Important Facts You Should Know on Doing Business in Latin America
Managing your business locally and successfully, you should think of expanding yourself to other areas especially where there is a gap that needs to be fixed. One of the potential environment you can take your company to, is in Latin America. However, there are many challenges of moving your business to another area and that is why you need to understand more about Latin America if you intend to succeed in your business. Given in this article are some important facts you must understand when you want to manage a successful business in Latin America.
One of the best ways you can manage a successful business is by learning the languages. Managing a business involves a lot of communication and it can be limiting if you don’t understand the business language as well as the basic language of interacting with investors and the customers as well. You rarely find someone talking to you English in Latin countries and that is why you should learn languages such as Spanish, Brazilian, and so on. Apart from learning the languages, you will also have to learn from people have gone ahead of you.
Things in Latin America also different to the UK and that is why you should learn more about time. You are advised to give 25% bonus time to project completion because the pace in Latin America is different. In the conjunction to that you have to be very careful when you are handling people or client in Latin America. One important thing that will discover as you engage with different people in Latin, is that they are super sensitive and therefore the need for you to be very careful and be friendlier. It is relevant, therefore, that you bear it at the back of your mind that before a Latin America can conduct a business with you, they would love to know you more a person than a businessperson.
You also have to think about the logistics when you want manager business in Latin America. Every country in Latin America is very different when it comes to logistics and distribution channels and that is very important to understand. You need to read more on ways of distributing your products or services otherwise, you may have to face it hard.