It's a great time to be a Canadian business owner. The overall improved quality of Canadian made products, better global opportunities, and the greater strength of the Canadian dollar makes the future bright for business, especially those that make the leap and join the global market. One of the interesting things about Canadian business owners is that they are remarkably unwilling to dip their toe in the global market. A staggering 80% of Canadian businesses report that they're not ready to take their business international, even though 90% of the businesses that have gone global report that they've enjoyed a great deal of success.
Here are 3 Canadian businesses that have enjoyed a great deal of success after they went international:
Prior to going global, Imprint Plus had been in been business for 32 years and had a workforce of about 70 employees. The company specializes in selling name tags for things like conferences and trade shows. In the '90's it expanded its market to include the United States. Since then it has enjoyed steady global growth. Today, the British Columbia company proudly conducts business in more than 75 different countries and has approximately 35,000 customers around the world.
DocuSign is a Canadian based company that created software that enables people to sign official documents without having to print, scan, or fax them. DocuSign already has business connections in multiple countries and recently announced that it's using $30 million to set up an office in Tokyo as part the business's expansion into the Japanese market.
Foxy Originals starts out as a business that made unique women's jewelry which was marketed to Toronto residents. In 1998 the Toronto company employed 5 full time staff members and also utilized the skill of 15 sales reps who worked on a contract basis. When the company was ready to explore the global market, they started out by marketing their jewelry at trade shows in New York and a few other large U.S. cities. It didn't take long before the company created a global fan base. Today, they still use trade shows to attract new customers but report that Foxy Originals jewelry is sold in Australian, Asian, European, and U.S. boutiques.
Benefits of Taking Your Canadian Business Global
There are several reasons why going global is good for your business.
Increased Sources of Revenue
Hands down, the most compelling reason to take your Canadian business global is the increased revenue stream. Not only does the global market mean a greater source of overall revenue, but also provides a large degree of protection from economic recessions that can cause local sources of revenue to dry up.
Larger Talent Pool
When you limit yourself to local geography, your only options for employees and creative insight is locals. Taking your business global enables you to connect with individuals who are as excited about your business as you are and who have ideas you haven't explored yet. Not only does this new talent help improve your business, but it also provides you with a connection that understands the culture of an area you're not experienced with.
More Available Resources
Just like sticking to one geographical region puts limitations on the talent pool you have to work with, it also limits the easily available resources your business has at its disposal. Going global is an excellent way to gain access to different industrial and technological resources, all of which can be used to improve the overall quality of your business and your product.
Increased Number of Opportunities for Foreign Investments
The global market does a wonderful job of creating connections between you and foreign investment options. Taking advantage of the right investment opportunities can result in significant financial rewards, which you can use to further improve your business.
Opportunities to Diversify
Expanding into the global market creates a wide assortment of opportunities for Canadian businesses to diversify their assets. While this might not be the first priority of business owners who are expanding into the global market, most try to diversify as quickly as possible. The diversified portfolio creates a stronger bottom line, making it easier to weather changing market trends.
Improved Brand Recognition
Expanding into the global market creates a number of great opportunities to promote your brand. When done correctly, the increased brand promotion not only increases global sales, but can also lead to a surge of local sales. The improved brand recognition and the fact that you're a local company often triggers a surge of loyalty in Canadians, increasing the likelihood of them buying one of your products.
Want to reap the benefits of global expansion but just don't quite know where to start? We've collaborated with Export Development Canada, an export credit agency that provides financial services, risk management and insurance to Canadian companies with their sights set on international business opportunities. Combined with our tools, resources, and knowledge needed to handle all of your shipping needs, you'll be ready to take on the world!