Recently we looked at opportunities in the Russian Aviation sector. So we thought we’d take a look at why and how one goes about thinking or planning expansion into Russian markets or a move. It’s always best to start by checking out what the professionals are saying.
Stanislav Grafski, of Grafski Consulting, helps international businesses to enter and expand on the Russian market. Stanislav is a Russian management consultant, lawyer, business executive, and entrepreneur with 25 years of experience in market entry and business development in Russia.
On their website, they share some great insight as to why businesses may want to expand into Russian markets.
- Russia represents the largest and fastest growing market in Europe, with a population of over 150 million people and is the fourth largest consumer market in the world.
- It is one of the three most profitable markets in the world, has many unsaturated sectors and niches and ranks as the fastest for sales growth market in Europe.
- Russia ranks third in the world for Foreign Direct Investments (FDI) attracted (2013) after the U.S. and China.
- And when it comes to economic stability, something hard to guarantee, Russia holds the third-largest hard currency reserves in the world at over $500 billion, which proved to significantly support economic stability in the country during recent global economic crisis.
Ireland is not so far from Russia either. Speaking about our similarities recently, in relation to Russian business opportunities, Philip McDonagh, Irish Ambassador to Russia commented, “Ireland is a very important partner for Russia. Russian people have a perspective on life that is similar to ours… Maybe Irish people have an advantage because we know how to mix business with friendship – it’s not just a functional relationship. That being said, taking your time matters in Russia: it leads to relationships of real trust.”
Another element that contributes to fostering this real trust is great communication. To plan your strategy, you need to consult professionals. To understand the culture you’re entering into, you need to visit and immerse yourself in it. And in order to foster great business relationships, hold efficient corporate meetings and make real progress, you need a great translation company and a great Russian English interpreter.
You may need your communications for emails translated especially initial contact. You need to make the right impression with perfect tone, spelling and grammar. It can even be beneficial to think about the languages you’re using in your social media strategies to connect with other professionals. If you want to connect with a native Russian speaker on LinkedIn, in the hope that one day this becomes a profitable partnership or alignment, make a great first impression with an introduction in Russian.
When it comes to business, trust can be of great importance and this is in no doubt dependent on the little things as well as the big decisions. Make expansion work for you by working with excellent consultants and an excellent translation company or professional translator.