Brazil a Booming Market, But Be Advised

The message was clear among seven experts…Brazil is a burgeoning market for American business growth, but go prepared and be patient.

To kick off World Trade Month, the Dallas Regional Chamber’s International Business Council hosted the most recent Navigating Global Risk series, May 6, at City Place Conference Center. The event, labeled “Brazil: Opportunity and Risk in an Emerging Market,” hosted seven experts in the fields of regulatory issues, hiring, advocacy, culture and finance with regards to Brazil.

Five important messages were related by the panelists through discussions and interactions with the audience. Panelists included Brian Dill, Grant Thornton; John Cohn and Scott Schwind, Thompson & Knight, LLP; Dr. Sherry Dean, Richland College; Jeffrey Hill, The Beck Group; Paula Garrett and Anne Crews, Mary Kay, Inc. They advised:

1. Do your homework: It seems like a simple statement, but it could mean the difference between long and tedious processes or a smooth transaction. From understanding financial reporting standards to cultural awareness, doing your homework early is more important than ever in a country distinct in many ways from the U.S.
2. Prepare for a marathon, not a sprint: investing in Brazil is a long-term strategy. If you are looking for a quick expansion or sale, Brazil is probably not a good choice. The rewards were unanimously described as worth the wait, but patience is critical for success. Businesses should expect to take time to form relationships, hire locally and fully understand their new business frontier.
3. Talk the talk: Speak Portuguese. Yes, it’s that simple. Businesses interested in expansion in Brazil should speak their language… or at least try. Most importantly, don’t confuse their native tongue with Spanish.
4. Mix with the locals: Set up an advisory team locally. Consult with those advisors early and often, and, again, form relationships with on the ground experts.
5. Don’t make assumptions: Brazil has many distinct cultural characteristics. An important component to navigating trade with Brazil is understanding those characteristics, embracing them, and not assuming anything. Take a step back from your understanding of the norm before making judgments or reacting.

The next event in the Navigating Global Risk series will focus on business process outsourcing, June 24, 2010, at the Westin Galleria. Kicking off at 7:30 a.m. experts in the field will discuss the liability and opportunity with outsourcing technology and manufacturing support, as well as operating offices abroad through local management or an outsourced firm.

For more information and to register, log on to www.dallaschamber.org/global, or contact Kelle Marsalis at kmarsalis@dallaschamber.org or (214) 712-1901.