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1992 – One office in Hong Kong, one in Shenzhen – 3 staff. 1992 – One office in Hong Kong, one in Shenzhen – 3 staff. 2008 – Sixteen Regional offices across China, Hong Kong, 2008 – Sixteen Regional offices across China, Hong Kong,
Singapore, India & Vietnam – 250 staffSingapore, India & Vietnam – 250 staff Retained by @1,800 clients from over 70 countriesRetained by @1,800 clients from over 70 countries Professional legal, tax and audit services for Foreign Direct Professional legal, tax and audit services for Foreign Direct
Investors into these marketsInvestors into these markets Members of the Leading Edge Alliance with a combined Members of the Leading Edge Alliance with a combined
global turnover (2007) of USD1.8 billion global turnover (2007) of USD1.8 billion
Largely driven by entrepreneurs Largely driven by entrepreneurs Tend to lack depth of admin and support personnel Tend to lack depth of admin and support personnel Tend to have lack of funds Tend to have lack of funds Often survive on ego alone Often survive on ego alone Usually driven by vision Usually driven by vision Tend to try to overcome obstacles by sheer effortTend to try to overcome obstacles by sheer effortHow to survive and prosper always an issueHow to survive and prosper always an issue
To Succeed, You Need To Become More Chinese. To Succeed, You Need To Become More Chinese. To Succeed, You Need A Vision To Succeed, You Need A Vision To Succeed, You Need To Be Better Than The RestTo Succeed, You Need To Be Better Than The Rest To Succeed, You Must SacrificeTo Succeed, You Must Sacrifice To Succeed, You Must Overcome ObstaclesTo Succeed, You Must Overcome Obstacles To Succeed, You Must Be Honest To Succeed, You Must Be Honest To Succeed, You Must Celebrate Your FailuresTo Succeed, You Must Celebrate Your Failures To Succeed, You Must Share That SuccessTo Succeed, You Must Share That Success To Succeed, You Must Become SuccessfulTo Succeed, You Must Become Successful
Average Chinese canteen lunch cost: RMB12Average Chinese canteen lunch cost: RMB12Average Western canteen lunch cost: RMB45 Average Western canteen lunch cost: RMB45 Average Price Local Beer: RMB10Average Price Local Beer: RMB10Average Price Western Beer: RMB30 Average Price Western Beer: RMB30 Average Chinese Salary Beijing: RMB3,000-10,000Average Chinese Salary Beijing: RMB3,000-10,000Average Western Salary Beijing: USD3,000-10,000Average Western Salary Beijing: USD3,000-10,000Average Chinese Apartment Rental BJ: RMB2,000Average Chinese Apartment Rental BJ: RMB2,000Average Western Apartment Rental BJ: USD2,000Average Western Apartment Rental BJ: USD2,000
Western Costs average out at 8 times more than Western Costs average out at 8 times more than Chinese in all commodities purchases. Chinese in all commodities purchases.
The truth is, if you become more Chinese – the value of theThe truth is, if you become more Chinese – the value of the
RMB becomes the same as the value of the USD. RMB becomes the same as the value of the USD.
SME’s often struggle with financing. Do YOU really understand SME’s often struggle with financing. Do YOU really understand the value of what the RMB can buy ? the value of what the RMB can buy ?
Are YOU competing with local businesses ? Are YOU competing with local businesses ?
Become more Chinese. Understand the true value of the Become more Chinese. Understand the true value of the currency and just how much it can buy. currency and just how much it can buy.
Financial Integrity is paramountFinancial Integrity is paramount Treat Your Suppliers and Vendors with Respect Treat Your Suppliers and Vendors with Respect Rewards May be Just Around The Corner Rewards May be Just Around The Corner BS gets rewarded however with BSBS gets rewarded however with BS Be Honest with yourself and with others and it will come back Be Honest with yourself and with others and it will come back
Chris Devonshire-Ellis:Chris Devonshire-Ellis: Terrible administratorTerrible administrator I can’t even balance my checkbook I can’t even balance my checkbook Dreadful Chinese Dreadful Chinese Wearer of weird bow ties…Wearer of weird bow ties…
But I learnt to delegate and bring in people in specific areas But I learnt to delegate and bring in people in specific areas that I am weak in. that I am weak in.
Enables people to work to their strengths.Enables people to work to their strengths. Shares the burden of workShares the burden of work Shares the decision making Shares the decision making Can be an emotional decision to part with equity or Can be an emotional decision to part with equity or
responsibilities, but at some point it must be undertaken in responsibilities, but at some point it must be undertaken in order to grow. order to grow.
SME’s can duck and dive to some extentSME’s can duck and dive to some extent But at some point you need to get serious about your But at some point you need to get serious about your
businessbusiness What is the true cost of doing business? What is the true cost of doing business? Non-compliance eventually breeds weaknesses. Non-compliance eventually breeds weaknesses. You need to look at getting into compliance as soon as you You need to look at getting into compliance as soon as you
can. can. The extra ‘burden’ gives you security and lessens your The extra ‘burden’ gives you security and lessens your
exposure to risk exposure to risk There comes a time to dot the i’s and x the t’s There comes a time to dot the i’s and x the t’s
Fear of Success Can Impact Fear of Success Can Impact SMEs often lack confidence SMEs often lack confidence When growing, remind staff of itWhen growing, remind staff of it Don’t get trapped in “Small company syndrome” Don’t get trapped in “Small company syndrome” Don’t believe “You’ll never do that” Don’t believe “You’ll never do that” A large part of being an SME IS being inventive A large part of being an SME IS being inventive