Canadian small business owners see benefits in expanding globally

A new survey shows that small and mid-sized Canadian businesses are not shying away from conducting business globally amid economic uncertainty.

In fact, they see opportunities abroad as a way to grow their business, according to an HSBC Bank Canada survey of 250 small and mid-sized businesses.

Findings show that 72 percent of those surveyed sell their products and services abroad. Manufacturing and services industries were highlighted as the most likely to be conducting business with global partners, says HSBC.

"These findings show that even in the current challenging economic times Canadian businesses understand that their future lies not in retreating into our home market but in continuing to look beyond our borders for new growth opportunities," said Jon Hountalas, executive vice president, commercial banking, HSBC Bank Canada.

Hountalas does advise small business to fully understand the global markets before jumping into international trade. Understanding the payment risk and the type of credit needed to operate in foreign markets is critical, he says.

----------------------------------

Copyright NEBS Canada Business Products