Not just USA's neighbour - consider Canada!

We have talked recently about doing business in the US, and the advantages of expanding into markets which have a common language. Last Friday, as part of our 'Exporting 101' series of webinars, we had a presentation from Cheryl Lockhart on doing business in Canada. Here are a few of the highlights:

1. Canada: A Land of Diversity

Similar to the USA, Canada is a vast country with ten provinces and three territories, each with its unique characteristics and opportunities. The cultural differences between the eastern and western regions, and the distinctiveness of Quebec, make it essential for businesses to approach each province individually.

2. Shared Culture with the UK

Canada and the UK share historical ties, and this has influenced their business relationships. With a shared language and historical connections, Canada is the 14th largest UK export market. Many British companies have successfully been doing business in Canada, making it a welcoming market for foreign companies.

3. Why Consider Canada?

Several factors make Canada an attractive destination for businesses:

• Opportunities for Growth: Slow economic growth and weak investments in Canada are leading businesses to consider partnerships with companies outside the country.
• Access to Decision Makers: As Canada is predominantly composed of small and mid-sized businesses, accessing decision-makers is easier, making collaboration and partnerships smoother.
• Global Test Market: Canada's diverse population, heavily influenced by immigration, makes it an excellent test market for new products and brands.
• Gateway to the USA: Success in Canada can be a stepping stone to entering the more lucrative US market, given the cultural similarities and geographical proximity.

4. What to Consider as an SME

For small and mid-sized enterprises (SMEs), working with similar-sized businesses often yields better results. Partnering with Canadian SMEs opens doors to easier access to decision-makers and a willingness to explore innovative products and services.

5. The Changing Labour Market

Canada's labour market is experiencing unique challenges, with skill shortages in various industries. Companies are seeking innovative solutions like outsourcing, partnering, or investing in employee training to tackle this issue.

6. A Focus on Innovation

Amid climate change concerns and evolving consumer habits, companies in Canada are shifting towards greener practices and exploring new technologies. This opens up opportunities for companies with innovative solutions in sustainability and digital transformation.

7. Testing the Waters

Rapid market access and testing are key to success in Canada. Engaging with potential distributors, joint venture partners, or customers allows businesses to understand the market better and explore collaboration possibilities.

8. The Big Picture

Whilst Canada may not always be at the top of the list for international expansion, its potential should not be underestimated. Despite being smaller in population compared to the US, Canada's market is substantial and can offer a stepping stone for global growth.

You can view the whole webinar as a member of our free online 'xporter club', simply sign up to the HUB via this link