This article tells you about Essentials For Starting A Business In Russia. Russia, as we all know is one of the biggest countries in the world, and it goes without saying that it houses one of the biggest populations as well. So the thought of doing business in Russia is one that will definitely occur to you if you are an enterprising businessman with an idea of broadening your horizons.
But there are some things that you have to know before doing business in Russia. And that’s what I’m here for, to lay down the ground rules.
Etiquette has always played a part in any sort of transaction, regardless of whether it of a personal nature or not. It stays the same way even in the business world. Things move so fast, that you need to be on your toes to make sure you don’t insult someone or say something wrong to your partner.
So here are a few tips to get you started when your business sets foot in Russia.
The Russian people are very practical people, and they literally live by the saying ‘Your first impression, is the best impression.’ The very first meeting that you have with your Russian counterparts will serve to be a test of your sense of credibility, professionalism, and your expertise. You don’t want any sort of miscommunications to occur on your very first meeting, do you? That could seriously hamper your prospects.
Make sure you have all your documents translated into Russian, as well as your business card. Of course, your partner may know a smattering of English too, but this will also serve as a quiet notice to them that you also consider every persons position in the game. Also, be punctual. You have to be on time for your first meeting. Irrespective of whether your partner arrives a little late, you just cannot afford to turn up late, and risk offending your prospective partners.
Good communication skills are very important, as is a nicely made presentation. As I mentioned before, even though your partners speak English, it may come in handy to hire a Russian translator, to serve as a mediator. Not only does this help if any problems in understanding each other arise, but it also shows your contemporaries that you are willing to take that extra step in order to place everyone on the same pedestal. Good communication will also help in securing that business deal you’re looking for.
The Russian people are known to be tough on negotiations, and they will not give in that easily. As with any other business partner, they also expect some concessions to be made on your part first. But still, this is process that works both ways, and you need to make sure you work in a direction that favors you both. You should also note that it is sometimes difficult to impress the Russians with a fancy presentation, as they rely a lot on their instincts. Building up on that working friendship can indeed take some time.
You must also try to understand the fundamental mindsets of the Russian business community before starting a business. You will definitely benefit from knowing these.
Firstly, you should know that ‘how things happen’ can be a bit of a mystery to a newcomer. Sometimes things that you are looking over aren’t very transparent. A lot of things in Russia tend to come along with a hue and cry, and renders certain processes inactive. During such periods, you just have to wait it out. Telling the Russian people that they are slow or lazy is a colossal mistake.
Remember, many things in Russia do not happen without the necessary connections. Favors from other partners/ friends are everyday occurrences. You should also note that keeping up your side of the bargain, and returning your favors are considered to be a sign of friendship and help in building a good working relationship.
When it comes to Russia, you cannot expect things to happen fast. You need to understand their behavior and acquire the skills required to build up a good business. Acquiring the respect, trust and friendship from the Russians can take some time. Anyway, all the best for your business in Russia!