Time is Money. Or is it?

·         Ever heard the phrase “time is money?”  Well, some countries value money and wish for negotiations to run smoothly and quickly, and others are more relaxed when negotiating and may like taking more time to reach an agreement.  The following commentary concerning different major countries that the United States may negotiate with in business may be beneficial to you when dealing with negotiations. 

·         United States:  When beginning business talks, it is common to use small talk to get familiar with one another.  However, personal lives are not discussed.  Time is money is a phrase used commonly in the United States.  Negotiations will be fast-paced so as to not waste time and money.  Money will most likely be driving force behind negotiations.  Other key factors in winning a negotiation are status, protocol and national honor, according to Kate Berardo with executiveplanet.com.  Americans will speak in order to fill silence, because they find silence during business talks uncomfortable.  Also, Americans will not hesitate to reply with a “no” to a negotiation, which may surprise foreigners.  Modification will be more important than tradition because Americans look to the future more than they look to the past.  America is the most argumentative country and has lawyers in more industries than other countries, so don’t be surprised if negotiations are arguments.   

·         England:  Decision making is slower with Englishmen and women, so don’t attempt to quicken the process. 

·         Spain:  Deadlines area seen as guidelines, not date and goals that must absolutely be met.  Negotiations will take a long time, so be prepared for a long meeting or several meetings.

·         France:  Don’t be alarmed if the French interrupt you or each other.  They find conversation a source of entertainment and do this often.

·         Italy:  “Time is money” is not a concept utilized in Italy.  Negotiations and business dealings are not quick because Italian bureaucracy and legal systems are slow.  Also, Italians speak all at the same time, so practice with others by inviting them over and have multiple conversations at once or listen to the television and radio at the same time.

·         Germany:  Germans don’t appreciate humor in a business setting, so remain serious throughout negotiations.  Also, allow the oldest person to enter the room first and to speak first if the leader of the meeting remains silent.

·         Russia:  Russians can be slow and patient so much during business dealings that they have been named “sitters.”  Be patient and plan extra time for the deal to be made.

·         China:  Business dealings will be slow.  Do not rush Chinese clients or guests.

·         Japan:  Do not ask “yes or no questions” as the Japanese do not wish to use the word “no” and will say yes even when meaning “no.”  Instead ask questions that they can respond to with detailed answers that will signal to you a “no” or a “yes.”  Instead of asking if they are in agreement with the terms, ask what conditions they would like to change.

·         Australia:  Don’t be afraid to be opinionated.  Australians find opinionated discussions entertaining.  Show that you are actively listening to what is being said by asking follow-up questions.