Nestled between Norway and Finland, Sweden is a modern Scandinavian country that lies in the eastern Scandinavian Peninsula and is one of the most attractive countries to do business in. More than 80% of Swedes live in urban areas. Another essential thing to know is that about 20% of its population is foreign-born, which could indicate that Swedes are open to international citizens.
How to Do Business in Sweden
Suppose you want to do business in Sweden, a stable and commercially consolidated nation, you should be wary of cultural clashes, which can hurt your business prospects a great deal. Swedes are often deeply nested in their ideals, a fact that is vital do business in Sweden successfully. So this write-up shares some top tips for you to do business in Sweden.
Don’t Compromise on Ethics
Swedish enterprises are ranked among the most corrupt-free in the world. Venturing in Sweden means that you should never compromise on ethics. Else, you are bound to fail. This essentially means that you have to demonstrate an unwavering commitment to the environment, social equality, fair workplace practices, and gender balance. Swedes are always ready to settle for what is just enough (lagom as they call it). This concept is embodied in the Swedish work ethic. This means that you can always count on a swede to deliver at work, but you have to understand that most Swedes are never open to making compromises when it comes to family or personal time. Expect to have employees heading home at around 5 pm, and keep in mind that five weeks of annual leave is the norm.
The Swedish work environment is highly democratic, and everyone, regardless of their position, is considered equal. As you work in Sweden, expect dialogue before decisions are reached. You might also realise that employees refer to each other using their first name and not ranks. Moreover, all binding agreements have to be underscored by a binding contract.