Sealing business deals are essential to organisations of all kinds. While businesses are familiar with closing a case in their home country, obtaining a client overseas will be fairly challenging. The company needs to seal business deals outside of their home country to have a successful expansion overseas. By expanding overseas, companies get to tap on a larger consumer base and reap greater profits.
Before approaching a potential client overseas, the company will need to consider various factors such as cultural and business norms. By presenting themselves as business owners who care about the country's unique culture, clients will naturally be more willing to partner up. Additionally, the company will need to anticipate the potential challenges and obstacles they may face. By doing so, it increases their chances of being able to have a strong foothold in the foreign market.
According to data from the Asian Development Bank, Southeast Asia grew at a robust 4.8% in 2019 and has been touted as one of the fastest developing regions globally, well above the global average of 3.2%. The region is a force to be reckoned with and has proven itself a lucrative country to conduct business in. Many companies have flocked to partner up with various businesses in Southeast Asia, some meetings significant success.
In this course,
01. Uncover the potential challenges that may be encountered when stepping into the borders of Southeast Asia are
This course gives business owners the upper hand in understanding the potential alterations encountered when communicating with potential partners or clients. Knowing the challenges that may be faced, the business owner can then attempt to solve them first to ensure the smooth closure of business deals.
02. Understand cultural differences and the importance of respecting them
Each country has a different culture and social norm. That is what makes each country in Southeast Asia unique and different. Before meeting up with your potential business partner or client, business owners must make an effort to learn of the different customs and traditions each country has. This will win them the trust of locals.
03. How to communicate and negotiate effectively with locals
You'll learn how best to liaise your business strategies, models, and techniques with the locals. By having this important skill set under your belt, the success rate will increase significantly.
By the end of this course, you'll understand the necessary preparation for sealing a business deal in Southeast Asia and know how best to close a case.
What is going to be covered
· The complexity of Southeast Asia
· The key to sales
· Understanding cultures
· Social norms
· Communicating the right message
· Being cultural sensitive
· Unique local norms
· Etiquette where first impression counts
· Success in business meetings
· The negotiation toolkit
· (Slide) Courseware —How to Seal Business Deals in Southeast Asia
· (Excel) Worksheet — Preparation for Market Entry — Activity 1: Factual Check
· (Excel) Worksheet — Preparation for Market Entry — Activity 2: Research on the New Market
· (PDF) Factsheet - Five Southeast Asia Factsheet
· All business owners or entrepreneurs currently in or intending to branch into Southeast Asia (SEA)
· Business development executives intending to upgrade their skills in venturing into new markets
· Aspiring entrepreneurs or startup founders researching entry into SEA
By the end of the course, you’ll be able to:
· Identify the offerings, customers, unique selling proposition, and partners in your home country or headquarters.
· Know how to prepare to expand into Southeast Asia.
· What are the cultural and business norms to be aware of when meeting locals.
· Review and communicate your plan from a macro perspective.
· Negotiate for the best possible benefits for your company to have a smooth entry into the country.
Meet your Instructor
Managing Partner of BlackStorm Consulting
Jeslin Bay is the Managing Partner of BlackStorm Consulting. As a business scaler, she has expertise in business partnerships, human resource, market-entry, and business structuring in Southeast Asia. She also co-founded a fashion brand, SHINE APART that specialises in loud pieces of outwear that are stylish and yet professional.
Being trained in operations and organisation management, Jeslin also conducts deep analytical dives into target subject matter, both internally and externally. Her responsibilities also include the formulation of frameworks and business tools to provide objective and innovative solutions to the clientele, as well as business development.
There are a total of 9 videos divided into four sections in this course:
· Lecture 1: Introduction to the course
· Lecture 2: Introduction of Southeast Asia
· Lecture 3: Social norms
· Lecture 4: Business norms
You will be able to access the following materials in this course:
· Course Slide Deck (PDF)
· Activity Template (Excel)
· Factsheet (PDF)
You will achieve the following key objectives after this course:
A quick look at the possible challenges of doing business in Southeast Asia.
Learn why trust makes or breaks a deal.
Use culture to bridge distance and gain trust.
Master effective communication by understanding local practices.
Avoid pitfalls that could break the deal and learn unique local norms to build familiarity.
Identify behaviours that can affect others’ impression on you.
Learn how to plan effective business meetings with a foreign counterpart.
Adapt to local negotiation tactics by knowing the rules of the local game.