Unlocking Canada: Success in 5 key moves
In a recent panel session discussing the expansion of New Zealand businesses in Canada, experts highlighted the significance of harnessing the power of a local network – in other words, drawing on the experiences and knowledge of Kiwi employers and employees doing business in Canada.
The panel discussion focused on encouraging Kiwi businesses to move beyond commodity trading, emphasising the need for diversification and value addition in products and services. The government agency, New Zealand Trade and Enterprise (NZTE), plays a pivotal role in this process, aiming to facilitate the growth of NZ businesses on an international scale.
Lean on local networks
Recognising the challenge of being specialists for every company, NZTE adopts an agile approach by partnering with local networks, industry sector groups, and business leaders to amplify its efforts. One of the key initiatives, the Beachheads Advisory Services, has become a vital tool in aiding New Zealand companies in Canada.
Brett Halliday, NZTE’s Canadian Beachhead Advisor who successfully launched Michael Hill Jewellers in Canada, shares his five points for international success:
1. People and local talent
- When expanding into new markets, send in your “A team”. The A team is essential for overcoming challenges and building relationships with new customers.
- A successful recruitment strategy includes targeting local talent and even recruiting from competitors to quickly gain local knowledge and market share.
2. Location, location, location
- Where will your business launch? Careful consideration of where the starting point will be is vital. The wrong choice can cost years of growth potential.
3. Don’t get lost in translation
- As much as possible, use the local language to communicate. Localised language is not just about linguistic nuances but also understanding the cultural context.
- Tap into local advisor and partners for advertising strategies and the critical role of internal communication, ensuring understanding messaging and internal brand perception.
4. Get advice from the locals
- Form a team of local experts and advisors to ensure your business understands the Canadian market's nuances.
- Annual visits by lead teams from New Zealand and Australia to stay in touch with the local environment.
5. Confidence and not arrogance
- While being confident about products and business is essential, avoiding arrogance is equally crucial.
- The importance of listening to advice and remaining open to learning from the new market.
Taghreed Hikmet, Senior Lecturer in the AUT Business School’s Department of International Business, Strategy & Entrepreneurship, says academic theories of business best-practice align with NZTE’s approach.
For example, the Resource-Based View (RBV) and Network Theory both back NZTE's strategy of relying on local networks, bridging academia with the practical approach of fostering international business growth.
NZTE’s practice and AUT Business School’s teaching and research share a common vision of what it takes for NZ businesses to succeed in Canada: a thoughtful combination of strategic planning, localisation, and humility. By tapping into local networks, understanding the Canadian market's intricacies, and adapting business strategies accordingly, Kiwi companies can foster sustainable growth in the international landscape.