B.C. companies can now join the upcoming TAP B.C. Interior Cohort! This program, valued at $5,000, offers bursaries to qualifying SMEs, helping them unlock export potential and expand into international markets. The cohort begins in April—don’t miss this opportunity!

Application Deadline: March 19, 2025

Apply Here!

The post Trade Accelerator Program: B.C. Interior Cohort appeared first on WeBC.

The international market presents growth opportunities, yet it is also dynamic and complex, which can make it challenging for entrepreneurs to navigate.

On December 4, we’re hosting Export Navigator to discuss how women business owners can navigate international markets and explore how to approach sales and negotiations. We’ll explore tips and considerations for all types of businesses that are looking to sell internationally, with specific examples for exporting agri-food products.

Using a gender-specific lens, we’ll talk about:

• Cultural considerations during negotiations
• Tips for closing the deal as a woman in international markets
• Practical skills and how to build a supportive network

This session is designed for those who are already exporting and those that are curious about exporting. We look forward to you joining!

Wednesday, December 4 | 10am to 11am PT | Free Virtual WeCafé

Our WeCafés are always free and open to everyone!

Facilitator: Archana Samtani Singhania, Business Advisor, WeBC

Panelist:

• Raeanne Anderson, Advisor, Export Navigator
• Chelsea Sang, Head of Advisory Services, Export Navigator

Register Here >>>

The post International Trade: Empowering Women Entrepreneurs appeared first on WeBC.

We discussed 5 common strategies to increase profits in a previous blog, so in this post, we focus on increasing sales.

It’s not rocket science: you either need to sell to more people (a.k.a. increase your market share) or sell more to the same people (a.k.a. increase your wallet share).

So, let’s break down some questions you can ask to decide the strategy that works for you and your business.

1. Sell more to current customers

It’s easier to sell more to an existing customer than it is to get a new one, so think about better meeting the needs of the customers you already have.

• Is there an opportunity to increase the number of purchases customers make?
• How can you increase the size of each sale?
• Can you create a subscription service or membership-based option that encourages loyalty and increases engagement?
• Can you provide them with additional services? For example, you could not only provide software but also load it onto your customer’s systems.
• Can your product or service replace something they are currently purchasing from another supplier?

2. Sell to more customers

Consider whether you’re reaching all your potential customers in your current geographic area and whether you should enter new markets.

• Can you sell to new customers in your current market? What do you need to change to do this: for example, do you need to adjust your messaging, increase your marketing reach, and improve your operations (e.g. expand delivery)?
• Are you ready to find new customers in new geographic areas? This could be in another area of town, another city or beyond!
• Should you consider expanding your business internationally? Selling to customers in other countries creates the opportunity to increase your sales volume and may also offset seasonal fluctuations in your current market.
• What is your competitive advantage? Does your product fulfill export regulations? What is your export strategy? You will need to prepare your company before exporting, but there are many resources available – and we can help you access grants and programs to help you export.

3. Add new products or services to your business

This strategy may be like a combination of options 1 and 2, because it may help you attract new customers AND sell more to your current customers.

But, be careful: don’t add a product or service just because it seems like a good opportunity. It should be something that complements your current products. The more focused your products/services are, the stronger your business identity.

Here’s an example. A WeBC loan client, Francesca Galasso, has run Il Castello Pizzeria since 2014. She kept getting requests from customers who wanted to buy her dough balls for pizza night at home. In response to this demand, she launched Holy Napoli frozen pizza, and today her frozen dough and pizzas are available in grocery stores across Canada. Francesca took a product that was already successful and re-imagined how she could use it to increase sales!

• Are there products or services that complement what you already do?
• Is there anything your customers wish you offered? Here’s an idea: ask them! Maybe they love a specific brand of product you offer and would like you to offer more of the line.
• Are there products or services you could easily incorporate into your current offerings, so you can avoid a costly learning curve? Think about options that you already have some experience with.
• How can you incorporate new offerings in your current marketing so you don’t increase those costs?
• Think about what you do better than anyone else: What you are becoming known for and can do more of?
• Could you explore a strategic partnership with another business?

This is an adapted excerpt from the free downloadable Growing Your Business Guide by WeBC. View the guide >>

The post How to Increase Sales: Questions to Find Your Strategy appeared first on WeBC.

TAP is a 5-day program designed to help SMEs TAP into their full export potential. It has a proven track record helping participants get results.

With new trade agreements, a competitive Canadian dollar, and new business opportunities, now is the ideal time to extend your company’s reach through international expansion of goods and services.

Since 2017, World Trade Centre Vancouver has successfully delivered 27 TAP cohorts in B.C.

Just six months after graduating the program:

• On average, export revenue increased by 23%
• Participants forecast their export sales to grow 47% over the next 5 years

By enrolling in TAP you can:

• Navigate complexities of the global trade ecosystem
• Leverage Canada’s deep trade and investment resources
• Access tailored, face-to-face coaching and advice
• Learn about international best practices
• Accelerate export readiness
• Develop and implement a new market entry plan
• Expand your global trade footprint and increase revenue

Schedule:

Registration:  8:30 – 9:00 a.m.
Workshop Days:  9:00 a.m. – 4:30 p.m.
Mentorship Days:  8:30 a.m. – 12:30 p.m.

This program requires you to attend all five sessions.

Workshop Days

1. June 06
2. June 07
3. June 08

Mentorship Days – virtual

4. July 19
5. July 20

Application Deadline: May 23, 2023

Bursaries are available for WeBC clients—you pay only $495! Name WeBC as your Referring Organization on your application

Learn more or apply >>>

The post Trade Accelerator Program: Women-Led Cohort appeared first on WeBC.

Where: Nashville, Tennessee, United States of America
When: March 20‑23, 2023

The Trade Commissioner Service (TCS) at the Consulate General of Canada in Atlanta is recruiting Canadian women‑owned businesses to participate in a business delegation to the Women’s Business Enterprise National Council (WBENC) Conference in Nashville, Tennessee.

WBENC is an American non‑profit organization that provides certification for American women‑owned businesses. WBENC’s National Conference is the largest event of its kind for women business owners, welcoming thousands of women entrepreneurs and corporate executives ready to make connections and do business.

The TCS will be participating in WBENC 2023, organizing business‑to‑business meetings and providing Canadian women‑owned businesses with:

• Solutions to export‑related questions
• Strategic business advice on the U.S. market
• Connections to supply opportunities

Among other activities, WBENC’s 2023 National Conference will feature:

• An expo of certified women‑owned businesses and those who do business with them
• Procurement‑focused meet and greets
• Industry‑focused workshops

Next Steps

If you are interested in being part of the Canadian delegation to WBENC 2023, please email Zaineb Kubba, Trade Commissioner, as soon as possible, to fully benefit from TCS support. By confirming your interest, you will be added to our list to receive the support of the TCS and the latest updates on planning for the conference.

We hope that you will join us at WBENC 2023 and look forward to working with you!

You’re ready to grow. We’re ready to help.

The Canadian Trade Commissioner Service helps Canadian businesses grow by connecting them with its funding and support programs, international opportunities and its network of Trade Commissioners in more than 160 cities worldwide.

Register Now>>>

The post Save the Date: 2023 Women’s Business Enterprise National Council Conference in Nashville appeared first on WeBC.

The Selecting Incoterms® for International Contracts & Shipping course is a great introduction to the important role of trade terms, also known as Incoterms.

International Commercial Terms or Incoterms® are rules used in contracts to clearly communicate the obligations, costs, and risks associated with the transportation and delivery of goods, providing clarity for sellers and buyers and helping facilitate trade.

First issued by the International Chamber of Commerce (ICC) in 1936, Incoterms® rules are typically revised every ten years to reflect the changing economic landscape and provide specific guidance to individuals participating in the import and export of goods.

Any business professional that works in a role that touches the exporting or importing process within an organization will gain from attending this session by learning how to reduce risk, lower costs and prevent issues related to international shipping.

THE SESSION WILL INCORPORATE THE FOLLOWING TOPICS:

• The current 2020 terms and associated Articles & how to use them
• How Incoterms® fit (or don’t fit) international shipping formats & practices
• Important considerations when using specific terms related to loading, import, export & insurance
• How to incorporate the Incoterms® into contracts & common contractual elements
• How to avoid risk & negotiate terms that help control costs & reduce exposure to liability

Members & Partner Companies: $249 + GST
Non-member Companies: $349 + GST

Register Today – Limited Seats Available!

The post Incoterms® 2020 International Contracts & Shipping Workshop appeared first on WeBC.

Join Small Business BC’s two-part webinar on November 23 >>>> to learn about the current regulatory framework around exporting cannabis, and what opportunities are available abroad. The second part in our exporting cannabis series is on November 30, so save the date and stay tuned for more details!

The post Navigating the International Cannabis Market appeared first on WeBC.

Gain access to a panel of carefully selected local immigration and cross-border lawyers, tax specialists, customs brokers, and logistics professionals by attending this free webinar on November 17.

The post Doing Business in the USA appeared first on WeBC.

There are some exceptions, but most entrepreneurs I speak to are not content for their business to stay just where it is. They want to grow their business! Maybe they want to expand to a new product line, enter a new geographical market, or open a new location.

To start, let’s go back to Business 101 and cover some of the main approaches you can use to grow your business based on the Ansoff Matrix – a classic business framework developed by H. Igor Ansoff in the 1950s.

According to this framework, growth strategies can be organized into a matrix, with products (what you sell) on one side, and markets (who you sell to) on the other.

So your strategy might be based on expanding existing products and existing markets (#1 – market penetration), existing products and new markets (#2 – market development), new products and existing markets (#3 – product development), or new markets and new products (#4 – diversification).

I’ll dig into each of these approaches one-by-one and provide some ideas for how to apply this strategy to your business.

Lastly, I’ll cover a few potential roadblocks you should look for when setting your growth strategy. After all, growth is good, but it needs to be sustainable.

Growth strategy #1: Market penetration – Grow sales of existing products to your current customers

An effective “low hanging fruit” growth strategy can be realized by building your relationship with existing customers to entice them to purchase more of your existing product. After all, your customers already know you, and presumably, enjoy your product. So how can you make that relationship even stronger?

Depending on your product, it can be quite effective to focus on simply getting your existing customers to purchase from you more often.

People probably have a limit to how much they can spend (I only need so many cups of coffee in a day or pairs of pants in a year) but in many cases you can try to earn a higher relative share of their purchases in that product category.

For example, let’s say someone has a budget of $100 per month to spend on clothes. Right now they spend $40 per month at your store. That gap of $60 represents potential additional revenues if you could just provide what they’re looking for.

Potential tactics to increase sales can include loyalty programs and promotions, VIP and early access sales, or even just focusing on providing top notch service!

In a previous post I provided some ideas for how to use marketing tactics to better reach your target market – so look there for ideas as well.

Focused Marketing Workbook

Do you feel tired and frustrated at the amount of money and effort this marketing requires? What if you could find a way to reduce the scatter, efficiently manage your time and get better results?

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Growth strategy #2 Market Development – Increase sales of existing products to new customers

If you’re a newer business, it’s essential to focus your early efforts in a very targeted way (to your target market, of course). But once you have a good handle on your product and are operating sustainably, maybe it’s time to develop new markets for your existing products.

Some new markets will be a simple extension of your target market. Maybe it will make sense to expand to a new geographic location, start an online store, or maybe even start exporting to another province or country. But you can also develop new markets for your existing product by discovering the value that other untapped market segments could get from your product.

For example, maybe your product can be sold directly to other businesses (B2B), instead of just to consumers (B2C). Perhaps there are institutional opportunities like selling to governments or getting involved in a supplier diversity initiative?

The key is to take a step back and think about the function of your product and who else might benefit from it? Maybe instead of only targeting new mothers for your baby store, you could also tap into the market of grandparents looking to spoil their grandkids. Same product, new market.

Once you’ve identified a new potential market, you’ll need to revise your marketing strategy accordingly—this is a new market, so they will need a targeted marketing approach.

Growth strategy #3 Product Development – Develop new products for existing customers

Next up in the matrix is to sell new products to your existing customers. Again, you already have a relationship with the customer, which makes it likely that they will consider new products from you as well.

New products can be an extension of your current products (such as offering new colours, designs, or flavours), and this can be a good approach for products that customers are likely to buy more than once.

For example, your customer might love your t-shirts so much they want one in every colour. Or they can’t get enough of your artisan strawberry jam, and they can’t wait to try more flavours.

New products can also be something that complements or accompanies your existing products. Perhaps your clients need a pair of shorts or a hat to compliment their t-shirt. Or they need artisan crackers to accompany your artisan jam. One thing to note, however, is to make sure that production and sales of this product fit within your business model.

You don’t want a hasty product expansion to negatively impact your existing (successful) business.

Growth strategy #4 Diversification – Develop new products for new customers

The most advanced (and risky) growth strategy involves diversifying into other businesses that will target new customers in new markets.

These new businesses may be related or unrelated to your core business. For example, if you operate a coffee shop, you could diversify into opening a bakery that supplies coffee shops with muffins. In this way, you are capturing more of the value chain.

Alternatively, you might diversify into an unrelated business as a way to balance out your other business.

For example, you could open an ice cream store. The ice cream store will be busy in the summer, which will make up for fewer people buying hot coffee. Large conglomerates are probably the best known examples of diversification, but you don’t have to be a billion dollar company to try it out.

One approach is to partner with a complementary business to develop a strategic alliance that benefits both parties. You can also purchase a complementary business, which allows you to take on the skills and institutional knowledge of that business without needing to build it from scratch.

Growing Sustainably: Are you good to grow?

When your business is new, it’s very tempting to want to take over the world. After all, if people love your product, what’s the harm in trying to grow? Well, if you don’t plan your expansion carefully, it can actually set you back! Here are some roadblocks to look out for:

• Does this move fit with your overall business goals? Some opportunities can be hard to pass up. But before you expand, revisit your overall business goals and make sure the new opportunity is actually a fit.
  Is this something you could succeed at? Your growth strategy must consider the core strengths of you and your team. If you try to jump into a completely new business or product, you might struggle to ramp up.
• Is there enough demand for an expansion? Just because you have one busy coffee shop doesn’t mean that opening a second location will automatically be successful. Take your time and do some primary market research to see if the market can handle it.
• Can you test the market first? For example, you could open a pop up shop or try a short term lease. If that works, you can have more confidence in your plan.
• What is your capacity to expand? Many businesses have an optimum production capacity. Maybe your kitchen can only make 2,000 muffins a day. In that case, you’ll be limited in how much you can grow—at least until you’re ready to invest in new production capacity. Similarly, you may currently be underutilizing your production capacity. In this case, take this excess capacity as a hint for where to focus your growth efforts.
• Can your supply chain handle it? No one likes to have to wait for product, but if you’re in a period of growth, there’s a good chance your supplier is going to let you down at some point. Keep a clear line of communication with them about your expected order volumes. Play out a few scenarios with them to understand potential wait times. Then, be honest with your customers as soon as delays impact your service standards.
• Do you have the cash to grow? Cash flow timing is probably the number one barrier to growth faced by smaller businesses. You’ve implemented your growth strategy, and suddenly you have more orders. Great! But now you need to order more products to keep up—and your supplier wants to be paid in full. Now you have accounts payable piling up, and not enough cash to cover it. This is why your growth strategy needs to be accompanied by a thoughtfully prepared cash flow projection. Look at your cash needs for the next six months under the new strategy compared to your projected inflows (and be conservative about the timing of those inflows!). Is there a shortfall? Now is the time to talk to your lender about a term loan (such as WeBC!) or make sure your Line of Credit can handle it.

If you’re looking to grow your business, you have options! When you break it down it can be easier to find the growth strategies that will work for you. And if you’d like support from a Business Advisor as you develop your growth plan, just get in touch with us—it’s free!

Get More Business Growth Tips in Our Free Resource Guide

The free WeBC Growing Your Business Resource Guide provides an overview of the important factors you should consider when growing your business, so you can decide where to strategically invest your time and money. Get your free copy >>>

The post Are you Good to Grow? Growth Strategies for Your Small Business appeared first on WeBC.

If you’d like to sell your services outside of BC, join WeBC Business Advisor Archana Samtani Singhania on October 13 to learn about the service-exporting process so you can determine if it’s right for you.

In this FREE interactive session, you’ll hear from panelists who grew their business through exporting, as well as organizations providing exporting support. You will learn:

• how exporting can be an intentional growth strategy
• what you need to consider before exporting your services
• where to find the resources that can help you export your services

Join us to hear experts share their insights and have your questions answered!

October 13 | 10am to 11am PT | Free Webinar

Open to everyone

Facilitator: Archana Samtani Singhania, Business Advisor, WeBC

Panelists:

• Aron Kim, Trade Commissioner, Global Affairs Canada
• Chelsea Sang, Regional Manager, Export Navigator
• Fatima Rasheed, Program Specialist, World Trade Centre Vancouver, Greater Vancouver Board of Trade
• Renée Safrata, CEO, Vivo Team

Register free: https://staging.we-bc.ca/product/growing-beyond-bc-how-to-export-services/

The post Growing Beyond BC: How to Export Services appeared first on WeBC.

Don’t miss out on this interactive seminar if you want to ensure a foolproof US market access strategy.

Small to medium-sized business owners who attend this event will learn:

• Cost-effective logistics and distribution channels
• Responsibility for federal and state tax
• US consumer purchasing behavior
• Canadian export requirements and US import compliance

REGISTER NOW: http://bit.ly/DBUSANM

Please note that the registration deadline is Sept 26, 2022 and lunch will be provided during the seminar.

The post Export Navigator: Doing Business in the USA – Nanaimo appeared first on WeBC.

Don’t miss out on this interactive seminar if you want to ensure a foolproof US market access strategy.

Small to medium-sized business owners who attend this event will learn:

• Cost-effective logistics and distribution channels
• Responsibility for federal and state tax
• US consumer purchasing behavior
• Canadian export requirements and US import compliance

REGISTER NOW: http://bit.ly/DBUSAPG

Please note that the registration deadline is October 7, 2022 and lunch will be provided during the seminar.

The post Export Navigator: Doing Business in the USA – Prince George appeared first on WeBC.