The 10 Laws of Tips And How Learn More
Guides to Bringing Your Business to Latin America
Bringing your business to Latin America? Check out these tips towards a smooth flow of business.
Number one is to remember that Latin America is composed of many countries. Chances are that your business might fail if you take Latin America as one and the countries comprising it are the same. Every country in it has its own uniqueness which include customs, culture and even habits. Your strategy for sales might not work for a certain country but it may work in the other country.
Also, for some Latin American countries, they have differences regionally that could make you feel you are dealing with another country in the same country.
Understanding the culture of the Latin American country you want to put up your business in is a good thing for business success.
Make sure you are friendly.
Good relationships have quite an impact on the way the Latin Americans view business. The first thing a Latin American business partner does is to get to know you personally. Building great local business relationships is very important so we must take time to do this. This important move, if not followed, could make you struggle. Connect and socialize with the friends and family of your contact and earn his or her trust. After becoming part of his or her social circle, the contact will start to do business with you and there can be long term rewards.
Proper documentation should be done.
Aside from checking the legalities, see to it that you have the papers. There is a need to consult a good lawyer and an accountant to scrutinize your contract. Having rules and a contract is good but still, do not forget the importance of good business relationship.
Review your own approach.
Do not make your Latin American contact feel that you are imposing upon him or her your own approach so try to implement it appropriately.
Think very well about your price.
It is not possible for you to maintain the same prices among the countries or regions. Your level of investment, profits and pricing will rely on the local costs. Scrutinize the variations in regional cost before deciding to bring your product or service there.
The Latin American style of communication should be understood by you.
Being friendly, sociable and respectful are traits of the Latin American and also they do not want to offend. They talk a lot so you may have to put up with longer meetings. You can get them to finally say yes even if they mean no if you understand how it works.
Take note that there are differences in the distribution channels and logistics barriers within countries in Latin America. Make sure you look into their consumer sales channels.
You must try to learn to speak the language.
Latin American speak mostly Spanish but Brazilians speak Portuguese. Not all business contacts can speak English so take note of that.
Try to learn from those who tried doing business there in the past. Analyze what made them succeed.
Take your time!
Unlike the fast pace where you came from, you need to allow time for the project to be completed.