When a company exports, they need to make sure they’ve already implemented measures that will guarantee they get paid. How do you mitigate the risks of an international business transaction? Daniel Côté, Associate Vice-President - International at National Bank, and two SMEs, SIMCO Technologies and Sanuvox Technologies inc., share their tips.
The goal is to cross the finish line
For Daniel Côté, companies need to take their time developing their export project, but they also need to successfully complete the resulting sales transactions. “It’s a bit like a marathon: if you start to run at full speed but don’t cross the finish line, you won’t have accomplished anything in the end,” he said.
Modes of payment: a few tips and solutions
- Implement a currency exchange rate in your company
- You can add a clause in your contract stating you would like to be paid in advance
- Depending on the country where you are exporting, be flexible about delays in payment
- Surround yourself with experts who can help you complete your transactions
» See our other video tips
A video produced for the SME Passport program.
The SME Passport program is made possible through the support of the following partners: National Bank, Caisse de dépôt et placement du Québec, Canada Economic Development for Quebec Regions, the Ministère de l'Économie, de la Science et de l’Innovation and its Export Québec unit, and consulting partner Raymond Chabot Grant Thornton.
» Read all our articles on international trade