Women Doing Business in Latin America
Cultural Differences and Business Etiquette to Master
July 31, 2019 at 12:53 PM
5 minute read
Cultural norms define what is encouraged, discouraged, accepted or rejected when doing business in any environment. Because of the cultural differences between the United States and countries in the Latin American region, the silent language that one must master is amplified. Perceived missteps could result in loss of a business opportunity or in the delaying of a deal. Business etiquette and understanding cultural norms are critical to success.
This is not about stereotypes but about best practices for navigating cultures.
For example, during nearly 20 years of business experience in the region, it has been observed that Latin Americans typically dress more formally and more conservatively for business meetings than their U.S. counterparts. In business conversation, they may seem to be “overtly polite” in expressing their point of view and often, you can discern that being direct is not necessarily a welcomed trait. Depending on the country, business interactions for attorneys tend to involve a delicate balancing act involving nationality, subject matter expertise and business acumen. This calls for patience, acute listening, subtlety and diplomacy.
For women, there are additional challenges because gender can also be a significant contributing factor required for success.
Women are often underrepresented in important projects and deals due to the “masculine orientation” (e.g., male domination) at the corporate leadership and executive level. As a result, many transactions are negotiated in an environment lacking in gender diversity. Nevertheless, there are several approaches or tactics that a woman can implement to mitigate any possible negative effects of this situation and emerge successful and effective.
- Look for “sponsors” or “allies.” At the beginning of a deal, identify an ally to introduce or endorse you both verbally and in writing. E.g., “Anna’s the best lawyer we’ve ever had and she’s an expert at getting things done quickly and efficiently. You’ll enjoy working with her.”
- Face time. Connecting in person for coffee, a meal or drinks early and often in the business relationship makes a huge difference. Relationship building is integral to deal making universally but perhaps even more so throughout Latin America, therefore women should take steps to develop connections through prior colleagues and capitalize on mutual interests.
- Leverage negotiating style: Listening, collaboration and intuition. Research has found that women conduct business differently from men. Women thrive in a collaborative atmosphere. Regarding listening, it could be perceived as weak and whomever is dominating the conversation is controlling the negotiation or is “winning.” Read the room and look for opportunities to create “warmth” through the use of humor and honest compliments, sharing stories, experiences, and talking about family. By reading the group dynamics women can intuit pitfalls and evaluate how those personal dynamics can impact the deal.
- Capitalize on perception, but surprise them with business strategy and financial acumen. There is a common perception that women are better communicators and are more detail-oriented and creative thinkers. Whereas men are perceived as better business strategists, possessing financial acumen. This presents an opportunity for women to be creative in demonstrating their business acumen. For example, before a negotiating session, send a group email outlining the contentious topics and include a few proposed solutions for each issue. Women should also spend time with the financial analysts to understand pressure points and the “cushion” for each key metric.
- Be practical. Bring a more detailed approach to the transaction by considering more levels of complexity and anticipate things that can go wrong. Doing so requires a delicate balance of efficiency and firmness. Stay ahead of this by identifying potential “deal delayers” by addressing them initially and openly, while also providing options for solutions.
- Leave ego at the door and keep an eye on getting the deal done. There may be times where a woman will simply not have a seat at the deal table. In this case, the best course of action may be to step back, and allow your allies to continue to champion your position. These moments require bravery and dogged determination—a woman shouldn’t let a situation like this take her off her game. The best leaders do what’s best for the business or the deal.
- Difficult questions are an ally. In many situations and cultures, women can appear to be generally challenged (even if in subtle ways) to “prove” themselves during negotiations. Demonstrating that you are not afraid of challenging topics shows confidence in your decision-making and reasoning skills, making it easier to show you are qualified to have a seat at the table.
In a region where culture, business etiquette and relationships are vital elements in getting the deal done, women are specialists at cultivating and building relationships, improving collaboration and increasing collective intelligence. By considering some of these approaches, women can be just as effective as their male counterparts in negotiating or doing business in Latin America.
Dania Duncan Moreno is a real estate practice shareholder in Greenberg Traurig’s Dallas (as Foreign Legal Consultant) and Mexico City offices. She has significant experience representing international and U.S. companies in in the acquisition, disposition, lease and development of real estate properties for hospitality, retail, industrial and residential projects throughout Mexico.
Anna M. Alvarado is general counsel for Fort Worth-based FirstCash Inc., managing the company’s legal affairs and leading its global team in the U.S. and Latin America.
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