The potential of making profits by doing business in Mexico is great, but so are the disasters if you are not aware of the Mexican business culture. Expanding business in Mexico requires knowledge not only about the country’s laws and regulations but also about the corporate business culture and etiquette.
It is important to understand that Mexican people usually prefer doing business with the ones they like on a personal level; thus, developing a stable relationship is the key. To build such professional relationships, you must know how to communicate and behave appropriately while interacting with Mexican business people. Hiring a translator is beneficial in such case as they will not only help you with Mexican translation but also help you in being compliant with the culture of Mexico. As understanding the business culture of Mexico will give you the confidence to deal with local businesses and will improve your chances of closing a business deal.
Here are the tips that will help in expanding business in Mexico:
Developing a personal relationship with locals is very important in Mexico as they usually prefer to do business with those who they know and can trust. Building a relationship will play a key role in forming strategic partnerships in Mexico. Mexicans value personal relations very strongly, and rightly or wrongly, they’ll often not do business without them.
Be Aware of Language Barriers
You have to understand that you may need to hire a professional interpreter if you are not aware of the local language. This translator will help you with Mexican translation and enable you to overcome the language barriers.
Business Lunches & Breakfast in Mexico
In Mexico, lunch is usually the most leisurely and the largest meal of the day. It consists of about four courses, and because of its casual nature, it is not a good time or meal to discuss business over.
However, Mexican breakfast is usually earlier in the morning, and it is often more simple. Thus, it is more common to discuss business at breakfast meetings.
Learn the Rules and Regulations of Mexico
Knowing the legalities of the Mexican business environment will prevent potential bumps while dealing with local businesses in Mexico. The legalities that you need to be familiar with include employment law, import/export laws and customs needs.
Communication is the key to doing business. It is more of a custom to stand at a close physical distance while speaking to one another in Mexico because standing farther away can be construed as unfriendly.