News Americas, NEW YORK, NY, Weds. Nov. 17, 2021: As a region, Latin America is rife with business opportunities across a range of different industries. If you have already established a presence there, you probably plan to grow rapidly.
This is easier said than done, and more often than not you can encounter unexpected obstacles to expansion. Luckily there are a few strategies and solutions that will take your Latin American operations to the next level, so here are a handful to try yourself
Master the payroll process
Administrative differences between the US and Latin America may pose all sorts of problems when running a business, and payroll is perhaps the best example of this.
For example, while you may be used to things like certified payroll reporting and other federally- mandated processes, things are typically done differently in other countries.
This even applies if you are based in one part of Latin America and you want to bring your business or brand to another, perhaps working with local contractors and freelancers as part of this move.
Hiring experts in the domestic payroll processes, rather than burdening your existing accounts team with starting from scratch, is better for your business’ prospects.
Don’t overlook language differences
Another common stumbling block for businesses in Latin America is that the official and most widely spoken languages differ from place to place, and the languages spoken by prospective customers may not even align with the lingua franca you had expected.
The main thing is to not be sideswiped by the language barrier when entering new markets, and instead factor this into your plans. If you are not prepared to learn Spanish, Portuguese and other native languages, hire people who can interpret and who you trust to act in your best interest.
Partner with local companies
We have already touched on some of the hurdles that come with building a business in Latin America, whether you are an outright outsider or simply someone who is more familiar with one part of the region than another.
Much of this process can be streamlined if you have the support of partner firms that are aligned with your business values and capable of providing assistance to ease your expansion.
In particular your partners should be able to assist with interactions with local authorities, and in aligning expectations with the realities of operating in a given part of the continent. This will of course need to be reciprocated in some way by your business, so do not anticipate something for nothing.
Don’t expect overnight success
Planning carefully and being realistic will let you make the most of your business’ Latin American expansion. Conversely if you get your hopes up prematurely and set unattainable targets, you could end up in hot water.
Factoring in things like bureaucratic holdups, additional costs for security and the differences in cultures and languages that are part and parcel of catering to customers in this region will put you in the best position to succeed in the long term.
