As many businesses begin their recovery efforts, a cascade of questions are top of mind. This is new territory for everyone. Where are the opportunities for growth and expansion? How do you approach business development? What should my recovery to growth plan look like?
To answer these questions we turned to a team of diverse experts in last week’s #TradeElite Twitter chat. Their insights were informative, practical and inspiring. Read through their responses below.
Topics covered:
- New global business landscape: changes in policy, market access, disruption
- Today’s opportunities for global growth
- Latest digital tools for global business
- Global business recovery -> growth action plan
- Restarting business development efforts
- Biggest lessons learned that businesses can use to protect their futures
- Future global growth opportunities
Panelists:
Rad Dockery @Rad_Dockery Chief Innovation Officer, Unifai Solutions
Amy Karam @AmyKaram Founder, Global Competitive Strategy Consultant, Karam Consulting, and China Trade Expert
Craig Atkinson, CITP @CraigAAtkinson Trade, Technology and Sustainable Development Specialist, Founder of Lexmerca International Trade
Paula Greene, CITP @PaulaIntlMkt President & CEO at BEYOND Ventures Group Inc., Export Entrepreneur and Business Developer
Bernadette Fernandes @On_the_Varanda Global Connector – International Trade & Development, Founder & CEO of the Varanda Network
What is the “new global business landscape” we are looking at today? What has changed in terms of policy, market access, and disruption?
Q1. EDC forecasts global growth at 1.6% in 2020—the worst performance since 2008, they expect a substantial increase to 5.3% in 2021. We need to be in the forefront. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
A1: Much has changed on the #policy front. @WTO #TFA came into effect over 2 years ago. #Tech for #trade is proliferating. Cost-effective and rapid movement of goods can have as much to do with a product’s #data as with a product itself. #TradeElitehttps://t.co/HsNwhsAwGT
— Craig Atkinson (@craigaatkinson) June 25, 2020
Clearly, #COVID19 has altered the global landscape significantly. As the level of infections varies across our major trading partners. And in emerging markets. #TradeElite
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A1: it’s the new old… not the recent but the very old, where travel was a tool for international trade. All has changed but not all bad. Policy is being adjusted; market access is now based more on existing relationships/networks; disruption is everybody’s business #TradeElite https://t.co/VTVGwkY3z0
— bernadette fernandes (@on_the_varanda) June 25, 2020
Trade diversification is being highlighted as a necessity not a novelty. #geopolitics rule and companies cannot afford to be dependent on the cheapest or low hanging fruit option #tradeelite https://t.co/1Px5iAC6Ft
— Amy Karam (@AmyKaram) June 25, 2020
We are also seeing more nations become more nationalist when it comes to procurement. The global Supply Chain is being questioned. As we see in Japan, where they put away substantial amt of funds for Japanese firms to diversify away from Chinese based Supply Chains #TradeElite https://t.co/2LM8XnrCCL
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A1: Disruption caused by the pandemic is forcing the digitalization of #trade faster than expected. Non-evidence based policy / protectionism is hurting some of former leading nations. Fragmentation and convergence are norm. Tariffs in the media, but NTBs are problem. #TradeElite
— Craig Atkinson (@craigaatkinson) June 25, 2020
Market access has also changed. For instance, we had to cancel a couple of trips to @ASEAN due to Covid19. And to adjust the service delivery model for a project. Remote work plus remote access to critical data infrastructure is new for many emerging markets. #TradeElite # https://t.co/2LM8XnrCCL
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
…and that impacts the trust factor that is very important for #emergingmarkets customers #tradeelite https://t.co/5MCAeBKLsr
— Amy Karam (@AmyKaram) June 25, 2020
Lots of interesting insights coming in already. We’re hearing that:
✅Policy has been changing a lot over last few years
✅Tech and data are huge for supply chain efficiency
✅Diversify, as political climate is changing
✅Disruption everywhere#tradeelite— FITT (@FITTNews) June 25, 2020
Very broadly, for businesses that may be in recovery mode, where are the opportunities for growth today?
A2: opportunities are where you create them 🙂 1) develop a growth plan as you may have to abandon recovery; 2) implement the plan… slowly and wisely; 3) have check-points often to ensure the opportunities are still in your line of sight… you may have to shift/pivot #TradeElite https://t.co/Ao9Sy8YSj6
— bernadette fernandes (@on_the_varanda) June 25, 2020
There are many opportunities. But first, organizations have to ask themselves are they truly ready? Do you have not only the technical/business but the CULTURAL ability to perform in a Global Market. #tradeelite #BussinessGrowth #globalbiz #cdnbiz @CanadaTrade https://t.co/ccO6RcbxeH
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A2: Opportunities are in the #knowledge based industries #tradeelite https://t.co/9XGBLnGoGy
— Amy Karam (@AmyKaram) June 25, 2020
A2: The opportunities for growth are in new markets. Diversification must also be top of mind when considering lack of response in some countries to pandemic/natural disasters. Canadian ?? business needs to think about non-traditional #markets and #trade partners. #TradeElite
— Craig Atkinson (@craigaatkinson) June 25, 2020
#DigitalTransformation which has been mainly an overly used term, is now being taken more seriously. And it has many elements! From Skills, culture, management, politics, finance and obviously Technology #TradeElite #businessgrowth #Globalbiz #cdnbiz https://t.co/ccO6RcbxeH
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A2: If you are looking to export markets, look at where they are in flattening the curve, those experiencing high incidences may not be receptive. Where they are recovering , an opportunity #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
We also have found that Supply Chain visibility has become a huge issue. This applies domestically and globally. If one offers products/services that can improve #SCM visibility, there are opportunities. #TradeElite #businessgrowth #globalbiz #cdnbiz https://t.co/ccO6RcbxeH
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
Looking at innovative ways to deal with #inequality is also an opportunity. #Covid19 has underlined how many global citizens are on the edge. We have received calls from West / East Africa on this topic since we won our deal in Indonesia #TradeElite #businessgrowth #globalbiz https://t.co/ccO6RcbxeH
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
Forrester’s analyst Joana de Quintanilha said that companies should be measuring the customer journey to listen to their needs all along the buying process, and she mentioned Customer Effort Score for that purpose, for example, and constant micro-surveys. #TradeElite #globaltrade
— Sandra Cravero | 4/5 replies from ❄️ ? marketing (@sandracravero) June 25, 2020
Where are the opportunities for global growth? We’re hearing:
?Knowledge-based industries
?Collaboration
?Digital tools/transformation
?New markets who are flattening the curve #COVID19 #TradeElite
Are we missing any?— FITT (@FITTNews) June 25, 2020
We are hearing a lot about technology applications. What are some of the most relevant digital tools that can give global businesses a competitive edge?
A3: technology applications are a dime a dozen, too many to mention with #DigitalTransformation; it’s no longer about the tools but about how quickly and effectively you can adopt, integrate and transform for competitive differentiation #TradeElite https://t.co/ZUXB8xFuwe
— bernadette fernandes (@on_the_varanda) June 25, 2020
A3: The most relevant digital tools that can give global businesses a competitive edge – the tools easily used by your customers and the target market. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
A3: On the research front, can’t beat @ITC_MktAnalysis tools. Otherwise, #singlewindow platforms req. under @WTO #TFA is helping traders to more efficiently comply with rules of different ministries (eg #customs + #ag). #Paperless #trade #TradeElite https://t.co/NIQDtKfQXn https://t.co/zijlsptwwl
— Craig Atkinson (@craigaatkinson) June 25, 2020
A3. Familiarize yourself with multiple platforms, make it easy for your prospective client. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
An internal data strategy is key. What your sweet spots? Where have you and where can you deliver the most value. Internal data analytics here is crucial. Don’t guess at what you are good at. KNOW IT! #DataAnalytics is CRITICAL! #tradeelite #globalbusiness #cdnbiz https://t.co/vDk6XLF0Mj
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A3: that’s bang on @PaulaIntlMkt , can’t go wrong being customer centric even when it comes to digital and especially our own competitive edge! #TradeElite https://t.co/JFbphEBu3s
— bernadette fernandes (@on_the_varanda) June 25, 2020
Building secure 2/3 way platforms will also allow more seamless interaction vs. only email. This is where technologies like #smartcontracts may finally take off. #digital #tradeelite #globalbusiness #cdnbiz https://t.co/vDk6XLF0Mj
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
What are the best digital tools for global growth?
We’re hearing:
?No specific tools ➡️effective adoption
?Internal data analytics
?Tools that help your customers
?Agile inventory management
?3BL framework
?@ITC_MktAnalysis tools
?#singlewindow platforms #tradeelite— FITT (@FITTNews) June 25, 2020
What should be included in every global business’ recovery -> growth action plan?
A4: top of my list to include is a new business mentality, an attitude shift to recovery, from survive mode to thrive mode; but also a coming to terms with the fact that you may not be recovering but rather pivoting, developing a completely new action plan for growth. #TradeElite https://t.co/Lz0qzxOMPo
— bernadette fernandes (@on_the_varanda) June 25, 2020
A4. Research, vet and validate your prior business plan either confirm information pre #COVID19 or plot a new direction. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
BUSINESS CONTINUITY PLANNING!!! You can’t grow if you can not demonstrate how you will handle an unexpected event. Our own internal process here has become part of the narrative we share with clients! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A4: Incorporation of #contingency plans, regardless of potential added costs. e.g. #supplychain #diversification, #economic security by widening reach of #customerbase. Long-term #growth plans and investments vs. short-term wins #TradeElite https://t.co/pURFXji7a8
— Amy Karam (@AmyKaram) June 25, 2020
Cultural awareness and sensitivity. At first I bought a N. American attitude to trade. and failed badly! Respecting culture is critical for growth planning. Because that builds trust and personal relationships! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A4: How to ensure the safety of employees as they move forward. #TradeElite
— Craig Atkinson (@craigaatkinson) June 25, 2020
It is critical to team up with External Experts. We have some on this thread who can help you grow your global business! This can save you time and money. And help you really focus on your sweet spots! #tradeelite #globalbusiness #cdnbiz https://t.co/29BUsmirnz
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A4. Analyze what is happening in your sector, some sectors have been continuing to work as before and are struggling to procure supply. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
A4: Remember when we all had disaster recovery plans? Wait, you’re not as old as me 🙂 but either way, now it’s not even a #hashtag 🙁 bring back #DisasterRecovery #TradeElite https://t.co/sSSlUDDmQX
— bernadette fernandes (@on_the_varanda) June 25, 2020
What advice do you have for global businesses looking at restarting their business development efforts?
1) Don’t be afraid to ask for help! We have failed and slipped up many times. Ask for help from @TCS_SDC and engage your team. Also get your news from sources outside of our home base. #tradeelite #globalbusiness #cdnbiz https://t.co/ZQQ3Og5k3t
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A5: start at the beginning, before you went global, because everything, even where you go & grow is different now. If you’re restarting you have a head start, & lots of tweaks; If you’re pivoting/starting fresh, then go back in your mental archives to how you started #TradeElite https://t.co/7RIiMcKLKv
— bernadette fernandes (@on_the_varanda) June 25, 2020
2) Be honest.. If you can’t hire someone who will be honest for you :-)… What are you really good at? What does firms actually need? Can you offer it at a good price and be profitable. U have to be brutal honest! #tradeelite #globalbusiness #cdnbiz https://t.co/ZQQ3Og5k3t
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
A5: Diversification is key for businesses that are already global and looking to restart their business development efforts. #TradeElite https://t.co/2FWOLRnijQ
— Craig Atkinson (@craigaatkinson) June 25, 2020
A5. Don’t stop! Reach out now. Look for alternate paths, channels, or contact information due to offices that may be closed. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
What are some big lessons from this crisis that businesses can act on now to protect themselves in the future?
A6: my biggest lesson was to expect the unexpected, and by expect I mean prepare for the worst: build a business continuity plan for the worst crisis that you CAN’T even imagine; then put in mitigating measures with several checkpoints to ensure you’re still protected #TradeElite https://t.co/KZ3tPMUIcR
— bernadette fernandes (@on_the_varanda) June 25, 2020
A6: I’d say #digital is key. Administration can be simplified, but transferring and storing #data has consequences now. Be familiar with your market’s rules (e.g. #EU member countries). #TradeElite
— Craig Atkinson (@craigaatkinson) June 25, 2020
A6: Rethink your #strategy to be more long term focused and incorporate #geopolitical #risk considerations in your business plans. #TradeElite #globaltrade https://t.co/xjdgZZCcO1
— Amy Karam (@AmyKaram) June 25, 2020
A6. Look for avenues, how competitive are you to customers in countries seeking to diversify import dependence, Stabilize their supply chains, seeking substitutions for current supply.#TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
1) Business Continuity Planning is a MUST!
2) #DigitalTransformation must start NOW!!!!
3) Businesses must be able to deliver anytime/anyplace
4) Economic and Social Inequality is even a larger problem than many of us realized. #tradeelite #globalbusiness #cdnbiz #SDGs https://t.co/0J2fTjovvi— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
With #DigitalTransformation – you can turn Data into information!!! #Digital… #Digital.. #digital.. with respect for culture.. And Canada should absolutely kick you know what on this topic! #tradeelite #globalbusiness #cdnbiz https://t.co/0J2fTjovvi
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
Lastly, businesses need to re-evaluate every single vendor/partner. What are they doing to become more digital? Do they engage diverse voices in a global economy.. Or are they still operating as if nothing changed. #tradeelite #globalbusiness #cdnbiz https://t.co/0J2fTjovvi
— Rad Dockery ??? (@Rad_Dockery) June 25, 2020
Crystal ball time! Where do you see more growth opportunities in the near future?
A7: I think growth will occur in products and sectors that are “sustainable”. If anything, the pandemic and natural disasters have shown how fragile the whole system is. #TradeElite
— Craig Atkinson (@craigaatkinson) June 25, 2020
A7: One word; one continent… Africa! Personally, I see growth happening in markets that are unfortunately used to being resourceful, responding to crisis, before it happens. Africa gets growth; they’re ready for diversification; they’re ready for Trade & Investment #TradeElite https://t.co/k3bVi88R6w
— bernadette fernandes (@on_the_varanda) June 25, 2020
A7. Define the best approach, look at opportunities, adjust to adapt new practices, perhaps as part of your corporate social responsibility practice, pivot and optimize your efforts. #TradeElite
— Paula (Lunn) Greene (@PaulaIntlMkt) June 25, 2020
Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, July 23 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.
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