- China is the most open and competitive marketplace in the world. You must be “best in class” in what you want to do.
- Competition will come not just from other international companies but also from Chinese-owned and managed operations.
- Focus on doing a few things very well and outsource noncritical functions.
- Partner with those companies that are #1 or #2 in their particular niche.
- Have multicultural teams at all your operations.
- China is not the world’s lowest-labor cost center for unskilled labor; focus on hiring lower-cost, skilled workers (engineers, etc.) and strive for both a domestic as well as export market.
- Pay your taxes after getting good financial and accounting support.
- Have a government relations person at all your operations and make sure you have both national PRC government relations help as well as local support.
- Recruit and develop quality and long-term middle and senior leadership (both national and non-national); ruthlessly focus on leadership competencies being both your biggest internal problem as well as the area that you can become “best-in-class” in if you successfully mentor, promote, rotate, etc.
Dwight Nordstrom
Dwight Nordstrom, B.A., M.B.A. is chairman of Pacific Resources International (PRI), a privately-held USA Holding Company for manufacturing investments in China, and a twenty year China BAM veteran.View Full Bio