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Guide for exporting to Canada

The Mexican government recently published a guide to assist Mexican exporters.

With 38 Million potential consumers, Canada is Mexico’s 5th. trade partner and the second destination of the Mexican exports.

It is a comprehensive guide that includes regulations within the USMCA (T-MEC) framework, main products imported by Canada, opportunities, import regulations and even a description of how to set a business up.

The link to the guide can be found below

https://www.economia.gob.mx/files/gobmx/canada/tmec_mexico_exporta_a_canada.pdf

Other useful links

https://www.international.gc.ca/trade-commerce/trade-agreements-accords-commerciaux/agr-acc/ceta-aecg/investing-canada-investir.aspx?lang=en

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Bill Gates on Process Automation

 “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”

Robotic Process Automation (RPA) will benefiit your organization, as long as the process being automated is efficient.

Computers assume that humans are perfect, so it is important to address all the exceptions within a certain process to get the maximum benefit of the automation, otherwise, you will be deceived of the outcome.

Assuming that Accounts Payable is the process to be automated, the expectation is that the invoice should include key information, including a reference to the PO number.

PO compliance must be paramount, not just for purposes of automating a process, but to ensure your internal control environment is strong. Quite often, organizations tend to request a service and issue POs afterwards.

Each time an invoice received from vendors lacks a PO number, it will require further investigation that will not allow the bots to do their part.

Processing an invoice involves a lot more. The reference to the PO is only to illustrate a portion of the overall process to automate. Each step in the process requires similar attention.

All the efforts invested on streamlining your processes will reap a great benefit of a process automation.

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Avoid failure accessing a foreign market.

Accessing a foreign market is appealing but can be risky if you do not understand the basics. 3 examples of failed expansions abroad.

Home Depot accessing China.

Home Depot was in front of what seemed to be a great opportunity to grow their business via the Chinese market.

In the 1990s, the Chinese government allowed 1.2 Billion citizens to own their homes for the first time since the communist revolution, many of them in a state of disrepair.

Home Depot did not want to miss the opportunity and purchased the Chinese home improvement store Home Way to convert them to Home Depot stores.

“This acquisition provides us with a great point of entry in one of the world’s largest and fastest-growing home improvement markets,” said  Bob Nardelli, chairman of Home Depot, to Forbes magazine in December 2006.

The original excitement eventually turned into a significant hit to their financials after closing 12 stores.

Taco Bell accessing Mexico

Taco Bell had a similar experience when they attempted to enter the Mexican market. Why not sell tacos in the land of tacos? 

The Mexican market did not embrace Taco Bell,  resulting in the company closing all their stores.

Target Accessing Canada

Target decided to expand into Canada, opening a total of 133 stores across the country.

Many Canadians did embrace the arrival of Target, but disappointment started shortly after the stores opened.

Distribution channels issues and location of several of the stores are only a few of the reasons behind the failure.

After operating for two years, the company closed all the stores.

The foreign markets are out there, but companies need to do their homework to access them successfully.

Home Depot failed to recognize that contractors could be hired in China for a relatively low price, contrary to the DIY culture predominant in North America …. besides, where would people store the power tools and ladders in relatively small condos?

Taco Bell failed to recognize that naming a meal “taco” does not necessarily make it a taco… in a market with plenty of expert taco eaters.

Target’s failure was attributable to multiple issues, one of them was not recognizing that Canada’s rules differ from the USA’s, and that systems need to run in local currency, even in French, in certain regions.

Companies targeting foreign markets need teams with experience in those markets. They need people who have lived and breathed the local culture, otherwise, run the risk of failing like Home Depot, Taco Bell and Target did.

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You do not need to be a large corporation to adopt digital transformation

At a recent conference I attended about digital transformation, a question was asked about what size a company should be to enroll on a digital transformation journey. The response confirmed what my experience has been. You do not need to be a large corporation to adopt digital transformation. A company of any size can adopt it.

We have heard more cases of companies going digital, forced by the pandemic, forced by the pandemic, and managing to survive while some competitors remained as observers. While the first ones managed to survive, the latest ones are going through difficult times, even some of them going out of business.

Several examples can be found across different industries. A Toronto restaurant that decided to go digital and developed an app to take on-line orders for curbeside pick-up, using nice bags to deliver the meal with accompanying instructions to listen to a Spotify playlist created to resemble the restaurant’s ambiance at the comfort of your home. So far, they have managed to stay in business.

Diigital transformation does have a high impact on a business’ performance

A BCG perspective published in 2016, found that “across a range of industries, companies with high technology intensity have higher gross margins than those of the average performers”.

You may have initiated the journey to digital transformation.

You might have enrolled on a digital transformation process without consciously realizing it, by making the decision to implement an integrated ERP system. Such a first step builds the foundation for what could be a series of initiatives leading to serving your customers’ needs in a better way, giving you an advantage in relationship with your competitors. You just need to continue with the journey.

As Bob Iger said in his book The Ride of a Lifetime:

“Now more than ever: Innovate or die. There can be no innovation if you operate out of fear of the new.”

Bob Iger

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Small Business Support

New Small Business Grant

Effective January 2021, businesses that are required to close/restrict services can apply for small business support via a grant.

The grant starts at $10,000 and up to $20,000 for qualified Ontario businesses that demonstrate a revenue decline of at least 20% when comparing monthly revenue in April 2019 and April 2020.

Eligibility

A small business must:

  • Be required to shut down or restrict service according to the Provincewide shutdown effective on December 26th.
  • Have fewer than 100 employees at the enterprise level
  • Have experienced a minimum of 20% decline as indicated above.

For small businesses not in operation on April 2019 or April 2020, as well as further details about the grant will be published during the month of January 2021.

For more information about the grant and additional small businesses support, you can visit the Ontario.ca website using this link

CEBA (Canada Emergency Business Account) loans increased

CEBA loans for eligible businesses was increased from $40,000 to $60,000. The applicants have until March 31st. 2021 to apply for the $60,000 loan, or the $20,000 expansion.

Further details can be found on this link

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Adding Value To Your Customers

Adding value to your customers is key to stay in business in the new normal.

The customers are the lifeblood of your business, so, it is important to keep them happy to ensure the continuity of your business.

Since it is expensive to land a new account, it is important to ensure that your corporation is focused on building a base of recurring customers, and adding value is a safe bet.

  • Adding value means identifying the priorities of your customers and ensuring your systems and processes are built to address their needs.
  • Adding value means that your customer’s experience is so memorable that they will come back.
  • Adding value means that they will be happy to refer you.
  • Adding value does not mean reducing prices. They can get it from any of your competitors.

Ask your customers if they will be willing to refer you. If the answer is negative, identify the issues and redesign your goals, policies and processes to gain their loyalty. In today’s digital world, a single negative comment can have a significant impact on current and potential customers. Ask why they buy from you, and ensure you are consistently delivering what they value.

Be sure that it is clear for all your employees the importance of having happy customers.

A few suggestions may include:

  • Reward customer-oriented behaviours.
  • Display banners at the employee’s coffee room, highlighting that the coffee is courtesy of your customers.
  • Ask your employees to greet your customers by name after the purchase – refer to the name on the credit card.

Help your customers to expand their business, and improve the customer’s experience.

  • Create events for your clients, aimed to help them grow their customer’s base.
  • Connect your customers with peers to create synergies.
  • Be a problem solver for them.
  • Identify the processes that will Improve your customer’s experience when they buy your products or services.
  • Take advantage of technology. Build your systems around improving your customer’s experience.

COVID-19 has forced most of the corporations to adopt digital technology. Adopt it redesigning your processes to ensure the end customer perceives value as a consequence of your transformation.

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