In a smaller market such as Austria, personal relationships built up over a long period of time are of immense importance, and can have a significant influence on business success. “In Austria’s clearly overseeable market environment, the personal presence of business people counts a lot, considering that every single one is visible“, says Martina Hölbling, Director Western Europe at ABA-Invest in Austria.
Invest time in building up networks before market entry
The optimal approach would be to invest time at the Austrian business location before actually entering the market in order to establish the right relationships. “We recommend that foreign investors cultivate contacts with the Austrian Federal Economic Chamber and their trade association as well as with ABA and the regional investment promotion agencies, and make use of the outstanding industry clusters that exist in Austria.”
It is also advisable to establish links to networks one might not initially consider, such as the economic affairs and trade departments of the home country´s embassy in Austria, or the community of expatriates, which is organized as the Expat Center of the Vienna Business Agency.
Learn to understand the message between the line
According to Martina Hölbling, there is another important point international entrepreneurs should be aware of if they want to strike the right note. “Austrians send more messages between the lines, and generally communicate more indirectly than the Germans do, for example. This is something one has to know to in order to correctly understand others and avoid offending them.”
For more tips also check:
- Weekly Tip 9: Labor laws - Notice period
- Weekly Tip 8: Labor laws - Severance pay
- Weekly Tip 7: Commercial law in Austria
- Wekly Tip 6: Registering your car in Austria
- Weekly Tip 5: Consultants must know both sides
- Weekly Tip 4: Statutory manager - a must in Austria
- Weekly Tip 3: Negotiating salaries
- Weekly Tip 2: Comprehensive market overview
- Weekly Tip 1: Focus on strategy first