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Are you negotiating with Asian partners, customers or suppliers? Yet while highly valuable, these agreements only go part of the way to helping to clinch the deal. A bigger part of the equation lies in how effectively a business can build relationships and negotiate with Asian partners, suppliers and customers.
While there is no one blueprint for success, here are four insights to help get your next deal off to the right start and deliver lasting, quality outcomes for your business. Patience is a virtue, as is preparation Too often Australian businesses entering Asia for the first time seek quick wins and speedy returns on investment.
But overnight success stories are rare and the reality is that often years of preparation are required. When professional services firm Nihao Global launched in China inthe translation and research company made a six-figure profit in its first 12 months of operation and quickly expanded to 19 major cities.
But this success was the result of years of planning and in-market knowledge. They tend to fail due to a lack of a real understanding and knowledge of undertaking business in China, which leads to incorrect or ill-informed decisions.
Understand the impact of culture A strong understanding of how culture affects the negotiation styles of both parties to an agreement is crucial. No two Asian markets and cultures are the same, and nuances and differences can exist even within a country. In Indonesia, for example, it often takes several meetings before coming to an agreement, with initial meetings serving primarily to establish relationships.
Politeness and humility are required, as is an avoidance of rushing others, criticising ones counterparts and issuing ultimatums.
The role of intermediaries can often be invaluable for progressing negotiations behind the scenes.
Raj Wilson | Director of Marketing and External Relations at Asialink Business. Indonesia’s economic growth and emergence as a vibrant middle-income economy is . (Raj Wilson is the director of external relations for Asialink Business and has more than 20 years experience in helping Australian and international businesses to achieve results in Asia.) NOW. Raj Wilson Raj Wilson Director, Marketing and External Relations Raj has broad ranging business development, marketing and leadership expertise with prominent Australian and International businesses like Westpac Institutional Bank, General Electric, Skilled Group and Port of Melbourne Corporation.
Pursue mutual outcomes Seeking solutions that work for both sides, and employing strategies and tools to resolve outstanding issues, is crucial to negotiating effectively in Asian cultures.
Applying a win-win approach to negotiations helps ensure a long-term partnership that benefits both parties. South Australian jam maker Beerenberg has been selling jams to Indonesia for over 20 years, with Indonesia now its third largest export market, behind Japan and China.
Ensuring that there was mutual benefit in the arrangement for the distributor was key, and it involved a high level of trust. Yet it also presents one of the biggest challenges for Australian businesses throughout the region.
Building long-term relationships takes time and investment. Asian counterparts usually prefer to establish a strong relationship and develop personal connections before closing a deal or finalising the business matter at hand.
And once you do finalise your negotiations and establish your local partner? Asialink Business provides practical training, information products and events and networking opportunities to help organisations and individuals do business with Asia.In the news ‘Radical Islamic groups are the new kingmakers of Indonesian politics’ argues author Eka Kurniawan in an op-ed for the New York Times after the Jakarta gubernatorial elections.
A congress of female Islamic clerics meeting in Cirebon have issued a fatwa urging the Indonesian government to raise the minimum legal age for women to marry from 16 to Skilled in Business Planning, International Relations, and Corporate Communications.
Strong business development professional with a Masters focused in Marketing from Monash University. Experience. Executive Director, Global Development and Performance RMIT University. Si was raised in Australia and is bilingual in English and Mandarin. She is an alumni of the Asialink Business Leaders program and aspires to build deeper long-term collaboration between Australia and China in the technology and innovation fields.
The event was jointly hosted by Australia Japan Society of Victoria, the Japanese Chamber of Commerce and Industry, and the Japanese Society of Melbourne. Over guests attended the Gala this year, bringing together senior representatives and community leaders from the business sector, the arts and cultural organizations, educational.
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Source: Ministry of Business Innovation and Employment MBIE On: 19 October A report released today by the Ministry of Business, Innovation and Employment shows that while arrival numbers and international tourism spend between – mid increased, this period was particularly irregular over the short term.