If you're in business and not aware of BRIC, you might think its material for building a structure - it's not. It is, however, a possible building block for American companies looking to the future.
"Dreaming with BRICs: The Path to 2050" is an economic study released in 2003 by financial giant Goldman Sachs. The report focused on four developing countries: Brazil, Russia, India and China. It predicted that these four BRIC nations' economies could grow to be bigger than the entire Group of six (G6) leading industrialized countries, which includes the United States, Japan, the United Kingdom, Germany, France and Italy.
The report went on to suggest that the BRIC countries would become not only the primary source of manufacturing and the major suppliers of commodities, but also significant consumers.
Anyone in business can see the considerable importance of this last statement and its impact on the potential growth for American companies that are thinking "global".
A company which has the ability to understand and appreciate another's culture and customs will have the most success in today's international arena. The training of employees, from senior management down to the person who answers the phone, must include an understanding of culture and customs to maintain the highest levels of customer service for its international clients.
An American businessman in Brazil, thinking he was showing his approval, gave the "OK" hand gesture to a client. Later he was told that hand gesture is considered terribly rude in Brazil! It's also considered rude or insulting in Russia and Germany, but has a whole different meaning in France and Japan.
Never underestimate the importance of protocol in dealing with another country. "Know before you go" and act in accordance with their culture, customs and religious observance.
Listed below are some things to consider before doing business with a BRIC country or with any international client.
Cultural Awareness
Is the country a monochronic or polychronic culture?
These are basic cultural preferences in how life is approached, how time is perceived and how business is done. All BRIC countries would be considered polychronic, meaning they take the time to build relationships before they do business. For Americans, who are monochronic - straight down to business, this is especially important to know in contract negotiations. A deal could be lost just because the international client was put off by the approach.
Handshakes
Customs differ around the world. In Brazil, it's a warm handshake (but not a "wet noodle"); the Russian's prefer a firm handshake along with direct eye contact. In India, the traditional greeting is the Namaste: palms of the hands pressed together in a praying position and held about chest high, accompanied with a slight bow forward. China uses a nod or slight bow; they do not smile when being introduced, or the American handshake is acceptable.
If you're unsure of what to do, it's generally acceptable world-wide to use a toned-down American handshake.
Business Customs and Terminology
Appointment times, date annotation, and units of measurements can vary widely. A meeting in the U.S. may take place at 1:00 PM, while in other countries it would be 13:00 hours. The U.S. writes 8/12/08 or August 12, 2008, as opposed to 12.8.08 or 12 August, 2008. Measurements in the U.S. are in gallons and inches, while many other countries use liters and centimeters. These may seem like small idiosyncrasies, but they could cause misunderstanding and confusion within a developing business relationship.
Some other things to be aware of are body language, introductions, gift giving and the importance of rank and status.
Research is the key to successfully acquiring and maintaining international business relationships. Fortunately, there are many books and government websites available for different countries for those who wish to do it themselves. But today, businesses are starting to rely on highly-trained etiquette consultants on international protocol to educate them on the many and sometimes subtle cultural differences.
Learning about another culture is not only a key business strategy; it is the single most important skill in building a long term international business relationship. Mistakes made at the start can delay and or even cost a company business. So learn before you go, act well and you will do well.
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