If you’ve been following what’s going on in various parts of the world, it’s evident that things are changing quickly – and accelerating seemingly all the time. It’s tough to keep up with changes in everything from demographics and political turmoil to sovereign debt/solvency issues, investment themes and talent acquisition in various regions. Think about events from just the past several months – the Arab Spring, dissent in China, a currency crisis in India, austerity protests throughout Europe, and a growing nuclear standoff with Iran. Just this week, protests in Spain turned violent and London is facing potential interruptions to the Olympics due to public sector strikes. And those are just some key headlines. There are incredibly lucrative growth opportunities in markets in Latin America, Africa and Asia.
Personal Business Example in Emerging Markets
I’ve been seeing it first-hand in the Philippines for instance. You’ve probably read about the AutoCAD outsourcing business I started with a partner last year. We’ve seen some really crazy differences in doing business over there compared to the US. For one thing, hiring and paying workers is night and day compared to the US. There are local nuances I’d never heard of like “13th month bonus” and a strong conservative religious context to adhere to in our communications and business we bring in. Next, we ran out of office space – so we had to expand. We ended up expanding our office in a matter of 2 weeks, whereas in the US, with permits, handicap accessible compliance, unions and all other sorts of red tape, a similar office expansion would probably take a year. This is what it’s like doing business in emerging markets.
Who To Turn To?
Not everyone has the benefit of having an established business unit (or family members in our case) in every market. So, that’s where Ernst & Young can help. Take a look at the video below to see what I’m talking about and how they can use their market intelligence and network to guide your international business plans.
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