Underestimating the business related effects of cross-cultural differences can be catastrophic and can set you back a few million dollars.
A model example of this is what happened to FedEx a while ago.
Because of the saturated domestic market they decided to expand their horizons and established many subsidiaries all over the world.
The centralized delivery system turned out to be inappropriate outside the USA and furthermore they failed to adapt to several cultural characteristics such as the preference of the Spaniards to work late. After a while FedEx had to close down over 100 European establishments with $ 1.2 billion in losses!
U can read more examples here
Simon Buysse
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