BUSINESSWEEK ONLINE : OCTOBER 9, 2000 ISSUE
FRONTIER -- FEATURES ONLINE EXTRA: Making the Most of a Trade Mission A consultant who has been on more than two dozen trips says: "You only get out of it what you put into it" Mike Minihane, president of Valencia (Calif.)-based Maret Corp., is an international franchise consultant who has gone on more than 25 trade missions and U.S. Commerce Dept. trips on behalf of his clients. He spoke to reporter Karen E. Klein about how entrepreneurs can take full advantage of a trade mission. Here are edited excerpts of their conversation: Q: Why should a small-business owner go on a trade mission in the first place? A: They're a very valuable marketing tool for any company. You have to go about them right, though, to get the most out of them. The bulk of the work is done before and after the event, when you research your prospects and follow up contacts afterwards. Q: How do you prepare for a trade mission? A: I determine who would be my client's ideal partner, whether it be a large corporation, a small corporation, or an entrepreneur. Then, I write a profile of that ideal partner and send it to my local Dept. of Commerce contact and to the U.S. Commercial Service field office in the country we're visiting. Q: Why is the profile so important? A: You've got to give the overseas staff directives, or you'll find yourself talking to people who are a complete waste of time. Start planning two or three months ahead of time. The sooner you can brief the overseas trade offices, the better the results are going to be. If you get to know the U.S. trade personnel in the country you're visiting before you go, and they know what you're looking for, it makes a big difference. Q: How do you define a good mission? A: On a good mission, you'll know who you're meeting at least a week in advance, and you might even get annual reports and corporate profiles that you can research. I get a little suspicious if I don't get a list of who we're meeting ahead of time. Q: Do results vary from place to place? A: Absolutely. I'm a DOC groupie, a big fan of theirs, but the quality of staff in the U.S. Commercial Service offices varies. Some have excellent, experienced personnel, and others may not understand your objectives. I went to Germany and met real estate developers, people trying to sell me things, and a charity looking for a handout. It was very embarrassing. Q: What's the best outcome you've had? A: On a trip to Manila, I had multiple, qualified candidates competing for my business. I had their financial statements and annual reports in advance. They showed up with testimonials. I left the country with a signed letter of intent. That's about as perfect a scenario as you can hope for. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP					RELATED ITEMS frontier contents for Oct. 9, 2000 issue The Bumpy Road to Global Trade TABLE: Travel Essentials for Your Trade Mission TABLE: Foreign Briefing TABLE: ``What I Learned on My Trade Mission'' ONLINE EXTRA: Making the Most of a Trade Mission ONLINE EXTRA: Mission Possible: How to Conquer the World INTERACT E-Mail to Business Week Online

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