These books cover vital subjects like supply chain management, geopolitics, leadership, business strategies, the AI economy, cultural diversity, and the historical context of global trade, offering valuable perspectives for navigating the complexities of the worldwide market.

1. The Culture Map: Breaking Through the Invisible Boundaries of Global Business by Erin Meyer

Erin Meyer’s book “The Culture Map” explores cultural differences in the workplace, emphasizing the importance of understanding nuances for effective communication and collaboration. She introduces “authentic flexibility” for adapting to diverse cultures while staying true to oneself. The book provides insights on virtual communication in multicultural teams and offers practical tips for successful cross-cultural interactions. Meyer’s work is a valuable resource for enhancing intercultural competence and succeeding in diverse professional environments.

2. The Value of Everything: Making and Taking in the Global Economy by Mariana Mazzucato

The Value of Everything” by Mariana Mazzucato critiques how economic value is measured and the blurred line between value creation and extraction in the global financial system. The book examines cases from Silicon Valley to pharma, illustrating how this confusion impacts innovation and inequality. Mazzucato calls for a re-evaluation of capitalism, public policy, and value measurement to promote sustainable economic growth. She challenges the idea that market prices reflect true value and argues for a re-politicization of value as a social and political concept. Professionals importing or exporting are well versed in the myriad of complexities in valuing products, services and components. This book offers a fascinating perspective on the whole system.

3. How the World Ran Out of Everything: Inside the Global Supply Chain by Peter S. Goodman

The book “How the World Ran Out of Everything” by journalist Peter S. Goodman explores the complexities and vulnerabilities of the global supply chain. Through gripping storytelling, Goodman exposes the intricate pathways of manufacturing and transportation that bring products to our doorsteps, while also unveiling the ruthless business practices that have left local communities vulnerable to disruptions. Highlighting recent events like the pandemic-induced shortages, Goodman illustrates how financial interests, market opacity, and deteriorating working conditions have placed the supply chain on the brink of collapse. By following the journeys of individuals from factories in Asia to striking railroad workers in Texas, Goodman advocates for a reformation of the supply chain to ensure reliability and resilience.

4. Scale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life, in Organisms, Cities, Economies, and Companies by Geoffrey West

Geoffrey West, a pioneering physicist in complexity science, unveils the hidden laws governing the life cycle of diverse systems, from living organisms to cities. Contrary to the complexity of these systems, West’s discoveries reveal an underlying simplicity that unites them. By applying the rigor of physics to questions of biology and mortality, West found that mammals, despite their diversity, follow scaling laws that relate their size to various biological characteristics. This groundbreaking insight extends beyond biology to include cities and businesses, where similar laws of scalability apply. West’s work offers a unique perspective on the fundamental principles governing diverse systems, relevant for professionals working in global business. “Scale” is a captivating journey through fundamental natural laws that connect us all in profound yet straightforward ways, illuminating how cities, companies, and life itself are governed by the same principles.

5. Pivot: The Only Move That Matters is Your Next One by Jenny Blake

If change is the only constant, let’s get better at it.

In “Pivot: The Art and Science of Reinventing Your Career and Life,” Jenny Blake, a former career development manager at Google, shares practical strategies for navigating career transitions effectively. In today’s dynamic economy, where job roles change frequently and career plateaus are common, Jenny Blake introduces the concept of the “pivot” as a way to methodically make your next career move. Drawing from her experience in Silicon Valley and as a career consultant, Blake presents the Pivot Method, a framework for taking small, strategic steps towards a new direction in your career. Whether you’re considering a new role, starting your own business, or transitioning to a new industry, this book provides actionable advice to help you move forward with confidence.

With practical guidance and real-life examples, Blake empowers readers to embrace change and chart a path towards greater career satisfaction and success.

6. The International Business Culture Pathfinder: A Practical Guide to Navigating Cultural Differences in Global Markets by Marvin Hough

Written by experienced CITP Marvin Hough, The International Business Culture Pathfinder is a collection of concise business culture guides for 11 countries, including Brazil, Canada, China, UAE, South Africa and more.

This book provides a comprehensive overview of each nation’s business landscape, cultural traits, and practical scenarios demonstrate the impact of culture on business. Whether you are a seasoned global business professional or just embarking on your international journey, this resource is indispensable for grasping negotiations, communication norms, relationships, management approaches, and time management in varied cultural settings.

7. Power And Prediction: The Disruptive Economics of Artificial Intelligence by Avi Goldfarb, Ajay Agrawal and Joshua Gans

In “Power and Prediction: The Disruptive Economics of Artificial Intelligence,” Avi Goldfarb explores the “Between Times” of AI evolution, highlighting the necessity for systemic changes in decision-making processes within organizations. Despite the transformative potential of AI, its widespread adoption has been delayed, akin to past technological revolutions such as electricity and computing. Goldfarb stresses the need for complementary innovations alongside AI advancements.

8. Dare to Lead: Brave Work. Tough Conversations. Whole Hearts by Brené Brown

Leadership goes beyond titles, status, and authority. A true leader is someone who takes on the responsibility of identifying potential in individuals and ideas and has the bravery to nurture that potential.

Renowned author Brené Brown, a four-time #1 New York Times bestseller, has dedicated decades to studying emotions and experiences that add value to our lives. For the past seven years, she has collaborated with transformative leaders and teams worldwide. In her book “Dare to Lead,” she delves into how courageous leadership entails recognizing potential, staying open-minded, sharing power, and embracing vulnerability. The book stresses the importance of cultivating human qualities like empathy, connection, and courage in a society dominated by scarcity and fear. It presents four essential skill sets for courageous leadership and advocates for choosing courage over comfort.

From the humblest middle manager to the CEO of a fortune 500 company, anyone who wants to lead effectively could learn from this book.

9. Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail by Ray Dalio

A few years ago, Ray Dalio observed unique political and economic conditions, leading to his exploration of repeating patterns in wealth and power shifts over the last 500 years.

“Principles for Coping with the Evolving World Order” delves into the most tumultuous economic and political eras in history to explain why the future is expected to be markedly distinct from our own experiences, yet reminiscent of past occurrences.

Ray Dalio discusses unique circumstances leading to global changes and offers advice on navigating upcoming challenges. Dalio’s analysis covers major empires and historical patterns to provide practical principles for preparing for the future.

For professionals working in international trade, navigating the turbulent geopolitical and economic environment is part of the job. Learning more context for how things evolve may just help you get ahead of the curve.

10. Prisoners of Geography: Ten Maps That Expla in Everything About the World by Tim Marshall

Journalist Tim Marshall’s book “Prisoners of Geography” explores how physical characteristics of countries like Russia, China, the US, Latin America, the Middle East, Africa, Europe, Japan, Korea, and Greenland and the Arctic, their strengths, vulnerabilities, and leaders’ decisions. In ten chapters and ten maps, the book delves into geopolitics and how geography shapes global strategies and historical events. It highlights the impact of geography on nations’ destinies and provides a fresh perspective on world affairs, something that is incredibly helpful for anyone doing business in foreign markets.

Knowledge is power, and continuous learning is the cornerstone of success in the evolving world of international trade. Share with us your top reads in 2024!

Visualize data in numerical format

Numerical data should be presented as charts, tables or graphs wherever possible. Researchers can use a wide range of tools to present material in an attractive and clear format. Spreadsheets can organize numerical information and generate graphs and charts. Graphics packages can also be used to portray both numerical and non-numerical information.

Tables are one of the easiest methods of presenting quantitative data, but they must be well organized. Tables must have clearly labelled rows and columns and be organized consistently.

Graphs and charts present numerical information in a visual form. Each part of the graph or chart should be labelled clearly. There are various styles of charts to choose from. For instance, pie charts are used when the components of the data being shown must add up to 100 percent. They are most often used to show market-size data, classification data or market shares.

1. Pie Charts

2. Spider charts

This type of visual representation is sometimes used to present comparative numerical information in a way that quickly and easily highlights differences among categories.

3. Bar charts

Bar charts or histograms are a common tool for illustrating data and are most commonly used with rated data. They can be used to show customer satisfaction levels, market size for different companies and trends within a group.

Present data in qualitative format

There are many effective ways to visualize data if it’s qualitative as well. Information can be presented in the form of a flow chart that communicates processes or decisions, or it can be explained in relation to marketing frameworks. Quotes can add emphasis to a point, because they indicate the thoughts of the consumer. However, quotes should never directly identify an individual.

Looking to determine if your new trade opportunities are viable? Check out the FITTskills Feasibility of International Trade online course!

4. Flow diagrams

This is a very simple and effective way of presenting organizational data. Flow charts should be labelled clearly, and the flow of a decision or process through the various stages should be clear and easy to understand. The reader should be able to start at one point and follow a path through to the conclusion.

Unsurprisingly, this year’s top stories included several focused on technology such as digital trade and AI. There was also a lot of interest in sustainable practices, tips for women leaders and the value that immigrant-led businesses can bring in Canada and beyond.

Enjoy this year’s top international trade articles.

1. 10 global trade trends we’ll be watching in 2023

10 global trade trends we’ll be watching in 2023

2. Why digital trade should be a cornerstone of Canada’s Indo-Pacific Strategy

Why digital trade should be a cornerstone of Canada’s Indo-Pacific Strategy

3. 7 emerging cleantech suppliers that can help you create a more sustainable supply chain

7 emerging cleantech suppliers that can help you create a more sustainable supply chain

4. Unpacking the Digital Transformation of Trade

Unpacking the Digital Transformation of Trade

5. How to Take Your Business Global – 5 Important Steps for Female Leaders

How to Take Your Business Global – 5 Important Steps for Female Leaders

6. Investing in immigrant founders to unlock the next generation of Canadian innovation

Investing in immigrant founders to unlock the next generation of Canadian innovation

7. 8 common global procurement mistakes made by small and medium sized businesses (SMEs)

8 common global procurement mistakes made by small and medium sized businesses (SMEs)

8.Top 10 things we learned at the WPO 2023 Entrepreneurial Excellence Forum

Top 10 things we learned at the WPO 2023 Entrepreneurial Excellence Forum

9. 5 ways AI is transforming international trade

5 ways AI is transforming international trade

10. Top 10 fastest growing international trade jobs in 2023

Top 10 fastest growing international trade jobs in 2023

Student of the Year Award

Congratulations to Hector Chacon from CDI College for receiving this top honour. It celebrates the student with the highest overall grade point average after completing all FITTskills courses, the last of which would have been completed in the 2022 calendar year. In completing all courses successfully, Hector also earned the FITT Diploma in International Trade. Presented by FITT’s strategic partner, Export Development Canada, this award is a testament to Hector’s outstanding academic performance.

Sonica Grewal, B. A., Campus Director at CDI College, says this about Hector:

“He is an outstanding student with high grades, good attendance, and an excellent attitude.”

Congratulations, Hector, we can’t wait to see where your career takes you!

International Sales and Marketing Plan Award

The International Sales and Marketing Plan Award goes to Amier Shooman from Algonquin College! This is awarded to the student who has received the highest grade for their submission of a completed sales and marketing plan during the 2022 calendar year. 

Amier has chosen to study international trade due to his exposure to international politics and policies. He loves learning about new cultures, markets, and communities in the global economy.  

Amier is already looking at adding further accolades to his international trade résumé. His career goal is to work in a constantly evolving international trade environment.

“My dream is to one day become a top-level manager. To achieve this endeavor, within the next couple of years, I plan to earn the CITP|FIBP certification. I then plan to find an entry-level position in either a special or rotational role within the international trade field.”

Amier’s award-winning project involved exploring opportunities for DAVID’s TEA to expand into a new market in England, underscoring the practicality of a sales and marketing plan in the target market. 

Adam Digor, CITP, Instructor at Algonquin College states this about Amier:

“Amier is one of those unique students with a great attitude, aptitude and concise communications skills. He has an inquisitive presence in the classroom, asking questions to help the instructor better articulate the subject to the students.”

Congratulations, Amier, on this remarkable achievement! We are confident that your success will pave the way for a bright future, and we look forward to seeing you join the CITP community soon.

Connect with Amier Shooman on LinkedIn.

International Business Plan Award

The International Business Plan Award is presented to the students who achieves the highest grade for the submission of a completed international business plan during the 2022 calendar year. This category includes two outstanding winners – Makaniya Madhusoodanan Kavitha from Fanshawe College and Tinashe Stanley Mukono from Mount Royal University.

In addition to winning this award, these graduates from Fanshawe College and Mount Royal University have also fulfilled all requirements to earn the FITT Diploma in International Trade. 

Frank F. Cotae, PhD, MBA, Associate Professor of International Business at Mount Royal University, lauds Tinashe for his remarkable understanding of international trade and the quality of his International Market Entry Report (International Business Plan) for Rviita’s expansion in Denmark. 

“Tinashe has shown extraordinary understanding of international trade clearly evidenced by his International Market Entry Report: Rviita Expansion in Denmark. The quality of the analysis and decision making ability have been showcased in Mr. Mukono’s report, supervised by Dr. Abdul Chikhouni, and have culminated with him earning a Diploma in International Trade, an accomplishment for which he deserves congratulations. Having mastered FITT x EDC skills and competencies he has formed the basis for his current career as a Project Manager with RSM.”

Connect with Tinashe Mukono on LinkedIn.

Makaniya’s interest in multinational companies’ success in international markets led her to choose international trade as a career. She aspires to become a trade policy analyst and has a career goal to become a director of international trade policy in a multinational corporation. 

Makaniya’s projects included analyzing the expansion of Railway City Brewery into the United States market and determining the most reliable methods for Mycionics to enter the European market.

“The course taught me how to conduct detailed and analytical market research from authentic sources and condense them to create an effective trade report. I have learned to read and understand business reports of companies on international trade.”

Connect with Makaniya Kavitha on LinkedIn.

The 2022 FITT Educational Award winners exemplify the commitment, passion, and dedication that underpin excellence in international trade education. Their stories highlight the exceptional talent nurtured within FITT educational partner training organizations and the knowledgeable and dedicated coordinators and professors in these institutions. 

From everyone at FITT, we extend our congratulations to these remarkable students. The FITT Educational Awards stand as a symbol of their developing talent, and we look forward to witnessing the future accomplishments of these rising stars in the field of international trade.

Business growth often has to include an eye to international expansion and FITT was there to connect women entrepreneurs to the know-how they need to be successful in global markets. In this article, we will cover 10 of the key learnings that were shared at this productive event.

1. Stay on top of the changing landscape of global challenges

It’s essential for business owners and entrepreneurs to stay informed about the critical issues and trends that may impact their operations and decision-making. The global challenges which are currently affecting businesses worldwide include the debt ceiling, fallout from banking turmoil, inflation, interest rates, China’s reopening, geopolitics (war in Ukraine), and climate change.

Each of these factors can significantly impact the global economy and have a ripple effect on businesses in various sectors. Staying informed about these challenges will enable entrepreneurs to make well-informed decisions and adapt their strategies accordingly.

2. Re-globalization is shaping supply chains

After experiencing both globalization and deglobalization, the world is now witnessing a process known as re-globalization. This process is characterized by a renewed emphasis on global interconnectedness and can be seen as a response to previous trends of isolationism in certain countries and regions.

This transition involves the adoption of new trade policies, such as switching trading partners, revamping supply chains, and focusing on domestic production.

3. Friend-shoring may be the best way to react to China’s “de-coupling”

Another notable aspect is the concept of “de-coupling,” where countries like China aim to reduce their dependence on the United States. While re-globalization offers potential benefits, such as increased stability and reduced vulnerability to disruptions, it also presents risks.

Friend-shoring, a strategy of engaging in trade with friendly nations, ensures continuity, but may come at higher costs and potentially disrupt global trade leading to inflationary pressures.

4. Closely monitor inflation trends

Inflation has been a significant concern in 2022-23. The goal is to bring inflation rates down from their current levels, such as Canada’s 4.4%, to a target of 2%. The decrease in goods inflation can be attributed to a decline in demand as China reopens, and supply chain stability improves.

However, services inflation remains elevated, mainly due to higher wages and salaries. Business owners should closely monitor inflation trends and consider the potential impact on their costs, pricing strategies, and overall financial health.

5. Beware of currency risks and other economic shifts

In the face of these challenges, business owners must remain vigilant and prepared.

Monitor the economy for signs of a potential downturn or recession, which some experts predict may occur in Q2 and Q3.

In addition, the persistence of sticky inflation calls for a cautious approach and the expectation of restrictive monetary policies in the foreseeable future. Markets, including currencies, interest rates, and equities, are likely to remain volatile, demanding attention and proactive risk management.

6. Global ambitions require global skills

Having a strategic mindset is crucial when venturing into international trade. Instead of relying on opportunistic approaches, businesses must develop a well-thought-out strategy, including an organizational pillar, financial pillar and operational pillar.

This mindset ensures that decisions are based on thorough research and analysis, and identifying opportunities aligned with long-term goals.

Going global requires trade-capable individuals within the team who possess the necessary skills and knowledge to navigate global markets effectively.

7. Consider the “double half rule”

The “double half rule” highlights that it often takes twice as much time and efforts to achieve only half the value (compared to domestic business) when expanding internationally. Never underestimate factors such as the amount of time, money, and effort required.

Cultural differences and language barriers can also pose significant obstacles. In addition to that, being up to date with customs regulations, policies, trade agreements and other regional regulations will be the base to establish and maintain the relations with partners.

8. The power of networking

Networking and leveraging available resources play a vital role in addressing these challenges. Establishing connections with organizations such as chambers of commerce, Trade Commissioner Service (TCS), Export Development Canada (EDC), Business Development Centers (BDCs), and Small Business Development Centers (SBDCs) can provide valuable support and guidance throughout the export journey.

Being a part of WPO 2023 Entrepreneurial Excellence Forum proved this point of the value of leveraging the network and mutual support of female leaders.

9. How to determine if your business is export ready

A strong export plan is a critical component of success in international trade. Research is the foundation of such a plan, enabling businesses to make informed decisions. We highlighted five key considerations while creating an export plan:

1. Clearly define objectives
2. Select the right market based in extensive research
3. Choose the right product(s) to enter the market gradually (sometimes you don’t need to go with all your products at once)
4. Establish an appropriate financial model
5. Determine the most suitable fulfillment process

It is important to continuously update and adapt your export plan based on new insights and market dynamics.

10. Get the right people on the bus

Great organizations make sure they have the “right people on the bus” and the right people in the key seats before they figure out where to drive the bus.

Does your business have the right talent in place with solid experience in international trade?

It does not matter where your business originates from or what it does – your priority is to recruit the right talent with relevant experience. So, when it comes to business expansion, you need a team that understands how to:

• Research target markets effectively
• Manage international finance and FX intricacies
• Navigate the complex landscape of international shipping, logistics and transportation
• Engage in appropriate cross-cultural marketing and sales
• Adapt products and services to the many regulations in international markets

Regardless of the position, what is exceptionally important for the success of your team is the amount of professional experience and training they have.

Additional resources:

• How to Take Your Business Global – 5 Important Steps for Female Leaders
• How To MacGyver Your First Export- Laurel Delaney
• EXPORTING: The Definitive Guide to Selling Abroad Profitably

As every year comes to a close we like to take a moment to look back at the key trade issues people were talking about – and therefore, reading about. It was another year of changes and uncertainty, which is likely why two of our most-read articles were about risk.

But it was also a year for plodding ahead and looking to a brighter future. People were reading about business planning, investment and negotiations in a changed global business environment.

What was also heartening to see was the interest in articles about investing in your personal and career growth. Two of our most-read articles were about career success and upskilling.

So without further preamble – here are the top 10 most-read articles of 2022. Read on, enjoy, and let us know what you think most people will be reading about in the year ahead in the comments.

1. 10 Global trade trends we’ll be watching in 2022

10 Global trade trends we’ll be watching in 2022

2. The most common forms of foreign direct investment (FDI), including ownership-based investments and investments based on strategic alliances

The most common forms of foreign direct investment (FDI), including ownership-based investments and investments based on strategic alliances

3. A Guide to Preparing an International Business Plan

A Guide to Preparing an International Business Plan

4. Identify and mitigate the 4 types of financial risk: commercial risk, foreign currency risk, country risk, and bank risk

Identify and mitigate the 4 types of financial risk: commercial risk, foreign currency risk, country risk, and bank risk

5. The 11 political risks that could sink your imports and exports

The 11 political risks that could sink your imports and exports

6. What should be on every bill of lading

What should be on every bill of lading

7. 5 Canadian Trade Commissioners talk about their career success

5 Canadian Trade Commissioners talk about their career success

8. Pros and cons of using subcontracting as a market entry strategy

Pros and cons of using subcontracting as a market entry strategy

9. Top 7 reasons to become a CITP according to CITPs

Top 7 reasons to become a CITP according to CITPs

10. 10 tips for negotiations in a virtual meeting environment

10 tips for negotiations in a virtual meeting environment

We are pleased to announce the inaugural Certification Council members recently appointed by the FITT Board.

Chair of Certification Council

As the Chair of the soon-to-be disbanded Certification and Accreditation Committee, Laura Dorling, CITP, is ensuring a smooth transition by remaining in her position as Chair of the Council.

Laura Dorling, CITP – Advisor for the Office of the Executive Director for Canada, Ireland and the Caribbean at the World Bank Group

“It’s a great honour to be appointed to the inaugural Certification Council with such an esteemed group of Council Members and to have the opportunity to support FITT as the global standard for international trade training and certification.”

In her role as Senior Advisor in the Office of the Executive Director for Canada, Ireland, and the Caribbean, she maintains Board-level responsibilities and helps shape and approve investments in developing countries financed by the World Bank, the International Finance Corporation, and the Multilateral Investment Guarantee Agency.

Laura also manages private sector engagement to promote procurement and investment opportunities in developing countries and leads on efforts to prioritize private capital mobilization across the World Bank Group to maximize financing for development.

Previously, Laura worked on operational teams at the World Bank across multiple geographic regions and represented Canada as a Senior Counsellor on the Board of Directors of the Inter-American Development Bank. Earlier in her career, she was a Team Leader and Trade Commissioner with the International Financing Division of Global Affairs Canada and an Export Consultant with the Ontario Ministry of Economic Development and Trade.

Laura is proud to be a Certified International Trade Professional (CITP) with a Master’s in E-Commerce and Bachelor of Commerce with Honours in International Management and Marketing.

“In an increasingly connected and competitive world, it’s an exciting time to build a strong community of international trade professionals with recognized competencies that can help advance careers and global business pursuits.”

Simon Gittens, CITP – Trade Commissioner, Ontario Regional Office, Global Affairs Canada

Simon Gittens is also a continual thread between the former Committee and is continuing his contribution as a member of the new Certification Council.

“I am honoured to be accepted on the Certification Council.”

Simon started with the Department of Foreign Affairs and International Trade (now Global Affairs Canada) in 1994 and since then has had ten different assignments within Canada’s National Capital Region. He has also participated in multiple international trade missions. Simon is currently a Trade Commissioner, Ontario Regional Office.

Simon is a graduate of the Toronto School of Business and completed the certificate of achievement through the Harvard School of Business Leadership Management Program. He was one of the first Canadian Trade Commissioners to achieve the CITP designation and has continued to maintain his designation for almost 20 years.

Lesley Hillier, CITP – Chief Global Strategy Officer of Thermtest Inc., and CEO of Archipelago Holdings (Ventures) Ltd.

Lesley Hillier is welcomed as the requisite representation from the FITT Board of Directors on the Council.

“I am happy to be part of the wonderful process of those serving and entering the profession of global trade.”

Lesley is the Chief Global Strategy Officer for Thermtest Inc. As a Certified International Trade Professional, she oversees the company’s global strategy and implementation of the international expansion into the U.S., Latin America, Europe, and Asia. She is integral in external relationships with financial institutions, legal counsel, government, and IP risk governance.

She is a CPA, MBA, CITP, and a graduate of the iGP Innovation Governance Program, Stanford University, The Emerging CFO: Strategic Financial Leadership Program, and the Rothman School of Management, FinTech program.

Dov Bercovici, CITP – President & CEO at Discovery Centre and Discover Centre International

Dov Bercovici has an impressive 30-year track record of success as a leader in four outstanding organizations: World Trade Centre, Acadia University, The Discovery Centre, and Discovery Centre International.

“I am thrilled to join the FITT Certification Council and help empower future generations of international business professionals for years to come!”

Dov is highly experienced in advancing STEM education internationally, establishing innovation centres, delivering on major community capital projects, fundraising campaigns and international trade development.

He is a four-time TOP 50 CEO in Atlantic Canada and an Honorary Life Member of the Canadian Association of Science Centres. Dov is also one of Canada’s Top 40 Under 40 Alumni and an economics and MBA graduate of McGill and Dalhousie universities. He is attracted to projects that empower young people with science savvy and make informal lifelong learning accessible for all global citizens.

Samantha Khoury, CITP – Investor Services Advisor for Québec at Invest in Canada

Samantha Khoury is the Investor Services Advisor for Québec at Invest in Canada since December 2020.

“I am delighted to be joining the Certification Council. It will be a pleasure to collaborate with the other Council members to participate in overseeing the certification program and, in turn, help ensure that the CITP|FIBP certification program is up to the highest accreditation standard.”

With over 10 years of experience in project management and consulting on three different continents and experience in both private and public sectors, Samantha is passionate about international business and partnerships, and has acquired a well-rounded vision of what is needed to be successful in global markets.

She has developed an expertise in innovation ecosystems as she is currently completing her Master of Administration in International Business at HEC Montréal and she holds a Bachelor of Commerce, majoring in International Business from Concordia University.

Kristian Kot, CITP – Global Trade Compliance Executive

A seasoned Trade Professional with 20+ years of experience in international trade, Kristian possesses expert knowledge of U.S. and Canadian trade regulations and export controls as well as theoretical and practical global trade expertise.

“I am excited to join this newly formed Council to provide my global perspectives and experience in international trade on behalf of FITT.”

Kristian started his career as a customs broker in Canada which led to a progression of executive roles, including a decade of working and living throughout the U.S. leading trade programs at organizations such as Dell and FaceBook-Meta.

Having spent time on both the client and service provider side uniquely positions Kristian as a well-rounded global trade subject matter expert. He currently resides in Victoria, BC, and is Six Sigma and CITP®|FIBP® certified.

Welcome to all members of the new Certification Council – we are thrilled to be working with such a talented, diverse and experienced group of CITPs as we embark on this new chapter at FITT.

Making the leap from domestic sales to an operation that’s doing business internationally comes with a new range of considerations. Not least of these would be to calculate business costs in any new markets.

Any business exploring a new international market needs to taking into consideration new costs such as those associated with international shipping, currency exchange, and methods of payment, many of which are unique to international business and come with associated risks.

Organizations trading abroad must understand the different factors that can affect their business costs. These factors are shown in the following image and explained below.

1. Transmission delays

Transmission delays, an often-overlooked cost of doing business abroad, can affect cash flow significantly. International shipments and the resulting payments are complex enough—delays can slow the transmission of funds from the paying country to the receiving country by a few days to several weeks. The cash budget must consider the possibility of technical or bureaucratic delays along the payment chain.

The delays may be the result of improperly completed documentation or foreign administrative procedures. New exporters may be able to plan for the types of delays experienced in their domestic business, but they can be unpleasantly surprised when international business delays are far longer than they expect.

2. Exchange controls

Resulting from the host government’s attempt to conserve its hard currency reserves, exchange controls can prevent or restrict the payment of funds by the trading parties in a country. Often enforced by a cumbersome and lengthy system of foreign currency authorization, these regulations impose more problems for capital repatriation transactions than for payment of arm’s-length invoices.

At times, export controls can result in all payments being stopped. This can have a devastating effect on a company’s cash flow, and it should be insured against if the amounts involved are relatively large.

Want to learn more about all aspects of how to manage business costs and cash flows, ensure payment and stay profitable long-term? Get started with the FITTskills International Trade Finance online course!

3. Exchange rate fluctuations

Foreign exchange rate (FX) fluctuations can reduce the value of the proceeds from a sale or increase the value of the funds needed to pay for a transaction. Unless planned for and controlled through risk management techniques, such fluctuations can seriously undermine expected cash flows, or surprisingly increase profit, hence the need for the margin on the contract.

4. Political risks

Political risks can also severely affect a company’s cash flow. For instance, the revocation of an export or import permit frustrates performance under an international trade transaction. In the meantime, the exporter may have already covered the costs of arranging for the export sales, purchased supplies, fixed business costs, paid salaries or prepared the products for shipment. Such a situation will have an obvious negative impact on cash flow.

5. Delayed collection of receivables

The slower collection of international accounts receivable can strain a company’s cash position. To avoid this, care must be taken to select appropriate payment terms for each foreign buyer, and to factor likely delays into the cash budget. If the receivables involved are substantial, the exporter should use export credit insurance or export receivables discounting facilities to avoid excess risk.

6. Technology

Trade finance and logistics providers are investing significantly in the enhancement of technology and related reporting capabilities, working to turn the provision of timely information and high transactional visibility into a significant element of their value proposition to importers and exporters on a global basis. Technology—from processing systems to web-accessed software and sophisticated reporting systems—is enabling the delivery of trade finance solutions across the life of a transaction, and doing so at an ever-faster pace, to keep up with the evolving needs and increasing expectations of importers and exporters.

The latest developments in trade finance include significant forays by leading global banks into areas that traditionally have not been the purview of trade bankers but are increasingly so today. Logistics, customs brokerage, supply chain finance and management are all information areas that are of critical value to importers and exporters.

Each year the FITT Education Awards are given to students who have gone above and beyond in their academic studies. These students have exhibited unmatched dedication and drive to pursue a career in international trade.

All students enrolled at any of the educational partner training organizations delivering the FITTskills program and those whose international business program is recognized by FITT are eligible candidates for these awards.

This year we have six bright and ambitious students to recognize with the 2021 FITT Education Awards.

Without further ado, lets meet this year’s winners!

Student of the Year Award

This award is given to the student who has achieved the highest GPA for the 2021 academic year and is presented by FITT’s strategic partner Export Development Canada.

This year we are excited to present this award to the knowledgeable Patricia Ortiz, who studied at CDI College. Attaining the highest overall GPA is a true testament to the hard work and dedication Patricia has demonstrated throughout her studies.

Patricia’s program coordinator, Sonica Grewel, noted that Patricia put the time in to her studies as evidenced by her excellent attendance.

Congratulations Patricia, we can’t wait to see where your career takes you!

Hands on experience was the real reward for International Sales and Marketing Plan Award winner

The International Sales and Marketing Plan award is presented to the student whose project received the highest grade. This year we are pleased to award Malak Lamrani from Algonquin College for her outstanding project where she proposed adapting and launching an existing product into a new global market.

After extensive research was conducted regarding the local preferences, this export venture called for a customization of the product’s packaging, labeling, intended use as well as the marketing message and sales strategy in order to best appeal to the foreign target community and make it a successful venture.

As with any new business venture, there are challenges to overcome. Malak recalls a major challenge she faced with finding sufficient data needed to complete her project.

“In the end, I decided to use the ‘guesstimate’ approach to forecasting. Luckily, my research had revealed key data regarding the yearly number of visitors of my targeted stores as well as a five-year growth rate forecast of my industry of interest. I ended up using these, coupled with a series of logical assumptions and calculations, in order to come up with a five-year revenue projection.”

During the program, Malak found that the development of an international business plan and international sales & marketing plan were key learning experiences that will help her in her career. And she also notes one other course that provided her with practical experience that she predicts will be important in her professional life.

The development of investment pitch proposals which I learnt during my International Trade Finance class, was one of the most important things I learned. In fact, I am already using this skill today to get sponsors for our CSBW events, only it’s adapted for sponsorships.

Winning this award was a memorable way for her to cap off her student career.

It is a very unique way to remember my FITT experience, and for that I am very grateful.

Winning International Business Plan takes private company to Denmark

This award is given to the student who has achieved the highest grade for a completed international business plan. This year we are excited to announce a tie between Carolina Guzman and Jan Christian Baltazar from Fanshawe College.

Carolina and Jan Christian’s shared interest and hunger to learn about international trade made them an unstoppable team. Fanshawe Program Coordinator Sophocles Katsademas, noted how well-suited they were as partners.

“The result was success in every project they tackled. Carolina’s infectious energy, coupled with Jan’s unfettered positivity, allowed them to overcome all challenges that came their way,” Sophocles said.

The team’s business plan was to expand the company ‘SimpliSafe’ into new international markets that aligned with the company’s goals and values. Based on the research they conducted, Carolina and Jan Christian decided to expand to Denmark.

Since SimpliSafe is a private company, finding information related to their financial statements was a challenge. Without this information it made it hard to determine the ability of the business to generate a profit. To overcome this, the team used articles about the company’s growth over the past few years to estimate the financial forecast for the business.

The team shared their thoughts on completing the project, “The grueling hours we spent in transforming this limitless information into something relevant, consumable and timely, is probably the most satisfying achievement I have personally accomplished.” Jan Christian says. Carolina shares that she felt proud to see the project completed after putting so much time and hard work into it.

We did extensive research to understand the company and the market to ensure the business plan outlined all the necessary information for the company to pursue the recommended market entry strategy plan.

The team shared their thoughts on being this year’s recipients of the International Business Plan award. Carolina feels very honored to receive this award, and it motivates her to keep pursuing her international trade career. Carolina has recently also received her CITP designation, a fantastic career achievement for international trade professionals.

Jan Christian adds, “I would like to share this achievement with all our professors in Fanshawe College for their unending guidance and support. To my classmates for their hard work and dedication to their craft. They gave me the strength to push further. And of course, my family who have been there for me all throughout the process. I am forever grateful to everyone.”

The FITT Achievement Award goes to two enthusiastic and community-minded students

For this award students are nominated, either by themselves or a peer, and are required to show a combination of community involvement and academic success. The winner is selected by the Certification and Accreditation committee.

For the 2021 academic year two nominees were deemed deserving of this award. Congratulations to Gerardo Castillo Guerrero from Cégep Marie-Victorin and Ina Gogu from CDI College!

Gerardo’s program coordinator Lucie Sislian shared:

Gerardo has been always eager and curious to learn more about international trade in all its dimensions.

Ina’s program coordinator also shared a few words on her performance during her studies:

“Ina, your passion and dedication as a student was the driver to attain the 2021 FITT Achievement Award! Your achievements of today are the stepping-stones for the future ones. Congratulations,” said Hjalmar Leon, LLB, MBA, CITP, RCIC.

Being one of the winners of this award makes Ina feel honored, encouraged, and motivated. She also shared that she feels responsible for encouraging and motivating others who are enthusiastic about this career to pursue their dream.

From everyone here at FITT, we’d like to offer a huge congratulations to our 2021 FITT Education Award winners! We love that these awards have motivated you on your path to success and hope they stand as a reminder of all the hard work and challenges you have overcome. We have seen some remarkable careers begin with these awards and look forward to seeing the future accomplishments of this years’ winners.

The importance of building a resilient supply chain has become a top issue for businesses with international reach.

Businesses of all sizes have been affected all around the world, from Ikea’s empty warehouses to bare grocery store shelves. This has exposed vulnerabilities in global supply chains and value chains.

We’ve seen the increasing international fragmentation of production processes and also the changes that they’ve had on the structure of global trade overall.

Simultaneously, the trade pressures for companies engaged in international trade to build supply chains with full traceability and accountability for social and environmental impact continues to build.

Companies are currently challenged to make their global supply chains more resilient without weakening their competitiveness in the marketplace.

We teamed up with our partners at OWIT-Toronto to host a webinar to discuss how this can be achieved. In this recap article we’ll go through some practical steps that small businesses can take to respond and act upon today’s supply challenges.

And we’ll also talk through how to set up strong supplier relationships and mitigation plans that will help to prevent disruption and delays.

Moderator:

Rashpal Uppal-Assi, CITP – Manager, Procurement Services Division, Town of Stouffville

Rashpal is a seasoned professional with expertise in supply chain management, international business learning design, and academia spanning over 15 years in serving public, private and non-profit organizations. She also founded her own strategic management consulting firm, working primarily with small and medium sized businesses and serves on the boards of three trade organizations.

Panelists:

Amesika Baeta, CITP – District Manager, GTA West, Export Development Canada (EDC)

Amesika manages a team of eight locally engaged account managers who work directly with Canadian exporters to offer knowledge, financing and risk mitigation strategies. She has 14+ years of experience in international trade and a proud CITP.

Maryam Fouladirad – Founder & CEO, fundii

Maryam has a wealth of international trade and development experience in the Middle East, Europe and North America. She received her MBA in London. She has experience in management consulting in FinTech, and the food and beverage manufacturing industries as well as direct trade in the U.S. with focus on entrepreneurship.

Lora Rigutto, CITP – Loyalty and Engagement Manager, Forum for International Trade Training (FITT)

Lora started her international trade career working for a foreign office trade commission based in Toronto. She brings experience from the procurement side for Canadian companies that are looking to procure from overseas. She is also a proud Certified International Trade Professional (CITP).

Let’s start by talking about today’s international supply chain environment – what are some of the challenges to be aware of?

Maryam: One of the main issues we’ve noticed over the past couple of years is logistics disruption. The labor shortages, the lack of proper raw materials for the manufacturers, and delays as a result.

So that’s a chain that impacted from A to Z, the supply chain workflow around the world that impacted everyone from the manufacturers, to the freight forwarding companies, to both public and private sectors and at the end, the final consumers.

Amesika: The key challenges that companies have faced have been the cost of inputs. This increase has been devastating in terms of understanding how they can price the costs. The increase in cost of inputs onto their customers while not hitting company’s margins has been a real challenge for companies.

The cost of shipping and freight has gone up by, for some of our clients, three times, four times, where what used to be $5,000 to send the shipment is now $25,000, sometimes $50,000.

Inventory management has been very challenging for companies to manage throughout this time, keeping up with the increased demand at the beginning in 2020 and 2021.

And now in 2022 we’re entering a different stage of the pandemic, consumer spending has gone back down. As a result, companies are managing an overstock of inventory and have to figure out how to get rid of all this product while not taking a hit.

And we’re also seeing the cost of financing rise due to the interest rate hikes, which will also have a huge impact on companies as we enter into 2023.

For businesses that are setting up new resilient supply chains, or modifying their existing supply chains, where should they start building in that resiliency?

Maryam: I often recommend three suppliers in every single market you are active in. And then you can prioritize them. Who is number one for you, number two and number three in terms of different products and the quality enterprises they have. These are the important points in selecting your suppliers and in negotiation.

Amesika: It starts with creating an export plan and then having a backup plan, and then sometimes even having a backup plan to your backup plan.

Through the process of creating an export plan you’ll assess your company’s financial position, human capital, the production capacities. Having a plan in place will be a great foundational work to help them determine what your needs are.

If you don’t have a plan, we see a lot of companies will end up spending frivolously because there’s no roadmap for them to follow.

And before all else, I encourage you to really understand your cash flow, understand your costs and how you’re going to finance this. Your suppliers may ask you for payment terms. You have to get the cash flow to pay them up front. And then, depending on the payment terms you have with your clients, your clients may pay you in 30 days, 60 days, sometimes 90 days.

Before you engage in these relationships, it’s really important for you to know how much you can afford to pay your suppliers, and how long you can wait to be paid from your clients. And that is a key component to the successful implementation of a supply chain system for yourself.

Maryam: Get all the information you can from Export Development Canada and the Trade Commissioners Service and their reports, but I highly recommend that all the business owners, as either an entrepreneur or SME, do your own research as well because it will really give you a better understanding regarding the market you’re expanding to. This is my recommendation, having a really good understanding regarding the market, and what has changed during the past two to three years due to COVID 19.

How should small businesses in particular approach finding new international suppliers to create a more resilient supply chain?

Lora: Let’s say you want to procure from a market and find foreign suppliers. Sounds so easy, right? But the truth is that you need a roadmap to do that. You need to become strategic about sourcing and procurement.

And learning to navigate through some of those complexities is what FITT can really help you with. FITT’s Global Value Chain course gives you a comprehensive look at supply chain management.  There are different units within that course that teach you what to look for when you’re searching for foreign suppliers. How do you do a cost-benefit analysis? How do you really determine what you can afford to pay for those goods and inputs?

If you want to embark on this journey you often need to upskill yourself.

Or if you don’t have time to learn a new skill set yourself, set your team up with the needed training to have the skills within your business to be able to do a proper cost benefit analysis.

If you go in blindly, often areas are overlooked. And let’s say you start to procure from a foreign supplier, but you don’t do your due diligence because you don’t know what to look for. Those mistakes can be really, really costly.

Amesika: As a small business, you can’t be everything, right? Doing the analysis of where your gaps are as a business will empower you to know where you can go to get help. And don’t forget that you can also lean into your community.

Whether it’s with a trade association or other friends that you have, leverage the relationships around you to get referrals.

Often suppliers are found through referrals, by speaking with people, going to trade shows, asking where people find products.

If you find a supplier from a Google search, you don’t know much about them, there might not be much on their website. But you can ask them to produce references for companies that they’ve worked with.

If you don’t have the budget to fly there to see their actual production, that’s one way that you can get around that. But honestly, if you want to save yourself a lot of headaches down the road, fly there to meet the companies that you want to do business with.

I know for a lot of small businesses don’t have the resources to do that, but there is a program called CanExport that’s run through the Trade Commissioner Service. It’s a government grant program that helps subsidize the costs of small businesses that are looking at entering into certain markets around the world. I highly recommend you look into that program to help you subsidize some of those costs.

Maryam: One of the best sources that Canadian companies can use to find suppliers is to contact the commercial section of the embassy of that foreign country in based in Canada.

That’s their job exactly, much like trade commissioners, helping Canadian companies to find their suppliers. They can also help you in translation if there is some sort of a language barrier or cultural issue.

Let’s talk about negotiating with suppliers – what are some pointers you can give for negotiating payment terms and contract details with suppliers?

Maryam: It’s an art, we need to develop it.

It’s all about how we can actually create a win-win situation for both parties as a supplier and also as an importer.

There are a lot of resources out there that you’ll want to tap into regarding the cultural ethics, the how to negotiate with different countries, what is important for them. Building trust is crucial, and another reason why flying to meet them in person can be so important.

But face time, even in online meetings is a good way to build trust with them. Do the work in vetting the supplier – ask for samples, test them, check their payment terms.

Negotiation skills also get better with practice. It’s a skill that people can learn. There are a lot of resources available, from Youtube to major universities, that teach negotiation skills. I would suggest people just watch those videos, give it time, practice it, see the result.

Amesika: You have to remember at the end of the day, you have to look out for your own company. I would always say this to my clients when I was an account manager; if somebody is looking to put food on the table, whose table are they going to put food on? They’re going to worry about themselves.

The best way that you can protect yourself is to be educated as much as possible.

Get the expertise. If you don’t have the expertise in a certain area, educate yourself to empower yourself to make the right decisions. Get good legal advice too. Make sure your contracts are well structured from the beginning and very clear in terms of who’s responsible for what.

Lora: You need to have confidence to go into negotiations, whether you’re negotiating with a potential buyer for your product or negotiating with a supplier.

Partner with your logistics provider or your freight forwarder, they have the expertise. Before you agree to a price that has an Incoterm, understand what that Incoterm really means to you and your obligations as a buyer.

It all comes back to being prepared. In a negotiation, if they’re quoting a certain term or a certain price with an Incoterm, you could be in a position to say, it’s the first time I’m dealing with you as a supplier, I’m not comfortable with buying “FOB”.

Understanding what your comfort zone is and, and understanding the different types of Incoterms, it’s all part of the negotiation.

If you don’t have the answers, partner with somebody that knows more than you do. And don’t agree to anything that you’re, you’re not comfortable with. Be willing to negotiate and have your reasons for not accepting that price with that Incoterm.

How can a small business without the resources of a large corporation diversify and create a more resilient supply chain?

How can they mitigate any risks and avoid disruption for their customers?

Maryam: Make use of all the help and resources available to you from the TCS, EDC, Business Development Bank of Canada (BDC) and the embassies. Go to trade shows and build your network, build those relationships.

Another really good source regarding Incoterms and finding the best route is freight forwarders and shipping companies. They know everything regarding Incoterms and they can be really helpful for entrepreneurs.

Amesika: EDC provides risk mitigation strategies. If you’ve got a company that you’ve never done business with before that’s emailed you, you’re worried about giving them payment terms, whether it be net 15, net 30, net 60 day terms, even net 90 in some cases.

It can be really scary as a small business, especially when you’re starting out or you’re building a new relationship.

But the reality of getting paid up front is just not possible for a lot of companies. EDC does offer a variety of insurance solutions to cater to what your needs are, depending on how large you are, and depending on the size of your contract as well.

We have an online insurance solution called select credit insurance, where you can go online, apply for a credit limit through our system, we will do a credit check on that company and then advise you as to whether we can insure that company or not.

You can get a quote from us and then determine whether you want to pay for the insurance or not. And there’s no minimum size. This is ideal for companies who have the occasional order here or there, in a small amount. And it’s a way to educate yourself.

Lora: I’ve been mentoring a company with an e-commerce model for the past nine months. And their biggest issue was shipping costs. My recommendation to them was to actually reach out to the small business solutions division of their courier.

No company is too small to be engaging in international business and there are so many organizations with resources that want to help small businesses export.

Most couriers have a small business solutions department, and they understand the unique challenges of small businesses. They have the tools and resources and can provide guidance on how to avoid some of the risks of the particular products that are being shipped or the products that you’re trying to procure.

Amesika: The more informed that you are, the more you are empowered to make the appropriate decisions for your company.

Especially in this time, being agile is fundamental to the success of your business. You’re going to have to shift and change.

It goes right back to the importance of having a plan and then having a backup plan for that plan, and most likely be prepared to change that plan again in six months or even a year.