5 tips to expand your business in Latin America

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5 tips to expand your business in Latin America

The Latin American market has a promising future, since it already has rich natural resources and a vigorous young population with greater economic and academic capabilities than past generations.

Because of that, their lower costs compared to local industry and the promising availability to merchandise their products and services, a lot of companies look for latin american labor force.

If you are in the process of expanding your business in this region we have 5 tips that can help you:

Logistics

Unlike first world countries, the railway, highways, road, port and airport infrastructure is somewhat limited, so it is vital to make sure that the country that you are trying to enter has the infrastructure needed to bring your products or offer your services on time, and to have a real notion of how long will it take for your merchandising to enter the country.

Consider the political and economical environment

Although many Latin American nations maintain a stable political and economical environment, it is necessary to understand the economic cycles of every country. You can get that information from the Economic Commission for Latin America and the Caribbean (CEPAL).

Know the language and culture

It is crucial to understand the culture of the country you will make business and will certainly make the difference in the relationship you build between your clients and suppliers and your business. Knowing the language is also important, although you might speak it fluently, the mannerisms could be misinterpreted so learning more about them and local expressions might save you some misunderstandings.

Keep an open mind

In developed countries it is common to get done tasks quickly and have a unique business style. Latin America has a formal way of doing business but above all, trust is a priority, so building relationships is important.

Hire experienced personnel

Regardless of the means you have planned for entering the country, one of the best options is to hire local personnel specialized in your industry, that could help you by reducing your learning curve, as well as always having a representative in the country who can help you solve any problem at site and on time.

At SERVIAP we have broad experience hiring and managing local personnel, taking care of your payroll and your local personnel while you reach your objectives. We invite you to contact us today to take the first step towards expanding your business.

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