Turning Trade Winds into Opportunity?

What opportunities are you seeing in this trade war?

Every market challenge can also create opportunity. Spend time mitigating risk and also time analysing opportunities.

The trade war and potential recession will pass, although it’s uncertain when. What can we do now to improve margins and increase customers? What opportunities do the scenarios present?

Any trade war or economic downturn will have an overall effect on the economy. However, that effect is on aggregate, meaning each industry will be affected differently. Some industries will be affected very negatively, some will be affected positively, and others somewhere in between. Some customers may have less need in certain areas, and more need in others. It’s essential to look for areas of growth and to focus on how to capitalize on those opportunities.

With Canadian businesses and consumers looking to buy Canadian, there could be more opportunity than ever to grow within the national, provincial or local market. 

Canadian companies who previously weren’t able to work with great Canadian suppliers who only served US customers may now have access to them if these suppliers are exposed to US tariffs. Similarly, there may be opportunities to get better pricing from Canadian suppliers who are looking to increase their number of Canadian customers.

In economic turmoil, assets from struggling companies can become available at a steep discount. Those companies with strong cash reserves are in a position to take advantage of those situations to grow the business in a cost-efficient way.

Such a challenging environment can also result in great people being available and looking for work. Watch your competitors. If they are struggling, their A players may be more open to moving to a new company. Should a competitor falter, great employees there could become available to pick up.

A Strengths, Weaknesses, Opportunities and Threats (SWOT) exercise can be a great way to assess what is possible. Keeping your SWOT up-to-date at your quarterly planning sessions helps you and your senior team keep your eyes open to emerging opportunities.

While this trade war may present challenges, the changing landscape may provide 
interesting opportunities you never thought possible.

For other ways to navigate these challenging times with confidence, get the free complete Trade-War Success Guide for Small to Mid-Size Companies below.

Access Your Trade War Success Guide

If you are a prairie CEO who wants to grow a thriving company through these turbulent times, more quickly, more easily and with less stress and headache, please contact me here.

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