Singapore: Let's Make a Deal!
From ExecutivePlanet.com
Let’s Make a Deal!
Though nowhere near as important than in other neighboring countries, connections are a valuable asset. Depending on which business you are in, good partners may be government linked companies and other well established players in the market. Decision-making can be slow or impossible if you are not talking to a person at the right level. Seek advice from local entrepreneurs to find out which partner to choose and at what level.
Business cards should contain the contacts of your local entity in order to underline that you have an established presence here. Business cards are exchanged very formally and offered with both hands. Never toss your card across the meeting table as you would deal cards. That is seen as very rude. Do study the cards you received carefully in order to show respect. NEVER scribble notes on the cards you have received. If you feel that you need legal advice for what you are doing, select a local lawyer from a smaller firm. They are as good as the ones from the big international firms, but do not come at a premium and are typically less restricted in what they can do. People not open to outside ideas, however, may be pretty fixed in the way they do things. Typical excuses are “That’s how it’s been done around here”. Coming with unorthodox new ideas will take some convincing as much uncharted territory may need one or the other government approvals first.
For meetings, ask where you should sit or wait to be seated. Carefully try to establish who makes the decisions. It is not always the one who talks the most. In some cases, the decision maker may not even be present during first meetings.
The typical business language is English, so do bring material in that language and make sure that PowerPoint Slides are properly translated as well. Avoid screenshots in your native language. Be well prepared and establish expectation levels at the start. Try to pay attention to what has been said and decided, and then recap the salient points at the end of the meeting. Doing this puts everybody on the same page. Do not be surprised if your counterparts are running a tape recorder as well.
In general, business pace is moderate to fast. However, procedures have to be followed. For example, most government business has to be tendered even for smaller amounts, which provides good transparency but needs the appropriate administration of processes. Company policies are typically followed down to the dot with little to no deviation from the rule base unless you talk to the top level.
Singaporeans are proud of their achievements and everything which puts the country and its people on the international radar screen is very welcome. Projects adding to prestige whilst making business sense are easy to establish. Wasting money, time or resources, however, are all frowned upon.
