India is the world's second largest country in terms of population, as well as the seventh largest in terms of area. It is growing at an amazing rate as technological, labor source, and cultural hub of the world, and all of these factors combine to make sure that if you are in a large enough company, you will probably need to do business in India at some stage. In some ways it is the easiest, and in others the hardest foreign country to do business in. There are 22 official languages and over 200 other languages and dialects, each of the major cities, like New Delhi, Mumbai and Bangalore are extreme culture shocks for the West. So how can you prepare yourself best to do business in this amazingly modern city, the largest democracy on Earth?
One of the best things you can do is establish a sound business base - a luxury hotel in New Delhi, hotel in Bangalore or hotel in Mumbai will offer superb facilities at little cost compared to hotels of similar standards in European countries and America. Shangri-La is one of the best-known business hotels in New Delhi, for good reason. They have comprehensive business facilities, like broadband access, executive size desks with built in multi-plug sockets, fax-copier-printer-scanners in rooms, as well as voice mail facilities and an electronic safe. All of these conveniences are set in superb luxury facilities, in richly decorated colonial-Indian style.
If your business trip is to Mumbai, try the Taj Mahal Palace and Tower as your hotel room in Mumbai. Since its inception in 1903, the Taj Mahal Palace and Tower hotel Mumbai has played host to CEOs from around the globe, as well as presidents and kings. There are five conference rooms as well as standard business facilities, and if you prefer to do business on a green, over a golf club, you can have the hotel arrange it.
Bangalore is another of the country's largest cities - stay at the Isla Bangalore, one of the most business focused hotels. A meeting space, high speed internet and a business center are available to travelers at this executive retreat hotel in Bangalore. It is only 8km from the airport, in the heart of Bangalore's business district.
Often, it literally pays to find out about the country you will be doing business in. India is the largest democracy in the world, as mentioned, and has been growing at 8% or better for the previous three years, with an average of 6% growth per year for the past decade. The service industry in India is becoming well known in the West, with Indian customer service centers now past their initial shakiness and recognized as a viable, cost effective alternative to in house services. The manufacturing sector in India is also ramping up sharply.
Some challenges to business in India which you should be aware of include the bureaucratic system, which makes many decisions quite slow and painstaking. Find out about the legal ramifications and requirements of your business deals before you arrive, for a smoother business stay. Infrastructure inadequacies exist in many India states also - if you are in an infrastructure dependant industry, don' make assumptions about what is available. Electricity and phone services are available throughout city centers, but not necessarily in the countryside.
One of the biggest challenges we all face is planning for retirement. The future is impossible to predict, and the further away we are from retirement the more difficult it is to determine what our financial needs may be when the time comes. A comfortable retirement depends on knowing how much money you'll need -- but knowing how much you need also depends on knowing who you are. "One size" does not fit all.
Are you a big spender? ?If you expect to enjoy your retirement by traveling a lot, for example, then you'll need a pretty sizable nest egg. Or, if you want to move to a more expensive location so you can be near the golf course, by the lake, or at the seashore, you'll need more money for that, too. It goes without saying: the bigger your retirement dream, the bigger the bank account you'll need.
Are you a workaholic? ?While it may be an attractive thought, the idea of not working for the rest of your life may actually make you miserable. Retiring at a later age or maintaining some kind of part time work in retirement may be better for you.
When did you start saving for retirement, and how much are you saving for it every year? Obviously, the sooner you can start saving the better? It is always wise to start saving and investing for retirement as early as possible and to allocate as much money for it as you can along with saving for your other, more immediate needs. This is especially true in today's world of dwindling pension plans and faltering Social Security & Medicare programs. Maximizing contributions to qualified retirement plans during your working years that offer tax-deferred growth, such as 401k plans and IRAs which can provide a variety of investment choices and diversification, is essential to maximizing long term growth of your retirement savings? But what kind of investor are you? What types of investments suit your personal tolerance for risk? Typically, the greater the potential return on an investment, the higher the risk. The lower the potential return, the lower the risk. The younger you are, the more risk you may be able to take. But the older you get, the less risk you may be willing to take. Your choice of investments depends on your answers to these kinds of personal questions. You'll want to be able to sleep at night while you let your money work for you, both before and after retirement.
If you are the kind of person who likes to live for today as if there's no tomorrow, then your current spending habits may require you to save a lot more the older you get. On the other hand, if your personality is such that you tend to save money wherever or whenever you can, you're more likely to have saved what you need at an earlier age.
Whatever the case may be, no financial advisor or consultant can tell you who you are. No one knows you better than you know yourself. Planning for retirement is as much of an art as it is a science. The "science" is about financial awareness, knowledge and discipline. The "art" is about personal awareness and how you apply your financial knowledge and discipline.
Both Gregory Smyth & R Gunnar Gelotte are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Gregory Smyth has sinced written about articles on various topics from Types of Cancer, Luxury Hotels and Family Travel. Hong Kong-based currently owns and manages 54 hotels under Shangri-La and Traders brands with a rooms inventory of over 27,000. Shangri-La ho. Gregory Smyth's top article generates over 201000 views. to your Favourites.
R Gunnar Gelotte has sinced written about articles on various topics from Retirement, Family Travel and Debt Reductions. R. Gunnar Gelotte is a semi-retired Phi Beta Kappa honors graduate of the College of William & Mary in Virginia, with over 25 years experience as a corporate controller and personal money manager. He currently resides in Nashville, Tennessee.For an easy a. R Gunnar Gelotte's top article generates over 1900 views. to your Favourites.