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Learning about other cultures before attempting a business relationship can make all the difference between success and failure in that venture, and help you avoid unexpected cultural differences.
While the traditional bottom line will always remain a crucial part of business, some companies are expanding their view and building their business to focus on the Triple bottom line (3BL/TPL): Profit, People and Planet.
Culture is complicated. Developing relationships and business across borders may be challenging, but developing relationships and business across cultures is where the real art lies.
As an avid runner, I see a lot of opportunities to equate efforts to expand into new global markets to running a marathon. Here are five lessons I’ve learned from my experiences in marathon running and managing the global business expansion of various entities.
Even though the majority of the yellow brick road is polished and smooth, the road has areas where many bricks are broken or have been uprooted from their foundation. When I look back on my own journey to a successful international career, the road that I followed looped by steep cliff edges, and was riddled with its share of missing bricks and potholes.
I have to admit it turns out that being told “You will have to do it!” was a blessing in disguise. It led me down the road to what turned out to be a truly great opportunity to tell stories about my global trade experiences in a recent international trade project.
Although a degree in commerce was definitely a good pick for me, I was mostly interested in the lesser-known international opportunities that were provided to gain new global business experiences.
For all the talk about Canada being a trading nation, we aren’t when it comes to small and medium sized enterprises. While SME’s account for roughly 95 percent of all companies in Canada, and create 65 percent of all jobs, Canadian SME export rates are at less than 2 percent.
Canadian exporters begin international negotiations with a negotiating deck already stacked in their favour, but this is an asset that many are not aware of.
I first became interested in trade during my time at business school in the Netherlands. The experience opened my eyes to many of the non-tariff barriers that enterprises face in reaching export markets and how businesses from a “small country” can actively participate in international trade. Now I am leveraging my experience and education for trade impact.
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