While the business benefits and revenue gain of exporting to the U.S. may seem to far outweigh any initial investment or preparation costs, expanding to any new market can unleash the potential for detrimental business risks. It is therefore imperative that Canadian manufacturing leaders looking to expand revenue growth beyond Canadian borders are well-versed in and prepared for the possible hazards.
As a manufacturing leader looking to expand your business beyond Canadian borders, do you know the common pitfalls and areas of concern you should educate yourself on, before entering new markets? Do you know your competition and competitive advantage positioning? Have you done your due diligence with research on governing taxation and tariff laws, and how to mitigate risk of penalties? How can you be prepared to address such risks to protect your growing business from falling prey to these hazards?
This solution sheet outlines four key areas to pay close attention to and key strategies to help Canadian manufacturers mitigate risk, when considering exporting to the U.S. market, including:
- How to establish a baseline and perform market research
- Meaningful ways monitor supply chain performance
- Considerations for understanding U.S. tax policies and tariffs
- Methods for examining and understanding currency fluctuations