Germany continues to retain its position as the driving force of the European economy. It holds a pre-eminent position within the massive economic and political block that is the European Union and it shows no signs of relinquishing its position of leadership and power anytime soon.
Possibly aided by a weakened Euro, Germany is the archetypal successful modern economy with a massively effective export engine at its core. German engineering and ingenuity finds its way to all corners of the world with those exports competing from a quality angle rather than on a price basis. Whatever Germany is doing, however it is doing it – it is extremely successful and, therefore, well worth studying.
On the flip side, Germany is also a highly attractive market for your products and services and if you are not currently doing business in Germany you should certainly consider doing so. Germany has a large sophisticated consumer base with high levels of disposable income and a large manufacturing base looking for components, inspiration and expertise.
One of the keys to success when doing business in Germany is an ability to understand German business culture and the profound impact that the local business culture has when interacting with German colleagues or clients. Lack of preparation could cost you dearly; inattention to detail could result in lost opportunities. Do your homework before engaging in Germany – it’s a must.
This country profile provides an overview of some of the key aspects of German business culture in a concise, easy to follow-format. The document includes information on: