Growing a Business in India: Setting up business in India is just the first step. Once your business is up and running and the ball has started rolling, the next task is to make sure that it never stops. Thus, just as starting up is crucial, so is keeping a hand in it and making sure that the business continues to expand and grow into a thriving, successful venture.
Maintaining healthy growth in your business in India is in some ways just like what you would expect in most other countries. However, despite the similarities, one should always be aware that when operating in a country that is as culturally rich, storied and diverse as India, local color, customs, and beliefs influence the way businesses are run and maintained.
Good working relationships, for example, must be established immediately, for relationships, personal or otherwise with the right people can make or break your business in the country. Indians place a high premium in their relationships with other people, and a chronological hierarchy of respect is usually followed.
Westerners who have established an Indian work force also need to deal with the intricate system of Indian human resources. Local beliefs and values influence Indian work ethic, as well as their attitude and approach to work, so that this aspect of doing business in India must be well prepared for and well managed in order to successfully stimulate business growth.
Another key to keeping the business flourishing is knowing what to expect and helping manage those expectations. India, though a thriving economy, is not spared from flaws and weaknesses that also plague many businesses set up in other parts of the world. Customs setbacks, labor problems, contract issues, all of these will inevitably crop up in the process, but it must be kept in mind that these problems are growing pains and can and will be resolved eventually with the right attitude and good knowledge of local business customs and practices.
We hope that our Doing Business in India Guide will help answer some of the routine questions we get asked. Please Contact Us if you need more in-depth assistance when looking to do business with India. We’ll be glad to help.