BPE Global Hot Topic – March 2023
Cutbacks Got You Burned Out?
In this industry, the “hot topics” we could highlight are never ending. This month, rather than provide another recap of yet another change within global trade regulation and sanctions, I turned to my clients. I prodded about what would be actually helpful? What do they want to hear? The resounding feedback was “Cutbacks have us so lean,” “I’m so burned out” and “What can I do about it?”
Burnout: Exhaustion. Reduced professional efficacy. Increased mental distance from one’s job.
Cutbacks: A reduction that is made in something. Often workforce. An increase in responsibility for those remaining in workforce.
Therein lies the rub. The cutbacks are adding more to our plates. The burnout is reducing our ability to tackle it efficiently. What’s a trade compliance leader to do?
Though technically an added task, a monthly “up and out” newsletter is one of the most impactful and (depending how you look at it), free tools to deploy.
“Up and Out” is a BRIEF monthly digest containing a few bullets for the various departments of your organization:
“UP” targets executives. Provide a few points to address the following:
- Current events (trade compliance-related and company-specific)
- E.g. Latest on: Huawei, import tariffs, emerging technology
- Company-specific sanction or trade regulatory changes
- E.g. Latest on: Russia/Belarus sanctions, CN semiconductor end-use regulations
“OUT” is for your peers. Trade compliance touches all parts of an organization. Make sure your peers know that. Here are some examples of topics to address across various departments:
- Finance
- Duty accrual/deferral or savings opportunities
- VAT/Registration requirements for global supply chain
- HR
- Hiring (e.g. foreign nationals working on controlled technology)
- Screening (employees and prospective- US and Foreign)
- Sourcing/Planning/Procurement
- Strategic sourcing (FTAs, understanding ad-valorem rates for certain countries like CN)
- Re-shoring discussions
- Supply Chain
- Duty mitigation for various assembly options
- Strategic Sourcing
- Legal
- Contracts (e.g. Incoterms/Title Transfer alignment)
- Ethics: Forced Labor updates and carbon footprint saving opportunities via service providers
- Sanction/regulation status
A periodic (monthly or bi-monthly) newsletter keeps not only keeps trade compliance front of mind within your organization, but also allows a trade compliance leader the ability to step out from the tactical onslaught of tasks and into a strategic mentality. Operating strategically not only motivates a trade compliance leader, but also leverages existing resources to help with the tactical requirements of daily operations.
Our call to action is for you to try out a newsletter of some sort in the coming months. Make it brief. Make it relevant. We can’t wait to hear how it goes!
BPE Global is a global trade consulting and training firm. We are committed to changing the way that companies approach global trade compliance. Rather than look at global trade as a means to an end, we strongly believe that it is critical to a company’s overall strategy and is a competitive advantage. Reach out should you have any questions on the topic. You can follow us on LinkedIn where we publish topical opinions on the ever-changing rules and regulations governing the landscape of global trade.