“…companies that export make 121% more money, grow faster, last longer, are better connected within supply chains, are more resilient to economic downturns, and are more productive, competitive and innovative.” 

It’s no wonder then, that the majority of Fortune 500 entities operate locations in foreign countries, according to research by CapRelo.  

Coming from a broader perspective, there is no bigger pool of consumers than the global one. Take the USA, for instance.

“More than 95 percent of the world’s consumers are outside of the United States,” notes the US ITA (International Trade Administration). “Your competitors are increasing their global market share, and you can too.” 

The story is the same for businesses in all countries around the world too. Whether you’re looking to expand operations or simply want to export your products and services to an international locale, the world is a big oyster for you and your business to take advantage of.  

So, the bigger question on your mind should not be why should I be expanding my business to global markets? But, instead, how do I expand my business into global markets safely and successfully? 

The answers are out there, and they require diligent decision-making processes and strategies that have been tried and tested by the most successful companies around. There is no secret recipe to it all, you just have to do the right research, have the right partners, the right training and the right team. Keeping in mind that female-run businesses often face more hurdles when building their companies, it’s especially important to think about expansion with this type of due diligence in mind.  

With that said, here are 5 important steps that female leaders can take to take their businesses beyond domestic boundaries.

Create a Highly Trained International Business Team 

In business, people do not encourage ‘going it alone.’ Yes, there are stories of renegade disruptors straying from the pack and doing their own thing to much-lauded success, but the reality behind many of these solopreneurs and their companies is that they had excellent mentors, staff members and partners who helped them become the success stories that they are today.  

So, when it comes to business expansion, you need a team that understands how to:

• Research target markets effectively 
• Manage international finance and FX intricacies 
• Navigate the complex landscape of international shipping, logistics and transportation 
• Engage in appropriate cross-cultural marketing and sales 
• Adapt products and services to the many regulations in international markets 

This type of team can be comprised of many positions, depending on your company’s size, operational model and needs. Many international business consultants offer-up global trade experience for doing business in international regions, as do import-export consultants, trade compliance specialists, and procurement and purchasing experts—on a more granular level.  

Depending on the size and breadth of your team already, you may want to hire a specialist in a niche area, such as logistics, or you may need someone who can do it all, from researching the right global markets to executing the expansion strategy on a daily basis—like a seasoned international business consultant, developer or manager. 

Regardless of the position, what is exceptionally important for the success of your team is the amount of professional experience and training they have.

For example, many companies that are focused on international trade often look for the Certified International Trade Professional designation (CITP®|FIBP®*) when sourcing top talent.

That’s because CITPs have the knowledge and skills needed to provide services in all of the areas noted above (and more). This type of designation can be extremely beneficial as it provides your clients with added confidence that your team members understand the complexities involved in global expansion and, more importantly, know how to avoid common mistakes that untrained and inexperienced individuals so often make. Just as you need to do your due diligence for your business, your teams also need to be properly equipped to do the same in their areas of expertise. 

Execute a Thorough Feasibility Assessment 

If you are going to expand your business into new markets the right way, then you need to do the right type of research to see if the potential opportunities are viable for your business—both its current and future state. That means you need to:

• Assess your organizational readiness to take on international trade initiatives 
• Understand the best import or export opportunities for your business using the right types of data (such as macroeconomic data) 
• Perform cost-benefit analyses for all of your expansion activities  
• Understand how to mitigate the wealth of risks that can occur day by day in an ever-changing global economy 

These aren’t small tasks by any means, but that’s why adding the right professionals to your business is of utmost importance. They know how to do it all, so you don’t have to. 

Find the Right Partners 

When entering a new international market, partners can help establish effective marketing and distribution systems, region-specific market and consumer knowledge, and important government or regulatory connections that are necessary for successful expansion. However, there are many, many instances where not doing the right research and understanding your liabilities or partner’s liabilities can create disastrous situations for both parties. So, it’s important to understand what type of partnership you need first (distributor, agent, business association, business associate etc.), and then how to ensure you negotiate an agreement that will not only benefit your business but protect it during unexpected scenarios too.  

Establish Strong Female Support Networks  

Female leaders need other female leaders to thrive in today’s business environment. The WPO is just one of many organizations that understands the importance of this notion, creating a network of peer-to-peer support for women who seek advice, experience and resources from women who have succeeded at doing business or, in this specific case, international business. Not only do female support networks offer mentors, conferences, expert advice and opportunities that otherwise would be difficult for female-run businesses to attain on their own, but they also lift up female leadership and diversity initiatives on the whole—continuing an essential growth cycle for the women-led businesses of today and tomorrow. 

Dig for Initiatives, Resources and Funding Opportunities for Women  

At first glance, it can be daunting for women to find resources, financial assistance and business guidance when growing and expanding their businesses. But now, more than ever, the world is ripe with opportunities for women to take advantage of, especially in the form of diversity initiatives. For example, many government sectors in Canada, the US and Europe actively seek female-run companies for events, start-up and incubator programs, and supplier diversity programs.

Many large companies do too; in fact, 97% of Fortune 500 companies have supplier diversity programs, according to EDC.

It may take a bit of digging for the right help, but the investment in time is more than worth it. Better yet, if you have already established the right team and networks, you may not even have to look for these opportunities. People will bring them right to you. 

Going global shouldn’t be daunting. On the contrary, it is exciting and ripe with opportunities for large-scale success—especially if you have the right teams, partners, networks and resources at hand. Luckily, for those who are members of the WPO network, you’re already part of the way there. 

* Certified International Trade Professional (CITP) is trademarked for use within Canada. FITT International Business Professional (FIBP) is trademarked for use internationally. Both reflect the same FITT certified designation. 

The post How to Take Your Business Global – 5 Important Steps for Female Leaders appeared first on Trade Ready.

For many, this unfortunate situation occurs when they see the hijacked mark or design on products imported back into their home market.

On a trip to China in 2008, I met with an American automotive rubber belt manufacturer. They had made this unfortunate discovery.

Would-be clients came to the company wanting support on their purchased products. Instead, both sides discovered that the products weren’t authentic, but copies. As a result, the company wasn’t able to support the copycat products.

These inferior products from abroad had tarnished the company’s brand both in China and in countries where the knock-off products were being sold.

Situations like this one require time and money to try to wrestle stolen intellectual property (IP) away from international IP pirates.

It happens even to companies that choose to skip selling in international markets. But there are ways to help protect your company’s name, logos and designs.

The smartest and least costly of which is registering trademarks in international markets. Here’s where to start:

Internationally filing your trademark

The World Intellectual Property Organization (WIPO) established the Madrid Protocol in 1989. The Madrid Protocol and Treaty allows an individual or company to register for trademark protections in one process. This streamlined approach helps with the registration process, but does not actually harmonize trademark protection standards between member countries.

With more countries signing on regularly, there are now 92 countries claiming to adhere to these international registration protocols of mark protection. I say ‘claiming’ because China is on that list, and China is by far the greatest source of IP infringement in the world.

You can check the Madrid Protocol List of Member Countries to see if your current and future target markets are listed.

The list includes popular export markets such as the United States, Canada, Japan and Germany.

By registering your marks with WIPO, you can pay one fee, read the information in one language and register one time. Fees vary from a few hundred dollars for one mark in one market, to tens of thousands of dollars for registering in all Madrid Protocol countries. Terms vary, but most WIPO trademarks registrations last for ten years.

What kinds of marks can you register?

To quote WIPO:

“A word or a combination of words, letters, and numerals can perfectly constitute a trademark.”

“But trademarks may also consist of drawings, symbols, three-dimensional features such as the shape and packaging of goods, non-visible signs such as sounds or fragrances, or color shades used as distinguishing features—the possibilities are almost limitless.”

While most companies stick to the basics of registering their company name, product names and logos; especially larger multinationals, have registered colors (ex. Coca-Cola red) and symbols (ex. McDonald’s arches and the Nike swoosh).

First to file vs. first to use

Some companies discover that, by law, they cannot use their own trademark in an overseas market because someone else already registered the mark.

The famous recent case of this was Tesla, the car manufacturer being sued in China for trademark infringement. The Tesla name and logo had been registered by a Chinese businessman well before Tesla’s entry into the market. By rights, the Chinese trademark holder can register the marks without any proof of actual use.

In some countries, including the U.S., intellectual property rights are normally awarded to the first to use a mark or invention (with proof of use, of course). This is not universally the case.

In many countries, the right to use IP is given to whoever files the registration and pays the fees first.

This is why it is crucial to register your trademarks as early as possible and before you actually enter markets.

Always register in China

Since China is both a first-to-register IP legal framework and the IP Piracy Capital of the World, it makes sense to register in China as soon as possible. It gives your company legal standing should you need to pursue any legal action now or in the future.

Some would say that the Chinese legal system is too broken to bother registering IP.

But Chinese laws and enforcement in this area are steadily gaining ground.

For example, a social entrepreneurial company called Nokero—operating out of Denver, CO—has sought IP protection for trademark infringement and damages in China. The CEO of this small but growing company happens to be a former patent attorney. The company has won several of its infringement cases in Chinese courts!

For non-Madrid Protocol markets

If you are operating in a market NOT covered by the Madrid Protocol, or plan to do so, then talk with your international business attorney for a referral. If your company does not yet have a law firm with international reach, this would be the time to find one that does.

Registering trademarks is relatively easy and inexpensive compared with damage control after infringement when you have no legal claim to stand upon.

The post Trademarking to protect your intellectual property in world markets appeared first on Trade Ready.

The following are prerequisites for successful planning and implementation of personal selling tools in your target foreign market. They apply whether one is undertaking a business trip, trade show or trade mission.

Remember, personal selling is a tool to help achieve the company’s marketing strategy. All initiatives need to be consistent with that strategy.

Successful implementation of personal selling tools in target markets

For each initiative, marketers must clearly define their goals and objectives.

The initiative may encompass a number of markets, and the objectives may differ from market to market. The research and the preparation prior to the initiative will depend on the objectives.

Identifying market opportunities on a business trip requires different preparation than a visit to negotiate a sales contract or to attend a trade show.

There may be a variety of objectives in each market. The company should ensure the timing and duration of the initiative allows the goals and objectives to be completed. If not, perhaps the goals of the initiative should be modified.

There are two primary components of any personal selling initiative; the program required to meet the objectives, and the logistics required to get to and from the market and to conduct business in the market.

Preparing your program for personal selling in your target foreign market

Program components include the following:

Contacts: Develop a list of contacts to meet with on the visit, mission or at the trade show.

Finalize meetings: Closer to departure, you should contact all prospects to finalize meetings. It is extremely important that times and places are clearly understood by both sides and that there is a way of getting in touch if plans change.

Business cards and marketing materials: Business cards and promotional materials describing the company (preferably in the language of the target country) should be prepared well in advance and any translations verified. If you wish to take samples or personal equipment (e.g., computers, audio-visual equipment), a carnet should be purchased through the Chamber of Commerce to ensure trouble-free passage through customs without duties being charged.

Study relevant cultural issues: As a business traveller, you should be familiar with business etiquette, practices and taboos in the target country.

Companies pursuing personal selling must absolutely ensure that their representatives are familiar with cultural nuances, commercial practices and business etiquette in the countries where they hope to do business.

Gifts: In many countries, it is customary to present small gifts to contacts as a token of appreciation. The purpose of these gifts should not be misunderstood. Some research is required to make sure they are appropriate.

Attitude: Attitude toward foreigners in the country. For example, are foreigners seen as suspicious, or are they welcomed?

Information: Background information on the country, history, politics, etc.

Planning your travel and in-market logistics

Logistical requirements will have a positive impact on your initiative if done properly, or they can be a distraction if there are problems:

Itinerary: Once you know the timing requirements of the program, you can work on itineraries and schedules. Where are your clients located? When are they available? What is the best way of meeting all of them? What connections are available between the home country and the target country or countries?

Hotel reservations: For business travellers, hotels are not just places to sleep. They are also places to do work and hold meetings. Make sure that accommodations are suitable for business purposes, especially if some meetings with clients have to be held at the hotel. Apart from price and availability, you should also check location and see about additional facilities, such as WiFi and meeting rooms.

Travel documents: You’ll need a valid passport to travel to most countries. Many countries also require a travel visa issued by their consulates. Health documents may be needed for entry into the target country and admission back into your own. Confirm visa and health requirements with the embassy of the target country or with your travel agent.

Currency: Where possible, make sure you take sufficient local currency for the trip. It is now possible to use international credit cards and bank cards in many countries, but this should be investigated before departure. Additional money can be carried in travellers’ cheques, although in many countries travellers’ cheques can only be exchanged in banks. If you’re carrying cash, U.S. currency is usually preferred to other currencies.

Travel conditions: The smart traveller will find out everything possible about travelling in the target country, including things like climate, normal business attire, local transportation (e.g., taxis, buses, rail), availability of translation services and normal business hours and national holidays.

Personal security: When travelling to any market, either domestic or international, make sure you understand the environment and avoid putting yourself in a situation that could affect your personal security.

Companies should ensure their employees are aware of the risks and should take steps to mitigate them.

For example, companies can obtain information on risks in the target market and purchase products such as hostage insurance.

Go with the flow in global markets

It is unlikely that all will go as planned. Meeting arrangements will not work, flights will be cancelled or hotel reservations will be lost. This can be frustrating and confusing, particularly if you do not speak the local language. Your ability to accept these problems, work around them and focus on the program objectives will determine the success of your visit to your target foreign market!

Did you ever have a time when your business visit in a target foreign market just didn’t turn out the way you’d planned? What happened, and what did you do to salvage the situation?

The post Top considerations for planning a successful visit to your target foreign market appeared first on Trade Ready.

With so many Asian centres of trade these days, it’s difficult enough to learn how differences in culture affect various areas in the workplace, such as management, decision-making, negotiation, etc.

With the tremendous opportunity to expand into new, lucrative markets at stake, business owners and executives really can’t afford to create misunderstandings or insult their prospective partners or clients when trying simply to communicate.

Second language speakers of English outnumber native speakers

For those who have not travelled abroad extensively, it may be a surprise to you that a group of Asians hailing from Singapore, China and Korea are unlikely to be heard speaking Chinese to one another at a conference in Europe.

They communicate with one another in English, and they are probably better understood by each other than you would be, despite the fact that you grew up speaking English.

That is because English is one of the only languages in the world where the number of people speaking it as their second language far outnumbers those who speak it as their first (505 million vs. 330 million at last count).

The prominence of English as a second language has prompted repeated attempts by various linguists to develop what they call a ’standard’ or ’basic’ English, and even the proposal of a new language all together, which would be called ’Globalish’.

So far, those attempts have failed. Native English speakers, however, do not need to learn a new dialect of English as a second language in order to successfully communicate better in global markets and with people speaking English as a second language. That is, if you can follow these rules:

1. Slow down and pronounce clearly

The first rule of communicating with those speaking ’English as a second language’ (ESL speakers) is to slow down and try to pronounce every word clearly. Keep in mind, this does not mean you should speak as if someone just tapped your ‘slow-mo button’—that will just confuse people, and may come across negatively.

And if you project your voice while in slow motion, then you will only succeed in letting everyone in the room know that yooooou aaaaare A Big Jerk—not good. What you would like to do is to avoid ’running words together’. For example, say: “Do you want to go now?” Instead of: “Do ya-wanna-go-now?” See the difference?

2. Leave the puns and other fun language at the water cooler

If you are using colloquial expressions, idioms, or other unfamiliar words, you are also bound to run into trouble. Avoiding these types of expressions will make it much easier for others to understand your message:

Negative Tag Questions. Oh wait, you don’t know what a ‘tag question’ is, do you? There, I just used one, and it confuses the heck out of ESL speakers even though they otherwise seem to speak the language proficiently. Rather than asking “You aren’t hungry, are you?” Simply state a question more directly: “Are you hungry?” Now that wasn’t so hard, was it?

Idioms. “The ball is in my court? I thought we were negotiating a contract?” “You pulled an all-nighter? Did it hurt?” If your intention is to confuse, idioms are by far the best strategy. So do your listener a big favour and cut it out.

Puns. I know, I know. Your witty rhetoric probably draws a crowd at the water cooler; and you would like nothing more than to share your authentic North American humour with a global audience (wouldn’t that be pun!). Too bad they will have no idea what you are talking about.

3. Brush up on your vocabulary

Removing the aforementioned types of expressions may be difficult. Fortunately, while ESL speakers may not have learned the language you learned growing up in your local neighbourhood, they do surprisingly well when it comes to vocabulary, especially since in many Asian countries, foreign assignments and trips to conferences abroad are usually awarded based in part upon English language test scores.

So while an expression like “Don’t jump the gun” may evoke a blank stare (or perhaps fear); conversely, you would be surprised at how clearly an phrase including words like “don’t rush prematurely” will come across.

4. Confirm understanding and repeat when necessary

Everyone has been guilty of nodding their head when they, in fact, do not truly understand the speaker; this is especially common among those communicating in a second language.

Be sure to ask whether your listener understands and be ready to repeat and rephrase if necessary.

If you are with an individual or small group, you might even want to try writing important things down on a piece of paper. Remember: If your eyes are bulging out of your skull, nose flaring and voice raised while you ask “Do you understand what I am saying?,” chances are you will not get a straight answer. You will, however, have hurt the chances of eventually gaining respect from anyone within earshot.

5. Be explicit and remove the noise from your speech

Finally, avoid filling empty space with meaningless words and get to the point. If you are asked a question do not reply with “I kinda. Well, ummm. I sort of think that…” Consider that it is quite possible that your listener(s) are putting forth some effort to understand each and every sentence you utter.

With that in mind, lose the filler and when possible state your answer in explicit terms.

Recognize that you are going to need more time to communicate, and don’t blame your listeners if your message doesn’t get across the first time. It may not seem like much, but following these simple rules will make a world of difference for your foreign counterparts.

Interested in government funding to help you expand into new markets?

Attend a free Government Funding for Small Business webinar, co-hosted by the Canada China Business Council taking place Monday November 10^th from 11:30am-1:00pmEST.

The post 5 crucial tips to help you communicate better in global markets appeared first on Trade Ready.