Dennis Fortnum
Canadian Managing Partner,
KPMG Enterprise
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Is your business model ready for the 21st century global trade?
Despite market turns, the playing field is wide open for Canadian businesses of any size to be successful growing their business on the world stage. And many business leaders of Canadian private companies are doing exactly that. Over the past three years as we talked with business owners regarding their strategies to expand or enter new markets – almost all of the companies we surveyed reported that they transact business beyond our borders and more than half of the business owners interviewed said doing business abroad was important to their company’s overall growth strategy.
We are often asked, “At what stage of development should a private company consider expanding globally?” We suggest owners and entrepreneurs think of it from the very start – it’s a mistake to think about it after the fact. Building a business strategically is a long term venture. Success in other markets requires homework and a sound business plan but importantly it requires relationships both here and abroad.
Some misperceptions exist about doing business globally:
- Foreign markets are too risky
- The company does not have the skills or resources to succeed in the United States – or abroad in high growth markets like China, India and Russia
- The products or services aren’t considered ‘exportable’
- The business is better off remaining domestic and ‘manageable’
These are worthy concerns, however the potential risks while sometimes daunting are worth the reward. The case for continued globalization remains strong. Canadian private companies should lead the way; we have the talent, innovation and intangible quality of being Canadian, which we can leverage to seize market opportunities.
Canadian companies should not overlook the significant potential gains of going global. Regardless of size, any business can be successful in foreign markets. Despite financial crisis scenarios of countries like the US and Greece, now is not the time to be complacent or withdraw from the market. Canadian business owners need to be on the world stage sharing our products, services, ingenuity, great ideas and good business sense.
As a leader of a private business, it is important to choose an expansion strategy that is in sync with your business goals and objectives. This edition of Business Adviser covers a snapshot of subjects related to building business opportunities in markets outside of our country. Watch for the release of the next edition of Taking on the World scheduled for early 2012. This research report looks at how Canadian companies have fared building their business beyond our borders and will include a special feature regarding financing to support global expansion strategies.
If you’re doing business abroad or thinking about expanding your business internationally, KPMG Enterprise gives you ready access to all KPMG’s resources across Canada and the power of KPMG member firms around the world. We can provide you with information on local business practices, regulatory issues and specific tax considerations for any country you might be expanding to or considering doing business in. Visit kpmg.ca/goglobal for recent articles and reports that might help you enter new markets.
articles in this issue
My market is different
Read the article
Setting up operations abroad?
Welcome to the wonderful world of transfer pricing
Read the article
Importing and Exporting? – Top ten things your business should know
Read the article
Trade with the United States can be taxing
Read the article
The global imperative and risks
Read the article
insights
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Emerging market acquisitions in developed economies
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DOWNLOAD
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Global Transfer Pricing Review – 2011 Edition |
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International Strategy: Future Markets, Future Growth |
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High Growth Markets |
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Product Sourcing in Asia Pacific:
New Locations, Extended Value Chains |
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Think Beyond Borders |
Insight into International Markets
Through access to a global network, we develop focused publications in a variety of areas relevant to doing business in international markets. Click here to download latest titles to help you navigate the challenges and opportunities of doing business in other markets.
Recommended Reading
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Manufacturers Should Look Beyond Simply Cost Minimization
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At KPMG Enterprise™, we are interested in your business success. Our aim is to arm you and members of your management team with the latest developments and best practices that you can apply to your private company.
Our Private Company Seminar Series features guest speakers with experience on business issues of specific importance for owners and executives of privately held companies in Canada. Our interactive sessions will keep you up-to-date regarding hot topics, business trends, and legislative changes that impact your operations. |
Visit www.kpmg.ca/staycurrent to browse the seminars available in your city and register online to any that capture your interest.
Unleashing the power of entrepreneurs
Nominations for QuantumShift 2012 now open
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Canada’s entrepreneurs are shaping our economic future. That’s why KPMG Enterprise™ and the Richard Ivey School of Business established QuantumShift™ nine years ago. It’s an intensive five-day
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experience for 40 select entrepreneurs of Canadian businesses that have evolved past that initial start up stage and are ready to shift a thriving enterprise to a whole new level of success. QuantumShift challenges participants to discover innovative leadership strategies and capitalize on their growth opportunities. For these exceptional entrepreneurs, QuantumShift is the catalyst for even greater success.
Visit www.kpmg.ca/quantumshift to learn more about the program. To nominate an entrepreneur, contact any KPMG Enterprise business adviser.
Business Adviser is published by KPMG Enterprise™ specifically for owners and executives of private companies. KPMG Enterprise is devoted exclusively to helping business owners and entrepreneurs build thriving enterprises. For further information about how KPMG Enterprise can help private companies, visit www.kpmg.ca/enterprise.
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