Success tips when doing business in Mexico
Doing business in Mexico:
- Although the influence of foreign multinationals cannot be ignored, most indigenous Mexican companies will be hierarchical in structure;
- Key business decisions are always made by a small number of individuals at the top of the hierarchy. Entrepreneurs should ensure that they are dealing with the right people;
- As not all local Mexico companies are well-versed with international trade, we encourage our Clients to consistently use and sign contracts of service;
- Success in business negotiations with Mexican business people comes down to the ability to create effective personal relationships and to present logically-sound business plans;
- Agendas are not always used in meetings and if they are produced will not always be strictly followed.
Business etiquette to be aware of:
- Initial meetings should be focused mostly on relationship building, with small talk crucial towards building trust with your Mexican business partner;
- During business dealings, business persons should make sure that they send people of the appropriate level of seniority to deal with colleagues. Sending a junior colleague to meet a senior manager is considered an insult;
- In Mexico, personal relationships are at the heart of business dealings. Entrepreneurs should look to take the time to cultivate strong, long-term relationships with prospective business partners.
Interesting facts about Mexico?
- The official name for Mexico is the “United Mexican States”;
- The national symbol of Mexico is the “golden eagle”
- In Mexico, people from the USA are referred to as “North Americans” rather than “Americans”. Mexicans also consider themselves “Americans”;
- Mexico is the 3rd highest exporter of honey in the world;
- The border between USA and Mexico is the 2nd longest in the world;
- Chihuahua dogs are named after a place in Mexico;
- Mexico City is the oldest city in North America;
- By population, Mexico is ranked 11th in the world. By land mass, it is ranked 14th;
- Scorpion stings are 10 times more common than snake bites in Mexico, and just as frequently prove fatal;
- Mexico has more Spanish speakers than any other country in the world;
- Mexico City produces enough sewage to fill an Olympic swimming pool every minute;
- Mexico is the world’s second-biggest producer of horse meat, just behind China.