We are pleased to announce that we have partnered with a Brazil-based consultancy to assist with projects in the Central and Latin America region. Our clients looking to do business in this region will benefit from the valuable local expertise and connections we can now offer through this association. If you are seeking assistance in the Agribusiness, Technology, Financial or various other sectors, contact us at firstname.lastname@example.org.
Recent developments in trade agreements between Canada and the EU have created new opportunities for Canadian businesses. To accommodate the needs of these businesses we have partnered with an Associate firm in the UK to give our clients valuable on-the-ground support.
Why should you consider the UK for your business expansion?
It is the gateway between Europe and the Americas
There is excellent potential in several sectors such as Aerospace, Machinery, Medical Technology, Mining & Metals, Oil & Gas, etc.
It is the easiest place to establish and run a business in Europe
The government is supportive of small business including providing financial aid
It is Canada’s largest trading partner in Europe and is open to foreign investment
Together with our UK-based Associate we can offer a myriad of services that will ease your venture into this exciting market:
Help set up and operate your European base
Research a specific market within the EU
Localization of marketing, promotions and PR efforts
Assist in identifying business partners
Explore local tender opportunities and funding
For further information please contact us at email@example.com
We are re-introducing our Cultural Awareness in the Workplace workshops for businesses that have an intercultural workforce or operate across cultures. These interactive workshops are offered in-house to small groups in half day sessions.
Session I examines issues such as:
• What is culture?
• Cultural characteristics
• Communicating across cultures
Session II focuses on one of the following topics, depending on your requirements:
• Working with intercultural teams
• Cross-cultural leadership
• Connecting with a multicultural clientele
Effective communication within most organizations can be a challenge, add to that the element of communicating between different cultures and ethnic groups, and the issue becomes even more complex. Often simply being aware of the cultural differences creates a more positive workplace environment. For more details email firstname.lastname@example.org or call 604-609-6178.
A recent blog in the Harvard Business Review is quite an eye-opener! It appears that the number of global corporate leaders with international experience is way below what you may expect. Consider the following:
- Only 14% of the world´s 500 largest corporations by revenue, the Fortune Global 500, are led by a CEO who hails from a country other than the one where the corporation is headquartered.
- The share of foreign CEOs and board members rises only to ~30% among the world’s 100 corporations with the largest foreign assets.
- Only 1 of the 96 Fortune Global 500 companies from the BRIC countries has a foreign CEO.
- Among corporations in the U.S. S&P 500 only 7% of board members were foreign nationals, only 9% had degrees from non-U.S. institutions, and 73% had no international work experience at all!
How is this possible?
A government white paper released in October 2012 outlines a road map to ensure Australia becomes an even more prosperous and resilient nation. It covers a set of national objectives to guide the country to 2025, including five key policy areas.
For details please see the following link:
Could there be some lessons for Canada here?
Prepared by Nerella Campigotto in conjunction with our India Partner
Indo Canadian bilateral trade stands at CAD 5 billion at present and is expected to increase to CAD 15 billion in the next 5 years. India’s exports to Canada in 2011 were up 25% and imports from Canada registered an increase of 31.7% over 2010. Total bilateral trade during 2011 registered 28.35% increase over the previous year.
While it is clear that investment and trade relations between the two nations are growing, there is tremendous scope for increasing business. For example, Canadian investments in India are only 0.38% of the total investments received by India! Canadian companies need to look at new emerging markets like India to expand their business.
The simplest route for a company from Canada wanting to sell its products or services in India is through the appointment of an Indian distributor or agent. These arrangements do not generally need any entity to be established in India and generally no government approvals are needed to be taken by the Canadian company.
Companies from Canada wanting to do research on the India market and assess the business potential by getting a firsthand feel on the ground can open a Liaison (or Representative) Office in India, post approval from the Reserve Bank of India.
For companies that are sure about their India plans or those that are willing to take a longer term perspective on their business plans, opening a Wholly Owned Subsidiary (WOS) or a Joint Venture (JV) with an Indian partner are options that can be considered. With progressive economic liberalization, most sectors in India are open to foreign investment. Certain sectors like broadcasting, defence, insurance, telecommunications, retail etc. have a maximum permissible ceiling up to which foreign investments are allowed. Any proposed investments over the permissible ceilings will need to be cleared by the Foreign Investment Promotion Board (FIPB) which meets every week to clear proposals.
What are the potential challenges of operating in India?
The challenges of operating in India can be best illustrated by the World Bank’s annual Doing Business Study which compares measures regulations impacting 10 stages of a business’ life. The 2012 study which compared 183 countries saw India being ranked at 132, down 7 places from 139 from the Doing Business 20011 Report. Canada ranked 13 in the Study and Singapore ranked number 1. This gives a comparative perspective of the challenges that companies from Canada need to be prepared for when doing business with India.
‘Trading across Borders’ at 109 (Canada: 42), ‘Starting a Business’ 166 (Canada: 3), ‘Dealing with Licenses’ 181 (Canada: 25), Closing a Business 128 (Canada: 3), and ‘Enforcing Contracts’ 182 (Canada: 59) are some of the areas where Indian rankings trail those of Canada by a wide margin. While the rankings showcase India’s progress in modernizing its financial sector and in dismantling trade barriers, it also highlights continuing problems with relatively complex tax administration and endemic delays in the legal system.
The latter two factors are key concern areas for companies from Canada to watch for while doing business in India
What is our advice to companies from Canada wanting to do business in India?
- Research the market before you invest. Understand the size, potential and price dynamics and how and where you want to enter it. Do not go by the overall size of the Indian market, segmentation is important. Take time to study the market, the demand/ supply situation, pricing trends and competition. Do not go by overall Indian market size, segmenting the market for your business is critical.
- Make sure that you have top management commitment and adequate resources to manage a business relationship in India.
- Visit the market and take time to build personal relationships. Be prepared to make follow up visits. Choose your partner with care – conduct thorough due diligence and take independent advice.
- Allow plenty of time for meetings and travelling around the market. Be patient – it always takes longer than you think!
Canada can take advantage of India’s growing economy for promoting solutions in mining, clean energy, high end technology, biosciences, pharmaceuticals and Telecom/IT. With growing awareness about mutual opportunities for cooperation and growth, trade and investment ties between India and Canada are poised to show excellent growth in the next decade.
We have an established relationship with CanadianForex, a global foreign exchange specialist. They offer extremely competitive rates of exchange and lower fees than you would see with banks and other providers, so your money goes further. They can also provide you with advice & hedging tools in order to assist you in managing the volatility of the foreign exchange markets.
Benefits of using CanadianForex include:
- No receiving bank fees in most countries
- Extremely competitive foreign exchange rates across 52 currencies
- Complete exchange rate transparency
- No transaction fees for amounts over CAD10,000
- Exchange rate alerts via email
Many of our clients and colleagues have already used CanadianForex for:
- Paying international invoices;
- Paying for loans, investments, school fees abroad;
- Purchasing property internationally;
- Transferring money to family members;
- Transferring pensions.
Registering with them is FREE and you can view their live dealing rates immediately. Alternatively you can contact Jonathan Sermon at email@example.com. Also, Boomerang Consulting clients and friends receive the first two transactions fee FREE. https://www.canadianforex.ca
CanadianForex is a wholly owned subsidiary of OzForex, strategic investment of Macquarie Bank, Accel Partners and the Carlyle Group.
- India is an emerging power in the 21st century, and is forecast to become the 3rd largest economy in the world.
- India is a source of talent and innovation; about half of India’s 1.2 billion people are under the age of 25.
- India supports a vibrant, pluralistic democracy and insists on an open and free press, providing a reassuring environment for businesses, particularly if compared to some other emerging markets.
- The falling Indian Rupee has improved the attractiveness of overseas companies investing in India, and all types of investment are forecast to rise as restrictions relax.
Want to do business in India but don’t know where to begin? Need to make the right connections to achieve success in this market?
Boomerang Consulting has joined forces with an advisory group based in India to assist companies that want to do business there and require in-market help. Our partner firm has extensive experience in helping foreign organizations and government agencies. Their strong track record and impressive network convinced us to work with them on behalf of our clients that are looking at this market. They offer a suite of services that encompasses all areas of international business development, including market research and promotion, B2B meetings and partner searches, regulatory requirements, and recruitment. As one of the world’s most promising markets, India’s potential cannot be ignored. So if you are planning to do business in India contact us to discuss how we can assist you.
We live and work in a world that is an integrated entity, increasingly influenced by external cultural factors. For those in leadership positions it is now not only necessary to have a high IQ and EQ (emotional intelligence), but strong Cultural Intelligence (CQ) is also increasingly regarded as a necessary skill to succeed in today’s global business community.
Leadership entails communicating a vision and influencing others towards a goal; achieving this across cultures is no easy feat. Defining the characteristics that make a good leader can be daunting. Much of the research and information we are exposed to about this topic is US, or at least Western focused, where leadership skills tend to be measured by organizational performance such as productivity and morale. Nevertheless, universally there are basically two types of leadership – task oriented and relationship oriented. People from different cultures react differently to these styles. In addition, leadership quality, as with charisma, is often about perception; a person perceived as a leader will gain respect, power and authority. Indeed, we may say that it is the followers who determine a leader’s greatness. Successful global leaders understand how leadership is viewed in other cultures, and how the expectations of culturally diverse followers influence leadership behavior.
Let’s look at three ways leaders can demonstrate cultural intelligence.
- Building awareness
Culturally intelligent leaders are open to knowledge and develop new skills to help them succeed. This means understanding the cultural attributes of the followers and what their expectations are. These attributes can be in a number of areas such as the relationship between the leaders and their followers, what role seniority plays, how problems are handled, and attitudes towards efficiency, punctuality, deadlines etc. Often tradition will prevail over logic, so it is important for the global leader to learn about the history and values of the followers’ culture. This may be achieved by developing alliances with other leaders from different cultural backgrounds who can provide different perspectives for comparison.
Culturally intelligent leaders are comfortable in adapting their behavior to suit different circumstances without changing their inherent leadership style. With stronger awareness they can determine whether, for example, their followers are from an individualistic versus a collectivist culture, whether they work better in an autocratic versus a bureaucratic environment, whether they are motivated by incentives versus punishment, whether they respond to an informal versus formal approach, etc. Successful global leaders spend time with their followers to understand their comfort level, and listen to what is said and not said.
Culturally intelligent leaders understand that the way they communicate is critical to their success. Once they are aware of the cultural attributes of their followers and have adapted to their environment, it will be easier to tweak their communication style accordingly. Apart from the obvious need to use clear language, this may also mean determining how much information needs to be imparted in order to achieve the required goal, and what the consequences and/or rewards are for the followers. It also means adjusting communication styles to take into account whether the follower’s culture is one that exhibits an implicit rather than explicit manner, as well as non-verbal communication traits.
To summarize, whether a leader’s style is task oriented or relationship oriented, he or she can work towards increasing their cultural intelligence by applying the three steps above. By being aware of the cultural attributes of their followers, adapting to the cultural environment and communicating accordingly, leaders are more likely to achieve success. There is no doubt that a healthy dose of CQ is an indispensable asset for today’s global leader.