Every country has different cultural beliefs and traditions. What is normal in one country might be completely weird in another. So it is always good to know how to communicate and respect other people’s cultures and beliefs.
This is especially true in the business world, because if you are thinking of doing international business then you need to think about how to gain other people’s respect and trust.
Keep reading to learn more about the top cultural tips for doing business in Latin America.
Business in Latin America
Latin America’s economic forecasts have been on the rise since the last recession a few years ago. It is a promising time for businesses in Latin America to grow and a great time for international businesses to work with business owners in Latin America.
According to 2018 Latin American Business Environment Report, the consensus among economists is that GDP in Latin America’s seven largest economies will rise from 1.6% in 2017 to 2.5% in 2018, and to 2.8% in 2019.
4 Cultural Tips for Doing Business in Latin America
There has never been a better time to expand your business and work internationally. However, the economics of business deals can only provide you with so much information.
There are also a number of other factors you need to consider. For example, do you understand the Latin American business culture? If you don’t then before your business deal you need to make sure you familiarize yourself with their culture. Here are our 4 tips for doing business in Latin America:
1. Family Matters
One of the cultural differences between people in Latin America and other countries is that they place great importance on their family relationships. If you want your business deals to go well then you will need to show that your family matters to you.
Take photos of your family and show them to your potential business partners, to strike up conversations and find common ground. After all, people like to know they are doing business with other people, not just robots.
2. Give Your Time
Show your potential business partner that they matter to you by giving them your time. This means that you should be on time for business meetings and not be looking at your watch the entire time.
Once the meeting is set it is always good practice to confirm the date and time as the meeting approaches. Another best practice during meetings is to send an agenda ahead of time so that the people you are meeting are aware of what you will discuss.
People who live and work in Latin America tend to be more friendly than people who live and work in North America. Latin Americans are more comfortable standing close to one another and being more personable.
For example, when they greet one another the men will embrace both arms of the person they are greeting and then shake their hand, whilst women typically embrace their female colleagues and then give them cheek to cheek kisses.
4. Be Smart
Smart business attire is very important in Latin America. When you are meeting potential business partners you need to dress up, wearing casualwear won’t impress anyone.
You will secure finance and successful business deals if you show up to meetings in smart suits that show you are powerful and mean business.
Are you thinking of expanding your business? Then you need to check out our article on 6 tips for expanding your business internationally.