Tips for Doing Business in Mexico
Doing business in foreign countries is an exciting prospect, full of opportunities and chances to grow. However, each nation has its own rules of etiquette and unique set of customs, which means international organizations have to learn how to adjust.
Take Mexico, for example. This North American country boasts a wealth of opportunities for commercial ventures and employment openings, not to mention a large consumer base for businesses. Combined with a promising economic future, the end result is a desirable and popular location for international organizations.
If you are interested in expanding your business, consider these tips for doing business in Mexico:
Status matters in Mexico
Who you are and which company you work for are important in Mexico. According to International Market Advisor, a division of the U.K. government, hierarchy directly affects business decisions in the country.
For example, nearly all decisions are made at the top. When you go to a business meeting, expect to be greeted by a person of a similar level. If you send representatives, make sure they are either at or above the status of the other decision makers, so you know your goals can be accomplished. Also make sure you greet people with their titles and show respect when meeting. Avoid using first names unless you are directed otherwise.
Keep in mind that many business meetings in Mexico are formal. Dress appropriately for the situation. When you need to conduct business, it can help to have a personal contact within the other company as well. They can also share best practices and tips for doing business in Mexico.
Be respectful when meeting outside the office
In some cases, you'll be in a professional situation in a more personal setting. Learning how to behave can be more complicated here. According to language resource firm Kwintessential, if you are invited into a home for a meeting try to bring a gift. Something small, such as flowers, work well, but make sure your choice isn't offensive in any way. It’s customary to avoid sitting at the dinner table until you are asked to do so, and your hands should remain visible throughout the meal.
Mexico has been a major producer of global goods and products. Recent growth in the North American nation has many people optimistic about what the future holds. To learn more, read about how Mexico’s economic growth.
Ideally, your business will become well-versed in Mexican customs and etiquette. Even so, having the right international insurance policies can help. Coverage can provide financial assistance for a variety of professional needs. Visit our specialty commercial insurance page to learn more about your coverage options.
Review our Mexico risk assessment guide for more insight on health concerns and safety and security risks in Mexico.
Call us today at +1.202.872.0060 or 800.872.0067 or e-mail firstname.lastname@example.org to discuss your needs.