As small business confidence continues declining in Canada (as measured by the Canadian Federation of Independent Businesses), the question for many businesspeople is “what can I do about it?”
According to recent data, the answer to this important question appears to lie outside our own borders. Canadian SMBs who export overseas are currently benefiting from the attractiveness of the low dollar to those markets. A recent poll of Canadian eBay SMBs revealed that more than half (52%) feel the low Canadian dollar will be advantageous for increasing their sales outside of the country. Small businesses are increasingly morphing into “micro-multinationals” – and doing so at the click of a URL, rather than by committing to the retooling of their entire business models.
A micro-multinational cares not for the number of people it employs. It is able to complement their traditionally locally-focused retail skills with the latest technologies, allowing the business to access global markets with much lower entry barriers. It takes its product to the customer via online channels that are inexpensive to operate.
Online marketplaces allow discerning customer audiences to find the products and services provided by sources they trust, no matter where they are in the world. Further, nearly two-thirds (65%) of Canadian SMBS are planning to expand their online offerings this year, and nearly one-third (30%) intend to increase the number of markets to which they sell.
Your small business can battle declining domestic confidence by bringing its local touch to the global scene. Gain visibility in markets where advertising would otherwise be prohibitive, and get a leg up on domestic trends that would otherwise put a dent in your business’ profitability and stability.