As economic growth lags in Canada, businesses are increasingly being urged to export their goods and services. Simply put, Canadians have special access to major markets such as the U.S. and Europe. Companies that don't take advantage of these special trade relationships are leaving money on the table – and possibly even risking their futures by clinging to a slow-growth economy.
But trading across borders isn’t easy. You need new capabilities and contacts to make the most out of these opportunities. The good news is that once you master these tools and relationships, you’ll be miles ahead of your stay-at-home competition – and ready to take on the world.
At a seminar in Toronto in November, HSBC assembled its top trade experts to meet with entrepreneurs and business executives to explore the opportunities and challenges of selling to the U.S.
Why head stateside? HSBC’s chief U.S. economist, Kevin Logan, foresees strong growth for the U.S. economy, stemming from low unemployment, a robust energy sector (which, unlike Canada’s, can make good returns on prices of US$60 per barrel), and the prospects of higher infrastructure spending promised.
To take advantage of U.S. growth, exporters will have to be innovative, responsive, and aggressive, according to HSBC’s chief Canadian economist, David Watt. He noted that being just two days’ drive from most markets means Canadians can serve U.S. clients faster and more efficiently than competitors in Europe or Asia. “Speed to market” can be a Canadian brand.
To help you hone that advantage, here are a few export tips from HSBC’s trade experts:
Planning to do business in the US? Watch this free Webinar replay here for additional tips and insights.