Singapore receives thousands of business visitors each year. Some come here looking for the best business opportunities. Others are interested in looking for markets or business mergers. On all of these trips, the majority of entrepreneurs have to meet with local businesspeople. These Asian people have a business culture that has shaped how they do things. It is a major contributing factor to the current business success on the island.
As a foreigner who is coming here to seek business opportunities, it is better for you to understand the business culture in Singapore. How well you practice it will determine whether you will get a good deal or not. So, the insights below are crucial.
Consider Punctuality
Singaporeans are hardly ever late for a meeting. In most cases, they will arrive early and start by having coffee as they wait for you. However, some Singaporean may be a few minutes late for a reason, and the reason is that they may not want to look eager about the meeting. Likewise, it is better for you to be on time. It is better for both of you to arrive early and start the meeting rather than keep anyone waiting.
Cultivate the Business Relationship with Respect
The entrepreneurs here are more formal than many other parts of the world. Something as simple as greetings may conclude or break a deal. Thus, you must have enough respect during a conversation even if you come from a place with a laid back and casual culture. You need to shake the other party’s hand rather than say ”hi” and proceed with what you were doing on your phone or computer if you arrived first.
Migration experts like Visa Express should give you a hint on how to handle business cards in Singapore before you go there for a business trip. Singaporeans value a business card with passion. It is thus important that you carry your business card. Once they are exchanged, the other party expects you to receive theirs in both hands and handle it with care. The biggest mistake you can make in such a business meeting is to leave it on the table, write on it, or tear it. This could mean no business deal.
Do No Argue with Seniors Publically
Business meetings may have many agendas. It may not necessarily be a first time meeting. If there is a disagreement with some businesses partners who are older than you, it is not recommended to argue with them in a restaurant or a public meeting with many other people. They prefer to be called into a private room where the debate can be held. However, they still expect some respect when addressing any concerns.
Give Considerations to Your Responses
The business culture here is deeper than many people think. When making responses to the proposals on the table, it is critical that you make considerations. So, how do they know that you have done this? They require you to wait for a few seconds before making a response.
There are many other cultures revolving around the business in Singapore. However, these are the popular ones that will help you. Take them seriously if you have a business trip to Singapore soon.