5 THINGS YOU NEED TO KNOW TO SUCCEED IN SLOVAKIA
Slovakia is a rather small country in the Central Europe. In the previous years Slovakia experienced significant economic boom. It has a very competitive market. There are several practical points an exporter should be aware of when entering the Slovak market.
For your information, in Slovakia the concept of “agents” as known in Belgium does not exist in Slovakia, there are only the groups of entities known as distributors, importers or acting as both at the same time.
1) Business relations – importance of the personal contact
The key to the success of any prospects in Slovakia is a personal contact. A foreign entrepreneur needs to dedicate some time to build up the good personal relationships with its Slovak potential business partners. Doing business in Slovakia takes time, perseverance and patience. You should not try to immediately start the business negotiations.
2) Sending e-mails to set up the first contact is not sufficient
This is not the right way to success.
Bear in mind the Slovak market has been already penetrated by your other European, Asian and American competitors.
3) Business meetings – be foresightful & adopt yourself to the local conditions
The meetings need to be arranged at least a week in advance. It is recommended that you come to the meetings on time (otherwise inform that you will be late). Please bear in mind that the corporate culture in Slovak companies is quite formal where the hierarchy plays an important role. The decisions cannot be taken unless the persons responsible for the project are present. Bring with you the documentation about your company or your products, preferably in Slovak or at least translated into English or German. The Slovaks do not usually take decisions only when they are based on the provided information but also take into consideration their experience and feelings.
4) Language used for work & communication
The official language is Slovak. Mainly younger generation speaks foreign languages, in particular English and German.
5) Technical knowledge
Slovaks are usually very well informed about any technical updates existing on the market.
