It’s simple really. This is a very difficult, confusing, and stressful time for everyone, not least of which business owners. To get some answers on the tough issues businesses of all shapes and sizes are facing right now, we assembled a team of experts to provide advice and resources on Twitter. Read the highlights below and follow the links for more information.
Stay safe and healthy. We’re all in this together.
Topics covered:
- What are the biggest challenges your business is facing today?
- What can businesses do today, in the middle of this crisis, to mitigate the effects of COVID-19 on their company?
- Cashflow and payment risk are major issues for most businesses right now. How can businesses reduce this risk and get access to $ they need now?
- What kind of conversations do we need to have with our vendors, 3PL, customers, accountants, lawyers right now?
- What are some global resources businesses can tap into to manage this level of disruption?
- How can businesses prepare now for the next 6 months to a year? What have we not thought of yet?
- Are there any positives coming out of this today? What about looking ahead to the future?
Panelists:
Audrey Ross, CITP (@TresAudrey) Logistics & Customs Specialist at Orchard International Inc., based in Toronto, Canada
Sarah Barnes, (@BeVictoryus) CITP Director at Victoryus Inc, and host of Let’s Talk Supply Chain podcast, based in Mississauga, Canada
Bernadette Fernandes (@on_the_varanda) Founder & CEO of the Varanda Network, based in Saint John, NB, Canada
Emiliano Introcaso, CITP (@Introcaso) Export Advisor at Export Development Canada (EDC), based in Toronto, Canada
Cathy Morrow Roberson (@CMRoberson06) Founder and Head Analyst Logistics Trends & Insights LLC, based in Atlanta, USA
Mark Agnew (@Mark_Agnew) Senior Director of International Policy at the Canadian Chamber of Commerce, based in Ottawa, Canada
Irina Rosca (@sustainSCM), Director of Supply Chain and Customer Success at Helix, based in San Diego, CA
Why don’t we start by getting it all out on the table.
What are the biggest challenges your business is facing today?
A1- We are in healthcare so our biggest challenge is being part of the answer and response with limited resources. #TradeElite
— Irina Rosca (@sustain_SCM) March 26, 2020
#TradeElite A1 the uncertainty is a big thing on everyone’s mind. How do you plan? where do double down? a lot of questions with minimal answers available #SmallBiz
— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020
This could be quite a list…safety of employees, business continuity, cash flow, maintaining sales yet meeting drastically shifting consumer expectations??? #TradeElite #COVID19 #globalbiz
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
#TradeElite A1 When will it end is a question I’m getting
— Cathy Roberson (@cmroberson06) March 26, 2020
A1. unprecedented change and not knowing where to start, what is credible, where to focus, what are the priorities, feeling behind the 8-ball, hard to be proactive when you’re in the thick of it, and alot of information coming at you at once from everywhere. #TradeElite #COVID19 https://t.co/HEtpsSnq2Z
— bernadette fernandes (@on_the_varanda) March 26, 2020
A1 #TradeElite for exporters what we are hearing is that cashflow is a constrain. The Canadian Government has joined forces with @ExportDevCanada & @bdc_ca to bring solutions to exporters (and #SMEs) to help solve this issue through financial solutions that can help your ops. https://t.co/e9dwx2ZBRz
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
#TradeElite A1 protect your team, customers and community first; then do a business stress test.
— Caroline Tompkins (@carolineFITT) March 26, 2020
A1. Air cost & capacity issues, warehouse closures, uncertainty around when businesses are closing and when they think they will be back to full operations. #TradeElite
— audrey ross citp|fibp (@tresAudrey) March 26, 2020
A1. In my interaction with #Indian exporters out here the biggest challenge is ‘what lies ahead’? Are the products they’ve been exporting all these years going to even be accepted once the dust settles. Are consumers going to look for new products. #TradeElite
— Varun Anthony (@Varunanthony) March 26, 2020
Hi! A1: These days it’s all #COVID19 all the time. #cdnbiz are scrambling to grapple with what it means for them and what are the implications for their supply chains. Key issues include medical equipment, air cargo, and the Flag of CanadaFlag of United States border. #tradeElite
— Mark Agnew (@mark_agnew) March 26, 2020
I’m hearing lots of big challenges right now:
✔️Uncertainty
✔️Cashflow
✔️Costs
✔️Safety
Let’s move on to some solutions #TradeElite— FITT (@FITTNews) March 26, 2020
What can businesses do today, in the middle of this crisis, to mitigate the effects of COVID-19 on their company?
#TradeElite A2 Communicate regularly with employees, customers and supply chain partners.
— Cathy Roberson (@cmroberson06) March 26, 2020
A2 #TradeElite My first suggestion to a business is to know they are not alone. Many organizations such as @CdnChamberofCom have created resources that can provide guidance on what’s going on with #COVID19 and how business can prepare 1/2 https://t.co/SzJmyMXkNi
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
A2. My heart goes out to the SMEs all across the globe. The businesses who have just begin to take steps into international markets. However this is the time when SMEs & even the larger cos. should closely monitor the trends occurring across potential markets (1) #TradeElite
— Varun Anthony (@Varunanthony) March 26, 2020
A2. Today: think about people 1st: yourself, your team, clients, families, community (not necessarily in that order) and immediately put measures in place to protect everyone; start now! Essential & Response services only
Tomorrow: plan for today#BizIsolate #TradeElite #COVID19— bernadette fernandes (@on_the_varanda) March 26, 2020
A2 I agree with @cmroberson06 that Communication is key, I would add focusing on the wellness of your teams is necessary, empathy in our back pockets & looking at a new way forward through #innovation #TradeElite
— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020
A2. Really understand what you have underway, communicate with your customers. Obvi it’s not biz as usual but letting them know that their projects are underway, deliverable (either now or on pause for later). Stay positive. #TradeElite
— audrey ross citp|fibp (@tresAudrey) March 26, 2020
A2: First and foremost, follow directions of all Federal & Provincial officials. Then assess impacts to your biz & realize where/if you can change. Seeing lots of creativity – home delivery, caremongering in communities, companies shifting to produce needed supplies #TradeElite
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A2: It is absolutely critical to understand your supply chain. The rollout of “essential services” measures and border restrictions around the? are straining the movement of goods. Thinking holistically about the enablers for you and your logistic providers #TradeElite
— Mark Agnew (@mark_agnew) March 26, 2020
A2. Surveying what is essential. We send a lot of samples & we see couriers are going to add surcharges starting April 1st… so being careful with what samples are needed & what can be rendered or shown in a video. #TradeElite
— audrey ross citp|fibp (@tresAudrey) March 26, 2020
Lots of great advice from our panel for companies out there.
Right now you can:
✔️Take care of/support your team
✔️Communicate with your stakeholders
✔️Understand your complete supply chain
✔️Tap into government resources
✔️Take time to adapt and self-care#COVID19 #TradeElite— FITT (@FITTNews) March 26, 2020
Cashflow and payment risk are major issues for most businesses right now. How can businesses reduce this risk and get access to $ they need now?
A3: Talk to every one of your lenders. Chances are they have been directed to ease terms, offer more flexible timeframes etc. Seeing this from student loans to even CRA tax time. #TradeElite #COVID19
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A3: Leverage federal gov’t (and provincial/state) programs for cashflow NOW (NGEN funding 100% of #COVID19-response); Plan your sales pipeline during downtime/slowdown for cashflow LATER; Lean on @ExportDevCanada to mitigate payment risk ALWAYS. Expect the unexpected #TradeElite https://t.co/xNEsY2Vbsi
— bernadette fernandes (@on_the_varanda) March 26, 2020
A3 #TradeElite more than ever companies need to know how much (and for how long) are they going to be in the red. Communication with your commercial bank is key, and they know we are in this together, and they will help you. If you are a #SME currently going through some… 1/2 https://t.co/Da8dOZz9nJ
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
A3: #cdnbiz shd understand their contracts and potential pain points. Be proactive in watching how rapidly evolving gov’t policy announcements will impact you. Spend time looking at @CanadaTrade @ExportDevCanada resources. @Ailish_Campbell‘s team is keen to help biz. #TradeElite
— Mark Agnew (@mark_agnew) March 26, 2020
#TradeElite A3 There are also a growing number of solutions from logistics providers to help finance cargo. For example, Flexport offers such a solution.
— Cathy Roberson (@cmroberson06) March 26, 2020
A3 2/2 #TradeElite cashflow issues, so prepare a plan, find out what you need. If you want to ensure you covered all of your basis, use @FITTNews ? https://t.co/ccSBQIDOd3 – Cash Flow Management unit. Download it here ??
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
What kind of conversations do we need to have with our vendors, 3PL, customers, accountants, lawyers right now?
A4 #TradeElite find out what kind of service support are they offering during #COVID19. All businesses have been very proactive and supporting in any way of form. https://t.co/kydtyw92Rj
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
A4. Dear Vendor, now’s not the time for you to sell us anything but #essentialservices or things that makes things easier. Dear Customer: please support your local SMEs now and later. Dear Everyone Else: we need your expertise/guidance and your deferred invoicing 🙂 #TradeElite https://t.co/6Sv5vMsPWU
— bernadette fernandes (@on_the_varanda) March 26, 2020
A4: Make sure your supply chain and enablers are open! Companies are taking different interpretations of “essential business” and some companies have had a surprise to learn that their partners have decided (or are required) to shut down. #TradeElite
— Mark Agnew (@mark_agnew) March 26, 2020
A4: With every touchpoint of your biz connect with them. Tell them what’s happening, what you are doing. Ask them how they are doing. Work on solutions to keep the biz flowing. They need you as much as you need them. Can’t say enough – we are in this together. #TradeElite
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A4 Communicate, Communicate, Communicate and find ways to collaborate in new ways #TradeElite
— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020
What are some global resources businesses can tap into to manage this level of disruption?
A5 ok… this is going to be a ? see below some of the resources that are specific for ?? companies https://t.co/uyEDJyGFqC
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
A5: What they said 🙂 RT: @FITTNews – #COVID19 global resources from world-leading organizations collected in one place – that businesses can tap into https://t.co/AfC1zpOais. I LOVE @TCS_SDC because they know my #Canadian business, my customers, in their markets #TradeElite https://t.co/yPkOOOi87P
— bernadette fernandes (@on_the_varanda) March 26, 2020
A5: Social Media. Get your story out there is you are an SME. Tell it like it is, if you can keep going, tell your customers you’re there for them. Pivot if you can, but use social tools to build your biz. Here’s what my accountant is up to for example https://t.co/A0AOmzqmqm
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A5: the resources that FITT has available online are top-notch for #cdnbiz to get a digestible but substantive take on issues affecting them. @CdnChamberofCom will be launching a dedicated micro-site next week with lots of resources. Watch our Twitter handle for more info!
— Mark Agnew (@mark_agnew) March 26, 2020
#TradeElite A5- best resources to use are #partners. Communicate with your partners, customers, vendors and professional colleagues, this is a great time to share #knowledge and learn.
— Irina Rosca (@sustain_SCM) March 26, 2020
A5. As a former Trade Commissioner myself I would always say the biggest trade resource that any #Canadian company has at the moment in their international markets in @TCS_SDC Reach out to all federal, provincial and crown teams across the markets you are present in #TradeElite
— Varun Anthony (@Varunanthony) March 26, 2020
A5 Lots of great resources out there, webinars, podcasts and blogs full of thought leadership on the subject, you can find some of it here: https://t.co/7JvtuW6pPu #TradeElite
— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020
#TradeElite A5 Service updates from logistics & transportation providers. @Agility publishes a great one – https://t.co/IpsKd0PY0h
— Cathy Roberson (@cmroberson06) March 26, 2020
How can businesses prepare now for the next 6 months to a year? What have we not thought of yet?
A7: 1/2 #TradeElite Most biz will never be done the same again. Ever. If you changed because of #covid19Canada you may not be able to go back to old ways. Probably a good thing for many. Change is often hard but brings progress. Look at impact this had on global pollution.
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A7: 2/2 #TradeElite Be prepared to do lots of reading on global lessons learned. Listen to what your customers/suppliers tell you they learned or how they responded. Most importantly be ready to get back at it – stay in touch with employees. You’ll need to bring them back & fast!
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A7 prepare a plan of action for innovation. document and learn as much as you can while going through this, what worked, what didnt, what could have been done better #TradeElite
— Sarah Barnes-Humphrey, SC media personality (@bevictoryus) March 26, 2020
A7: NOW is the time to adapt quickly and mitigate #COVID19-response! When this is over, then is the time to prepare for #BusinessContinuity #DisasterRecovery – is that still a thing? #TradeElite https://t.co/JY1b9YeUAO
— bernadette fernandes (@on_the_varanda) March 26, 2020
A7 (well A6 ?) #TradeElite consider getting informed. If you are not part of a chamber or association, I think this is the time to consider. Look at national, provincial or local associations and chambers such as @CdnChamberofCom @cme_mec @OakvilleChamber @TorontoRBOT https://t.co/wZTEjQFOPH
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
Let’s look on the bright side to end today’s chat!
What, if any, are the silver linings with this crisis? Are there any positives coming out of this today? What about looking ahead to the future?
A8: There are always silver linings. With #COVID19 it’s more community-building, new words like #caremongering, less meetings, more resourcefulness… and #ClimateChange… our Earth is healing <3 #TradeElite https://t.co/gyeLpfMIzF
— bernadette fernandes (@on_the_varanda) March 26, 2020
A8 #TradeElite this is a great question @FITTNews Businesses have learned how preparedness is important and how changes can be good for both sides. How they can adapt to a situation, etc https://t.co/hcAiN5Uynj
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
A8: #TradeElite So many creative ways to do biz have emerged. Global pollution dropped. Industries will adapt (cruise lines esp.)I’m hoping we are realizing how connected we all truly are to one another and that we all have impacts that are far-reaching.
— Scott C. Ferris (@ScottCFerrisPEI) March 26, 2020
A8. We have learned that it has to be people first. If your company “can’t afford” sick leave, fair wages, safety / protective gear, you need to re-think your biz strategy. #TradeElite
— audrey ross citp|fibp (@tresAudrey) March 26, 2020
I think that we all saw how a few weeks of everyone stopping, can have a significant effect in our environment, so maybe this might mean that more #cleantech companies might help solve some issues in the future #TradeElite – I am sure @lynncote can add here!
— Emiliano Introcaso CITP PLog MBA (@introcaso) March 26, 2020
A8 Tough one. @CdnChamberofCom hears every day about the difficult choices #cdnbiz are making right now b/c #COVID19. Use this as a chance to re-evaluate your 3PL, supply chain inputs and brush-up on the resources that are out there. Good luck and stay healthy. #TradeElite
— Mark Agnew (@mark_agnew) March 26, 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, April 16 at 2:00-3:00PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.
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