Hello Superstars,
With the current unpredictability in the Global markets now is the time to double down efforts on relationship building and focus on securing long term Supplier and Buyer Contracts. As an Entrepreneur bringing your best game in business right now is how to survive this day to day uncertainty. As I always say: preparation meets opportunity.
Step 1: Revisit your current Suppliers
Now is the time to check-in on your United States Suppliers and to negotiate long term Contracts to hedge any future potential risks. If you have not visited your Supplier in a while, now is the time to schedule your B2B face to face site visit to reassure them that your business relationship matter. For those of you who have inputs which can be solely sourced from the United States, now is the time to start researching alternate supply chains. This is the time to double down on these relationships as well as consider expand your Supplier networks.
Step 2: Connect with new and current Buyers
With the Buy-Canadian sentiment in full gear, this is an opportune time to connect with Buyers across the Canada to determine their current needs as well anticipating future needs. How do you anticipate future needs? Take an in-depth look at what is currently trending with Consumers. Diving into this type of data will give you the golden nuggets you need to pitch new products and/or services. If you are not selling your products across Canada, examine what investments you can make now to prepare for future expansion.
Step 3: Make Data Driven Decisions
In current economic times, it makes sense to stay abreast of new developments in the United States and Global markets on a daily basis since things are changing ever so quickly with the leadership decisions being made by the US Government which have very wide and immediate impacts on business decision-making. Do take this time to review your business operations with a critical eye to determine where you can streamline expenses as well as see out opportunity to invest in projects (i.e. new product development, market diversification etc.) which will provide more revenue sources.
There you have it folks: 1. Revisit current your Suppliers and research alternative input sources; connect with current and new Buyers; make data driven decisions in this challenging business environment to bring your best game forward for your business today.
Stay tuned for my next post, in the meantime, keep your head high and keep moving forward always.
Best,
Talking business with Irenia
Please do feel free to send me any feedback on business topics you would like me to cover. As usual, I write my blog to share my knowledge and expertise.
Disclaimer: Please note to do your due diligence whenever you are pursuing new business opportunities on the domestic and international level.
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