If you’re looking to go global, there are many advantages to expanding your business to Sweden, since the country is increasingly becoming one of the most sought-after countries to operate from. But there are also a few risks, which are usually par for the course when it comes to the international expansion of business.
Sweden has a strong, export-oriented economy with low rates of unemployment. It has a highly affluent population of around nine million, which is concentrated in the south of the country and in its major cities.
If you’re looking to expand trade in Europe, a move to Sweden can offer many opportunities. The country sits in the middle of the Scandinavian Peninsula, making it a natural trade partner with the Danish, the Norwegian and the Finnish markets.
Aside from its geographical location, one of the biggest advantages for companies going international to Sweden is its modern and efficient infrastructure and communication.
The country also has close trade relationships with the US, Germany and the UK. Trade with the UK centres around high-tech goods and services such as technology, science and research. And while its official language is Swedish, much of its population is proficient in English, which is often used as the business language.
Sweden’s workforce is one of the world’s most well educated – and many say one of its most productive and efficient, too. But businesses expanding to Sweden must ensure the working culture is compatible with their own. Swedes prefer to talk business over small talk, for example, which could be quite a culture shock for some. The Swedish workforce also places a lot of emphasis on punctuality and professionality, as well as sincerity. Over-the-top sales techniques aren’t well received and are often seen as disingenuous.
Sweden is renowned for being very business-friendly, with its low levels of bureaucracy and quick processing times, as well as its advanced technology, innovation and environmental awareness. But this is a double-edged sword, since these conditions have attracted and grown some of the world’s biggest and most successful businesses. Sweden is a very international country and attracts a lot of foreign investment, and Stockholm is one of the world’s most prolific tech hubs.
Therefore, the country is a fiercely competitive place to do business, and companies who expand there will need to be cutting-edge to survive, and be flexible and agile enough to adapt to stay ahead of competitors. It’s no coincidence that Forbes has listed Sweden among the top five best countries to do business in; so long as your business has the resources to stay ahead of the competition.
If you’re looking for advice on how to take your business international, to Sweden or elsewhere, it’s advisable to seek the support and knowledge of international expansion experts, such as Galvin International, who can assist in making sure you make the decisions right for your business.