I know it can be daunting: a region of 600 million people and over 20 countries, stretched across three continents and two hemispheres. But believe me, even if Latin America can be challenging, small businesses can crack it too. Let me tell you why.

First of all, small businesses have a lot of what it takes to succeed in Latin America: passion, tenacity and drive, to start with.

You’ll need plenty of that since the pace of doing business here can be very slow and there are lots of obstacles (bureaucracy and regulations, to name just two). That passion is also valued by Latin Americans, we’re passionate people, after all! That drive, that not giving up, will be appreciated, trust me.

Small businesses also have the flexibility that their larger competitors often lack. Adapting, being flexible (and showing it), is absolutely key in Latin America.

You might be able to adjust a product, your packaging, your pricing, in a way that others can’t. You can be responsive, and fairly quickly, and that can win you orders over here. We like that. Because our countries so often lack stability, it is in our DNA to be flexible, versatile, to adapt. We expect the same from those we buy from, and don’t always find it. If you can offer it, we’ll be impressed.

Remember that most of Latin American businesses (even up to 80-90% depending on the country) are actually small businesses like yours. Think about that.

The distributor you sell to, sometimes even your buyer, will be a small, often family-run businesses. They know how it feels. Don’t try to “big it up”, show them that you are a small company, tell them about your successes and show them how your set up will actually benefit them.

So, to sum up, use the size of your business as a USP and show how that translates into benefits for the people you are dealing with: flexibility, resilience, passion, responsiveness, adaptability.

Here are four actionable tips small businesses doing business with Latin America:

1. Rank your export options

It is important to look at your business and evaluate what you value most in an export market. It probably won’t be scale. It might be proximity or ease of doing business.

You might want to go for a market that is fairly easy in terms of regulations or import procedures, or one that doesn’t require much in terms of labelling or product design. Once you have established your priorities, look for that market in the region, it helps avoid distractions.

2. Zero in on one market to start

Latin America is huge. It takes 12 hours to fly from Mexico City to Buenos Aires. We have mountains, deserts, forests. You can’t do it all at once. Have a look at the region, rank some markets, and focus on one, even a segment of one (not Chile, just Santiago, for example, or not “food”, just “wholefood shops”, for example).

3. Prepare well to put your best foot forward

Make sure all your marketing materials, pricing, Incoterms, MOQs, payment terms, etc., are nice and clear before you send that first email or make that first call.

If you have at least something translated into Spanish (Portuguese for Brazil), that is ideal (even if just a one side of an A4 to start with).

Don’t rely on emails, by the way, many Latin Americans just ignore them (call or WhatsApp if you can).

4. Show how you are different

We get approached daily from companies from all over the world trying to sell us something. If you think you are different, show it. Do you have a product that is really amazing (and have you checked out we don’t have something rather similar, or cheaper, here already)? Have you got a story to tell that will make us fall in love with your company? Don’t try to sound all corporate, you are a small business, use that charm!

Top tip: video marketing can be powerful, we are very visual people and we use YouTube a lot!

If your Spanish/Portuguese is not great, well, don’t worry, do your best and try to win us over –  maybe with a fantastic ice-breaker about your part of the world. Latin Americans, particularly those in international trade, tend to have very good general knowledge, are well-travelled, and very curious about other countries and cultures.

There are plenty of opportunities for small businesses in Latin America, particularly in hygiene control, fintech, agricultural supplies, agricultural machinery, ecommerce, logistics, and workspace design industries, to name a few. You can successfully export to Latin America if your expectations are clear, you are well prepared, and you focus. Enjoy it!

These are challenging times, to say the least. So much we can’t do, so many places we can’t go to, so many people we can’t see. So many plans curtailed, so many projects on hold.

Yet, believe me, there’s a lot we can do. And how we cope through the crisis and prepare ourselves for whatever’s next is critical. Not just for our businesses today and tomorrow (and therefore our jobs and the economy as a whole) but for our sanity right now.

So let me share with you just ten things you can absolutely do from home to support your international business during the coronavirus crisis, once you’ve dealt with the urgent like staff concerns, orders in-progress, accommodating operations to the new situation, and dealing with tax/legal issues.

1. Take stock of your business

Make the most of this time by evaluating where you are at with your international expansion. Gather data, speak to colleagues (remotely), and get a good picture of the situation.

For example, look at your sales history:

• Can you identify any trends?
• Can you identify any markets that are becoming particularly important that you need to maybe look after in a different way?
• Are any markets dwindling?
• Where are those online sales coming from?
• Are any distributors under-performing?

It is a great time to take a step back, look at data, reach conclusions, design measures and start implementing them.

The beauty of this process is that you’ll spot your data gaps, too. When you take a step back and start questioning your data, you will see what you haven’t been measuring so far and start thinking of ways to do it.

2. Check out your competition

You should always be keeping an eye on what your competitors are doing as part of your own market strategies. But now is a great time for a deep dive.

• What markets are your competitors present in?
• What are they (not) doing?
• How are they communicating?
• What are their routes to market?
• What’s their pricing like?

There’s a lot you can find out online.

This links to the point above: if you are selling less to a certain market and a competitor is pursuing an aggressive or rather clever marketing strategy, are you losing out to them? What market intelligence lies beneath all these marketing moves?

3. Revisit your business strategy

It might seem like a difficult time to plan ahead with the current level of uncertainty, but now is actually a good time to plan a strategy (again, having dealt with the urgent before) for when the crisis is over.

• Any new markets you need to target or at least explore?
• Any distributors that need managing differently?
• Any improvements you can make to your international marketing, financing or logistics? For example, can you use social media more efficiently?
• Can your pricing structure be more export-friendly?
• Shall you consider a new logistics provider or look, for example, at a regional hub/warehouse, a free trade zone, maybe?

Think about what you can do to improve your readiness to trade in target markets. Get your team on-board with some in-depth market research. Consultants can help too, either to guide you in an in-house research project, or to help you get the work done – for example, in markets that are totally new or where language is a barrier.

Consultants can help teams conduct research more efficiently by looking at each individual’s skills and preferences, and then matching market research tasks accordingly. For example, someone in your team may have language abilities you didn’t know about, or might have lived in another country and have some contacts or cultural awareness.

By mapping those skills and passions to what needs to be done, you can put together a three-month home-based project to develop a target market strategy. It’s amazing what can be achieved.

4. Identify potential distributors in overseas markets

This is a great time to do some online research and then get in touch with these potential partners, since you are more likely to find them in front of a monitor now (depending on the sector, obviously).

Needless to say, we need to be tactful. But remember that they need business as much as you do. Just be sensitive and ask if this is a good time to engage, be empathetic, and focus on the positive – if you explain that this is part of your crisis exit strategy, they’ll probably understand.

5. Generate content

Is your company blog looking a bit patchy? Website a bit out of date? This might be the time to produce content (blog posts, case studies, press releases) that can be used throughout the whole year.

With a client, my colleagues and I are looking at datasheets and installation instructions now, making sure everything is up-to-date, consistent and correct. We’ve never before had time for such a thorough exercise. With another client we are starting to write articles for a blog that we will launch later in the year. You can also work on press releases.

We’ve seen journalists on Twitter desperately seeking positive, non-virus related content, so you’ll have their attention!

If you have the budget, try engaging others too, like translators, designers, and copywriters to help make your content valuable to your audience. A lot of these creative professionals are self-employed and need the work now. They can do things faster, better, and free you up to focus on what you do best. You can test different vendors and start putting together a great team for years to come!

6. Audit your marketing efforts

When did you last look at your marketing materials for overseas markets? You can do a small audit now and identify areas for improvement, then get started working on it or at least plan for when things go back to normal.

Want to learn more about how to plan and implement marketing strategies that will attract new customers?

Evaluate your marketing efforts:

• Who is engaging with your social media globally?
• What are you doing about it?
• Are there any translations you should be commissioning?
• Any videos that need subtitling in another language?
• Any manuals that could be simplified to make them more export-friendly?

Start with something very simple and go step-by-step. No need to feel overwhelmed. It’s the same as if you were sorting your pantry at home, or your fridge. Grab a piece of paper or open a Word file and write down everything you do for your export marketing – everything.

Ask your team. Work out what you do, why you do it, how often, when was the last time action was taken, who is responsible for what. Just that. Then leave it. Go back to it a few days later. Anything you see that can be done better, added or deleted?

What is extremely important is that this is done in conjunction with revising, or at least understanding, your international business strategy and marketing plan.

For example,

You won’t know if you need Twitter in Spanish unless you understand what you are trying to do about Spanish-speaking markets.

A blog is only useful if your marketing plan indicates it. Your content plan and how you promote it also need to have some well-researched rationale behind them.

7. Connect with your clients

I asked a client recently if we can do a video call to catch up with the export team spread around the world. We communicate daily by email and we have the odd video call normally, but we don’t usually do team-wide calls. I am convinced we need to see each other now more than ever, since we are spending so much time secluded.

We all know that so much communication is non-verbal. Even if you look tired, go for it, you’ll certainly gain my sympathy. I want to see the mess on your desk and hear your kids around. I want to see that picture frame and that plant you love so much. I want to see that you and I are in this together and that we can have a laugh (or a cry). This will be over one day, but we’ll never forget the personal connection from that video call. It’s human nature.

8. Team building

Similarly, this can be a great time to video call your local partners, such as distributors. They will be available, anxious and keen to feel supported. You can just ask how they are, how they are coping, what the street around them looks like. What’s the toilet paper situation? (you laughed? so will they!) Anything you can do for them? Any tips you can share? Stay positive, too, think about what you’re going to do together when this is all over.

Keeping in touch with suppliers (including freight forwarders, customs brokers, translators, consultants, designers, for example) will be hugely valued. Remember that many are either self-employed or working in very small companies and they might be struggling.

9. Ecommerce & delivery

Can you beef up your ecommerce capabilities? If you deliver services, can you deliver more online?

Trade missions, market visits and trade shows are three key services we deliver for clients in Latin America and, even as a microbusiness, we are quickly adapting to deliver all of them online. So can you!

10. Training and capacity building

This might be the time for your team to get some valuable training and upskilling. Identify what capacities you need to build in-house and find online providers, some of whom can deliver bespoke training in the form of webinars or other virtual media.

This is the time to assess your own professional development, too, and identify any relevant gaps. Then you can find online courses, webinars and blogs to learn more. And remember to share your knowledge, too!

As you can see there is a lot to do. So sit down and work out a plan first – you can’t do it all – and the last thing you need is to add stress to yourself and burden your team.

Make sure that whatever you plan is manageable, realistic, and positive. However much or however little you can do under the circumstances is great.

Putting into practice any of the above will keep you busy, motivated, and talking to people. Beyond business results, we all need a bit of that right now, don’t you think?

From a business perspective, and global economic perspective, we are dealing with unprecedented and unpredictable times. It has never been more crucial to ensure we are all staying informed through credible sources. FITT has collected COVID-19 global business resources from world-leading organizations collected in one place. 

So when you’re doing this research, where do you start?

These are my top 6 rankings (you’ll need to look for sector/industry numbers, too) to get you started in your research.

1. Corruption Perception Index

Transparency International’s Corruption Perception Index gives you a good first look at one of the most critical issues in Latin American markets and a key barrier to trade. The levels of corruption vary greatly across the region, and therefore may be an important factor in narrowing in on potential options.

Uruguay tops the index with the lowest perceived corruption in Latin America (21^st in the world, just below Japan) and Chile comes in close behind at 24^th. At the other end of the scale, Nicaragua at 145^th and Venezuela at 166^th are near the bottom of the global index. While the index cannot cover every specific situation you may encounter, it gives you a general idea of what working in these countries will be like. The more corrupt a country, the riskier and more costly for you as an exporter.

2. Ease of Doing Business ranking

The World Bank comes up with its Ease of Doing Business ranking every year. Again, this can help you see which countries you might want to prioritise when developing your strategy, and which to leave for later – or at least which countries to plan more or fewer resources for. Mexico, Colombia and Peru top the ranking in Latin America.

Careful with this ranking, though. As it clarifies, “A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm”, but it can’t cover every aspect of running and growing your business once it’s started!

3. Largest multilatinas

The America Economia Multilatinas ranking evaluates the global strength of Latin American-based multinationals, and ranks them based on their perceived ability to expand their influence and their business around the world. It’s useful because it will show you which countries produce the companies with the greatest global impact, which could be already doing business closer to you than you think.

Sometimes our clients base their decisions on the presence of certain companies or lack thereof, either because they are competitors or because they are complementary, or even buyers. If you look at the sales figures of these companies and other numbers, you will also quickly see the potential of different markets. By analysing their behaviour, you’ll generate a lot of useful market intelligence too.

4. Population size

It’s not uncommon for foreign businesses to disregard the size of Latin American markets in terms of population, and underestimate a region of 600 million people. The CIA World Factbook, which provides some very useful data on every country in the world, produces this world population ranking.

But before you check it out, can you guess which the four most populated Latin American countries are? Population numbers can definitely be used as a proxy for the size of the economy, as well as the size of your potential market, whether B2C or B2B.

5. GDP per capita

Size is not everything, and anyone working in B2C will be looking to see the income levels of people in each country. Even in B2B, you will want to know what sort of country you’re dealing with, so GDP per capita is a good statistic to look at.

This ranking, also by the CIA World Factbook, is a good place to start. However, averages always hide certain realities – so if you want to see how income is really spread, check out the Gini coefficient stats from the World Bank, which measure levels of inequality and wealth distribution.

6. Democracy Index

Many exporters are understandably concerned about the political situation of the countries where they do business. While some are mainly focused on corporate responsibility, or fear for the stability and future of their business, others may simply not want to travel to a country lower on this list out of a feared lack of personal safety for their staff.

If you want to learn more, take a look at the Economist Intelligence Unit Democracy Index. The resulting ranking is rather handy when starting to paint a picture of Latin American markets.

Rankings are a great way to start your research

I wouldn’t rely solely on statistics or rankings, but they should definitely have a place when researching Latin American markets, particularly if these markets are totally new to you. Rankings will start highlighting some opportunities and flash some concerns. You will start spotting some patterns as to where the best exporting opportunities are as well. I hope they help in your future global business endeavours!

First, let’s go back to basics: Latin America is a continent of at least 20 countries, but has two main languages: Portuguese and Spanish.

Brazil has over 200 million people, more than double the population of any country in Europe, and Brazilians speak Portuguese, not Spanish. So when you prepare presentations, marketing materials, technical brochures and so on, remember that what you need is Portuguese. It’s also important to note that you need Brazilian Portuguese, which is rather different from the Portuguese spoken in Portugal.

Do not ever assume that Brazilians speak Spanish just because Brazil is in South America and almost all its neighbours speak Spanish.

I am sure that a lot of Brazilians prefer promotional literature in English rather than in Spanish. Accents in Brazil vary enormously too, which is hardly a surprise for a country that size, and so does the degree of formality used when people speak.

As you can imagine, there are also many other languages spoken in Brazil, up to 200-250 according to some statistics.

Time to break out your Spanish dictionary

Apart from Brazil, you can get by in the rest of Latin America with Spanish, due to historical ties with the Spanish Crown rather than the Portuguese Crown. There are native languages too, but Spanish really dominates the scene. This is a huge advantage: you can communicate with 400 million people in just one language.

This is, again, Latin American Spanish and not Spanish from Spain. Pronunciation varies from country to country, as does the grammar. You should translate marketing and promotional materials into some form of broad Latin American Spanish. I know from experience this isn’t an easy task, but is doable, and much better than any mainland Spanish translation. If you have the budget for it, or if your business demands it, it’s also useful to have some localised versions that apply to individual countries.

If you grab a map, you’ll see that Latin America stretches from Mexico down to the south of Chile and Argentina. Note the deserts, rainforests, mountains and all sorts of geographical barriers throughout the region. Now you can start to understand why there are so many variations of Latin American Spanish.

In Latin America, we all understand each other and can all read your brochures (the more technical, the better, in my experience) but for consumer goods in particular, you can’t afford to make mistakes. Variations will be stronger in B2C vocabulary, so make sure that your translations are suitable for the specific market you are targeting.

Don’t let your message get lost in translation

For example, “Manteca” in Uruguay means butter, but in Colombia it means lard. Avocado is “palta” in Chile, but “aguacate” in Colombia. “Cacahuate” is peanut in Mexican Spanish but in Uruguay we call them “maní”.

I remember the first time I went to Colombia and at a restaurant they asked me if I wanted to cancel my dinner, after I had already had it! I realised a bit later on that to “cancel” in Colombian Spanish (“cancelar”), means to pay. In other words, to “cancel the bill”, not to cancel the meal!

Visiting these countries can be a shock to your communication skills, too. I find that Colombians, particularly those from Bogotá, speak very clearly. In Chile, on the other hand, people not only speak very fast (same in Uruguay and Argentina), but they also skip full syllables, which doesn’t help non-native speakers at all. We also have a tendency to speak over each other, all at the same time (and rather loudly), as waiting for turns is really not in our DNA.

Also expect a broad assortment of hand gestures and facial expressions. They say that communication is mainly non-verbal, and Latin Americans are brilliant at non-verbal cues. In some countries like Argentina, Chile or Uruguay, we can be fairly informal and also use humour, irony and sarcasm quite a bit, even in business. I can see why it’s hard for non-native speakers to work it all out.

So if you are not travelling with a native speaker, ask and ask again for clarity.

Apart from Portuguese and Spanish, remember there are a few countries in Latin America that speak French (Haiti and French Guiana, for example). They speak Dutch in Suriname and English in Guyana, but they are not technically part of “Latin” America though they are both part of South America and are often grouped in with the LAC region. This region is comprised of “Latin America and the Caribbean”, which also includes English-speaking countries such as Trinidad and Tobago and Jamaica.

When can you use English?

Many business people, particularly from the U.S., seem to think that everyone in Latin America can and will speak English for business. This is truly not the case in Latin America.

Some people will be very fluent, although they might lack enough “native English” to spot irony, sarcasm and some humour. Some will just about get by (they might read a technical brochure and understand it, for example, but not be able to explain things to you or ask you questions) and most will not really speak it at all.

Limiting yourself to English only will really reduce the level of business you can conduct. If there’s a non-English speaker that can add value to your business, see how you can bring them into the conversation. You can also try explaining things with gestures – YouTube can be a huge help. Keep some demos and other videos handy. Alternatively, consider hiring an interpreter or a local consultant, even if it’s just for the odd focus group, negotiation or conversation.

Especially when speaking to the decision maker, you don’t want to leave them out in the cold. They will appreciate the gesture. After all, it’s you who’s trying to do business in their country!

Use language to unlock the potential of the Latin American market

I don’t think you need to be a fluent Spanish or Portuguese speaker to do business in Latin America. But knowing where your limitations are, and how to overcome them, can be critical.

If you navigate a whole continent without reaching your business potential because of language, what would happen if your main competitor hired a perfectly fluent multilingual sales manager? And what would happen if you did? If you have local partners and you don’t really need to deal with clients, are you dealing effectively with those partners and distributors, or is a lack of linguistic and cultural awareness stopping you from making the most of that relationship?

In business, I believe languages are tools. They are not an end in themselves. Use your tool wisely and open up Latin America for your business.

Most overseas companies seeking to penetrate Latin American markets will probably have started with other countries and have some idea of what they’re looking for. However, you know it’ll be hard to find the country that will fit all the criteria – just as heptathletes, for example, aren’t world-class at every one of their disciplines.

So in order to help you rank Latin American countries in terms of business potential (because there are 20 countries in the region!), how about answering the questions below and seeing how you’d rank them in your podium?

1. Is there a market for your products/services?

Only well-planned market research can give you an accurate view of potential demand, which could vary considerably across different countries.

An obvious instance is if you sell to a specific sector or solve a specific need. For example, if you sell to the mining sector, look at Chile, but not Uruguay.

A client of mine sells a product that works great with natural pastures, so countries like Uruguay, Paraguay and Argentina are clear candidates. If you sell products for other particular crops, such as tropical fruit, you will be more likely to find potential in Costa Rica than in Chile.

It’s not always that obvious, though. That’s when research is key. And that’s when understanding each market individually, even down to cultural subtleties, is important.

I’ll give you two examples. If you sell plastic bags or film that will save you the hassle of cleaning an oven tray, remember that most middle class families that can afford those products will probably have a maid who does the cleaning. How you market those products will be critical.

Similarly, there’s the issue of packaged baby food, which we discussed at a workshop in London recently. Most people won’t buy those tiny jars of baby food because there will be a maid or grandmother or some kind of help around to facilitate making food from scratch. It’s so different from my experience as a mum in the UK!

2. Is the market willing to pay the price you can realistically offer?

Again, market research is critical here. This is why so many market research reports include some proxy for purchasing power, such as GDP per capita, particularly for consumer goods.

However, for other kinds of products and services, careful pricing analysis is also important. For example, you might find that certain imported products in Brazil can command amazingly high prices. But before you get too excited about margins, look at the daunting amounts of taxes you’ll pay from import duties through to national and federal taxes. Also look at the costs of in-country freight, and at the margins that retailers or distributors will expect. Your profit will quickly vanish!

3. How easy is that market to penetrate?

This will clearly depend on what you sell and how you do it. There are no easy markets in Latin America (or anywhere, you might add), but if you look at statistics such as the World Bank’s Ease of Doing Business ranking, you’ll quickly rule out at least a few countries from your podium.

If you combine certain statistics such as economic openness (import duties, for example), with ease of doing business and transparency, you’ll probably think of a few countries to which you’d like to give medals.

Chile, Colombia and Peru tend to do quite well in these categories, but that’s only a general statement.

4. What’s your export strategy for the region?

Any country in the region will need at least a five year strategy. If you are looking for economies of scale to succeed with volume, for example, then Brazil is your gold medallist. This is particularly true if you are open to manufacturing products locally.

If you want to start fairly small and test the waters, then Uruguay or Chile in South America, or Costa Rica in Central America can be your winners.

If you want to provide services to the region, then maybe a free trade zone in Uruguay would work wonderfully, or placing your operations in Panama.

It all depends on how you plan on tackling Latin America, your resources, your vision and commitment.

You don’t have to enter a new market by yourself

So those are just four questions to ask yourself when giving medals to potential markets for your export strategy in Latin America. I’d also add a potential fifth one, out of experience: have you found the right partner?

This could be a rep, distributor, JV partner, manufacturing partner, licensee, franchisee or something else.

Any experienced exporter will know that, as much as you can study a market, statistics can say and market visits can show, at the end of it, people do business with people. The guy who came last in the race might become your winner.

I was so proud of Brazil. They deserved the Games to be just truly amazing. Things haven’t been easy for the ordinary people behind the world-reaching crisis headlines.

Watching the opening ceremony, I realised that there’s so much about South America the world doesn’t know.

Hopefully the Games will bring our continent a bit closer to everyone, including those wanting to do business with us.

But how about global trade professionals? What can they learn about exporting to South America (all countries south of Panama) from these unforgettable days?

1. Understand and celebrate South American diversity

The first lesson is just how diverse the continent is. Even Brazil itself is so rich and varied, and this diversity was clearly celebrated at the Opening Ceremony.

If you also paid attention to the different South American delegations when parading, you would have seen this diversity in their faces (which can tell you a lot about ethnicity, for example, and immigration) or their names. Even looking at the sizes of different delegations will tell you a lot. Understanding the diversity within South America is key for doing business with the region.

2. Extreme wealth and poverty are part of most economies

It’s clear, too, that South America is a continent of contrasts, with some of the highest inequality levels in the world. Brazil is a prime example of this, but it’s not alone in the continent.

While there are billionaires in the region, there are also people starving. Rio shows it clearly, with its favelas overlooking the most amazing mansions of Leblon.

This means, for example, that there is potential for products and services for all market segments. Opportunities exist for everything from electronic payment methods that serve the most deprived, to super yachts and beyond.

3. Quick recent growth presents huge opportunity

The idea South America could host the Olympic Games wasn’t something everyone believed in 20 years ago. To watch those amazing (yet highly controversial) sporting venues being constructed and used in our own continent shows the level of growth achieved in the past 10 to 15 years and the confidence that this has brought to the region.

This growth has come with its pains, some of which exporters like you can help solve, in areas such as infrastructure, logistics, security, health, education, financial inclusion, energy, public governance and more.

I personally also hope that these Games have shown the world that South America isn’t really that far away, and that there’s talent here and business to be won.

4. Hard to think about exporting to South America without including Brazil

As a South American myself, as much as I’d like to see this as “our” Games, these were Brazil’s Games. Brazil not only represents most of South America’s GDP, but also dominates the region’s trade with the world.

It’s a difficult country to ignore in your export strategy, whether you go for it or not. Just looking at a map will show you the immensity of a country that, this time, delivered what it promised.

A thoroughly-planned visit can maximise the return on your investment by making sure that your time is well spent. Since visiting Latin America involves a good deal of time and money, it’s imperative that you plan accordingly.

But business travellers have it all sussed out. They’ve done it all before. So, providing you with obvious advice that applies to all continents just won’t cut it.

I took up the challenge to focus on the less obvious tips and tricks that will make your next business trip to Latin America smoother and, therefore, more valuable.

1. Prepare for the effects of high altitude

You know you need to prepare for different climates: cold, hot, humid, and changeable. Now, have you also factored in altitude? Don’t just check the weather forecast when travelling to Latin America, also check the altitude you’ll be working at.

The higher up you go (think Bogotá, La Paz, Quito and other cities), the more time you need for adjusting. Don’t schedule meetings for soon after you’ve arrived. Believe me, unless you’re very used to it in your home country, you’ll struggle.

You will very likely feel very tired, at the very least – imagine an appalling jetlag or some mighty hangover!

Some people feel nauseous, too, dizzy or very exhausted. Running up the stairs is a total no-no, it will totally deplete you of energy.

I don’t suffer too heavily from these symptoms but have travelled with people that do, some of whom are young and otherwise very healthy and fit.

Keep hydrated. Take it easy and give your body time to adapt. As I said, do check the height. 1,000m above sea level might not do you any harm, but at 2,000m some people struggle and above 3,000 we’re all in for some experience…

By the way, remember that if you open a tube of cream/gel/toothpaste at high altitude, the whole thing will come out very quickly (as it happens on a plane), so watch out! I lost half a tube of newly-bought foundation due to this mistake!

2. Have the correct currency and change on hand

We all know we need different currency in different countries. U.S. dollars can be used widely in some countries, such as Panama, but not in most. Make sure you get some local currency, either before your trip or upon arrival.

I prefer to withdraw money from an ATM upon arrival since finding Peruvian or Colombian money where I live in Uruguay, for example, is virtually impossible and the exchange rates are extortionate.

You will want to make sure you get some small change quickly because taxis do not typically take cards in Latin America, and neither will the little corner shop you walk into when you’re desperate for a bottle of water.

Even though financial technology is improving in Latin America, you will find that credit or debit cards still aren’t accepted in many places, or that the minimum spend is fairly high.

Trying to pay for a $3 taxi journey with a $20 bill will almost always be a failure and it is your responsibility to have the correct change, not theirs.

3. Look into availability and reliability of Wi-Fi/data

Broadband penetration varies a lot across and within countries. I find that internet connections are fast and reliable in Montevideo, where I live, but can be awfully slow in Quito, for example. My Claro phone is perfectly capable of connecting me to the world in Panama but it can’t cope in Costa Rica.

Explore the option of getting a local SIM card (usually called a “chip”). Don’t take connectivity for granted. Those Skype calls back to the office/family might be a no-go.

4. Don’t get caught without proper identification

Latin Americans are used to having an ID card with them at all times. Make sure that, at the very least, you have a photocopy of your passport with you everywhere you go.

If you are visiting official buildings, or even some very large and security-challenged companies (think energy, mining, free trade zones, and infrastructure, for example), make sure you check if you are required to have an original document with you before you go.

This is particularly the case in Colombia, but I’ve experienced it in other countries as well.

In some cases you’ll be OK with your original driver’s licence, but in others they will ask for your passport and evidence of immigration status such as the stamp on your passport, and occasionally that apparently inconsequential immigration form they give you at the airport.

5. Beware of traffic

Traffic jams in many Latin American cities are legendary. Each country even has its own word for it (all in Spanish): trancón (Costa Rica), taco (Chile), presa (Costa Rica), you name it!

The overall feeling is that of being stuck (“trancado”) or “pressed” in traffic. Very visual… so research this carefully when allocating time to get from one meeting to another.

In many cities, you can schedule meetings as early as 7am because people come in early to try to avoid rush hour.

Also give yourself plenty of time to get to the airport to avoid missing flights.

Bad driving can make things even worse. Once, on my way to the Lima airport, my taxi crashed against a mini bus and we wasted half an hour dealing with the aftermath. As a witness, I couldn’t even jump in another taxi!

I was only able to catch my flight because I gave myself the extra time. I usually prefer to spending extra time at the duty free shop and airport lounge than risk missing an often long and infrequent flight. Give yourself that extra time!

Even Porsche had a tough time importing cars into the country. Starbucks ran out of imported plastic cups and had to source some locally, creating a major PR crisis for the company.

I personally remember a client’s nursery goods samples being stuck at customs for nine months (the average pregnancy length, how ironic) because of a host of inexplicable issues.

Protectionism hasn’t been the worst of all evils, though. The country now faces high inflation, problems with debt restructuring (you probably remember the holdout funds negotiations set to resume February 1, 2016) devaluation, fiscal mismanagement and more.

Misleading statistics (to say the least) haven’t helped, and neither has the reticence of Mrs. Fernández and her staff to cooperate with the incoming team.

On top of that, Argentina lost the World Cup final to Germany in 2014. Clearly, difficult issues to recover from.

A new dawn, a new day

After an undoubtedly tough few years, are things looking slightly brighter now? Late last year, Argentinian voters chose Mauricio Macri as their new president, a much more pro-business character than its two predecessors.

So what has Macri done so far to encourage you to think about doing business with Argentina again? Just three examples will provide a more positive outlook.

First, Macri has scrapped Argentina’s farm exports, something that had caused havoc in the country during the Kirchner area. That’s had a positive worldwide repercussion, for what it means in itself and as a signal.

He has also opened up to a debt deal with the holdout creditors, another hugely positive sign.

Finally, the President has lifted currency controls, a big burden for any international trade and investment.

What also matters is that there is more openness in general, and a much more pro-business environment.

As The New Yorker wisely sums up:

“The new finance minister is a former executive at JPMorgan Chase; the minister of foreign relations is a former C.E.O. of Telecom Argentina; the minister of energy is a former president of Shell Argentina; the minister of production is the former C.E.O. of a pension fund; the head of Aerolíneas Argentinas, the national carrier, is a former regional director for General Motors; and the transportation minister used to run his family’s car dealership.”

Time to re-assess your Argentinian options

All looking good. So… is it finally time to export to Argentina (again)?

I’d say there’s no harm in undertaking some market research and gauging opportunities right now. It might also be the right time to start developing a network of contacts in the country.

Some major corporations are already doing so. Coca Cola, for example, just signed a deal to invest one billion dollars in its bottling and distribution operations in Argentina over the next four years.

After all, it’s South America’s second biggest economy, after Brazil (Colombians can argue they should come second, mind you) with some very strong sectors like agri-tech. If the country is going to go back to the growth part of its economic cycle, you want to be part of it from the start.

But the endemic problems of Argentina won’t be solved overnight. As encouraging as Macri’s administration’s first moves have been, things will take time. You will still find a country facing inflation, debt and a host of other problems.

However, it’s up to you to analyse whether the market itself is strategically viable for you or not.

What really matters, in my opinion, is that you’re no longer battling against a government that seemed to want to stop trade at all costs. You’re now facing a much more open, globally-minded Argentina. The right time to export to South America’s second largest country might be closer than you think.

Are you ready for it?

Are you considering Argentina as a potential export market? What are some of the challenges you would still have to overcome in this region?

Who are the “multilatinas”?

They are as varied as they come. A good place to start finding out about these companies is the America Economia Ranking. For 2014, according to this ranking, the top 10 multilatinas are:

• CEMEX (Mexico, cement)
• LATAM (Chile, transport)
• Brightstar (Bolivia/US, telecoms)
• JBS/FRIBOI (Brazil, food)
• CSAV (Chile, marine)
• Tenaris (Argentina, metallurgy)
• Ternium (Argentina, metallurgy)
• Avianca/TACA (Colombia, transport)
• Mexichem (Mexico, petrochem)
• Ajegroup (Peru, drinks)

Cemex had sales of USD 15 billion in 2013, but the rankings are based on a variety of factors, so companies with even higher sales can be found farther down the list. For example, America Movil (no. 14 in the ranking) had sales of USD 60 billion. Not small at all.

Why should they matter to you?

1. Because these companies could be your clients.

Research multilatinas carefully. Find out as much as you can about them. They could be your gateway to real growth in Latin America.

Remember that any of these companies will need everything from staples (we staple and stamp a lot in Latin America, given our huge bureaucracy levels) and washing up liquid through to cables, cars and whole buildings. Is it worth designing a mini marketing plan for some of them?

If you are selling indirectly, for example, through a distributor, do they have access to these companies? Drop the names and they’ll know you are serious about the market.

2. Because these companies are global.

Some could be closer to home than you think. Can you supply them in your home market and then aim for a more global win? Could you supply them in one export market and then accompany them into a new market? Could a regional buyer be the key to more than one market?

3. Because they will have a “multinational” culture.

Although they have a distinct Latin flavour, work practices are likely to be aligned to what’s more familiar to you globally. The cultural gap will be slightly smaller.

And, critically, how to you get in there?

The million dollar question.

It’s not easy. It will take time and contacts. And a good dose of courage. Research is absolutely key to get under their skin, understand how they think and who your keyholder is.

Also, what I find lets exporters down many a time is readiness. You wouldn’t go to Coca Cola unprepared. You shouldn’t either with multilatinas.

You don’t get two shots. Have EVERYTHING ready and make sure you can respond and fulfill orders and requisites.

They are big companies, and they will be slow and full of internal and external paperwork. Do you really have the resources?

If they place an order that is 10 times the size you are used to, can you handle it?

My other key piece of advice is to be really aware of where the balance of power lies when dealing with multilatinas. Again and again I see European and North American exporters coming to multilatinas with the wrong attitude, sometimes borderline rude/pedantic. You need them much more than they need you.

Be humble – these are big companies, and very powerful in their own turf and beyond, and they know it.

Treat them with huge respect and show them that you really want their business.

Finally, when dealing with multilatinas, remember that as “multi” as they are, they are still “latinas”, particularly if dealing with HQ. Personal contacts help and cultural awareness is a must. They might not reply to emails or be extremely punctual. But they are way too big to ignore.

In what ways could multilatinas play a part in your Latin American market entry strategy?

Here are some real-life examples of why it’s so important – with a Latin American flavour:

1. Because you need evidence for your export strategy.

Your strategy will drive your actions, but your strategy needs to be based on facts.

Thorough research will give you the evidence you need to include or exclude countries from your strategy, to know where you stand compared to your competitors, and to know which are the best ways into your target market.

Take, for example, my U.K. manufacturing client in electrical engineering. They invested in researching eight Latin American countries. They knew Latin America was on their radar, but how much of a priority was it?

Determine which countries should be tackled first and which should be postponed until a later stage of your export strategy – or removed entirely.

2. Because knowledge is power.

One of the most experienced clients I’ve had, whom I have learnt a lot from, was a sales manager of a food technology company in the U.K.

He wouldn’t land in a country without knowing it well, so he subcontracted research for every new market.

Why?

He told me he needed knowledge for negotiations, both with his clients and his partners. His partners knew he meant business because he knew his stuff. He wasn’t just parachuting into Latin America, like too many foreign firms do nowadays.

He knew how large his market was, which clients the distributor should be tackling, and what growth to expect. He also knew which projects were coming up and who the industry influencers were.

When you start off in a country you don’t know, you can’t afford to be seen as lost, disengaged or uninformed. Market research gives you confidence, and power.

3. Because it shows that you care.

How many of your competitors are investing in market research? How seriously will you be taken in a new market by clients, partners, and sector experts?

A sign that you mean business, that you are serious and committed, is knowing the market well. It’s important and helpful to know everything from the simplicity of business greetings, through to the structure of the industry you are in.

You should also be up to date on the latest relevant news and the performance of the economy over the last few years.

This is particularly key in Latin America, because business is based on personal relationships, and caring about people and their countries is always appreciated.

4. Because it can save you an awful lot of time. And cash.

Once they receive my report, clients always appreciate how much work goes into market research and how many mistakes I save them from:

“Knowing what the market is like in Venezuela means we have saved ourselves £20k this year since we won’t visit to suss it out, we now know it’s not for us.”

“We never thought of Colombia before and now we’ve sold there – without the research, we would have stayed away.”

“The feedback from your industry contacts is precious, we are now revising our branding as a result.”

“So glad your research prioritized trade shows for us in the region, we would have wasted time and money attending the wrong events”

5. Because it’s the only way of convincing the Board.

Many export assistants or export managers need to put forward cases to the wider company to get budgets approved. Having a friend in Buenos Aires or fancying a trip to Cancun might not quite cut it when it comes to rationales for export expansion.

What you need is evidence. And independent, rigorous evidence should tell you how things really are.

If a market is not for you, or maybe not for you right now, it should say so, or you should be able to work it out. I often advise my clients against expanding to Latin America, so make sure the advice is truly independent and not tied to a particular country (I am based in Uruguay but I often advise clients to start off somewhere else).

Market intelligence is not a cost, it’s an investment. Successful exporters know it.

What’s your next market research investment going to be?