Navigating the international market is a whole new game for Canadian businesses—it’s vast, intricate, and full of surprises. Having global expertise on your team can make a world of difference.
Enter Export Development Canada (EDC), your ally in providing the tools, solutions, and networks needed to succeed globally. As the world grows more interconnected, EDC helps Canadian businesses capitalize on these connections.
In this episode of Her CEO Journey, Amanda Klucowicz, Senior Relationship Manager at EDC, shares how they empower Canadian businesses to thrive globally. It’s not just about profits—it’s about unlocking potential.
Amanda Klucowicz’s Journey
Amanda’s journey started far from the international scene, quite unexpectedly. She recalls, “It was sort of a chance encounter—I knew someone at EDC while working two jobs.” One in real estate and the other as a chef in a nursing home. Despite enjoying both, juggling them was quite the workload.
For Amanda, EDC is more than just a company looking to make money. She explains, “We really want to have as many people at EDC as possible interact with the folks that are actually doing the work on the ground, putting things on trucks, and boats and planes, trains and automobiles and all that great stuff.”
What EDC Does for Canadian Businesses
EDC is dedicated to empowering Canadian companies for success in the global marketplace. By addressing trade challenges and boosting exporter confidence, EDC enhances Canada’s international business presence. Amanda highlights, “Canadian companies really have some amazing capabilities. And we have an amazing reputation worldwide.”
Recognizing these strengths, EDC offers extensive support, including risk management, financing, and working capital solutions, to facilitate Canadian companies’ international ventures.
The Trade Challenge
“Canada is a small market. So we do need to trade — that is part of why we will always need to be a trading nation, we certainly need to be a part of the global village that we are living in.”
Going international has several risks due to the vast differences in breadth and depth compared to Canada’s domestic market. Overseas markets differ significantly from our local landscape, offering both challenges and opportunities.
The EDC Experience
EDC offers a range of solutions tailored to the diverse needs of Canadian businesses to build their confidence as they expand internationally. These include credit insurance to mitigate non-payment risks, guarantees to enhance working capital, and direct financing for growth projects abroad.
Security is an essential factor in the EDC experience. In Amanda’s words: “We always want to leave the company in a better place than we found them.”
EDC’s approach is highly personalized, focusing on understanding each business’s specific challenges and opportunities. This bespoke support ensures that companies can confidently navigate the complexities of international expansion, backed by EDC’s extensive network and expertise. They have three primary solution buckets:
- Managing Risks: EDC helps secure your cash flow and enables you to navigate both commercial and political risks.
- Securing Financing: EDC can also help you determine your payment terms or assist you with acquiring financing for your business.
- Working Capital: Aside from the capital you need to keep your business running, EDC also helps you enter new opportunities.
What a Business Should Know Before Approaching EDC
Before engaging EDC, businesses should craft a clear export plan outlining their international expansion strategy. This plan should consider various factors, including market selection, product adaptation, and financial planning. EDC looks for companies that have a solid understanding of their value proposition and a realistic assessment of the risks and opportunities associated with their international business goals.
Do You Need to be Profitable?
While profitability matters, EDC evaluates how it can be a part of the overall of international success and sustainability. Even if a business isn’t yet profitable, there are still ways EDC can support companies.
More importantly, it may be better to look at EDC’s risk management solutions. Amanda said, “If you are having challenges in terms of profitability, that’s where I would often recommend that looking at that risk mitigation strategy is even more important.”
International Business: It’s Possible
Amanda Klucowicz’s insights highlight EDC’s dedication to supporting Canadian businesses in global trade. By providing tailored solutions and expert guidance, EDC empowers Canadian companies to navigate the complexities of global markets confidently.
Amanda wants all Canadian businesses to know something important: although entering the international markets might seem like a colossal challenge, it’s possible. As she puts it, “Keep in mind that it definitely is possible. It is there, and just getting the right people around the table and having a plan — it makes it all the more tangible, it makes it all the more possible.”
Learn More About Amanda Klucowicz
Amanda Klucowicz serves as a Senior Relationship Manager at Export Development Canada (EDC). EDC’s mission is to support Canadian businesses in successfully entering international markets while providing contingency plans to manage risks effectively. Whether you’re considering global expansion, EDC offers aid and resources to ensure your business thrives beyond Canadian borders.
Connect with Amanda through LinkedIn or visit her page on the Export Development Canada website.
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