How you can find the right partners for market entry success

30/04/2018

Two businessmen with arms around each other

Two businessmen with arms around each other

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.

Learn how to ensure your company remains profitable by conducting cost-benefit analyses, risk mitigation strategies and more of the key success factors with the International Market Entry Strategies online course.

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?

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

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

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

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

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

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

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

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.

About the author

Pamela Hyatt

Author: Pamela Hyatt

I am a Content Marketing Specialist for the Forum for International Trade Training (FITT). You can find some of my work on TradeReady.ca. My background is in copywriting, journalism and social media. My passion lies in connecting people to the stories that are most important to them.

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