Organizing a Trade Mission: A Guide for Businesses Exploring Cross-Border Opportunities by Bob Hoffman, Kennedy Executive Search Ireland
When we are looking for new business, most companies look within their existing market. Very few people look at markets in different countries and often it is a lot easier to do than you think. My Executive Search recruitment company is based in Ireland, so I am blessed to be part of the EU, which means I can conduct business very easily in other markets.
My strong recommendation is do not attempt to build business in another country without having a local partner. Within the Kennedy Executive Search network, of which I am the Irish Partner, I have built a very good relationship with our Hungarian partner György Kobelrausch of Ikelosz in Budapest. He and I have been developing a cross-border strategy for over a year now.
In this tech era, building cross-border opportunities is one of those tasks that does involve ‘feet on the ground’. Picture this: you and your team are headed to another country to forge new relationships, explore local opportunities, and work closely with business partners who can help you tap into new markets. Exciting, right?
So where do you start, how do you plan it? Let’s get into the activities, strategies, and key third-party organisations you’ll want to engage with to make the most out of your trade mission.
Step 1: Setting Goals and Finding the Right Partner
First things first: find the right partner and it can be as simple as picking a company that does the same thing that you do, but if they were based in your country, they would be a competitor, and you would stay away. As they are based in another country you don’t compete with them. In our example, György and I want to pool resources, leverage each other’s networks, and offer clients broader talent solutions across both countries.
Since both of our firms are part of an international network, we already had a foundation for collaboration. However, we needed to spend time discussing what each partner brings to the table and how we envisioned working together. Identifying your partner’s strengths can help you design a mutually beneficial mission.
Key Activities:
Set up planning meetings with your partner to outline shared objectives.
Determine what success looks like — new clients, shared placements, co-marketing?
Map out the skill gaps you’d like to fill with the help of your partner.
Step 2: Doing Your Homework and Researching the Market
A successful trade mission is grounded in solid research. Before you pack your bags, you need a deep understanding of the target market — in this case, Hungary. Since both Ireland and Hungary have their own distinct business cultures, recruitment styles, and regulations, it’s important to know what you’re stepping into.
György and I swapped lists of the main Irish companies based in Hungary and vice versa. We drew up a list of contacts that we knew in each company and reached out to those people.
We studied the talent needs in Hungary and Ireland, as well as the local industries that might benefit most from cross-border recruitment. For instance, Ireland’s booming tech and pharma sectors might have a high demand for specialized engineers, while Hungary’s automotive industry could be seeking management-level professionals, fluent in multiple languages.
Step 3: Reaching Out to Key Stakeholders and Third-Party Organisations
Your success on a trade mission often depends on the local support you receive. Third-party organisations, such as embassies, trade associations, and chambers of commerce, can be invaluable allies. These organisations not only have deep knowledge of the local market but can also provide introductions, host networking events, and offer practical support like translation services or legal advice.
In late 2023 György paid a visit to Dublin, and we started to work on this cross-border strategy. It was my pleasure to repay the compliment and visit György in Budapest in October of this year, where I also met his wonderful colleague Dr. Klára Görög.
We arranged a meeting with the Irish Ambassador to Hungary who gave us great insight as to the macro level relationship between the two countries, both politically, economically and from a business point of view. The Ambassador was very generous with his time, and I am confident where appropriate, that he will highlight to Irish companies establishing themselves in Hungary that there is a recruitment partnership that specialises between the two countries. In addition, we had a meeting with the head of the Ireland Hungary Business Circle who has a very hands-on grasp of all key people in the business community between the countries. Finally, we met with the head of Enterprise Ireland which is the Government agency responsible for helping Irish companies expand overseas. In Ireland, we met with the Hungarian Ambassador to Ireland, his Commercial Attache and the head of the Irish Hungarian Business Association. All these people were very professional but also very friendly and generous with their time. In particular, the Hungarian Ambassador to Ireland had invited us to a cultural event of Hungarian music and due to a delayed flight waited 3/4 of an hour after the event with his team of six colleagues to meet with us.
Like all sales activities the follow-up is critical. Send thank-you notes to everyone you met, highlighting any discussions and expressing your eagerness to stay connected.
Trade missions are like all sales and marketing activities, it is all about planting seeds. Some of these seeds grow immediately, others take a long time to grow and some never grow at all but as any farmer will tell you, there are no crops without planting seeds!
With the right strategy and the right partner, you’ll be well on your way to expanding your business horizons. So why not take that leap and start planning your own trade mission? The world is full of opportunities waiting to be explored!