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Friday
Jun292018

How Canadian businesses can succeed in wake of NAFTA uncertainty

The NAFTA renegotiations are resulting in quite the tumultuous turn for many Canadian industries, particularly those that have been slapped on with unreasonable tariffs from the United States government.

Though Canada has responded with its own carefully selected list of tariffs, chosen with a politically strategic plot in mind, Canadian businesses still must weather the storm until a more permanent solution solidifies. In short, Canadian businesses must look both nationally, and internationally, to substitute its lost revenues. This means trading more closely with the EU, and, of course, by selling directly to the Canadian consumer. To accomplish this, all Canadian businesses should aim to:

Partner with Local Influencers

The most obvious solution to succeeding in a trade war is to find business right at home. Of course, this means trying to find footing in an economy that relies largely on monopolies. Just because you cannot open a store, however, does not mean that you do not have options. If you operate in a B2C environment, you can take your efforts online. By partnering with local influencers and small businesses who may or may not have a physical store themselves, you can diversify your revenue streams. Never underestimate how beneficial even small-time influencers can be. Instead, focus on finding these influencers and small online stores that operate within your industry. Contact them and form partnerships so that you can advertise more effectively to Canadians, by being proudly Canadian.

Focus on Bespoke Content Creation

Another way you can succeed digitally is by focusing on content marketing. Content marketing is, after all, one of the best and most effective ways to succeed in the long-term. Online, this means creating blog posts, videos, and images that people find compelling. If your company is in the dairy industry, for example, you can show exactly how much attention goes into production, and notably showcase the quality of the Canadian dairy industry by promoting educational content for users to enjoy. This educational information can go on to help Canadians choose products that are produced and made in Canada, helping everyone in your industry benefit.

Streamline Production and Lower Costs

If NAFTA negotiations are really cutting into your profits, however, then you will have to focus on what you can do internally to lower costs without interfering with quality. A great way to do this is by simply using your data more effectively. Streamlining your production, by for example, ensuring your production team always has baling wire on hand is an easy way to lower downtime, and thus costs associated with interrupted production. All you need to do is centralize your data so that your inventory team knows when to contact Baling Wire Direct for a new shipment. This applies to all supplies.

If you can narrow down production so that it is never interrupted, and you make only what you sell, you will have streamlined your business. This is great when trade negotiations are causing strain on businesses, and it is great when trade is more secure and business is good, because it will always mean an improved profit margin.

Trade wars hurt everyone, which is why Canadian businesses need to find ways they can gain more support from Canadian consumers. Reducing costs can help you weather the storm, but only by improving how you market to your demographic can you find more stable footing.

 

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