In Grupo Scorpio we conduct business deals everyday . International cultural experience will be the key to close the perfect deal. When you close a deal in a foreign country you will have to take in consideration the cultural background of all the people participating in the meetings.
Foreigners investing or conducting business in Mexico will have to consider a few factors.
- Cultural background. You have to understand you are in a very conservative and family oriented country. Values and principles are being taken into consideration all the time. It won’t be difficult to find some of the people you are dealing with lived at home with their parents after they were 30 years old. This is not because they were lazy or scared of going on their own but because families like to stay together for as long as they can. Respect and understand this way of thinking and you will go far.
- Time/ Delivery. Some of the products and services that were promised for a certain date/time won’t be ready for delivery. This is very normal in Mexico . It is not that they are not serious, responsible or professional but, it is very normal in Mexico to think that if a company or person was not able to deliver on time, they will compensate it in a certain way like providing you with a perk, extra product, gift, priority for future deliveries, etc. Get ready to be patient.
- It will be very common to be invited to go for a drink, meal, party, etc., after a business meeting. Some foreign nationals might take this in a very skeptical way. They might think their hosts are trying to take advantage or confusing a business deal with a personal relationship. Some foreign nationals in Mexico might get very confused when their hosts insist in inviting them home to introduce them to the family. Please don’t take this the wrong way. If they are inviting you to their home to meet the family or to have a drink after work is because they trust you and want to share what they have with you.
If you go to their house make sure you understand there will be some food on the table for you. Please don’t reject any dish with the excuse you are on a diet because you might offend your host. It is ok to accept to go for a drink after a meeting but make sure this doesn’t go over the limit . Again, people in Mexico are not trying to take advantage of you if they invite you to go for a couple of drinks. They want to make sure you have a good time and they get to share with you the best they have. Make sure you make a balance here, because rejecting some innocent and well intentioned invitations might offend some people .
- Jokes . People in Mexico are very conservative . Most of the people in Mexico respect religion, women, their parents, the elderly, marriage, etc. It will very important to take this in consideration when interacting with them. The wrong joke at the wrong time might offend somebody and take a multimillion dollar deal to the waste basket. Be very careful about your jokes. Try to be very neutral and you will have a business partner forever.
- Foreign nationals in Mexico conducting business might be buying or selling. Regardless if you are buying or selling you might have to face a negotiation. So, before you go into a business meeting make sure you know and understand the price of what you are trying to buy or sell. People in Mexico might try to get a reduced price from you (if you are selling) or might try to increase the price of what you want to get from them (if you are buying) taking in consideration you are a foreign citizen and assuming you are a wealthy investor.
- Making a decision/Closing a deal. This is a very important topic. Some International Business investors are careful and conservative. If they want to invest in Mexico they should learn certain rules. International Business investors follow certain conservative ways to invest in a foreign land. They want to conduct a due diligence of what they want to invest in, they want to get a formal appraisal, they want to learn about the financial statements of the company, cash flow, tax returns, etc. This is ok and very healthy. Just don’t over do it. Some foreign nationals conducting business in Mexico pretend to have meeting, after meeting and then to follow up on the previous meeting. Get the facts and learn to make a decision. People in Mexico are fast when making decisions.
In Grupo Scorpio we work with International Business around the globe. Let us know if you need assistance closing that deal in Mexico or else.
“We are looking forward to hearing from you”.
To contact Scorpio Enterprises LLC or Grupo Scorpio go to:
Follow us on Twitter: @scorpio_llc
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