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To the US, Mexico, or…

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4 minute read

Deciding on, and then entering foreign markets requires homework, careful analysis and best practice. If you’re in the oil and gas services sector in Red Deer, industry-based direction setting is available, in this new free “get abroad right” certificate training.

By Lesley Young

Good advice on getting abroad? There’s a wealth of experience from local industries.

For more than a year, Jerry Raduy researched whether to take his small, Calgary-based drilling company, Clear Directional Drilling Solutions, into the Middle East.

After travelling to a free trade zone in the Persian Gulf and investing in professional service firms to investigate what’s involved to do business in Iran—from accounting to shipping equipment to legal and insurance concerns—Raduy recently decided to put the expansion plans on pause… temporarily.

“We don’t know what’s going to happen yet with Canada and U.S. relations when it comes to some Middle Eastern countries,” said Raduy, adding that his research also revealed there were too many unknowns beyond the political uncertainty.

“We don’t want to be first. We want to be a close second. Let somebody else go through the pain and misery to pave the path,” he said. So why did they bother at all? The promise of future growth—day rates for oil and gas services in some Middle Eastern countries are three to four times what they are in North America—is tempting despite the risks, such as waiting six months to a year for receivables.

“It’s high risk, but it’s also high reward,” said Raduy.

Expanding into other markets isn’t for everyone. That’s all the more reason why small to medium-size enterprises (SMEs) need to be smart about their plans to enter foreign markets, said Edy Wong, director of the Centre for International Business Studies at the Alberta School of Business

“Internationalization is not for everyone or for every business. An SME should diversify, but only if they have a product that is truly competitive and if they can reap benefits from economies of scale,” he said.  “Having said that, the economy is now global. So, any business should consider how the global market may become part of their business plans over time and have a long view on that.”

After two earlier training sessions, the Petroleum Services Association of Canada, in partnership with Alberta Economic Development, Alberta School of Business, and the Red Deer College Donald School of Business, will be hosting a 1.5-day training program for Central Alberta’s oil and gas service and technology SMEs to share and expand on international market entry essentials.

What were some of the tips gleaned from these earlier workshops and cases? There were many, such as “choose your time”, “make sure you have money to spend”, “find a partner”, or “consider cultural differences.”  From participants’ feedback though, what mattered most, even beyond such key takeaways, “was the full joint experience of this training.”

 

 For more information and to register go to: www.psac.ca

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Business

Troubled Monk, Stride, and KCB Cabinets big winners at 2020 Business of the Year Awards

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From the Red Deer & District Chamber of Commerce

Red Deer Businesses receive prestigious awards

The Red Deer & District Chamber of Commerce announced the 2020 Business of the Year Awards to five recipients at their 37th Business of the Year Awards held at the Cambridge Red Deer Hotel & Conference Centre. An independent adjudication committee comprised of local business leaders selected 15 finalists from more than 93 nominees in this annual celebration of business excellence.

In the 1-10 full-time equivalent employees’ category, – KCB Cabinets & Renovations

For the 11-20 full-time equivalent employees’ category – Stride Physiotherapy and Wellness

In the 21 or more full-time equivalent employees’ category – Troubled Monk.

For the Young Entrepreneur category – Sol Invictus Energy

And the Non-Profit Award category – The Lending Cupboard.

Businesses are nominated by the public, and chamber volunteers interview nominees to develop material for the adjudication committee. The committee then conducts a comprehensive evaluation to determine the finalists. As an outcome of this process, the winners are also determined, however the results are sealed and embargoed until the awards ceremony.

The Red Deer & District Chamber of Commerce is a collaborative leader in building a vibrant community and fosters an environment where businesses can lead, be innovative, sustainable, and grow.

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#ReDiscoverRedDeer

City to experiment with Winter Outdoor Patio

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From the City of Red Deer

Ross Street Patio to remain open for winter pilot program

Ross Street Patio will remain open this winter, as a new pilot project launched by The City of Red Deer. The patio, a beloved downtown amenity, was scheduled for seasonal removal earlier this month; the decision to explore a winter patio pilot project is in direct response to advocacy efforts from nearby businesses to retain the patio through the winter.

“We know downtown businesses are struggling as a result of the pandemic and we want to continue our support to help them mitigate the negative affects of COVID-19,” said Bobby-Jo Stannard, Community Development Superintendent. “Extra space provided by the patio allows nearby food and beverage businesses to expand and increase their capacity, while adhering to safety guidelines and restrictions.”

The winter patio pilot project in Red Deer follows decisions by both Calgary and Edmonton to extend their seasonal patio programs amid COVID-19. The project involves a partnership with these businesses that includes maintenance, snow and ice control, litter collection, and programming.

Downtown businesses with seasonal summer patios will be contacted by City staff regarding the option to renew their permit for the winter months.

A comprehensive evaluation will be completed in the spring to evaluate the success of the program and to determine the viability of retaining the patio as a year round amenity.

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october, 2020

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