Understanding the culture and adapting your business to the local context are key strategies for foreign companies looking to grow in the United States. This was one of the key messages to emerge from a recent ‘Doing business in the USA’ event co-hosted by Mazars to promote the attractiveness of the United States and provide operational insights on business practices.
Organised in conjunction with Business France, the government agency responsible for supporting the international development of the French economy, the prestigious event took place at the Senate in Paris on Wednesday 15 June, under the patronage of Gérard Larcher, President of the Senate.
Topics included bilateral relations between France and the United States, the attractiveness of the American market, the prospects of evolution, infrastructure and tax reforms, and the challenges and opportunities facing the American economy in a changing global context.
The event brought together leaders of many of the largest businesses in France, as well as entrepreneurs with ambitions to develop their businesses across the Atlantic. Also in attendance were representatives from the American Chamber of Commerce in France, and Her Excellency Denise Bauer, Ambassador of the United States to France.
During an afternoon dedicated to thematic workshops and masterclasses, experts discussed the key issues and shared practical advice around doing business in the United States. This included a panel discussion led by Mazars on topical tax and accounting issues.
Other speakers who shared their insights on doing business in the US included Maurice Lévy, Chairman of the Supervisory Board at Publicis, and Laurence Stoclet, Deputy Director-General of Ispos.
Ripe with opportunities
In the words of Ambassador Bauer, “the US is open for business”. Speakers at the event outlined how, since Q3 2020, the US economy has experienced a very strong rebound, recouping many the losses caused by the Covid-19 pandemic.
Fiscal and monetary authorities have put in place large-scale support measures that have enabled a rapid recovery in activity. Managing on-going inflationary pressures and making appropriate public policy decisions will be crucial to continuing the recovery in 2022, along with the impact of geopolitical tensions in Europe and elsewhere.
When it comes to business, significant opportunities exist for ambitious, bold companies of all sizes, entrepreneurs and investors wishing to develop their activities or establish themselves in this exciting market. For those with a clear strategy, locally-relevant proposition and determination, the US continues to offer substantial potential across many sectors.
Key strategies for success
Adaptation, strategy and perseverance are the key points to capitalizing on opportunities in the United States.
Other key strategies highlighted by the expert speakers at the event included:
- Take time to fully understand the specifics of the market, including cultural differences, as the recipe for success will be different from France
- The presence of a founder in the business can be a decisive factor in establishing new relationships and building partnerships
- Be prepared to invest in talent and allocate sufficient capital to operations in the US, as these are two of the most important factors for success
- Be patient and bold in your strategy. In the words of Maurice Lévy of Publicis: “Be daring”
- Tap into the expertise and experience of professional advisors to avoid making common mistakes and capitalize fully on opportunities
- Establish bi-cultural teams and work with organisations that have well-established networks
- Adapt your business to the country – don’t expect to do it the other way around
Mazars ‘Doing business in the United States’ was one of series of events aimed at showcasing the opportunities and strategies for business growth in foreign markets. Previous events have included sessions on India, China and South Africa. Future events are planned over the coming months. Please check back for further information.