Services sector - Key elements for an Australia Service-oriented business to achieve business success in China
July 16 2015
The services industry in China is one of the fastest growing sectors across the board. With the official signing of the China-Australia Free Trade Agreement, China will be seeking Australian expertise in health care, aged care, financial and insurance sectors.
Australia is recognised for its intellectual capability, innovation and provision of long term and successful service provision. China is seeking to gain knowledge and skills transfer to equip their country with longer term sustainable practices as they face some of the most serious ageing population challenges in their history.
The key elements for Australian companies to be successful include a sound knowledge of the Chinese regulations, business practices, cultural sensitivities and government strategy.
Relationship development is still a key business success factor in China. In particular the service industries require more face to face contact the potentially consumable industries. Companies need to demonstrate a serious commitment to the country and their relationships by way of establishment of resources or training and development or even a local presence. There are many options available to a services industry including joint ventures, local partnerships or even a fully operational foreign company. This will ensure long term success for Australian companies.
Access government grants
Accessing Government grants can help Australian SMEs develop their business both domestically and internationally, and we recommend program participants explore potential grant opportunities as part of their export strategy. By identifying and utilising grants assistance to best effect, businesses can support exporting activities, expansion, commercialisation, innovation and research and development.
It is recommended that Australian export business obtain accreditations in the China market, as this shows prospective Chinese buyers that they are serious about being successful in their country and have been proactive in their research and preparation prior to approaching the market. Industry awards and recognition are very highly regarded within Chinese culture, therefore participating in programs such as the NSW Business Chamber’s annual Local Chamber of Commerce awards can assist in building credibility with potential buyers.