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Financial Planning Business Plan
Gregory Smyth
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.
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