Five Strategies For Doing Business in China

China is the third largest economy in the world and growing larger everyday. With such an enormous population and resources it is a market every businessperson needs to consider as an opportunity. Besides a language barrier the Chinese culture of doing business may be very different from one's own country. So when considering doing business with Chinese it is important to gain a general knowledge of some common Chinese business practices and norms.

Bill Quarless is president and CEO of Impact Products and has significant experience in doing business with the Chinese has compiled 5 strategies for doing business effectively in China. Below is a general summary of these strategies.

1. "Prepare to be patient" - Doing business in China is a long process with many meetings required to finish any deal.
2. "Approach with a trusted friend" - Because building a personal and trusting relationship with business partners is essential to the Chinese, having a contact who already knows the people you are trying to do business with can give you a jump start on the process.
3. "Socialize to build trust" - Business and friendships are intertwined in China. For the Chinese it is imperative to get to know prospective business partners on a personal level, so you should be prepared to socialize as much if not more than talk business.
4. "Give face to create goodwill" - Saving face is one pf the most important things to the Chinese. Losing self-control can quickly ruin a deal.
5. "Emphasize your value" - To speed up and increase the chances of negotiations running smoothly, express what your assets and what you can bring to the table from the beginning and often.

Source: The Art of Negotiation by Bill Quarless