Doing Business in Poland – Key Success Factors – Notes from the Seminar Organised by the Swedish Polish Chamber of Commerce

By Katarzyna Udd

Poland, a vibrant and dynamic market, offers vast opportunities for businesses willing to explore its potential. The seminar organized by the Swedish-Polish Chamber of Commerce on June 3, 2024, in Stockholm, was a treasure trove of insights for companies aiming to penetrate or expand their footprint in the Polish market. Katarzyna Udd of Explore Markets was one of the panelists invited to discuss the Key Success Factors for doing Business in Poland. This article distills the essence of the seminar, as shared by experienced professionals.

First-hand Market Insight is one of the Key Success Factors for doing Business in Poland

Understanding the Polish market through direct experience is invaluable was one of the key success factors for doing business in Poland. The seminar emphasized the importance of visiting Poland to grasp the business environment’s vibrancy. Observing the market firsthand enables businesses to identify opportunities and challenges unique to Poland, facilitating a more tailored and effective market entry strategy.

Open-mindedness in Meetings Opens Doors to Unexpected Opportunities

The importance of listening rather than selling was a major point of discussion. Polish business culture values mutual benefits and synergies. Being open to feedback and adapting your offerings to meet the local needs can open doors to unexpected opportunities, possibly more lucrative than the initial product or service considered for expansion.

Smart Marketing Investments as a Key Success Factor for Doing Business in Poland

The competitiveness of the Polish market cannot be overstated. To stand out, investing in marketing is not just an option but a necessity. The seminar stressed that new products do not sell themselves in Poland; strategic marketing efforts are essential to achieve sales goals.

Price Sensitivity and Niche Products

Poland’s market is price-sensitive and saturated in many areas. Finding a niche can provide a competitive edge. The seminar highlighted the success of businesses that identified and capitalized on niche markets, suggesting that newcomers should consider this strategy for market entry or expansion in Poland.

Reliable Expansion Consultants

The seminar highlighted successful case studies of Scandinavian companies venturing into the Polish market, emphasizing the importance of leveraging local expansion consultants. These case studies underscored that while expanding into new markets offers exciting prospects, it also poses inherent challenges. Engaging reliable local expansion consultants, such as Explore Markets, becomes crucial in navigating these challenges effectively, harnessing their expertise to mitigate risks and facilitate a smoother and more successful market entry process.

Skilled Accountancy Services

With frequently changing regulations, having a skilled accountant is vital. The seminar pointed out the importance of accountants who not only navigate these regulations but also take liability for mistakes, including insurance coverage. This reduces the risk and ensures compliance for foreign businesses operating in Poland.

Importance of Legal Advisors

The legal landscape in Poland can be complex, especially for foreign entities. Every agreement requires a legal form, and some can be quite sophisticated. The seminar underscored the value of having a legal advisor to navigate through Polish legalities, ensuring that contracts are solid and binding.

Cultural Nuances when Doing Business in Poland

Understanding and respecting cultural nuances is essential for successful business operations in Poland. The country has made remarkable economic progress despite numerous challenges, and acknowledging this resilience can foster goodwill in business relationships. Polish business culture tends to value formality; titles and surnames are commonly used until a close relationship is established. Punctuality is highly regarded, and being on time for meetings demonstrates professionalism and respect. Additionally, signing contracts in writing is a standard practice in Poland. Verbal agreements are not typically relied upon, as written contracts provide clear terms and help prevent misunderstandings.

Want to delve deeper into the cultural aspects and business etiquette in Poland? Request your copy of our comprehensive e-book, “Doing Business in Poland – Cultural Aspects and Business Etiquette,” and ensure your business practices are aligned with local expectations. Click here to get your free copy today!

Summary

The seminar by the Swedish-Polish Chamber of Commerce offered a comprehensive overview of the critical aspects of doing business in Poland. From the necessity of firsthand market insight and the importance of being open-minded in business meetings to the acknowledgement of Poland’s economic strides and the competitive nature of the market, the key success factors are clear. Additionally, the emphasis on employing skilled partners, such as locally operating expansion consultants, accounting services, and legal advisors provide a roadmap for businesses aiming to succeed in Poland.

Contact Explore Markets

For businesses looking to explore the vibrant Polish market, the insights from the seminar serve as a valuable guide. To delve deeper into these opportunities and navigate the complexities of entering or expanding in Poland, contacting Explore Markets can be your first step towards success.

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