordon) October 18, 2018

Understanding your market entry strategy, ensuring you are familiar with each step of the supply chain and who is responsible for what.
Your market development plan, invest in resources to determine the plan and budget that allows for some unexpected expenses. #TradeElite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A5 1/2- #TradeElite Ultimately you will have to have done some extensive research into the target market. As @StaceyCGordon said, know your market entry strategy, sales channel(s), logistics options etc. https://t.co/k6hKs8qzKF

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A5 – 2/2 #TradeElite Initial costs will be potential prod/service modifications, packing changes, packing, logistics again ( know your INCO terms https://t.co/5Umqwz7GIF) Ongoing costs will include additional shipments, customer care, returns/warranty. https://t.co/k6hKs8qzKF

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A5. Upfront costs can range from setting up local offices with foreign personnel and purchasing #insurance to getting product certification and developing new packaging. Ongoing costs include transportation, warehousing, and paying #duties and taxes. #TradeElite https://t.co/swKc2oRkYj

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A5. Developing #cashflow forecasts is the best way to understand market entry costs. Developing monthly, quarterly, and annual projections will show what you’ll need to cover in the early stages of #exporting. #TradeElite https://t.co/swKc2oRkYj

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A5. Once #cashflow projections are complete, use a break-even analysis to ensure sales can cover these costs. Are there gaps? If so, explore #financing options. #TradeElite https://t.co/swKc2oRkYj

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A5.
Lipsticks made in Cda sell to EU.
Cost of Goods
+Check Cosmetics Rules
+EU Consultant Fee
+QA Dossier Fee
+New Labels/Packaging
+$ Ship CdatoEU
+Brokerage
+Duty Rate
+VAT
+Origin Port fee
+Local Delivery
+Ads / Marketing
+Exchange Rate
+Mark up
etc.#TradeElite

— audrey ross (@tresAudrey) October 18, 2018

Are the financial implications for getting into global trade different for smaller businesses?

#TradeElite, A6. 1/2 :Smaller business may have a harder time accessing capital and financing the “startup” costs to trade. Many small companies I have worked with start by supplying to a large local exporter who can shoulder some of the cost and risk associated with trade.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

2/2 A6. They then use that opportunity to springboard into the markets they are supplying into.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A6. Smaller businesses must focus on #cashflow and ensure that they can manage #financial commitments. Larger firms with more mature domestic operations can often avoid cash shortages more easily. #TradeElite https://t.co/RaaEYgEriO

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A6 – #TradeElite Personal opinion here – yes. Smaller firms need to be more aware of starting financial position, ensure they have the cash/access to financing & will feel the impacts of negative situations more on their bottom lines. Hence the need for better preparation. https://t.co/IBVIj9LmGz

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A6 – #TradeElite On the upside for smaller firms, global trade can be a difference maker for them to launch exponential growth. There are risks, but there is so much support available for SMEs that can ensure they are prepared and supported in going global. https://t.co/IBVIj9LmGz

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A6. ABSOLUTELY. Financial institutions are hesitant to invest in SME’s, they have to leverage their own money or be more creative abt investors. This means they have different burdens for repayment / access than larger companies. It’s getting better. #TradeElite

— audrey ross (@tresAudrey) October 18, 2018

What are some of the common financial mistakes small businesses make in embarking on global ventures?

A7. The less fixed you are on an expected outcome the less stressed you will be. Things change quickly when you go global. Agility & Flexibility are your new buzzwords. #TradeElite

— audrey ross (@tresAudrey) October 18, 2018

A7 – #TradeElite Not assessing their starting point and having a good snapshot of available resources. Failing to plan and engaging proper research to estimate costs. Either get your feet on the ground in target market or work through really good sources of intel.

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A7 – #TradeElite Also many companies don’t take the time to learn about what supports are available to them. Reaching out for mentorship in this area can be a huge advantage, a real time saver, and point companies in the right direction for solid resources

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A7:
1/3: Often companies get too caught up in the idea of making a lot of money and they miss taking key steps to mitigate their risks
Going into a market, “hoping on a plane” to “check things out” without a plan.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A7:2/3
Check out the @AB_EDT Trade Missions before going into a market, they provide a tremendous opportunity to travel with other AB companies and will use their resources to get you in front of the right people. #tradeelite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A7: 3/3 :Not properly planning the relationship/market development piece, either not understanding the upfront investment it will take to make a sale or not knowing when to move on to the next relationship. #TradeElite

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A7. Businesses need to consider #export expansion as a long-term commitment. Don’t underestimate #exporting’s demand on #cashflow and ensure you have buy-in across the management team. #TradeElite https://t.co/dReLIEstdS

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A7. Also, a big mistake is not using #governmentfunding programs to #finance your international expansion. Small businesses can access government #grants to offset a range of market development activities. https://t.co/mcG6nQKqXd #TradeElite https://t.co/dReLIEstdS

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A7. Lack of an #exportplan is the worst mistake of all. The more effort your #smallbusiness puts into developing an export plan, especially in relation to finances, the fewer surprises you’ll have along the way. #TradeElite https://t.co/dReLIEstdS

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

What are some hidden or often forgotten costs businesses need to account for in their planning?

A8: Given that many of the added costs come from the unknown, there are a few: taxes, delays due to processes (many industries are still gov’t owned in other countries), the difference in the amount of time it takes to build a relationship with your buyer, local content laws.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A8 – #TradeElite In my experience product/packaging modifications, including translation, are often overlooked. As are packing costs. But there are a ton of others – loading/off loading, tailgaiting, demurrage/storage, documentation fees, trade finance product fees… https://t.co/cut9fiSFy0

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A8 – #TradeElite IP costs, licensing fees, agent/broker fees or commissions, legal fees, in-country fees (that could include facilitation payments – yes that’s still a thing) https://t.co/cut9fiSFy0

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A8. In consumer goods? Courier costs. These are going to shoot up high as you are sending samples back & forth for approval, PR or QA review. Your local courier peep, may not be your int’l courier peep. COURIER COSTS. #TradeElite

— audrey ross (@tresAudrey) October 18, 2018

What are the most critical financial management issues for small biz getting into global trade?

A9. Getting paid and generating cash to cover export costs is essential. Using products like @ExportDevCanada credit insurance can help reduce #financialrisk and support long-term export success. #TradeElite https://t.co/errGSvLm51

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A9 – #TradeElite Agree Jeffrey, using @ExportDevCanada and your banks for risk mitigation and currency hedging tools is also important. https://t.co/2LVSEGjIUC

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A9. #Cashflow planning should be the most prominent consideration your business makes. Take time to develop conservative and realistic forecasts. Being prepared for multiple scenarios will enable agility in foreign markets. #TradeElite https://t.co/errGSvLm51

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A9. Developing and communicating payment terms to your customers is of utmost importance. Don’t leave any room for misunderstandings, and proactively follow-up on invoices to speed the accounts receivables cycle. #TradeElite https://t.co/errGSvLm51

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A9 – #TradeElite It can be very sexy to be in new markets and companies can get caught up in wanting to be in certain markets (for travel, enjoyment purposes for example). It’s crucial to keep an eye on costs and your returns. Know when to take a loss and move on. https://t.co/H43VrqwHM3

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A9:
The MCI is not having the #cashflow to make it through the export cycle and not considering all of the true cost when bidding. #TradeElite

There most likely will be delays and extra expenses that were not considered, so it is important to build in some contingency.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A9. Cash flow.
You pay your supplier.
You are paid on terms after delivery.
The farther out your market is, the more time before you can start the clock on payment. Ex, a project could ship in June, be delivered in July & be paid in Oct. #TradeElite

— audrey ross (@tresAudrey) October 18, 2018

What kind of finance skills are typically needed from in-house resources? Do you need to hire a financial expert?

A10: 1/3 #TradeElite No two trade deals or relationships are ever the same, so a general financial plan, understanding of what you want your capital structure to look like and how you are going to finance each stage of your export journey, is important.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A10: 2/3 #TradeElite Talking to another Canadian company who is experienced in your market is also very helpful. Hiring an experienced consultant is an option.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A10: 3/3 #TradeElite As the company starts to negotiate contracts and recognize revenue in foreign markets, I highly recommend enlisting the help of an accountant and trade lawyer in addition to a risk mitigation specialist.

— Stacey Gordon (@StaceyCGordon) October 18, 2018

A10. Your internal #finance expert must be able to understand and mitigate economic risks, process and report international payments, and proactively manage cashflow. #TradeElite https://t.co/U7d2aKFepS

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

It’s worth it. They seem expensive, but not as expensive when you have to pay out for some silly mistake they could have saved you from. Remember – long term investment. #TradeElite https://t.co/XRCcV30QiA

— audrey ross (@tresAudrey) October 18, 2018

A10. If building in-house skills is preferred, EDC-FITT #internationaltrade training courses can provide members of your team with the skills necessary for #export success. https://t.co/fF2s2KAUZW #TradeElite https://t.co/U7d2aKFepS

— Jeffrey Shepherd (@JeffMShepherd) October 18, 2018

A10. You need someone who really understands your biz & is great at the domestic market, then they need to know / work w// hire someone / a firm who really knows the target market & global business. More training or 3rd party are going to be needed. #TradeElite

— audrey ross (@tresAudrey) October 18, 2018

A10 1/2 #TradeElite Ability to read financial statements at a basic level, understand cash flow, building costing and pricing estimates are certainly strengths. At some time, yes you will need an expert – accountant, banker, trade finance specialist https://t.co/2QBI1EQSBU

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A10 2/2 #TradeElite SMEs need to focus on their core competencies and be generalists in other areas where experts can step in, saddle up and take on specific areas and bring expertise that’s needed. https://t.co/2QBI1EQSBU

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

Recent evidence suggests that financial support to small biz is most successful when offered in combination with consulting services, business advice or financial education – what are your thoughts?

Q11 #TradeElite I’d agree with this as someone who benefitted from financial support & paid project management help and now as someone who provides that support. Throwing money at a company without the knowledge or skills to properly ensure it used is a waste. https://t.co/JODmij6VaD

— Scott C. Ferris (@ScottCFerrisPEI) October 18, 2018

A11. Absolutely agree. There is no way you / your team can think of every thing. Use your resources & set up a great foundation with experts, then as you learn more you can work independently. #TradeElite

— audrey ross (@tresAudrey) October 18, 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 on November 15th at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How SME’s can get financially prepared to access new global markets appeared first on Trade Ready.

Supply chains are a major talking point in the business world at the moment. Ongoing pressures on international trade, from struggling Brexit negotiations to the Trump-China trade war, have shone a spotlight on supply chain practices, particularly amongst smaller businesses who are more likely to feel the squeeze.

On a smaller scale, many businesses are re-evaluating how they trade internationally as a result of these macroeconomic pressures. Despite the challenges, businesses shouldn’t be discouraged. Organizations can aim to reduce friction within their own supply chains to deal with the impacts of new tariffs or customs regulations.

Certain types of businesses will place a focus on introducing leaner logistical practices. An efficient supply chain should pull, not push, and leaner logistics often goes hand-in-hand with reducing waste. These businesses will therefore look to manufacture only what is in demand or what has been ordered by customers, in order to avoid excessive stock build-up.

Others businesses might look at integrating different business units to improve overall performance – for example, a UK logistics specialist integrating with a European partner to ensure access to the wider European Union.

Assess international payments

All businesses will have a need to tighten up the way they pay international suppliers, disperse funds to foreign operations and repatriate their profits from overseas sales.

On the surface, disruptive new tariffs look like they spell trouble. But the incremental savings businesses can accumulate by getting their international payments and reducing the rates they pay for transactions overseas can mitigate impacts from a hike in tariffs.

In other words, a thorough assessment of their international payments will be crucial.

Removing barriers to global market entry

Cross-border businesses are starting to turn away from traditional payment providers and towards specialist fintech companies.

While these fintech companies are younger, they have spent years developing and investing in technology and practices to refine the process of moving money across borders in a frictionless manner. While challenging the incumbents in the payments sector simply used to mean running cheaper, quicker and easier operations, progress continues to be made.

Undoubtedly, the end goal is to make trading abroad smooth and easy for businesses of all sizes. But more recently, the focus switched from offering a price-centric proposition to eradicating the barriers to entry for overseas expansion.

Improving international payments

In the previous couple of years, there have been two main innovations in the payments sector that have been designed to improve the speed and efficiency of international payments.

In sectors such as shipping, there has been a lot of noise about the potential of blockchain technology. Its immutability and decentralised system would allow manufacturers, shipping agents, the end consumer and customs agents to use the same database to track goods across the world.

While the jury is still out on how effective it will prove in changing the process of moving money overseas, steps are being made to make the system more reliable. A payments network built on distributed ledger technology which is decentralised and impenetrable against fraud would provide all parties in a transaction with an incorruptible record of said transaction.

This would have significant impact on the payments sector moving forward, but in reality, a complete switch to blockchain would take years and would require a complete shift in the status quo of the industry.

Multi-currency platforms for smaller business

Another innovation that has come to the fore are multi-currency accounts. Historically, these were only available to large multinational companies with an international network and were subject to high monthly management fees.

However, fintech companies have been developing multi-currency platforms which serve as a viable option for smaller businesses. These platforms enable them to trade, invest and grow like a local company in a foreign country, without the need to pay for a significant number of boots on the ground.

Previously, businesses would have to use banks and maintain a presence abroad in order to open a foreign bank account. This was both time consuming and expensive for business owners. But a multi-currency platform allows a small business owner to open a bank account in different currencies, for example, USD and AUD, through a single platform.

Using a multi-currency platform, business owners don’t have to provide proof of residency or evidence of a local company entity. There’s no need for bricks and mortar headquarters, and no need to hire in-country staff to satisfy and manage the required market presence. A business’ presence in a country can now remain wholly digital.

Without these physical shackles, businesses can move their money from country’s currency to another for just a fraction of the price and hassle than under the archaic international banking stipulations of the past.

Seamless international payments

Ultimately, creating a trading environment where companies have access to their payment history across their supply chain through one platform will provide business owners with improved visibility.

International payments should be frictionless and not operate like a game of Mouse Trap. All parties would benefit from the seamless movement of money, as opposed to a convoluted mechanism reliant on idiosyncratic systems.

If anything positive came out of last decade’s financial crisis, it was the desire to develop new technology to create solutions that enable businesses to operate on a higher level than ever before. It was this desire that led to the establishment of a fully-fledged fintech industry.

For businesses that trade internationally and come under pressure from the decisions taken by those at the top, a focus on improving international payments can make a vital difference.

The post Fintech facilitates seamless international payments appeared first on Trade Ready.

Today, Carl Gravel is an experienced executive helping small businesses across Canada as a director at the Business Development Bank of Canada (BDC). Though he is now an integral member of one of Canada’s largest corporations, Carl has spent many years working hard to get to where he is today.

After earning his degree in finance and commerce, Carl’s career began in the finance industry.  By 2000, after spending several years of dedication, he earned the position of Structured Finance Manager with the National Bank of Canada where he began working with international clients for the first time. Doing so sparked a passion for international business which has guided his career path ever since.

“I started my international career when I was working on a special project many years ago. The project objective at the time was to support the Bank’s client in its work with China, and I fell in love with international business while working on it.”

“My first experiences going with clients to China in the early 2000’s certainly represent vibrant memories. Helping to negotiate deals between Canadian and Chinese entrepreneurs was very exciting.”

Since then, I’ve always enjoyed working with entrepreneurs and supporting them with their ambitions to become small multinationals!

In 2005, Carl’s passion led him to start his own private consulting company, PFL International. With a focus on helping Canadian SMEs enter or expand their businesses in Asian and European markets, he was able to build upon his experience and help many companies. He was also able to improve his global business skills, particularly those regarding intercultural communication and negotiation.

“If I could go back and give myself advice at the beginning of my career, I’d want to teach my younger self about the importance of dealing with different cultures and languages, as well as the time required to build trust.”

The excitement of supporting Canadian SMEs around the world

In 2007, Carl was offered a prestigious role with BDC as their National Director, Manufacturing, and has since continued to grow within the organization.

The organization’s main focus is to offer financing, capital and advisor services to Canadian SMEs, the perfect marriage of Carl’s financial background and passion for helping SMEs in global markets. After ten years there, he remains a firm advocate of their mission and enjoys every opportunity to help Canada’s business talent shine worldwide.

“Every time I work with an SME looking at expanding into international markets, it is exciting and interesting.”

We have so many good companies in Canada offering a lot of value. We need to better showcase them to the world!

In his initial role at BDC, he was responsible for developing the organization’s strategy to support manufacturers, including developing finance solutions to help them do more business in international markets.

In 2010 he was named National Director, Global Expansion (Financing and Consulting), and was put in charge of BDC’s Ontario and Quebec sales teams for their finance and consulting services.

He achieved his current position of Director of International Expansion in 2013. His focus is now on the consulting side of BDC leading their national team as they look to support increasing numbers of Canadian SMEs doing business globally.

Becoming part of a growing international business community

That same year, Carl also started taking FITTskills online courses, completing the entire program by 2016. He found taking the courses beneficial to his overall understanding of international trade, and is eager to recommend the courses to international business professionals.

I found the FITTskills courses to be comprehensive and very practical, especially for smaller businesses. It really gave me a structured thinking around the important aspects of international trade. I think anybody that is involved in international trade should follow the program.

Upon completing the courses and earning his FITT Diploma in International Trade, he applied for the elite Certified International Trade Professional (CITP®|FIBP®) designation and was proud to add it to his list of career accomplishments.

“I was looking for something practical, and it was a widely recognized certification across Canada. I felt very satisfied when I received it. I felt I became part of a solid international community.”

As he continues to help SMEs across Canada reach new heights in global markets, he says that what he’s gained from the FITTskills program and earning his designation will be an important part of meeting his goals.

“My role is to develop international solutions for SMEs and help them to understand the opportunities and challenges of international business, and I am sure all my gained global trade knowledge will be helpful in doing so.”

With Carl carrying on this important work, Canadian SMEs looking for help are in safe and capable hands and we’re looking forward to seeing him empower more businesses excel in global markets.

The post Carl Gravel, CITP|FIBP – Director of International Expansion appeared first on Trade Ready.

This analysis should be carried out in all of the company’s main functional areas: production, marketing, logistics and finance.

Each of these areas must consider its tasks in the export process, the associated resource demands upon the company, opportunity costs, and the estimated costs of performing those tasks using external suppliers.

The costs of using external suppliers may be lower or they may be higher (as can happen when using specialist skills).

Find and keep the core of your business

At this point, the analysis is only partially complete. Managers also need to consider costs and benefits in other terms. Improvements (or deterioration) in the performance of tasks need to be identified.

For example, using a foreign market research firm may offer the benefit of greater sensitivity to local market influences. Conversely, use of a trading company would result in a loss of market intelligence.

These benefits and costs are admittedly hard to quantify, but nevertheless need to be taken into account.

The strategic dimension must also enter the analysis. The firm must not lose sight of what business it is in and what tasks are considered core to that business. It may then focus on what tasks may or may not be outsourced, depending on the supply of services and the results of analysis.

For example, if a firm is a leader in the design and marketing of shoes and seeks a global presence, it may want to devote its limited resources to investing in world class designers, tools and advertising.

The logistical infrastructure to deliver product, and the manufacturing capacity required in various parts of the world, can be supplied externally.

Selecting external suppliers

In selecting suppliers, it is always a good idea to develop a short list of potential candidates. Then evaluate their services according to established performance criteria.

The supplier that provides the best added value should be selected. Value provided by the supplier can be measured by a ratio of price and quality. As price increases, quality should increase at a faster rate.

These price and quality criteria should be both qualitative and quantitative and the supplier selected for overall fit and not just for price.

Perform background checks on the company (of credit and reputation) in order to minimize company risk. Then select the supplier that represents the best value package to the firm. However appealing a supplier, the manager should ensure that core competencies remain inside the company.

Use these tips when selecting your external supplier

Some of the desirable qualities to look for in selecting external suppliers include:

• a desire to learn about the factors that affect the exporter’s business, priorities, etc.;
• efforts to improve service, with the goal of creating a seamless relationship between exporter and supplier;
• depth of knowledge in dealing with the industry (e.g. a customs broker experienced in dealing with perishable goods) and the experience to anticipate problems before they occur (e.g. an experienced market researcher would know that respondents in certain countries answer questions in the way that they think the researcher wants, which skews results);
• investment in technologies and personnel to facilitate the transmission of information, whether it be documentation, research results or market reports;
• ability to grow with the client, whether in a large target country, region or globally;
• not dealing with competing products or services: in the case of freight forwarders and logistical firms this may not be such an issue, but it most definitely would be for trading houses, distributors and agents; and
• readiness, interest and ability to feedback information on target countries; without such feedback the firm is isolated from its international business.

Supplier selection is a two-way activity and both parties have to be comfortable to make a collaborative relationship work.

What element of your business could become more efficient if you partnered with an external supplier? What criteria would be most important to you when looking for one?

The post Improve your business efficiency by selecting the right external supplier appeared first on Trade Ready.

This involves gathering information about competitors in order to determine their possible future actions and strategies and gain a competitive advantage.

Competitive intelligence is an ongoing process that involves gathering data about:

• competitors and their strategic intentions;
• technology, especially emerging trends and possible future developments;
• legal and regulatory changes;
• suppliers and changes to supply and distribution systems;
• materials;
• industry and market trends; and
• political and economic changes that affect the competitive environment.

People sometimes confuse competitive intelligence with stealing information from or spying on competitors. Although finding out about competitors is an essential component of competitive intelligence, it does not involve covert gathering of information.

Developing competitive intelligence includes   all factors in the competitive environment, not just competitors.

In competitive intelligence, all information is gathered from publicly available and non-proprietary sources. The information is analyzed constantly to answer the questions raised by a company’s strategic planning and objectives.

Competitive intelligence keeps a company informed about critical issues that might influence its profitability and ability to compete in the marketplace. It also enables decision makers to make more effective planning decisions.

The need for competitive intelligence

Companies need to develop competitive intelligence as well as market intelligence because it enables a company to be more profitable and avoid losses.

For example, market intelligence might indicate that customers in a new market desire a certain new product. A company might invest considerable time and financial resources into developing that product and preparing a marketing plan, only to see a competitor also develop the same product and release it first.

Competitive intelligence enables a company to make better decisions regarding long-term and short-term planning, research and development programs, and marketing focus.

It also enables a company to react quickly to legislative and regulatory changes in the competitive environment.

The intelligence that is developed can be used to aid in decisions about whether entering certain product markets is worthwhile. It can also be used to help decide on the method of market entry and to assess potential profitability.

An important part of your global business success

With international trade, competitive intelligence becomes even more important.

Developing an understanding of the competitive situation prevailing in foreign markets is invaluable for making a decision about whether to enter a market.

For example, market research might show that the target market is dominated by a few large and powerful corporations, which might make securing an initial market foothold prohibitively expensive.

In this situation, a company might decide that it would be a strategic move to develop a partnership with one of the large corporations already in the market.

Competitive intelligence can contribute to a company’s international activities in other ways. A company might be able to find out why competitors have succeeded or failed in a new market and learn from their mistakes.

New product ideas and design considerations might be uncovered, or a company might gain advance warning of new product introductions.

Other monitoring activities might reveal competitors’ prices, which can help in making decisions about cost structure.

The competitive intelligence model

Competitive intelligence works best when a clear, concise question is formulated after a company conducts a needs assessment.

This method will identify knowledge gaps and enable questions to be developed. For an international marketer, the needs assessment might lead to the development of questions such as:

• What is the financial strength of a competing firm in our target market?
• What are the critical success factors in the market leader’s promotional campaigns?
• What are the company’s strategic intentions?
• Who are the company’s partners?
• What markets is the competitor targeting?

There are ten phases in the competitive intelligence model:

• Conduct a needs assessment
• Formulate questions
• Organize the process
• Gather the data
• Organize the data into information
• Assess the accuracy of the information and fill information gaps
• Analyze information to create competitive intelligence
• Disseminate intelligence to decision makers
• Formulate a strategy and implement it
• Evaluate action effectiveness and adjust the needs assessment as required

The model is cyclical and continually builds on and refines the competitive intelligence that has been obtained from earlier projects.

What types of competitive intelligence do you need to gather to increase your international profitability?

The post Gather strong competitive intelligence to maximize your profitability in international markets appeared first on Trade Ready.

OK, that’s probably not objectively true, and I do exaggerate a bit to make a point – not because I am a particularly nostalgic sort, but to position the key idea of this article.

The ‘old-fashioned’ notion of ethical conduct in international business, and doing what’s right (for its own sake, can you believe it??!) has somehow gotten terribly lost, and risks being lost even more strikingly when businesses of all sizes and businesspeople of all levels venture into international markets.

That statement may sound a bit North America-centric, but the ‘loss’ can happen from many points of view, and from many markets to many other markets.

The geography of international business ethics

The concept of ethical behaviour is not exclusive to one or even a few ‘worldviews’, though its exact nature can vary significantly.

Need an example or two? Canada, the U.S. and Europe (among others) place great value on protecting intellectual property, based on a combination of commercial considerations and a sense of ‘rightness’ about doing so. This can pose a challenge when dealing in markets where the failure to protect trade secrets or IP are seen as weaknesses to be exploited.

Would a Canadian, American or European company lose its ethical worldview, or compass, when establishing a local presence in such markets? Let’s just say there have been numerous examples of this has happening, to the indignation of the home-based press and the chagrin of shareholders awaiting the impact of having been caught.

On the “other side of the coin”, I had a memorable and striking conversation with a Saudi-based banker while at a meeting in Ankara a couple of years ago. This gentleman expressed genuine dismay at the fact that bankers and investment financiers are seen as ‘kings of the world’ in some markets.

He and his colleagues felt (is there a flavour of ethical thought and conduct here?) that farmers who feed human beings and others who create value and improve life deserved greater recognition for their efforts.

Bankers, he argued gently but persuasively, ought to be reminded that they are, in reality, facilitators of far more important activity than their own.  Could such an ethical compass face the risk of losing its reference point in a major financial market?

Following your ethical “True North”

At home, or in similar environments, familiar reference points and a trusted internal compass can combine to at least hint at the position of “True North”, offering perhaps just enough of a glimpse of ‘the right thing to do’, in most scenarios likely to be encountered.

Operating in international markets, it can be surprising to find that the trusted compass has been demagnetized by the combined influences of local practice, cultural and social differences in what are deemed ‘acceptable’ behaviours, and a conscious (or unconscious) choice to let those influences override that compass.

Even a subtle shift can allow the seed of a disastrous decision to be planted: the illusory comfort of pleading alignment with local practices, even as a competitive countermeasure, offers little protection when the ‘wrong’ is ultimately subjected to the bright light of scrutiny.

Know which way your compass points ahead of time

I was invited for a drink some years back by a gentleman who was introduced through a mutual contact in London.

The purpose of the meeting (over some of the best fruit juice I have ever tasted, incidentally) was to propose an engagement where I would be linked to this chap’s client as an independent and trusted third party, to offer an objective opinion about a decision that might involve my host’s firm as a service provider. Not an uncommon request, and under the right conditions, quite workable.

The discussion evolved well until about the last bit of juice in the tall frosty glass. At that moment, a sentence began about ‘certain ways things are done in this part of the world…’ – can you hear the alarm bells going off?

The proposal was that my recommendation to the ultimate client should be crafted to lead to the selection of the firm whose senior local representative had so courteously extended an invitation to meet. Well, so much for a promising and potentially interesting assignment!!

I put a polite but firm end to the discussion, on the basis that we do not do business in this way, and in any event, it would be illegal (with serious consequences) for a Canadian firm to be engaged in such practices.

The question of ethical conduct is not a theoretical one. Any business with decent levels of international activity, no matter how small, will inevitably run into gray areas at minimum and dangerously serious illegal propositions at worst.

One way to address this likelihood is to make decisions ahead of time about how your business (and your individual leaders or executives) will deal with the situation when it arises. If in doubt, seek the advice of your closest Embassy, High Commission or Post: you will get the right advice!

Taking a stand for another kind of ethical worldview

Is this really a discussion about ‘going old school’? Were past generations truly more ethical, or are we so well and so instantaneously informed today, that we are simply more aware of the massive transgressions (long list of examples and related adjectives deleted!) that have done decades or more worth of damage?

If it truly is a case of greater visibility, are we simply on a collective “trip” to one or the other end of the spectrum of ethical conduct, and can we as individuals and businesses make a difference in what the destination looks like?

I firmly believe the answer is “Yes”.

In some contexts, the ability to apply superior financial resources to win a contract, to gain access to influential parties, or to put a competitor out of commission is seen as nothing more than good business.

The nuances here are reflected in the fact that even institutions advocating anti-corruption measures had, for a time, to recognize the notion of a ‘facilitation payment’ as a relatively legitimate disbursement of funds, to be distinguished from a ‘bribe’.

Can an ethically-grounded position withstand the pressure of competition, and the subtle nudge to ‘adapt’ to local practices, especially after a material investment of time, resources and finances to enter a particular market?

Sometimes, the answer will simply be “No, it cannot”, and this is where a reminder can be helpful: this is a commercial decision with potential consequences that extend far beyond the commercial context to nothing less than life and death, especially in global supply chains so often anchored in developing markets.

Overheard once, a remark by a serial international entrepreneur: “Darn (OK, that’s not exactly the expression used – paraphrase, not quote!), I lost the deal to license this market by bribing the wrong official, AND not bribing him enough!”

Short-term financial gain at the expense of irreparable damage to a personal or company brand?

If the pure issue of ethical standards and conduct is not sufficiently compelling, perhaps a consideration of the economic consequences of following a demagnetized compass will motivate an alternate choice.

Standing at the crossroads and choosing our direction

It appears that we are, in several contexts from fair trade to anti-corruption measures, at a stage in our collective development, where an economic or financial inducement to do the right thing is still needed: it makes financial sense to support sustainable sourcing, we say.

It is economically important to support SMEs, to assist microenterprises in frontier markets to access global supply chains. It is necessary to assure our long-term access to resources, to engage in environmental assessments in the extractive industries or in the financing of long-term projects…

Is it really the case that ethical conduct is unfashionable, or has somehow lost ranking in our collective priorities, or were we ‘never as good as we thought we were’, and thus still in mid-voyage to a state of affairs where ethical conduct is indeed pursued for its own sake?

If we need the economic argument for now, let us by all means put more focus on it, but perhaps do so without losing sight of the larger objective and the loftier end-state.

There are already numerous initiatives, some international in scope, suggesting that success in commercial endeavours ought to be about more than numbers reported in a set of financial statements, and certainly should look beyond the next fiscal quarter.

As those transformational thoughts take hold, ethical conduct will shift from an unfashionable notion (even one rooted in economics) to a critical imperative, perhaps even pursued for its own sake.

Gotta go folks, time for another foray into markets that will stretch my worldview, sometimes test my compass, and perhaps offer a unique experience or two, like dining on black nut chicken in Singapore: the Buah Keluak nut is sufficiently toxic that its preparation includes (you are told upfront!) burying it in soil for forty days to extract the poisons…

How do you define what type of conduct is ethical when doing business in international markets?

What else does Alexander do?

Learn more about the intricacies of Trade Finance from one of the leading subject market experts on the topic. His critically acclaimed book Financing Trade and International Supply Chains will give you deeper insights into nature of trade finance at its core, and of the versatility of this discipline in enabling trade flows involving businesses of all sizes.

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