Make China Your Business Marketplace
Since it opened up to foreign investment in the late 1970s, China has become more and more significant to the global economy. Consequently, brands are constantly looking to expand into China in order to increase revenues and profits. Here are some Excellent Tips for doing business in China:
The value of existing connections should never be underestimated. Since you are doing business in china, you have to be dealing with a Chinese person of authority. If those people consider you as reliable enough, and if they can get their network of contacts to belief you, there is a high probability to be successful. In china culture, the Chinese want to do business with the people they trust. But there is no actual trust unless a person belongs to their circle. Initially, they do not know if you will be a trustworthy partner. Show respect by keeping a little distance. While you are working in China, try to build the relationship before start talking on business. Do not try to make huge profit on your initial contract.
To protect your intellectual property, make use of the same due carefulness you would in the West.
Ensure that your particulars are 100% correct in each and every detail, otherwise you can lose trustworthiness. Never present any idea or plan or theory that is not completely well researched, established, or studied earlier. If you make a mistake, you will not to reliable.
You should never force your Chinese colleagues for any decision making while working in china. To expedite the decision making, slow down and start from the beginning and work through to a resolution in a logical, step-by-step manner. Then stand on your position.
Respect your Chinese counterpart and every stakeholder. Never argue with anyone even with your teammate. Never make the other person incorrect. Never say ‘no’ openly, as that is considered impolite and arrogant.
You should exchange the business cards formally at the commencement of meetings.
Manage the way you showcase written information. Document each and everything in writing and in accurate detail. Showcase your ideas in stages. Write precisely, using plain English text. In order to appeal to Chinese visual prejudice, make use of sketches, charts and diagrams.
Be prepared for each and every interaction. Your ability should not be counted on to wing it. A lack of attentiveness can cause loss of trust. Do not give or expect to receive partial answers from your Chinese colleagues, as in china culture it is considered offensive.
While you are doing business in china or want to import from china, the negotiation process should be very smooth. Explain your ground in clear and concise words. Shape your terms tactfully as well as respectfully. Then be prepared to walk away if your conditions are not met.
Respect the china culture as you are doing business in china.
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