Mike Smith
Chief Executive Officer at ANZ
Mao Zedong once said that: “If you want to know the taste of a pear, you must change the pear by eating it yourself” meaning that “all genuine knowledge originates in direct experience”. It’s a philosophy that I have had my entire business career.
I thought it might be useful to outline my top eight tips for doing business in Asia
1. Awareness
It sounds obvious but it’s critical to avoid treating Asia as one country.
2. Respect
Avoid adopting a western mentality and believing you have the answers to “fix” problems.
In the west there is a tendency to believe that clothes maketh the man. In China, for example, the most influential man in the room might not necessarily be the man in the most expensive suit.
3. Patience
In many Asian countries, investors have much longer timeframes for generating returns so before embarking on an investment or business venture be aware of potential differences in expectations.
4. Agility
Asia is both extremely diverse and rapidly evolving, so position your business to respond quickly but in a way that does not compromise its foundations.
5. Relationships
Recognise what’s appropriate in different markets when dealing with contacts. For example, in Hong Kong it may be reasonable for a banker to provide a corporate customer with personal investment advice but this would rarely be acceptable in Japan.
6. Curiosity
Be receptive to new ideas and ways of doing things, without sanctioning unwanted risk. This can not only help to complement existing operations but also engender trust and respect across cultures.
7. Commitment
Demonstrating a strong commitment to long-term relationships throughout what can be turbulent investment cycles is often paramount to success.
8. Talent
If you are operating a company in multiple Asian countries it’s important to develop an ‘Asia Capable Workforce’. Look for Asian insiders who have deep experience in those markets.
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