Making it through the trade war means focusing on what can be controlled, say business leaders
Four business leaders in Newfoundland and Labrador say there are ways to make it through the trade war with the United States — and it's all about focusing on what can be controlled.
Johanna Brown, chair of TechNL, says the uncertainty following economic tariffs reminds her of the same uncertainty she and other business owners felt during the COVID-19 pandemic.
"There were good things that came from it, and one thing I would say is that businesses became very resilient, or found a way to be resilient. And after coming out of that, they are better businesses because of it," Brown said Tuesday at a panel discussion hosted by the Newfoundland and Labrador Organization of Women Entrepreneurs.
"This is not great, what's happening, but I do think we have the ability to focus on where can we find the positive in this."
Brown says the federal and provincial governments should narrow in on interprovincial trade barriers.
"I think it's a chance to [get] task forces together to really dive into that. Because it would not take long to come up with some really meaningful, impactful ways that you can advance that," she said.
Lowering those trade barriers, she said, would allow businesses to embrace innovative solutions from other provinces. In turn all provinces would work in a collaborative approach.
She said she'd also like to see increased funding through grants that can reach small businesses directly.
Ogaga Johnson is the founder and CEO of consulting company Verisult.
She says governments need to start funding more Canadian businesses.
"If we fund our own, in terms of Canada, in Newfoundland and Labrador to be precise, then we can have more products that are … made here," Johnson said.
"That increases our economic wealth and development."
Tammy Snook, COO and co-founder of Paskwâw Harbour Strategies, says it's time to diversify to markets outside of the U.S.
"Do you have new offerings to potential people that you might not have tapped into yet? Do you currently export or provide services to the U.S.? Are there other markets, such as Asia or Europe or elsewhere in Canada, that you can expand into?" Snook said.
"You want to show the return on investment for what it is you're providing. So that your business is not a nice to have, it's a must have."
Bronwyn Bridges, CEO and co-founder of medical technology company PragmaClin, says that push to diversify is an essential measure moving forward.
"What we've tried to do is make sure that those eggs are in multiple baskets," she said. "And it doesn't mean that there's a lack of focus, but it does mean that there is diversity to other partners who now are going to jump and leap at the opportunity to work with us because we are a Canadian company."
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