It isn’t a stretch to imagine that fate led Richard Tremblay to his career in international trade. As a student at the University of Windsor, Richard would find himself walking past several Customs Brokers offices to get to his parking space near the Ambassador Bridge, which joins Canada to the USA.

This daily routine piqued his curiosity of the  Customs Broker profession, and he decided to take a chance and apply for a position when he saw a hiring sign. Richard explains,

“One day I stepped into the biggest building and applied for a job as a Customs Broker, which I got. That was the beginning of a long career in international trade.”

The fall of the Berlin Wall and the beginning of major change in international trade

In 1989, which was to prove a momentous year in the history of Germany, Richard had set up an office in Dusseldorf to coordinate between his customer and vendors in Eastern Europe, to ensure timely delivery of orders into the USA and Canada. The fall of the Wall, in November 1989, directly impacted his work, and set in motion a series of events that now form some of his favorite career stories.

With increasing numbers of East Germans migrating to the west, it resulted in new supply chain challenges and the need to bridge gaps in skills and learning.

“As the world changed and the wall came down and the European Economic Community evolved, a new customer needed our service offering and we became an integral part of their strategy.”

The company had operations in 18 countries to help deal with restrictions on border crossings and with adherence to specific government regulations. The lifting of all barriers opened the door to greater trade opportunities, necessitating the setting up of an efficient supply chain process.

Richard’s proudest accomplishment includes the elaborate and onerous task of redesigning their distribution and transport network.

“This analysis and rollout took 3 years to fully execute but it made them a competitive provider of consumer products in Europe.”

A valuable piece of career advice

“My advice would be to learn as many languages as you can. It can expand your career in areas of the world.”

Other than English, Richard can speak some French and even has a smattering of German from his time in Germany.

Formalizing credentials by applying for the CITP®|FIBP® designation

After spending many years in the international supply chain business, which saw him visit and work in several countries, Richard decided that it was time for him to formalize his professional credentials.

On being asked why he chose the CITP (Certified International Trade Professional) designation:

“Once I started teaching, I learned about the CITP and wanted a designation that was global. I wanted the CITP because it was international rather than regional.”

Why Richard chose teaching as a career

At a conference, Richard’s friend suggested he try out a part time teaching role. Richard started with one class a week and absolutely loved it making him realize that this was something he would certainly like to do more of.

“As I’m teaching the courses I’m using my real-world experiences that developed my career in international trade,and my students really like relating what they are learning with real life challenges.”

The CITP designation adds a special significance to his current role as professor where he teaches Supply Chain courses designed by FITT (Forum for International Trade Training) at Conestoga College in Kitchener, ON and part time at Mohawk College, Hamilton.

While the schools have been temporarily closed over the past few weeks, Richard has pivoted to teaching his students remotely through online classes, and kept them engaged in professional development by encouraging them to attend virtual learning events such as FITT’s #TradeElite Twitter chats.

With solid industry backed credentials, a vast repertoire of real-world examples and a sound knowledge of the subject matter, he makes the learning experience an enriching one for his students.

“I am very proud to add CITP to my credentials on my resume, signature, and business cards.”

Equipped with an elite designation and a rich professional experience, Richard is a certified expert in his field, having to his credit an impressive success story that shows no signs of fading.

The post CITP Spotlight: Richard Tremblay – Professor, Global Supply Chain appeared first on Trade Ready.

Maxim was pursuing undergraduate studies in political science, when an internship at the Russian-German Chamber of Commerce in Moscow helped him realize his true calling.

“After just a couple of weeks of work with German companies looking to enter the Russian market, I realized that international business offers a multitude of exciting career opportunities and that I had the skill set necessary to continue in the field,” Maxim says.

After moving to Canada and completing a Master’s at UBC, Maxim joined the Swiss Business Hub Canada to assist with several B2B events for Canadian and Swiss companies. Getting an opportunity to meet and interact with professionals across diverse industries  confirmed his interest in international business. His current role at a specialized market research company gave him the opportunity to grow his competence and skills to an altogether new level.

Speaking four languages in one day

What truly sets Maxim apart is his flair for picking up new languages, which proves to be a huge asset in his professional life. He began learning foreign languages in high school where he learnt German, English and French. Some conversational Spanish is his newest acquisition.

NASCO Conference in Columbus, OH (September 2019). With Bruce Takefman, President of Research Consultants International

“I have always had a big passion for foreign languages, so being able to put the full spectrum of my linguistic skills to use is very rewarding.”

His favorite career experience involved fully leveraging his linguistic talent while preparing for the visit of a Canadian delegation to Hannover Messe, the world’s largest industrial trade show. There, he had the chance to use each of the languages in his repertoire every single day while identifying companies with expansion plans for Canada and coordinating face-to-face meetings with them at the show.

Making major impacts for his clients

What’s been most fulfilling for Maxim is the fact that he has had the chance to work with a large variety of economic development organizations, spanning a range of levels – from small rural communities in Canada all the way up to a U.S. Governor’s office and a national trade agency in Europe.

“And most importantly, I am proud of the fact that many of the connections I have facilitated over the years turned out to be real investment opportunities, including a major data center project that ended up being located in one of my client’s territory a year after I set up the introductory meeting.”

A valuable piece of career advice

“It’s important to stay up to date and know what’s going on in your clients’ target industries . Without that knowledge it’s hard to understand what motivates companies’ investment decisions and how to best leverage your client’s value proposition to help them attract the desirable type of investment .”

This was what motivated Maxim to enroll in  FITTskills courses as he realized that although he had gained practical experience, there were still certain gaps in his knowledge that needed to be addressed, if he wished to truly advance in his career.

SelectUSA Investment Summit in Washington DC (June 2018). Maxim with colleagues from Research Consultants International

The role of ongoing professional development in a successful career

For Maxim, originally a  political science graduate, FITTskills courses exposed him to much needed aspects of international trade that he wasn’t familiar with  such as international trade finance and global supply chain management. Equipped with this knowledge, he could develop a deeper understanding of  the complexities of international business and the various factors influencing corporate decision making.

“FITTskills online courses were an excellent opportunity, not just to improve my understanding of a variety of topics that I was already familiar with to different extents, but also to gain brand new knowledge, thus broadening my professional horizons.”

Being the linguist that he is, Maxim challenged himself by taking half the courses in English and the other half in French to get a taste of what it was to function as a bilingual professional.

“International Market Entry Strategies was one of my favorite FITTskills courses. As someone who speaks to companies from around the world about their international growth and expansion plans on a daily basis, I found this course extremely useful and relevant.”

“It provides great insights into what drives businesses to enter new markets, how they choose the right expansion strategy by analyzing a whole range of factors, and finally how they implement their plan step by step.”

The impact of a professional designation on career aspirations

Maxim completed his FITT Diploma in International Trade and decided to apply for the  CITP®|FIBP® designation, recognizing the designation’s value to demonstrate his industry-backed competence as a global trade professional to his management, colleagues and clients.

He had heard about the unique designation through his network and from professionals at Global Affairs Canada who confirmed its value within the Canadian Government.

“Earning the CITP designation after almost two years of studying felt very rewarding. I am proud to join the ranks of Certified International Trade Professionals and confident that this designation will play an important role in my career both in the short or long term.”

As Maxim builds solid experience in his current role as Executive Director, Client Services at Research Consultants International, his knowledge, expertise and credentials make for the ideal combination to propel his career to greater heights of success.

The post CITP Spotlight: Maxim Nevzorov – Executive Director, Client Services appeared first on Trade Ready.

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

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

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

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

Moderator:

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

Panelists:

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

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

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

— Sarah Barnes (@bevictoryus) February 20, 2020

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

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

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

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

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

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

How can you assess a potential partnership?

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

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

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

— Sarah Barnes (@bevictoryus) February 20, 2020

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

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

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

#TradeElite

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

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

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

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

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

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

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

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

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

— Sarah Barnes (@bevictoryus) February 20, 2020

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

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

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

Who can help you identify potential partners across borders?

A4

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

— Barry Y (@yrraByrraB) February 20, 2020

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

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

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

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

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

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

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

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

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

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

— Sarah Barnes (@bevictoryus) February 20, 2020

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

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

A5 #TradeElite Again, #DueDiligence is key!

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

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

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

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

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

From over 25 years of training exporters at FITT, we know that finding partners is one of the biggest challenges businesses face when entering new international markets.

We know that for many businesses, particularly SMEs, not knowing how to successfully enter a global market is also the number one reason international growth opportunities are left unexplored.

So, we decided to address this issue in an interactive way. As we do every month, we took to Twitter for a live chat and brought together a panel of market entry experts from across Canada and the world. We asked the experts all about finding the right partners, from researching the best prospects to negotiating the contract.

Check out the chat recap below to gain their insights and share your thoughts, questions and concerns in the comments below.

Panelists:

Varun Anthony, CITP –  International Trade Specialist based in Mumbai, India (@VarunAnthony)

Samantha Caldwell, CITP –  Associate, Global Trade, EDC (@sg_caldwell) based in Ottawa

Bernadette Fernandes – Official Country Representative, Canada, Africa Trade & Investment Global Summit (@on_the_varanda) based in New Brunswick

Matthew LaRiviere – Project Manager, Marketing, Canadian Commercial Corporation (@Matt_Rivs) based in Ottawa

Robin MacNab – {Retired} Trade Commissioner, GAC (@RobinMacNab) based in Waterloo

Siddha Param, (@siddhaparam), Consultant, author and speaker with Strandridge.com based out of Winnipeg

Here’s a good place to start. Why should businesses consider forming a strategic alliance with a business partner in their target international market?

A1. Finding a strategic partner is the core to succes in a new market. Whether you are looking at a market for the short or long term you need that on ground partner who knows the regulations, has a strong distribution network, is already established (1/2)

— Varun Anthony (@Varunanthony) April 26, 2018

A1: SMEs can save time and $$ by utilizing a partner already in market #tradeelite

— Samantha Caldwell (@sg_caldwell) April 26, 2018

A1: Complimentary needs, look for joint ventures or partnerships to fill in your weak spots. #tradeelite

— Matthew Larivière ?? (@Matt_Rivs) April 26, 2018

A1: A partner understands the local way of doing business, can provide insights and should know the “right” people. #TradeElite https://t.co/ocBNlTysgh

— Robin MacNab (@RobinMacNab) April 26, 2018

A1: Strategic alliances with the RIGHT business partner: crucial when entering new global markets where you don’t otherwise “know the ropes”, cross-cultural communications, buyer preferences, concerns that @ExportDevCanada can help mitigate @varandanetwork @TCS_SDC #tradeElite https://t.co/iY1bdqETzZ

— bernadette fernandes (@on_the_varanda) April 26, 2018

Strategic partners can have local knowledge, help in reaching industry counterparts, manage shipment within a region #CETA #NAFTA #CPTTP and ability to analyze local trends

— Siddha Param (@siddhaparam) April 26, 2018

Ok now that we know why we need partners – What types of business partners can help businesses succeed in new global markets?

A2 #TradeElite : the best type of partners are businesses in the sector in which exporters are through a strong joint venture, an distribution house, a well established and licensed importer, appointment of an incountry representative who is plugged into the markets DNA (1/2)

— Varun Anthony (@Varunanthony) April 26, 2018

A2 #TradeElite : as you begin to scout for the ideal partner watch out for those fly by night operators who promise you the world of success. It is here that many exporters burn their fingers blindly trusting the words and promises of potential partners (2/2)

— Varun Anthony (@Varunanthony) April 26, 2018

A2: Look upstream and downstream from your product or service, you may have ideal joint venture partners in either direction. #tradeelite

— Matthew Larivière ?? (@Matt_Rivs) April 26, 2018

A2: There are a wide variety: licensing, joint venture, rep/agent, or distributor. Do you require after sales service? #TradeElite https://t.co/ukNUx5Xf1l

— Robin MacNab (@RobinMacNab) April 26, 2018

Searching for potential business partners can be time consuming and costly. How can small businesses find the right partners with more limited capacity?

A3: Canada’s Trade Commissioner Service can provide useful advice on finding the right partner and can facilitate introductions https://t.co/t0AySZ4vtM #TradeElite https://t.co/YgjlnIGbky

— Robin MacNab (@RobinMacNab) April 26, 2018

Q3 #TradeElite : A new exporter/businesses eyes and ears in the global market are their respective country’s trade commissions/embassies/high commissions/consulates. These are your most trusted and one stop shop for understanding the DNA of the country/market you looking at (1/2)

— Varun Anthony (@Varunanthony) April 26, 2018

A3: @VarandaNetwork suggests starting with your local provincial #TradeOffice who already has business relationships/partnerships in global markets you can leverage and save on time. They also offer funding programs to help with costs #TradeElite https://t.co/2ErCoAWikT

— bernadette fernandes (@on_the_varanda) April 26, 2018

A3: I would add, another way of finding partners is Social Media. Do not be shy to communicate what you are doing, have done and plan to do next. #tradeelite

— Matthew Larivière ?? (@Matt_Rivs) April 26, 2018

Which is why we should always be keeping an eye out for great opportunities like these #tradeelite chats! @VarandaNetwork https://t.co/RFT2hqWnaJ

— bernadette fernandes (@on_the_varanda) April 26, 2018

What characteristics should you look for in a “good” international business partner?

A reliable partner with the capacity and willingness to deliver on a agreement is vital

— Siddha Param (@siddhaparam) April 26, 2018

Q4 #TradeElite 1/2: Look for a partner who is willing to stand with you for the long run. True success can be achieved when you look at a global market for the long-run. A partner who has a strong network in the sector you wish to enter, is able to advice you on the challenges,

— Varun Anthony (@Varunanthony) April 26, 2018

A4 #TradeElite : Most importantly choose & look out for a partner who has the strongest business ethics & doesn’t use the backdoor or under the table approach to move around the market. Especially when you look at developing markets. No speed money, no bribes – #Keepitclean

— Varun Anthony (@Varunanthony) April 26, 2018

A4: Look for well-respected partners in global markets, such as Canada’s @TCS_SDC & @ExportDevCanada; if they don’t have the business relationships you need for #Trade, they’ll introduce you to their trusted partner network, both abroad & in Canada #TradeElite @VarandaNetwork https://t.co/UhsvYL31wB

— bernadette fernandes (@on_the_varanda) April 26, 2018

On the flip side – what are some red flags that a potential partner is NOT a good fit for your business?

A5: conduct your due diligence so you don’t have any surprises! be especially careful re corruption #tradeelite

— Samantha Caldwell (@sg_caldwell) April 26, 2018

Unwillingness to discuss challenges and barriers openly, not keeping to agreed terms and timelines

— Siddha Param (@siddhaparam) April 26, 2018

A5 #TradeElite : My biggest red flag is when a partner has an easy solution to the most complex market entry issue. In all probability that partner is using the quick way out strategy & is not being honest. All market entry strategies are filled with hurdles which take time (1/2)

— Varun Anthony (@Varunanthony) April 26, 2018

A5 #TradeElite 2/2: to overcome but surely can be overcome by using the right strategy laid out by the regulators of that country. Conduct your due diligence yet again using the trade commission of your country as they are the most valid source of information your eyes & ears.

— Varun Anthony (@Varunanthony) April 26, 2018

A5: Beware “puffery” like “I am the President’s cousin”, or “the President was my roommate at college”! #TradeElite https://t.co/yBawYYifwI

— Robin MacNab (@RobinMacNab) April 26, 2018

A5: a “partner” who is one-sided & does not take the time to look for reciprocal value for both sides is NOT a partner or a good fit; a partner who isn’t accessible or doesn’t understand your #valueprop or differentiator, NOT a good fit #TradeElite @VarandaNetwork https://t.co/tMMhJORzwr

— bernadette fernandes (@on_the_varanda) April 26, 2018

Once you find a partner who is a good fit for your business venture, what can you do to secure the partnership?

A6: work with legal counsel to write a contract for your new partnership and to protect your company and products. don’t forget to incorporate an exit strategy #tradeelite

— Samantha Caldwell (@sg_caldwell) April 26, 2018

A6 #TradeElite : Keep the trade commissions appraised of your activity in market. They are your eyes and ears on ground. The more you are plugged in to the market when you secure a partner the more you will succeed. It is a relationship – nurture it step by step and constantly.

— Varun Anthony (@Varunanthony) April 26, 2018

A6: Visit them. Invite them to your place of business. Offer coaching/training for their staff. #TradeElite https://t.co/RnbKNWkYwq

— Robin MacNab (@RobinMacNab) April 26, 2018

Do you have any tips and advice for getting the most out of partnership negotiations? Anything to watch out for?

For each agreed term get evidence of capacity to deliver. Do a SWOT analysis of the relationship and a PEST analysis of the country. Explore opportunities in neighbouring countries for comparison.

— Siddha Param (@siddhaparam) April 26, 2018

A7: Be honest about your own weaknesses and gaps and don’t be afraid to trust your gut. If your instincts tell you that something isn’t right, even when everything looks good, it’s smart to be cautious. #TradeElite

— Matthew Larivière ?? (@Matt_Rivs) April 26, 2018

A7 #TradeElite 1/2: To the get the most out of the partnership – stay plugged in, don’t just sign the partnership and walk away, look at the market for the long run, keep your trade commissions appraised, constantly engage with the end consumer, keep those transactions clean.

— Varun Anthony (@Varunanthony) April 26, 2018

A7 #TradeElite 2/2: BE PATIENT when you are entering a new market. Don’t expect to be a market leader in the first few years especially if it is a developing market. Be ready to face the challenges and make it clear to you partner that you face them in a clean and ethical way.

— Varun Anthony (@Varunanthony) April 26, 2018

A7: Check in with the trade reps at your country’s embassy in country X who can warn you of pitfalls, and introduce you to local experts. Link to Canadian reps https://t.co/t0AySZ4vtM #TradeElite https://t.co/uKq5AQ9ysr

— Robin MacNab (@RobinMacNab) April 26, 2018

A7 #TradeElite : make sure a) both parties align on values; b) everyone has an equal voice at the table, no hierarchy; c) outcomes are mutually beneficial, win-win; d) you have face-time with each other; e) you meet regularly to reinforce & revisit @VarandaNetwork https://t.co/dCk4Ivb9RO

— bernadette fernandes (@on_the_varanda) April 26, 2018

Ok, I more Q before we go! What are some things you can do to maintain a positive relationship with your international business partners?

A8: Keep communicating! Once you’ve found a great partner maintain regular contact with frequent check-ins to talk through any problems. This will keep confidence levels high on both sides, and means you can deal with any unexpected issues. #TradeElite

— Matthew Larivière ?? (@Matt_Rivs) April 26, 2018

Q8 #TradeElite : Keep visiting your appointed partner in the country you doing business in, get them over to your HQ, arrange in-house and back at HQ training for partners, develop a strong marketing strategy, look at social media to strongly advocate your partnership in market.

— Varun Anthony (@Varunanthony) April 26, 2018

Keep communications open and like all relationships expect ups and downs which requires a dispute resolution clause to resolve problems and maintain a productive relationship

— Siddha Param (@siddhaparam) April 26, 2018

Finally have an established exit strategy with mechanisms to calculate cost for exit where the market justifies such a move.

— Siddha Param (@siddhaparam) April 26, 2018

A8 #TradeElite : treat your international business partners as an extension of your business and that will establish loyalty & trust from the start; reward your partners as you would an employee for a job well done @VarandaNetwork https://t.co/h80K8ibCIO

— bernadette fernandes (@on_the_varanda) April 26, 2018

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, May 17 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How you can find the right partners for market entry success appeared first on Trade Ready.

Making the leap from domestic to international markets is an exciting one. Aided by advances in technology, communication, and trade agreements, opportunities have opened up the world over to businesses of all sizes.

As positive as this is, businesses still need to overcome significant hurdles and risks to successfully enter an international market. Not least of these is securing the necessary funding to get a foothold in the new region.

Every element of a company’s international trade activities requires planning with continual adjustments; the financial aspect of international ventures is no exception.

In this month’s #TradeElite Twitter chat, we sought to explore the practical aspects of obtaining the funding needed to enter global markets for the first time. We wanted to know where to get started, how to avoid the biggest trade finance pitfalls and how to know what type of funding is right for your venture. We asked, the experts answered.

Follow the conversation below.

Panelists:

Diane Weklar (@dianeweklar) a business growth and profits expert for small and mid-sized businesses and serial entrepreneur with 7 successful startups. She is also and author of the award-winning best seller, Mastering the Money Maze: 10 Secrets to Winning Business Financing as well as a well-known weekly blog – based out of Southern California

Chris Casemore (@ChrisCasemore) a Canadian Government  funding expert, promoting business growth and prosperity. Chris works with Mentorworks, an organization specializing in helping Canadian businesses build proactive funding plans to facilitate growth – based out of Cambridge, Ontario

Shannon Pestun (@agirlsbizbanker) a business banking expert at ATB financial, with a special interest in helping women entrepreneurs get and make more money – based out of Calgary, Alberta

Bernadette Fernandes (@on_the_varanda) an export development, business development and investment expert, with a strong expertise in LATAM markets, founder of the Varanda Network – based out of New Brunswick, Canada

Where does the funding journey begin for businesses looking to enter new international markets? What are some of the first steps they should take?

A1: In a global market, businesses face challenges they may not face in a domestic market. Journey begins with an international business plan that outlines: market risks, opportunities, size, barriers to entry, competition, product, pricing financing, management, etc.#TradeElite

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

#TradeElite A1 – 1st steps should include identifying your business’ financial needs as it pertains to exporting globally & the cost challenges/barriers to entry in your international market of interest @FITTNews @VarandaNetwork https://t.co/6zq78pTxmK

— bernadette fernandes (@on_the_varanda) November 16, 2017

Get to really know the local market you are considering and the true cost of expanding. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

A1. Gov’t always supports exports – if you are looking to export domestic product, there are start-up grants, @ExportDevCanada has a number of financial products incl. credit insurance to help you, Provincial orgs can help. #TradeElite

— audrey ross (@tresAudrey) November 16, 2017

A1 Don’t overlook connecting with large companies that can provide local references. Create joint ventures, and develop relationships with strong local leaders. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

A1 – From a government funding standpoint, federal and provincial programs can help you along each step. OEF=export manager hiring, EMA/CanExport = trade shows/product certification, and several grants to accommodate increased product demand.#finance #tradefinance #tradeelite

— Chris Casemore (@ChrisCasemore) November 16, 2017

A1 Small Business Administration (SBA) International Trade Loan (ITL) helps small businesses expand in international markets. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

A1 Economic Development agencies at local and state level offer a variety of programs though it varies by locality. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

What types of funding should a business owner seek for international ventures? What are some things to consider?

A2: Ask your lender about the @ExportDevCanada export guarantee program. This may provide additional funding options #TradeElite #tradefinance

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

A2 – Consider your business’ presence. You can improve it with trade shows eg. Export Market Access (Ontario) and CanExport (new markets) only). Always check the funding eligibility to ensure your company & expenses are eligible. Hold off spend until you’re accepted.#tradeelite

— Chris Casemore (@ChrisCasemore) November 16, 2017

A2: international ventures often have high capital needs. Global trade can be resource intensive. Types of traditional financing can include: working capital and term debt financing #TradeElite #globalbiz

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

#TradeElite A2 – one of the less costly options to your business tends to be government grants, where there are no strings attached. Also, international partners in-market will often invest in your business product/service giving you cost-effective growth @VarandaNetwork https://t.co/Xfae8MI8JR

— bernadette fernandes (@on_the_varanda) November 16, 2017

A2. Mostly the same type as domestic, but you may find your partners / incubator / angel investment / Line of credit come from international sources. #TradeElite

— audrey ross (@tresAudrey) November 16, 2017

#TradeElite A2 – agreed @tresAudrey. Also, in Canada, #GlobalAffairsCanada has #CanExport, providing up to $100K funding at 50% reimbursement for each new country that you want to grow in @VarandaNetwork https://t.co/Pw2bVrQALI

— bernadette fernandes (@on_the_varanda) November 16, 2017

A2: Make sure you have the proper insurance for exporting as well. Many export grants require this to apply. #tradeelite

— Chris Casemore (@ChrisCasemore) November 16, 2017

How important is it to diversify your finance sources? What are the options? Any to avoid?

A3. Depends on what outcome you want (run the biz, start it then sell it etc.). Most of these funding options come with some sort of string attached. #TradeElite

— audrey ross (@tresAudrey) November 16, 2017

A3: it depends on the stage of your business and financing needs. Diversification of finance sources could include non-traditional sources such as crowd-sourced lending, grants, partnerships, angel investors #TradeElite #globalbiz

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

#TradeElite A3 – diversification is always important, not only in financing but specifically, it’s important to not be too dependent on one funding source, especially if it’s independent, i.e. non-government, or from a market you’re not familiar with. But, lots of options. https://t.co/sfKoUYJc5u

— bernadette fernandes (@on_the_varanda) November 16, 2017

A3 I agree Audrey, concentration can be a business killer and can lead to getting declined in obtaining funding #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

What are some of the pitfalls or common errors businesses make in securing financing for their international ventures? What are some solutions?

A4 – The most common pitfall we see is businesses not having a plan. Market research, budgeting/finance (incl. funding), partnerships, insurance, certifications, and logistics all need to be confirmed before businesses can effectively accommodate a new market.#tradeelite

— Chris Casemore (@ChrisCasemore) November 16, 2017

When I hear a client say they are looking at 10 new priority markets, a part of me shuts down.

— Chris Begley (@ChrisBegleyONT) November 16, 2017

A4: One is the biggest pitfalls I see is not adapting a domestic business plan into an international plan. There are unique risks that need to be considered and your lender will want to see you’ve considered these in your #bizplan #TradeElite #globalbiz

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

I always advise clients to involve the local (ie non-Canadian) economic development orgs if they are establishing any presence abroad. They will he allies in finding finance #tradeelite https://t.co/ZZ4Ny2KBtl

— Chris Begley (@ChrisBegleyONT) November 16, 2017

What are some of the key success factors in gaining adequate funding? What can make or break a pitch or proposal?

A5 – Be liberal with your budget and consult others that have done what you’re looking to do. Also, keep currency exchange rates in mind and allow flexibility for fluctuations.#tradeelite

— Chris Casemore (@ChrisCasemore) November 16, 2017

A5: I keep focusing on this but…a strong business plan is a key factor in gaining financing for international trade. It’s important to demonstrate the viability of the opportunity #TradeElite #globalbiz

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

A5 Yes it must make economic sense and fit in with the firm’s vision and business plan. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

#TradeElite A5 – in gaining adequate funding, it must be tied to a global market or export plan… that’s your top success factor in having adequate funding so that you’re not half-way through market entry to find you don’t have enough… very costly @VarandaNetwork https://t.co/3CPCzdyDUo

— bernadette fernandes (@on_the_varanda) November 16, 2017

What are some options available to those who don’t have access to “traditional” collateral?

A6: In the absence of traditional collateral, you may also want to consider other avenues such as grants, partnerships, joint ventures, crowdfunding, angel investors and venture capitalists #TradeElite #tradefinance

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

For sure! There are so many great options out there if you can show that you have a thoughtful, strategic plan with forecasted benefits and impacts. Businesses are most successful with those options when they proactively plan far in advance.

— Chris Casemore (@ChrisCasemore) November 16, 2017

A6 – Find a good source for government funding info. canadabusiness.ca and https://t.co/ViuEuibHnt are two options that dive into funding details and how to capture non-traditional cash flow planning sources with grants and repayable funding. Don’t be afraid to apply.

— Chris Casemore (@ChrisCasemore) November 16, 2017

A resource is the Canadian #Crowdfunding Directory – an ever evolving and growing directory of active (or beta) online #financing platforms: https://t.co/yGxVfyKuli #TradeElite https://t.co/Y5WmDELGwf

— Barry Y (@yrraByrraB) November 16, 2017

A6 Alternative funding is a great resource especially for small and midsized companies. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

How important is it to secure the lowest possible interest rate? Are there situations where a higher interest loan is still feasible?

A7: In business lending, rates are reflective of risk. If you’re in a high risk category, rates will be higher. #TradeElite #tradefinance

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

#TradeElite A7 – I suppose if your projections have you yielding more return than the higher interest it would still make sense; however, projections wouldn’t be enough to mitigate the risk of #toohigh interest so, actual revenues, i.e. a pilot approach in-market, is recommended https://t.co/IigZtOkpxC

— bernadette fernandes (@on_the_varanda) November 16, 2017

A7. In most cases you are going to have to accept the interest you get – b/c you don’t have collateral (receiveables) to offer your lender. You are making a big ask. Be smart & pay off loans / debts ASAP. #TradeElite

— audrey ross (@tresAudrey) November 16, 2017

What trade finance skills should you bring in-house rather than outsource? How do you assess the right balance of in-house finance resources and outside resources?

A8. Your CFO needs to be a SUPERSTAR. Risk averse but accepts risk, number savvy but doesn’t hinder selling, seems responsible so banks want to give him money, but edgy enough to make the dealz. #TradeElite

— audrey ross (@tresAudrey) November 16, 2017

#TradeElite A9 – Traditionally, those skills often resided in-house but with lean teams nowadays it’s not always an affordable option & those skills are often inherent in other in-house roles anyway; outsourcing when it’s not your competency is ok https://t.co/MbMeFRBgsv

— bernadette fernandes (@on_the_varanda) November 16, 2017

A 8 Agreed Audrey, expertise can and should be outsourced. Get the best expertise you can, it’s worth it in long run. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

Are there any tools or resources businesses of all sizes can take advantage of to help plan and secure their financing?

A10: Create strong relationships with your professional partners including banker, accountant, lawyer, trade consultant, whatever stage your business is in. All are able to guide you & work towards seeing you achieve your business goals. #EliteTrade #tradefinance #globalbiz

— A Girl’s Biz Banker ?? (@agirlsbizbanker) November 16, 2017

Use @ExportDevCanada to secure insurance and financing options. Check out https://t.co/ViuEuibHnt for daily funding updates, downloadable funding resources, and funding events.#tradeelite

— Chris Casemore (@ChrisCasemore) November 16, 2017

#TradeElite A10 – there are funding experts out there look at ALL the funding options specific to your needs & eligibility, and then actually write the funding application for you with a much higher success rate & a pay when you’re funded model @VarandaNetwork https://t.co/5fWFGknk4B

— bernadette fernandes (@on_the_varanda) November 16, 2017

A 10 Small Bus Admin in US offers all types of training and individual counseling. Most is free. #tradeelite

— Diane Weklar (@dianeweklar) November 16, 2017

Great tips! #CDNbiz can check out the @canadabusiness free listing of programs to help #Export products or services: https://t.co/jsmqLrO77S#TradeElite

— Barry Y (@yrraByrraB) November 16, 2017

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag.

And stay tuned for the next #TradeElite chat, coming up Thursday, December 14 at 2:30-3:30PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post Getting the funding you need to go global appeared first on Trade Ready.

At FITT’s upcoming conference, Your Future in Global Markets, we’ll be exploring the key issues international businesses will face in tomorrow’s global marketplace. It goes without saying that innovations in technology will be driving that future.

So, ahead of the deep dives we’ll be taking into all aspects of preparing a global business to be a top performer into the future, we wanted to get a sneak peek into how today’s tech innovations are already changing the way multinational businesses are operating, planning and even staffing. Here’s what the experts had to say in this month’s #TradeElite Twitter chat.

Moderator:

Kelly Freeman from ICECORP Logistics Inc. (@Icecorplog), based out of Toronto, Ontario.

Panelists:

Nicole Verkindt (@Offsetmarket) – Founder, OMX, “Dragon”, Next Gen Den, Panellist, CBC News, The Exchange based out of Toronto, Ontario.

Amy Karam (@AmyKaram) – Author, speaker, instructor and global expansion and competitive strategy consultant based out of Ottawa, Ontario.

Gustavo Zentner, CITP|FIBP (@GZInterpoc) – President of InterPOC – International Point of Commerce and Trade Champion for Canadian Manufacturers & Exporters, based in Winnipeg, Manitoba.

Paula Greene, CITP|FIBP (@PaulaIntlMkt) – President & CEO at BEYOND Ventures Group Inc. DBA BEYOND, based out of Halifax, Nova Scotia.

Omar Allam (@Omar_Allam_) – Founder and CEO of Allam Advisory Group based out of Ottawa, Ontario.

1. What are the biggest tech innovations driving global business today?

A1: Procure-to-pay and supplier engagement solutions for sellers & SMBs worldwide #TradeElite @FITTNews #globalbiz #innovation

— Omar Allam (@Omar_Allam_) September 14, 2017

A1. 1/2 – There are many; it is fundamental for companies to know what they look for before they start using tools.

— Gustavo Zentner (@GZinterpoc) September 14, 2017

A1. 2/2 – Automated online filing systems for custom & border crossing; live platforms with border patrols and customs reports are usefull

— Gustavo Zentner (@GZinterpoc) September 14, 2017

Automation, every industry is starting to be disrupted with this innovation #TradeElite @FITTNews #globalbiz #innovation

— Sarah Barnes (@sarahcaroline88) September 14, 2017

Q1: in mobile handset space where innovation has built on past successes like #android and #appleiphone platforms by Chinese company #Xiaomi https://t.co/kUlRIKkZuK

— Amy Karam (@AmyKaram) September 14, 2017

A1. Transportation – New Silk Road aka #OBOR utilizing rail, HYPERLOOP and Drones change the game #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

Big tech innovations driving global business: big data, B2B procurement platforms, #IOT #TradeElite

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

2. Where do you see the biggest impact to your business?

A2. For us creating experiences helps drive sales, even in B2B. 3D printing has been HUGE for us with sampling. #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

A2: Biggest impact remote workforces, decentralized company structure, meaning less commercial real estate…#tradeelite @tresaudrey

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

A2 With transition to remote workforce, adv communication tools means competing globally, have to stay competitive #tradeelite

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

A2. Video, improved photo quality, anything 3D or 360 helps our customers see the final product b4 we’ve produced #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

A2 Potential to reach more entrepreneurs around world with less travel. Less worrying abt how to be in many places at same time #tradeelite

— Sara Haq (@HaqCast) September 14, 2017

#TradeElite A2) Biggest trends I saw on @cbcdragon #NextGenDen was online marketplaces, “Ubers of ___”, #IOT and other consumer products.

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

3. Is technological change creating a new global economy?

A3 – Yes – absolutely. Crypto currencies are a perfect example. New platforms and basic forms of trade are making us more connected.

— Gustavo Zentner (@GZinterpoc) September 14, 2017

A3: Tech change is just evolving w. the global economy, and evolving with the progression of needs, behavior and capabilities #tradeelite https://t.co/7wlJ7PAW9s

— Amy Karam (@AmyKaram) September 14, 2017

A3 Yes, in virtually every sector, with remote work and transactions digitally, business knows no borders…& tax issues #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

#TradeElite A3)Yes, #tech has created an entire new digital,
networked #economy -will require new #leadership styles,collaboration, openness

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

A3. Absolutely. You can pay with your watch! Your WATCH. It’s a totally different economy. #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

4. AI is a hot topic – how do you see that affecting business in the future?

A4: on a commerce platform #AI can learn from user interactions, improve business processes & offer contextual info instantly. #tradeelite

— Omar Allam (@Omar_Allam_) September 14, 2017

A4. What AI will have trouble doing is any type of creative thinking. That’s the future of our workforce. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

A4) #AI will impact @offsetmarket allowing us to learn #procurement behaviour, make predictions + serve our users better #support #chatbots

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

Look out for role of AI in corporate boards. Some firms already deploying this resource for better decision making #TradeElite

— Marcos Vaena (@MarcosVaena) September 14, 2017

A4: AI will mean business people will need to become smarter in different ways in order to stay relevant and add value #training #tradeelite https://t.co/B6XD3fyWra

— Amy Karam (@AmyKaram) September 14, 2017

A4. I think it brings up new governance challenges but also opens the door to new service delivery & sales pitch channels #TradeElite

— Clarecia Christe?? (@ClareciaChriste) September 14, 2017

5. What are 3 ways tech will disrupt business in the future?

A5 automation, robotics and operational efficiency, decisions made with more data and less manual labor #TradeElite

— Sarah Barnes (@sarahcaroline88) September 14, 2017

A5) #Tech will change how we consume, so companies have to change how they sell #TradeElite

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

@FITTNews the change of technology to trade “everyone will sell something to anyone.” Trade moves from big companies to small personalities.

— Peter Kucherepa (@Kucherepa) September 14, 2017

The world is changing at an unheard of pace… watch, do research, be prepared and open. i.e. don’t put your head in the sand!!! #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

A5) #Tech will change us on personal +social level, providing more open access, less barriers, more diversity, more merit based #TradeElite

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

A5: tech leveling the playing field for small businesses and empowering both producers and consumers, making global trade more inclusive.

— Marcos Vaena (@MarcosVaena) September 14, 2017

6. What is key to staying ahead of disruption?

A6. Learning new stuff. Being open to different ways to accomplish goals & get stuff done. #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

A6: BE the disruptor in order to stay ahead of disruption #tradeelite think and act 3 steps ahead of where the market is #tradeelite https://t.co/6xq6INb7OH

— Amy Karam (@AmyKaram) September 14, 2017

A6) Be optimistic, be open, collaborate, iterate, small steps every day. And it’s all in the people around you #TradeElite

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

A6-challenge your thinking and reporting structures; hire professionals; don’t be afraid of making mistakes when trying new processes.

— Gustavo Zentner (@GZinterpoc) September 14, 2017

7. How can global business use tech in their strategy to stay competitive and maintain growth?

A7. Every experience is custom tailored,individual like in the old days of business, with tech we can do this at scale. #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

A7. integrate tech in the corporate norms, operations and human capital. Be innovative and use design thinking for strat plans #TradeElite

— Clarecia Christe?? (@ClareciaChriste) September 14, 2017

A7 – FAIL FORWARD
(encourage anyone in the org to point out mistakes and suggest corrective steps)

— Gustavo Zentner (@GZinterpoc) September 14, 2017

A7 figure out a way to get on top of the data you need, assess risk and be open to new tech #TradeElite

— Sarah Barnes (@sarahcaroline88) September 14, 2017

A7: use #tech to increase sales and reduce costs #TradeElite – at the end of the day, being competitive is that formula

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

A7. Where possible, use automation & digital tools so your team can do creative / service work, not admin. #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

A7: leverage it 2 keep closer connection 2 yr clients. Tech enables firms 2 have a pulse on the market and foresee trends to guide decisions

— Marcos Vaena (@MarcosVaena) September 14, 2017

8. Are there any emerging innovations that you’ve seen that you think will make an impact in the future?

A8. Yes, in not only how we are doing business, but what we are doing in business #cleantech #TradeElite

— Paula (Lunn) Greene (@PaulaIntlMkt) September 14, 2017

A8. Anything that incorporates tech to correct & protect the environment. Waste is an issue in a lot of industries. #TradeElite

— audrey ross (@tresAudrey) September 14, 2017

A8) just seeing start of #AI, #digitalmesh,big data etc, BUT I am most excited about is leverage into B2B, traditional sectors #TradeElite

— Nicole Verkindt (@nicoleverkindt) September 14, 2017

A8: more important than specific innovation is the shift in market behavior. Tech enables greater consumer empowerment and transparency

— Marcos Vaena (@MarcosVaena) September 14, 2017

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag.

It’s not too late to register for Your Future in Global Markets 2017, so act now to sign up see all of our panelists live, along with our other great speakers, events and more!

And stay tuned for the next #TradeElite chat, coming up Thursday, October 12 at 2:30-3:30PM ET.

The post How will today’s tech innovations affect the future of your global business? appeared first on Trade Ready.

More people seem to be talking about international trade than they have in years, whether they are directly involved in importing and exporting, or they are merely engaged as citizens while the latest policy changes shake out.

With all of the publicity surrounding Brexit, CETA and NAFTA renegotiations it’s no wonder chins are wagging. So we thought this was the perfect time to ask the experts what’s in store for global business, and where tomorrow’s biggest threats and opportunities will be.

FITT’s upcoming Your Future in Global Markets conference will address just that, so there were no better experts to ask then those who will be leading these discussions at the conference. Five of the #YourFuture2017 speakers obliged us and shared their insights in this month’s #TradeElite Twitter chat.>

Here’s what they had to say.

Panelists:

Nicole Verkindt (@OffSetMarket) – Founder, OMX, “Dragon”, Next Gen Den, Panellist, CBC News, The Exchange based out of Toronto, Canada

Amy Karam (@AmyKaram) – Author, speaker, instructor and global expansion and competitive strategy consultant based out of Ottawa, Canada

Jyll Saskin Gales (@jyllsaskingales) – Export Consultant, Google based out of Toronto Canada

Marcos Vaena (@MarcosVaena) – Chief, Sector and Enterprise Competitiveness, International Trade Centre, based out of Geneva, Switzerland

Adrian Mutton (@AdrianMutton) Founder and CEO of Sannam S4 and U.S. Business Centers, based out of Washington D.C. and London, England.

Let’s get the threats outta the way first. What’re the biggest threats global businesses will face in the next year, 5 yrs, beyond?

A1 Biggest = macro threats e.g. politics. Micro = resistance to change. Focus on micro threats, they’re in your control #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A1. Consumers moving to more minimalist lifestyles, the move from rural to urban (esp. China), Climate change. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A1: A big threat is increased protectionism and a halt to global trade #tradeelite

— OMX (@offsetmarket) August 17, 2017

A1. It would be obvious to link politics and uncertainty. Uncertainty can breed lack of confidence. #globalbiz needs confidence #tradeelite

— Adrian Mutton (@adrianmutton) August 17, 2017

A1: One of biggest threats for #globalbiz is lack of cross cultural IQ in business practices #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

@FITTNews #TradeElite A1: Volatility (incl political), accelerating technological change/disruption. SMEs need to be on top of their game.

— Marcos Vaena (@MarcosVaena) August 17, 2017

Q1. But uncertainty also presents opportunity. I prefer to think in those terms! #TradeElite

— Adrian Mutton (@adrianmutton) August 17, 2017

What are some things businesses of all sizes can do today to prepare to face these threats?

@FITTNews #TradeElite A2: Business need to leverage global networks to diversify risk. More engagement with youth to understand the future.

— Marcos Vaena (@MarcosVaena) August 17, 2017

#TradeElite Great innovation networks at global level @impacthub @seedstars are some great examples! @ITC_Youth another excellent initiative

— Marcos Vaena (@MarcosVaena) August 17, 2017

A2 Focus on growing your core competencies (product, customers, culture), not on becoming a diplomat, currency expert, etc. #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A2: Biz can increase partnerships with ‘the other side’ in order to gain more insight & clarity on dynamics eg enlist govt help #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

A2. In short, get out there. Work hard to with pinpoint the opportunities. Don’t rely on hyperbole. Trade can mitigate risk #TradeElite

— Adrian Mutton (@adrianmutton) August 17, 2017

A2. Nothing! Most are out of Biz control. Make a product / service you believe in & treat your customers ?#TradeElite

— audrey ross (@tresAudrey) August 17, 2017

@FITTNews #TradeElite A2: eCommerce still holds huge opport 2 expand markets and go global, esp. for SMEs @ebaygr has good data to prove it

— Marcos Vaena (@MarcosVaena) August 17, 2017

Is there any emerging tech that could help businesses and individuals mitigate risks in tomorrow’s global trade environment?

A3 Must have tech that enables easy analysis, collaboration and communication within companies. Necessary for #globaltrade #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

#TradeElite Q3: Great tools can be used by companies to spot threats and identify opportunities: https://t.co/8PFXf4e2m1 @ITC_MktAnalysis

— Marcos Vaena (@MarcosVaena) August 17, 2017

A3. More agile transportation like drones & being more diligent about who is in your supply chain. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A3: tech definitely helps eg. ecommerce good way to access new markets, comms improved etc. Also present own challenges though #tradeelite

— Adrian Mutton (@adrianmutton) August 17, 2017

#tradeelite A3: No tech foolproof. Need to understand how 2 use it and interpret the data. Digital skills a must 4 future-proofing yr biz

— Marcos Vaena (@MarcosVaena) August 17, 2017

A3 We’ll be talking more about emerging tech at the Your Future in Global Markets conference #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

Moving into opportunities, what are some of the biggest, opportunities tomorrow’s global businesses can take advantage of?

A4 1) Billions of people still coming online globally 2) For Canadian biz, non-English markets are often untapped opportunity #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A4. Staying in-the-know about Free Trade Agreements so that you can have extra benefits for selecting that market. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A4: Opports tomorrow’s #globalbiz can take advantage of: growing number of #emerging mkts customers and their rising income #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

A4. It’s always about finding a niche product / service that makes lives easier. @offsetmarket found one! #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

#TradeElite A4: Google “Fast Expanding Markets” (FEMs), great concept and interesting opportunities. Credit to @Exp_Mark @Terencecmtse

— Marcos Vaena (@MarcosVaena) August 17, 2017

Are there any markets that may challenge the BRICS in terms of import/export opportunities for global businesses?

A5. Sorry – Brazil & Russia are not markets you want to be in right now. South Africa good market. Indonesia, volatile. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A5. IMHO BRICS is dead. Move on to CIVETS (Columbia/Indonesia/Vietnam/Egypt/Turkey/South Africa) (ok, except Egypt). #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A5 BRIC sounds fancy and got good marketing, but they are just 4 of 100s of markets out there, ready for your products/services #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A5 No “one size fits all” magic market for everyone, depends on your business goals. Lots of data out there to inform decisions! #tradeelite

— Jyll Saskin Gales (@jyllsaskingales) August 17, 2017

A5. Big question. Having worked a lot with the I in BRICS, there is a lot to go after! Not easy to unlock but tough to ignore #TradeElite

— Adrian Mutton (@adrianmutton) August 17, 2017

#TradeElite A5: Size of market not always the answer. Many firms go for niche and specialization. Finding your right market “fit” is key!

— Marcos Vaena (@MarcosVaena) August 17, 2017

In your view, do the opportunities of tomorrow’s global marketplace outweigh the challenges for those just getting started?

#TradeElite A6: Born-global SMEs show that the sky is the limit. Digital is a great equalizer, lower barriers n levels playing field 4 SMEs

— Marcos Vaena (@MarcosVaena) August 17, 2017

A6. Yes. There are so many resources to help you & it’s worth it. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

A6: absolutely. its an indisputable necessity to pursue tomorrow’s global mkts despite the challenges. else #leftbehind #tradeelite

— Amy Karam (@AmyKaram) August 17, 2017

Any other thoughts you’d like to share on tomorrow’s global marketplace?

#TradeElite A7: Check out the “DRIVE” framework at https://t.co/x6NyJwgnJB great resource on future-proofing your business @Exp_Mark

— Marcos Vaena (@MarcosVaena) August 17, 2017

A7: the world is becoming smaller, so we hope everyone starts to jump in and participate. #tradeelite

— OMX (@offsetmarket) August 17, 2017

A7. The ONLY way to succeed in #GlobalBiz is to be @FITTNews Your Future in Global Markets conference Oct 2-4 Ottawa. #TradeElite

— audrey ross (@tresAudrey) August 17, 2017

Thanks Audrey! We won’t say ONLY, but it will help for sure! #TradeElite #YourFuture2017 https://t.co/hHoSHXBpFA https://t.co/ZgETejVgoj

— FITT (@FITTNews) August 17, 2017

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, September 14 at 2:30-3:30PM ET.

The post The biggest threats and opportunities in tomorrow’s global marketplace appeared first on Trade Ready.

Dmitri Tchernychov can’t remember a time when he was not fascinated by the sheer volume of goods constantly in transit all over the word in ships, planes, trains and trucks. He would think about what must go on behind the scenes to keep all of those vehicles and shipments moving and knew he wanted to be a part of it.

Dmitri discovered the International Trade and Transportation Logistics program at the British Columbia Institute of Technology (BCIT), where he connected with knowledgeable instructors who inspired him further to pursue a career in global transportation.

“During my years at BCIT, I had great instructors who helped me truly understand the full spectrum of the transportation industry, as well as international trade. As a result, I have developed a true passion and admiration for the industry.”

The quest to become a logistics expert

While completing his studies, Dmitri was able to get a foot in the door of his chosen career at Perishables International Transportation, where he gained experience handling logistics operations for fresh and frozen perishable goods.

After graduating from BCIT in 2008, Dmitri was already on his way to a successful logistics career, armed with his FITT diploma in International Trade and his proficiency for languages, including fluency in Russian, English and French. Dmitri also completed the Logistics, Materials, and Supply Chain Management program at the Canadian Institute of Traffic and Transportation (CITT) in 2009.

“The FITT-accredited courses that I took helped me tremendously to expand my vision in the transportation industry throughout all modes of transportation,” Dmitri says.  “Understanding the financial aspects of ocean freight and foreign investments really helped put things into perspective.”

I want to encourage other individuals that are new to the transportation industry to acquire their knowledge through the FITTskills program, as I am confident enough to say that it is an important step in gaining an understanding of the industry,” Dmitri says.  “It’s part of being knowledgeable and providing great value to my company’s customers, and it helps those customers to be confident in what we say or do for their businesses.”

“While I was studying I had to get really deep into the chapters about some of the modes of transportation that I’m not familiar with. The FITTskills program prepared me well, particularly in both legal aspects of international trade and international trade research. I found those two courses very helpful in my day- to-day tasks, considering that liability is a huge factor of our business.”

Handling chaos with a cool head

He soon landed the position of 3PL Manager for CSA transportation where he was responsible for less than truckload (LTL) cross-border service on Canada’s west coast. The four years Dmitri spent in this role prepared him well for tackling his next position as Logistics Manager at Moto Transportation Services, a move he made in 2012.

“To me every load and every shipment that I work on is interesting and special in its own way. It can get pretty crazy if something very simple is not being addressed properly. It can really turn into a nightmare. Those who are in the transportation industry will understand fully what I’m talking about, and that is what makes us the transportation experts. We can’t expect our valued customers to know everything, otherwise they’d be doing it on their own.”

Dmitri handled any twists and turns that came his way with practicality and empathy for his company’s clients, and was recognized for his abilities in 2015 with a promotion to Operations Manager.

“As an operations manager at Moto Transportation Services, based out of Vancouver, my day consists of paying careful attention to a lot of intricate details, as they can be very costly if missed.”

Planning ahead and thinking of any potential consequences that could trigger an entire chain reaction is a big part of my day-to-day duties.

In the shipping industry Dmitri and his team operate in a rigorous competitive environment. He is constantly reviewing the cost benefit analysis for each project and putting a priority on providing top-notch customer service to all his clients. He says this approach is what keeps him and Moto Transportation Services above water in the current logistics environment.

Despite their best efforts, unexpected things happen and can affect deliveries, such as weather delays, forced detours and truck breakdowns. The challenge is in keeping a cool head and doing whatever they can to problem-solve and get their shipments where they need to go.

“Patience and control of the situation, in regards to logistics, and acting under the core values of the company are tenets that I act by. Integrity, transparency, honesty and efficiency are my main guidelines that I go by when dealing with customers and colleagues on a daily basis.”

In an industry as fast-paced and subject to acts of nature and unexpected challenges as international transportation, Dmitri finds enjoyment in the variety and satisfaction in a job well done.

“What also attracted me to this industry is the fact that it’s never monotonous. There is always something going on, something unusual and different, thanks to our customers and changing policy and regulations. Interesting projects are always happening on the internal level as well, trying to work out how big volumes of freight can be controlled efficiently, and putting the right individuals on the job.”

Taking his rightful place with the experts in his field

Being knowledgeable and creditable in his industry is something that is very important to Dmitri and his clients. During his time at BCIT, some of his instructors had recommended he apply for the elite CITP®|FIBP® designation, to join the network of highly recognized international trade practitioners in Canada and abroad. Dmitri agreed and applied for his designation this spring, earning it in May, 2017.

Now that I have my designation, I will approach some of my tasks differently and look at some projects from a different perspective. I believe that I will be able to provide a better value to my company and coworkers.

“And I’ll be able to educate some of our clients to help them with their day-to-day business by reducing their cost and increasing freight volumes. I also believe that it will help me manage my company’s operations department and secure market share in the industry.”

The post Dmitri Tchernychov, CITP|FIBP – Operations Manager appeared first on Trade Ready.

It’s no secret that starting a business from the ground up comes with an abundance of challenges. Founders must face and overcome challenges in financing, risk mitigation, market entry and recruitment, to name only a few. But global entrepreneurs add to that laundry list of obstacles with cross-border shipping, global supply chain management, international laws and regulations, language and culture differences – I could go on!

Fortunately, there are some brave, ambitious souls out there who face these challenges head-on and boldly stride into the global marketplace. To get a glimpse into the situations global entrepreneurs face and put our fingers on some great solutions, we assembled a panel of experts who have been there, done that, and are helping others successfully enter international waters as global business owners.

They shared their insights in this month’s #TradeElite Twitter chat. Here’s what they had to say.

Moderator:

Sara Haq (@SH_Intl), Founder and Principal of SH International, helping entrepreneurs build profitable multinational businesses through training, and partnerships, based out of Washington, DC.

Panelists:

Nicole Verkindt (@OffSetMarket) – Founder, OMX, “Dragon”, Next Gen Den, Panellist, CBC News, The Exchange based out of Toronto, Canada

Tanita Alexandridis, CITP (@TanitaAlex1) – Sr. Associate, Advisory Services, Export Development Canada based out of Ottawa, Canada

Lynnette Wennerstrom (@thisisLynnette) – Globalization consultant and project management specialist based out of Washington, DC

Amy Karam (@AmyKaram) – Author, speaker, instructor and global expansion and competitive strategy consultant based out of Ottawa, Canada

Adam Wood (@Woody_at) – CEO of GCS Group, Co-founder of Certifiedby.com specializing in helping businesses with credit, risk, and compliance based out of Melbourne, Australia

Let’s get it all out there – what are the biggest challenges faced by global entrepreneurs?

One of the biggest challenges for global entrepreneurs is getting an international deal. #tradeelite

— OMX (@offsetmarket) July 13, 2017

A1: blinded sided by power of politics and govt influence in closing business abroad and lack of long term perspective are two #tradeelite

— Amy Karam (@AmyKaram) July 13, 2017

A1: ? entrepreneurs start as local ones. Understanding how to create a local experience for their users is one challenge #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A1: Need time & money to do the research, make the connections in #export markets, but SMEs often lack both. #tradeelite https://t.co/1Hhwe6cDdy

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

A1: Ambition v knowledge and learned trust. Experience teaches us to know who your dealing with, before trading #tradeelite

— Adam Wood (@Woody_at) July 13, 2017

A1: I also found that getting tech working in certain emerging markets can be … an adventure! #TradeElite

— Eric (@KantJungRand) July 13, 2017

A1. Finding customers who want your product and not having to make too many adjustments to it for int’l compliance #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

How I feel overcoming obstacles selling abroad #TradeElite pic.twitter.com/xAbWOXjEre

— OMX (@offsetmarket) July 13, 2017

That’s a lot of confidence. Off to a good start.

What do you see ALREADY working for global entrepreneurs in terms of overcoming their challenges?

A2: ? entrepreneurs are often at the vanguard of using and developing new technologies to overcome hurdles…out of necessity #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

We’re lucky to be able to connect with people from different parts of the world through social media #tradeelite

— ICECORP Logistics (@icecorplog) July 13, 2017

A2: readiness to take higher risks, realizing that global mkts, esp emerging mkts, cannot be ignored as strong revenue sources #tradeelite

— Amy Karam (@AmyKaram) July 13, 2017

A2: Leverage others’ expertise: have a network of legal, logistics, market intel partners. @TCS_SDC comes to mind! #TradeElite https://t.co/K7QwmXRbwo

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

A2. In Canada there is an emphasis on building exports w/ FTA’s & we have Gov’t resources for support. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

Who is responsible and/or the most capable of helping global entrepreneurs overcome their challenges?

A3: ? entrepreneurs are responsible for IDing those that can help them overcome challenges. It may or may not be them. #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A3. The #TradeElite. Gov’t can help, Consultants can help, but you need to know who is reliable & that comes from ppl in the industry.

— audrey ross (@tresAudrey) July 13, 2017

A3: Agreed, @ThisIsLynnette ! There are experts to help for most challenges… but SMEs have to ultimately own their success. #TradeElite https://t.co/Ec6vJ4jVS7

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

@tresAudrey it can be so tough to vet the right resources. Thank goodness we have the world at our fingertips to do our research #TradeElite https://t.co/OH7ldMJlUR

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A3: foreign affairs, trade commissioners, orgs like @FITTNews, local consultants in country and other entrepreneurs. #tradeelite

— OMX (@offsetmarket) July 13, 2017

What are the most hidden challenges of global entrepreneurship? When entrepreneurs struggle quietly, or without resources?

A4: One hidden challenge is worrying about cultural differences in addition to worrying about currency conversions #tradeelite

— OMX (@offsetmarket) July 13, 2017

A4: lack of realistic time frames in how long it takes to make things happen and how many failures or closed-end leads it takes #tradeelite https://t.co/G6yheDhOTv

— Amy Karam (@AmyKaram) July 13, 2017

A4. Trust factor. You can’t rely on traditional legal, banking, accounting, political resources. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A4: struggling quietly and going solo! Paraphrasing @vanillaice and @tresAudrey “stop, collaborate, and listen” #TradeElite #iceicebaby https://t.co/hGgEHawfba

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A4: Overwhelm and paralysis by analysis = #thestruggleisreal. #Entrepreneurship is hard enough, int’lly it’s even harder. #TradeElite

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A4 Also, CEO risk-aversion. As stated, risk can be higher in global markets. Risk tolerance can inhibit growth #tradeelite

— Eric (@KantJungRand) July 13, 2017

A4: In order to also match a local culture, you may need to slightly adjust your product @AmyKaram #tradeelite

— OMX (@offsetmarket) July 13, 2017

What differences in challenges are there for global entrepreneurs in US/ Canada vs. in places like India and Brazil?

A5:This can tie back w/ Q4, but you will want your product to be translated into another language to serve a wider market #tradeelite

— OMX (@offsetmarket) July 13, 2017

A5: As an external biz, you often worry about local competitors who will have home advantage by being in country…#tradeelite

— OMX (@offsetmarket) July 13, 2017

A5. I don’t have exp in those markets, but flags have been corruption level, inconsistent standards & bureaucracy issues. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A5: But be sure to localize it, not simply translate it. Adapt for the locale, culture and language to make the biggest impact. #TradeElite https://t.co/Kvpnq10eL2

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

Def. culture & comms (can’t always interpret “yes” & “no” in the same way), time/travel req’d to build relationships, time zones #TradeElite https://t.co/OU9eM7hNQQ

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

A5 For @text_engine in India we found that the Do Not Call Registry really blocked our growth.Must solve 4 tech peculiarities #TradeElite

— Eric (@KantJungRand) July 13, 2017

Which types of financing are the most supportive of the global entrepreneur?

A6. In Cda look at @EDC_Events & @bdc_ca options b/c they really mitigate your risk & help w/ banks. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

Just for fun, let’s answer one A6: We find that VC’s are often ill-equipped to assess the multinational #entrepreneur‘s venture #tradeelite

— SH International LLC (@SH_Intl) July 13, 2017

A6. You’ve got to create a strong relationship with your bank. Face to Face. Get them to understand your biz. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A6: Credit insurance has dual benefit: protect against non-payment & make it easier for bank to lend against your receivables. #TradeElite https://t.co/I5ml8d0ESv

— Tanita Alexandridis (@TanitaAlex1) July 13, 2017

#TradeElite A6 countries that support an #export policy will have ECAs (export credit agencies) that will customize products or programs https://t.co/l0KkBQd0sv

— Emiliano Introcaso (@introcaso) July 13, 2017

In what way can global entrepreneurship make this world a better place? Should that be the goal of a global entrepreneur?

A7 I think it’s ok to admit if your goal is to make $$ & not necessarily to make the world a btr place. Just be honest w/ urself #tradeelite

— Eric (@KantJungRand) July 13, 2017

A7: ? #entrepreneurship is just another way of bringing people together to collaborate across borders. #TradeElite #GlobalBusiness

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

A7 by respecting mutual interests and bridging relationships through cultural understanding #tradeelite

— Amy Karam (@AmyKaram) July 13, 2017

A7. I see more SME’s giving back, designing a helpful product & building community over just profit, profit, profit. #TradeElite

— audrey ross (@tresAudrey) July 13, 2017

A7: Global #entrepreneurship can apply #innovative ideas and approaches to solve world problems. #tradeelite

— OMX (@offsetmarket) July 13, 2017

What final words of inspiration do you have for global entrepreneurs facing difficult situations?

A8: Be patient and persevere. #tradeelite

— OMX (@offsetmarket) July 13, 2017

A8. There are resources & great ppl to help you (for free!) Find the #TradeElite, connect w/ @FITTNews. Don’t give up!

— audrey ross (@tresAudrey) July 13, 2017

A8: You got this. Be the drive and hustle, but reach out to local experts on your journey. #tradeelite #Entrepreneurship #YouGotThis pic.twitter.com/daOvJZESJD

— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017

Getting great info from the #TradeElite panel? Catch Nicole Verkindt @Offsetmarket and @AmyKaram at #YourFuture2017 https://t.co/hHoSHXBpFA pic.twitter.com/XZp8w4P0lZ

— FITT (@FITTNews) July 13, 2017

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, August 10 at 2:30-3:30PM ET.

The post How can global entrepreneurs overcome their biggest challenges? appeared first on Trade Ready.

As more free trade agreements are reached and come into force, such as the recent ratification of CETA, opportunities are opening up for companies of all sizes to do business in new international markets.

However, at the same time that regions are making history with bilateral and multilateral trade agreements, the threat of protectionism and increased trade barriers is also giving importers and exporters pause in some markets.

This brought us to a natural question – how can businesses overcome trade barriers of all kinds in markets with potential (and should they)?

To explore this complicated topic, we asked the experts who are directly involved in trade policy, helping businesses overcome barriers to trade in new markets, and those who have “been there – done that” in this month’s #TradeElite Twitter chat. Here’s what they had to say.

Moderator:

Maxim Berdichevsky, CITP|FIBP (@MaximMGL), Deputy Director of Investment at Global Affairs Canada, based out of Ottawa, Ontario

Panelists:

Craig Atkinson, CITP|FIBP(@craigaatkinson) Director, International Trade and Development LEXMERCA International Trade based in Halifax, Nova Scotia

Darryl Anderson, (@DarrylWavepoint)  Managing Director of Multi-modal Freight Transportation at Wave Point Consulting Ltd in Victoria, British Columbia

Doris Nagel, (@DorisNagel) Managing Partner at Globalocity a sales channel management consulting firm based in Chicago, Illinois

Anna Schlegel, (@annapapallona) Cofounder of Women in Localization and Sr. Director of Globalization Programs Strategy Office and Information Engineering at NetApp, in Sunnyvale, California

Gustavo Zentnor, CITP|FIBP (@GZinterpoc) President of InterPOC – International Point of Commerce and Trade Champion for Canadian Manufacturers & Exporters, based in Winnipeg, Manitoba

Ross Miller, (@rnmiller99) Deputy Head of the FTA Promotion Task Force at Global Affairs Canada based in Ottawa, Ontario

What comes to your mind when you think of trade barriers?

A1 – Barriers can be external, imposed by legislation of other countries, quota, and others #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

A1. Tariffs, non-tariff barriers such as regulations, phyto-sanitary requirements. #TradeElite

— Ross Miller (@rnmiller99) June 8, 2017

A1. I associate #tradebarriers with #nontariffmeasures (#NTMs), yet tariffs remain a significant barrier for SME #trade. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

A1: High tariffs & unclear customs practices. A reputation for corruption. Geo-Political issues & conflict. #TradeElite

— audrey ross (@tresAudrey) June 8, 2017

Speaking of TBTs, what are some strategies to avoid technical barriers to trade?

A2 -Part1 - to avoid #TBTs look for competitors and study their market entry and export activities #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

#TradeElite un-encrypt your products

— Anna N Schlegel (@annapapallona) June 8, 2017

A2. In some cases, they may be unavoidable. There may be trade offs between compliance costs and products chosen for export. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

So, be accurate and diligent with your documentation and sometimes just live with it... #TBTs #TradeElite

— maxim berdichevsky (@MaximMGL) June 8, 2017

A2 Have you heard about the Canada Tariff Finder: https://t.co/u73tslcHoH Lok up HS codes and find tariffs for all Cdn FTAs. #TradeElite

— Ross Miller (@rnmiller99) June 8, 2017

What is the role of rules of origin (RoO) in overcoming (or creating?) trade barriers?

A3 Rules of origin importance is derived from the fact that duties/restrictions in depend upon the source of imports.#TradeElite https://t.co/YcQzRExGrf

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

P 2/2. #tradeelite - There is ongoing consultation for NAFTA countries to provide feedback which determines future barriers. Participate!

— Gustavo Zentner (@GZinterpoc) June 8, 2017

A3. Rules of Origin are a nitpicky way to ensure Customs collects the duties they want to collect. #TradeElite

— audrey ross (@tresAudrey) June 8, 2017

A3 Try sourcing from country where a preferential trade agreement is in place #TradeElite

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

Q3 - RoO are fundamental to determine the national source of a product. RoO are not your enemy, they also protect your market #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

A3 #tradeelite Unfortunately the more diverse & nimble your supply chain is, the more complex CoO compliance becomes

— Doris Nagel (@DorisNagel) June 8, 2017

A3 How popular is Global Trade Management software among SMEs? This can help with RoO issues and a lot more. #TradeElite

— Ross Miller (@rnmiller99) June 8, 2017

Can finance be an international trade barrier?

A4. #Accesstofinance and associated administrative costs / competencies can certainly be an indirect barrier, esp. for SMEs. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

A4. Totally - Trad'l Banks are still quite local minded & some don't have the global knowledge needed to help SME's. #TradeElite

— audrey ross (@tresAudrey) June 8, 2017

A4 Lack of finance may limit ability to expand but not a trade barrier in most cases. But in some 3P infrastructure Yes. #TradeElite https://t.co/rN1oYtaNJZ

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

A4 p.1 - Int'l finance can be a deterrent, but it can also represent your unique value proposition to close a transaction.

— Gustavo Zentner (@GZinterpoc) June 8, 2017

have to pay for risk mitigation, literally and figuratively, no? #TradeElite

— maxim berdichevsky (@MaximMGL) June 8, 2017

What can an exporter do to improve access to finance for themselves or customers?

A5 Export Development Canada trade finance solutions #TradeElite https://t.co/lUG59YG0TF

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

Q5 #tradeelite Dig in & get fully educated. Many great gov't & private company resources to help.

— Doris Nagel (@DorisNagel) June 8, 2017

A5. Build domestic credibility before engaging in international #trade. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

A5 - I have encountered situations where my clients abroad requested credit background on us before proceeding to negotiations #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

Sanctions as a trade barrier - Is it possible it to overcome them?

A6 - Yes, possible to overcome. It will be very costly, tedious and difficult to do. Best approach is TRADE COMPLIANCE. #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

A6 Is it really worth the business risk and reputation to overcome trade sanctions?#TradeElite https://t.co/iaNqDlFqiH

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

A6. That's a tough one. If possible, avoid the market entirely. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

Do SMEs today have capacity to overcome trade barriers in global trade?

A7. Increasingly so. The emergence of #TradePolicy 2.0 and Single Access Windows is improving the inclusiveness of global mkts. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

A7 For may Canadian SME importers & exporters capacity is outsourced to Custom Brokers, 3Pls & trade compliance fols. #TradeElite https://t.co/J5ag5GmHDt

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

A7 Under FTAs, zero tariff rate are often not used by the importer. Exporters becoming the importer of record may help.#TradeElite

— Ross Miller (@rnmiller99) June 8, 2017

Still on SME theme... What are some of the resources SMEs can use to succeed in global trade?

A8. Given capacity constraints, it is critical that SMEs use services of #trade promotion organizations like @TCS_SDC in Canada. #TradeElite

— Craig A. Atkinson (@craigaatkinson) June 8, 2017

Q8

Contact your
local @TCS_SDC trade commissioner to discuss #CETA opportunities for your businesshttps://t.co/KIhl2oo61u #TradeElite

— Ross Miller (@rnmiller99) June 8, 2017

A8 - Working through your industry association. @cme_mec / Understand what solutions are offered to your customers abroad #TradeElite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

A8 I believe Canadian Manufacturers Association has Trade Officials embedded in regional offices. #TradeElite https://t.co/OfynSdC3eM

— Darryl Anderson (@DarrylWavepoint) June 8, 2017

A8 - There is an abundance of cash in Canada - use investors as mentors and sources to increase your network and reduce risk #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

Provincial agencies are often underestimated or underutilised. #TradeElite https://t.co/2DMAxo2bZn

— maxim berdichevsky (@MaximMGL) June 8, 2017

A8 the FITTskills courses can help SMES gain the expertise they need to do business globally https://t.co/tYQ9OrWIWc #tradeelite

— FITT (@FITTNews) June 8, 2017

A8 We can also help by providing #export resources and directing #SMEs to our very helpful friend at @TCS_SDC & @ExportDevCanada #tradeelite

— FITT (@FITTNews) June 8, 2017

A8. Join the @FITTNews #TradeElite chat every 2nd Thursday of the month & get free info from people who are IN IT every day. ?

— audrey ross (@tresAudrey) June 8, 2017

Any final thoughts on overcoming trade barriers?

Barriers: read about positive adaptation and work through your INTERNAL barriers to growth, before you jump on a plane. #tradeelite

— Gustavo Zentner (@GZinterpoc) June 8, 2017

Want to learn more about how to build your team, act on the latest trends, technology and policies, and plan your future in global markets? Learn from Gustavo, Maxim and other experts in their fields, and ask your burning questions at Your Future in Global Markets international business conference October 2 -4, 2017.

Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, July 13 at 2:30-3:30PM ET.

The post Can you do business in markets facing trade barriers? And should you? appeared first on Trade Ready.