Cultural Differences and the Way of Doing Business in Montenegro
For investors planning to establish and do business in Montenegro, understanding the local culture and way of doing business is of great importance. Montenegro is a country with its own unique cultural dynamics and ways of doing business. In this article, we will discuss the cultural differences and local way of doing business that should be considered when doing business in Montenegro.
Hospitality and Personal Relationships
Montenegrin people are known for their hospitality and the importance they attach to personal relationships. You can also see these characteristics in the business world. It is very important to build trust and personal relationships when doing business. In meetings, it is a common behavior to chat and build personal bonds before business conversations. Therefore, developing trusting relationships with your business partners can make your business processes more efficient and smooth.
Formal and Informal Business Meetings
When doing business in Montenegro, it is important to understand the difference between formal and informal business negotiations. Formal meetings are usually more professional and serious, while informal discussions may be more informal. While formal documents and contracts are often used in business deals, in some cases informal agreements can also be made. By communicating candidly and openly with your business partners, you can ensure that your business processes run more smoothly.
Time Management and Flexibility
Another cultural difference to be aware of when doing business in Montenegro is time management and flexibility. People in Montenegro can often take a more flexible approach to time. This can mean that business meetings and deadlines can sometimes be delayed. Therefore, it is helpful to be flexible with time when doing business and take this into account in your plans. However, taking a professional approach to business and honoring your commitments can help you gain respect in the local business community.
Hierarchy and Decision Making
Hierarchy is important in the business world in Montenegro and decision-making processes are usually carried out by senior managers. Companies have a hierarchical structure and important decisions are usually made by senior managers. Therefore, it is important to communicate directly with decision makers during job interviews. It is also useful to be patient when doing business and to remember that decision-making processes can take time.
Local Events and Cultural Engagement
When doing business in Montenegro, participating in local events and cultural activities can help you build stronger relationships with the local community. Festivals, concerts and other cultural events provide excellent opportunities to build social ties with your business partners and get to know the local culture better. By participating in such events, you can gain more acceptance in the local business community and strengthen your business relationships.
Language and Communication
The official language in Montenegro is Montenegrin, but English is also widely used in business. When doing business, learning a few basic phrases in the local language can leave a positive impression on your business partners. Even if your knowledge of English is sufficient, your effort to use the local language will be appreciated by your Montenegrin business partners. Also, it is important to communicate clearly and concisely in business negotiations to avoid misunderstandings.
When doing business in Montenegro, understanding the local culture and way of doing business can help your business processes run more efficiently and smoothly. By considering cultural differences such as hospitality, personal relationships, time management and hierarchy, you can develop stronger relationships with your business partners and create a successful business environment. If you would like more information on this topic or would like support in doing business, please do not hesitate to contact us.