In this blog you will find tips on how to make doing business in Latin America much easier and more relaxing, like a sunny vacation day!
↓ Keep reading ↓
Imagine a beautiful region with nice music, delicious food and great opportunities, but… with more than 20 countries with their own laws, regulatory preferences, tax entities… Yes, Latin America may seem to be a very “cloudy” destination for businesses even with an ERP such as Oracle NetSuite.
However, we have great news for you!
We know that doing business in an unknown region and very diverse region as Latin America can be a really demanding task. That’s why in LatamReady we want to share some tips on how to make this process much easier and more relaxing, like a sunny vacation day!
These will allow you to anticipate possible problems and fully utilize the potential of Oracle NetSuite Cloud ERP with a Certified Built-for-NetSuite service to obtain full tax compliance in Latin America.
*Spoiler alert: you will love the last one.
Tip 1: Find out everything about your destination
You wanna enjoy your business in Latin America as much as a fun and exciting vacation day? To accomplish that it’s very important to know which country you’re going to and what activities you can do there.
The same thing happens when we want to enter the Latin America market. This destination is a very diverse region that has more than 20 countries with different cultures, policies, behaviors, regulatory entities, consumption habits and beliefs.
For this reason, it is important to take considerable time to do exhaustive market research, in order to fine-tune operational, logistical, legal and thinking details of the Latino culture. Also, due to this great variety in the public, do not forget to generate differential, innovative and impact strategies.
Tip 2: Get ready to meet the warmest and happiest people in the world
There are no more friendly and fun people than Latinos. Therefore, when you go on a trip to this region, you have to be prepared for its warmth and ease when communicating.
The Latin public is usually more perceptive with those companies that generate closeness, so you should always be careful with what you say and how you say it. Therefore, through a correct knowledge and use of the language, you will be able to strengthen the bridges of good communication and honest and respectful business practices. Thanks to this, doors will be opened to your business with entrepreneurs, suppliers, staff and customers.
Finally, we must not forget that one of the most important values for the Latino population is trust. So, if you’re ready to expand your business into this exciting new region, keep in mind that you should spend some valuable time making friends, strengthening business ties, and getting to know your employees in depth.
Tip 3: Always look for the sun
We know that expanding to the Latin America market is a master move for any company. Unfortunately, in the process we usually find some impediments such as electronic invoicing, legal ledgers, taxes, withholding taxes and other obstacles that “cloud” our hopes.
A good recommendation to overcome these inconveniences is to have an expert partner who will give you “light” in this situation, making it more bearable, saving time and effort in these cumbersome procedures, so that you can focus on what you know how to do best: grow the business.
In the case of companies that use Oracle NetSuite for their processes, there is an ideal solution that will help you with this task. The sun for your company in this rich, varied and wide region will be the LatamReady App, a service that operates 100% within Oracle NetSuite Cloud ERP.
Check out the tips!