If you haven’t been to someone’s house, how much do you really know about them? If you haven’t been to a different country, how much do you really know about that place? If you’re like most people, you hear information from sources like radio, TV and other mediated forms of communication. And these sources can be biased and tell you what they want to tell you. They can sensationalize things. They can highlight the worst of the worst, which gets ratings. Perhaps you’ve heard from someone you trust and they told you about a personal experience doing business in Latin America and it turned you right off… Well, keep in mind that’s their unique, personal experience. It doesn’t mean a whole country is “like that.”
There are some falsehoods about Latin America that people and/or the media put out there for all to read or hear about, and that doesn’t mean it’s all true or accurate.
Technologically Behind
For instance, there’s this idea that Latin America hasn’t caught up to the rest of the world with the use of technology. That’s not true. Latin American businesses can be sophisticated and understand complex issues. They have the tools and knowledge others have– they’re not rubes stuck in the stone age.
Widespread Corruption
Has there been corruption in Latin America? Yes. Have businessmen learned to deal with such issues? Yes. In fact, this helps make them very adaptable– they’ve had to do what it takes to not only survive but succeed in an ever-changing, challenging business environment. That can actually be advantageous to those who want to work with a business partner in Latin America.
Geographically Isolated
Latin American businesses aren’t isolated from the rest of the world like some might believe. If anything, they’re used to dealing with different nationalities, markets and opportunities.
Regulations
Is regulatory compliance getting better in Latin America? It is, despite what you’ve heard. Countries like Brazil and Mexico have taken actions to get rid of bribery.
Some wonder if Latin America has natural resources worth checking out… the answer is yes, they do. There’s actually a lot of positives to working with/in Latin America.
Do you need some help expanding your business to Latin markets? SMG Consulting is here to help!
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