Conference Board report, webinar, describe how SMEs succeed in
OTTAWA, July 30, 2013 /CNW/ - Small and medium-sized Canadian companies
that succeed in fast-growing international markets are
technologically-advanced trail blazers according to a new Conference
Board report. But these firms do more than offer world-leading product:
they develop a worldwide reputation, choose fast-growing markets to
enter selectively, and make "bridging" arrangements with local partners
to reduce barriers associated with working in new markets.
The Conference Board study assesses how Canadian small and medium
enterprises (SMEs) should enter these "next top markets", including Brazil, India, and China - but also including those in
Latin America, Eastern Europe, the Middle East, Africa, and Southeast
"Why should owners and managers of small and medium companies want to do
business in challenging fast-growth markets? The reason is that these
markets often yield a higher return than doing business with many of
Canada's traditional trade partners, especially the United States,"
said Rebecca Reuber, co-author of the publication, Success in Fast-Growth Markets: Strategies for Small and Medium-Sized
Dr. Reuber is Professor of Strategic Management at the Rotman School of
Management, University of Toronto. She will present a webinar on the report findings Thursday, August 8, 2013 at 2 p.m.
The challenges faced by SMEs fall into two groups:
Politico-economic, such as cumbersome regulations that add to the cost
of doing business, weak intellectual property protections, political
interference or corruption, and limited access to financing for
expansion to fast-growth markets; and
Socio-cultural, such as differences in language and culture, and
differences in business practices with new markets.
Not all SMEs are suited to expand into fast-growth markets. For those
that are, owners and managers should:
Maximize their ability to learn about new markets
Spend a lot of time building personal relationships
Innovate and develop a worldwide reputation to protect against IP risks
Policy-makers also have a role to play in fostering successful SMEs in
Focus government services and support on innovative companies that have
a technological advantage
Evaluate the effectiveness of 'twinning' Canadian communities with those
in other countries
Facilitate bridging or "experience-building" arrangements.
The research is part of the "Tool Kit for Growth Markets" series,
published by the Conference Board's Global Commerce Centre. The Centre provides evidence-based tools to help companies and
governments respond successfully to the trends reshaping the global
business environment. The publication is available at www.e-library.ca.
SOURCE: Conference Board of Canada
For further information:
Telephone: 613- 526-3090 ext. 448
Link to publication: http://www.conferenceboard.ca/e-library/abstract.aspx?did=5673