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

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

Topics covered:

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

Panelists:

Rad Dockery @Rad_Dockery Chief Innovation Officer, Unifai Solutions

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

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

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

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

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

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

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

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

— Amy Karam (@AmyKaram) June 25, 2020

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

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

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

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

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

— Amy Karam (@AmyKaram) June 25, 2020

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

— FITT (@FITTNews) June 25, 2020

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

— Amy Karam (@AmyKaram) June 25, 2020

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

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

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

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

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

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

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

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

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

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

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

— FITT (@FITTNews) June 25, 2020

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

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

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

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

— FITT (@FITTNews) June 25, 2020

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

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

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

— Amy Karam (@AmyKaram) June 25, 2020

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

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

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

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

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

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

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

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

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

— Amy Karam (@AmyKaram) June 25, 2020

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

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

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

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

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

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

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

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

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

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

— Craig Atkinson (@craigaatkinson) June 25, 2020

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

— bernadette fernandes (@on_the_varanda) June 25, 2020

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

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

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

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

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

Topics covered:

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

Panelists:

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

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

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

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

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

— Lora Rigutto (@CitpLora) May 21, 2020

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

— Halia Valladares (@HaliaValladare1) May 21, 2020

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

— FSchagen (@FSchagen) May 21, 2020

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

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

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

— FSchagen (@FSchagen) May 21, 2020

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

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

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

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

— FSchagen (@FSchagen) May 21, 2020

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

— FSchagen (@FSchagen) May 21, 2020

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

— FSchagen (@FSchagen) May 21, 2020

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

— Lora Rigutto (@CitpLora) May 21, 2020

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

— FSchagen (@FSchagen) May 21, 2020

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

— Halia Valladares (@HaliaValladare1) May 21, 2020

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

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

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

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

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

— FITT (@FITTNews) May 21, 2020

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

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

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

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

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

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

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

— Lora Rigutto (@CitpLora) May 21, 2020

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

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

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

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

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

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

— FSchagen (@FSchagen) May 21, 2020

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

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

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

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

— FSchagen (@FSchagen) May 21, 2020

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

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

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

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

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

— Lora Rigutto (@CitpLora) May 21, 2020

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

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

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

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

— FSchagen (@FSchagen) May 21, 2020

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

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

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

— Lora Rigutto (@CitpLora) May 21, 2020

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

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

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

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

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

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

— FSchagen (@FSchagen) May 21, 2020

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

— FSchagen (@FSchagen) May 21, 2020

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

— Lora Rigutto (@CitpLora) May 21, 2020

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

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

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

— bernadette fernandes (@on_the_varanda) May 21, 2020

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

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

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

— Cathy McKnight (@cathymcknight) May 21, 2020

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

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

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

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

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

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

Topics covered:

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

Panelists:

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

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

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

— Irina Rosca (@sustain_SCM) March 26, 2020

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

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

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

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

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

— Cathy Roberson (@cmroberson06) March 26, 2020

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

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

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

— Caroline Tompkins (@carolineFITT) March 26, 2020

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

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

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

— Varun Anthony (@Varunanthony) March 26, 2020

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

— Mark Agnew (@mark_agnew) March 26, 2020

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

— FITT (@FITTNews) March 26, 2020

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

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

— Cathy Roberson (@cmroberson06) March 26, 2020

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

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

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

— Varun Anthony (@Varunanthony) March 26, 2020

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

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

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

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

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

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

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

— Mark Agnew (@mark_agnew) March 26, 2020

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

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

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

— FITT (@FITTNews) March 26, 2020

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

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

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

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

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

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

— Mark Agnew (@mark_agnew) March 26, 2020

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

— Cathy Roberson (@cmroberson06) March 26, 2020

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

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

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

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

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

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

— Mark Agnew (@mark_agnew) March 26, 2020

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

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

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

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

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

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

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

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

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

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

— Mark Agnew (@mark_agnew) March 26, 2020

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

— Irina Rosca (@sustain_SCM) March 26, 2020

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

— Varun Anthony (@Varunanthony) March 26, 2020

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

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

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

— Cathy Roberson (@cmroberson06) March 26, 2020

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

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

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

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

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

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

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

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

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

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

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

— bernadette fernandes (@on_the_varanda) March 26, 2020

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

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

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

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

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

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

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

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

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

— Mark Agnew (@mark_agnew) March 26, 2020

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

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

In business, establishing an edge over the competition is the holy grail. Once you have it, sales and success are sure to follow. But actually achieving this minor miracle, especially in a new-to-you international market, requires a significant investment in research, marketing and product development.

Since this is what business all strive for when they go global, and there is no magic formula for success, we thought it was the perfect subject for this month’s #TradeElite Twitter chat.

FITT’s monthly Twitter chats bring together an expert panel – the “#TradeElite”, typically with diverse geographical, sector and focus backgrounds, and ask them to answer questions about the topics that matter most to you, out there making trade happen. Though we feature a panel, we open every chat to participation from all. And through these interactive chats a wave of useful insights and advice pours in and we share it with you here.

Enjoy, and join us next month (scroll to the bottom of the article for details)!

Panelists:

Rob Ward (@1robward) Co-founder of Grocery Accelerator Ltd, the UK’s leading provider of investment funding, coaching and mentoring for early stage FMCG products in the food & drink grocery market, based out of Norfolk, UK.

Simon Slyper (@SimonTradeBuzz) International Trade and Compliance Specialist for Amscan, the largest designer, manufacturer and distributor of decorated party goods and party accessories in the world, based in New York City, USA.

Kevin Sullivan (@KPSully448) Regional Account Manager / Food & Beverage Sector Lead at Export Development Canada, based in the Greater Toronto Area​, CA

Audrey Ross (@tresAudrey​) Logistics & Customs Specialist at Orchard International Inc, a full-service provider of turnkey solutions and sourcing for private label cosmetics, beauty, and bath products, based in Toronto, CA

Here’s a good place to start: What does it mean to have a competitive edge within a market?

A1. @FITTNews It means you are the leader / hold the market share / have the most customers / have the most expertise in that market. #TradeElite

— audrey ross (@tresAudrey) May 24, 2018

A1. Being first to market is a way to gain competitive edge. Innovation & strategy play a big role in being first product to market. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

What are some strategies that your business can take to develop close relationships with local businesses in the new market you are trying to enter?

A1 first learn their etiquette: Body language, customs, manners…

— Rob Ward (@1robward) May 24, 2018

A1 eating habits, routines, flavour preferences, timing…

— Rob Ward (@1robward) May 24, 2018

A1: Do any of your existing customers have subsidiaries in this new market? If so, can you leverage your relationship and track record with this customer to ask them for a shot at quoting business in this new local market?

— Kevin Sullivan (@KPSully448) May 24, 2018

A1 @SimonTradeBuzz Building relationships often means One on Ones. Get your passport ready! Connecting on social media, at tradeshows and maintaining communication build up a relationship. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

What legal strategies and concerns must your business take into account when entering a new market?

A2. You want to get an expert local representative. THis is one of those areas you cannot skimp on. Rules are very different in different markets. Save yourself a mess and get an expert. That said, there is a lot of research you can do up front for free #TradeElite https://t.co/qNTfBeocI8

— audrey ross (@tresAudrey) May 24, 2018

For UK & EU, significant homework needed to be clear about on-pack claims. Also worth considering joining protocols if you’re compliant https://t.co/N8xMtPRHki

— Rob Ward (@1robward) May 24, 2018

A1: Take advantage of consultations with @TCS_SDC and @ExportDevCanada trade advisory teams to source information at free of charge before finally consulting with your own legal team.

— Kevin Sullivan (@KPSully448) May 24, 2018

True! @ExportDevCanada & @TCS_SDC are SO helpful to Cdn biz! @USTradeRep can help out American biz. UK has some amazing chamber of commerces, like @NEEChamberJac plus @tradegovuk! Every country wants to facilitate business! #tradeelite https://t.co/ImwdASGAxF

— audrey ross (@tresAudrey) May 24, 2018

the best legal strategy is knowing and learning the rules of the game of the target market, never step in before analyzing the risks. It takes time but not following a structured strategy may be detrimental to your success. Ask for advice an incorporate it into your X’s BP

— Adriana Carrillo (@acarrillo2016) May 24, 2018

We’ve got “do your homework” & “Due diligence” & “do the math” on the board in this chat already. What if you don’t want to do stuff to go global? Hire a CITP who’s been trained & qualified by @FITTNews #TradeElite

— audrey ross (@tresAudrey) May 24, 2018

Is it necessary to design new products/services in a new market?

A3: Yes and no. It depends on the product/service. @McDonalds, for example, does a great job of not necessarily inventing an entirely new product, but adjusting it to meet local tastes. Some markets may call for radical change, but market testing is essential #TradeElite

— Simon Slyper (@SimonTradeBuzz) May 24, 2018

A3: what @SimonTradeBuzz said. In many cases you may realize terrific returns with existing product offering. Of course, budget for and be prepared to pivot to adapt to local market. “Test orders” using online platforms in markets like China work well for gaining a pulse

— Kevin Sullivan (@KPSully448) May 24, 2018

A3. It is not necessary. It IS necessary to ensure your product / service is compliant to meet product safety standards, or local regulations, is usable for a customer unfamiliar with the product. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

How important is speed to market when it comes to being competitive?

Speed to #market is very important, even critical in many instances. There are narrow windows of opportunity for market success depending on the product or service. Cost/benefit needs to be weighed. @TradeElite

— Simon Slyper (@SimonTradeBuzz) May 24, 2018

Being #competitive depends on how different you are from the others, how well you fit in the needs of the target consumers. Innovations are just popping up every day make sure to differentiate as much possible to allow you not to have to speed on

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A4. If you are trying to be 1st- then it’s important. Try not to lose sight of what may be needed post-launch. If you don’t have cust service or supply chain or delivery established you could ruin all of your hard work. (Case Study: Target Canada) #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

What about marketing, messaging and local endorsements? How important are these and what are some success strategies?

A5: Local endorsements are important, but conduct #duediligence on your potential local partner. What is their reputation in the local market? #YouTube #influencers in local markets may be a powerful tool to attract buzz for your product/service. #TradeElite

— Simon Slyper (@SimonTradeBuzz) May 24, 2018

key ingredient – how well you mix the local culture flavour with your own marketing flavour. Hiring a local marketing agency may also be the right step

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A5. Another area where research & local connections are key. Culture has a huge influence on what we find funny / appropriate / catchy what works in one market & one language may not be well received in another. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

A5. Work with locals on your marketing / advertising strategies. When hiring people look for recommendations & get them to present actual numbers. Have they done new product launches? new brands? #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

Do you need to have boots on the ground to compete in an international market?

A6: Not necessarily. You may even be able to leverage contacts in your local market who are already well entrenched in your target market. Partner with these sourcing companies to help you build a beachhead and penetrate the market(s). Expand organically from there.

— Kevin Sullivan (@KPSully448) May 24, 2018

I will always recomend having a high level of collaborative relationships in the target market. Join local chambers of commerce and have a presence in their activities.

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A6. Not really in the age of the internet but if you want someone executing your vision you may need to establish a presence. Or at least the perception that you are simply a flight away & can & will be there to ensure things are running well. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

Need to be the right boots! Ones that truly listen and learn, yes. Ones that kick… get knocked out! https://t.co/hb0H5UmD6S

— Rob Ward (@1robward) May 24, 2018

What are some warning signs that you may have trouble competing in a certain market?

High competition of similar products and lack of differentiation. Also, no actual bilateral protocols for new products accessing new markets

— Adriana Carrillo (@acarrillo2016) May 24, 2018

A7. If you don’t see a lot of foreign brands being successful or if you come across regulations (or lack of regulations) that leave you open to IP risk or investment risk. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

A7. There is a fine line of governing to protect your national interests & being unreasonably unfair to foreign biz. Often markets w/ limited infrastructure or inflated bureaucracy can be unfriendly. There are still ways to succeed, it’s just a more effort. #tradeelite

— audrey ross (@tresAudrey) May 24, 2018

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, June 14 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How can your business get a competitive edge in global markets? appeared first on Trade Ready.