Questions About Resources You Must Know the Answers To
Want to take your business to Latin America? For your business to thrive, consider the following.
First, take note that Latin America is not a single country but is composed of various countries. Taking the various countries of Latin America as one and the same could lead to the failure of your business. Per country, they have their own rights, culture, habits and customs. Your strategy for sales might not work for a certain country but it may work in the other country.
differences that are so emphasized can be seen in a lot of Latin American countries which gives you a feeling that you are in a different country.
Therefore, to maximize your chances for success, focus on understanding the culture of the Latin American country where you want to invest in.
Make it a point to be friendly.
Having personal relationships can greatly affect how Latin Americans do business. Your Latin American business contact usually tries to get to know you as a person first. This might take time but there is really a need to create good, local business partnershps. Do away with this step and you will have a difficult time. Socialize with family and friends of your contact to gain 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.
A good rule to follow is to study the legal requirements and don’t forget to do it in paper. Having the aid of a good lawyer and an accountant to look into your contract is imperative. Good business relationship is still supposed to be kept in mind aside from the existence of a contract.
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.
Consider your price properly.
You cannot come up with a common price from country to country or region to region. Your level of investment, profits and pricing will rely on the local costs. Look into the differences in regional cost before bringing your product or service in the region.
You must get to know the way Latin Americans communicate.
Latin Americans mostly are amiable, outgoing, respectful and do not want to offend. You may have longer meetings with them because they talk much. Their yes meaning no may become yes if you get to know them better.
Another thing that varies in each Latin American country is the channels of distribution and barriers of logistics. So check out their consumer sales channels.
You must try to learn to speak the language.
Brazilians speak Portuguese but the main language in Latin America is Spanish. Don’t think that your business contacts will speak English fluently.
Consult those who previously did business there. Analyze what made them succeed.
Take it slow!
The project need to be completed with more time so align with the pace in Latin America.