In this world of market economy and business meetings, one person can never avoid the competitive atmosphere constantly created between business partners. Thus, if you plan to do business in Latvia or are on your way, you must learn essential Latvian business vocabulary. Ready to learn more? Let’s get started!
Business meetings and deals can be some exciting stuff. But when it concerns a foreign business partner or an international firm, possible linguistic barriers can occur. Thus, it would be best if you learned to speak Latvian words and essential business Latvian vocabulary for your convenience. And to do so, this blog has prepared all the essentials you need. From primary Latvian business culture to words with translation, you are set to slay your business meet with these vocabulary lists. Whether you are doing business or not, these words will help improve your Latvian language skills.
Latvian Business Culture: Facts
Before we head into business partner words to help you improve foreign direct investment and succeed in business, let us look at some facts about Latvian work culture so that you don’t feel awkward in a new environment.
- The first fact about the Latvian work culture is the hierarchical structure that they still follow. In a general business environment, the hierarchy is respected in all terms, and the local business community is strictly treated like a clan where outsiders have some restrictions. So, make sure you are aware and careful.
- The communication style is the second thing you need to know about a Latvian company or business work. Latvians have been growing and modernizing daily, and with such a pace, they have started encouraging telephone calls and emails. Thus when you want to meet potential business partners, you might want to dial them up or send an email so they can put you on their schedule. Remember: business people are always very busy, which is why you need to set appointments not only to ensure a meeting but also as a form of respect.
- To grow and succeed with foreign companies and your business contacts, ensure you have introduced yourself well through a mutual third party. Latvian business people are very suspicious of something or someone they do not know. Thus, ensure you keep your verbal communication style with your potential business partner open.
- Next, I want to mention the need to learn the Latvian language. While the Latvian work environment is full of multilingual business people, like most Latvians who speak Russian, Latvian is one of the main code languages. Thus, this blog is one of the top priorities you need to pay attention to before heading towards your business meetings.
- It would be best to learn formal words and expressions in most business meetings. With this, the foreign business partner receives an assurance of your partnership, allowing business communications and local businesses to deepen.
- Regarding business clothing, Latvians prefer expensive clothing to represent their status. So, whether you choose formal dress codes or less casual business attire, remember that the first impression always sticks till the end. It is basic local etiquette so learn how to dress smartly.
50+ Latvian Business Vocabulary
Coming to the central part, here is the list of common business vocab you need to know. As we have already seen the facts, knowing these terms will help you communicate better with your business associates. Also, your skill of knowing more than one language will only make your partner more interested. So, let’s get started.
- Accounts = Konti
- Ads = Reklāmas
- Administration = Administrācija
- Auditor = Revidents
- Agreement = vienošanās
- Bond = Bonds
- Business = Bizness
- Balance of payments = Maksājumu bilance
- Budget = Budžets
- Broker = Brokeris
- Business cycle = Biznesa cikls
- Content = Saturs
- Commodity = Prece
- Credit = Kredīts
- Data = Dati
- Demand = Pieprasījums
- Deflation = Deflācija
- Debt = Parāds
- Details = Sīkāka informācija
- Entrepreneur = Uzņēmējs
- Enterprise = Uzņēmums
- Equity = Pašu kapitāls
- Economy = Ekonomika
- Expense = Izdevumi
- Finance = Finanses
- Fraud = Krāpšana
- Fiscal policy = Fiskālā politika
- Gold = Zelts
- Hyperinflation = Hiperinflācija
- Income = Ienākumi
- Inflation = Inflācija
- Input = Ievade
- Industry body = Nozares korpuss
- Joint account = Kopīgs konts
- Loan = Aizdevums
- Loss = Zaudējums
- Leverage = Svira
- Money = Nauda
- Monopoly = Monopols
- Mutual fund = Kopieguldījumu fondu
- Measure = Mērs
- Net value. = Neto vērtība
- Price = Cena
- Pay = Maksājiet
- Profits = Peļņa
- Producer = Ražotājs
- Quota = Kvota
- Quarter = ceturksnis
- Recession = Lejupslīde
- Retail = Mazumtirdzniecība
- Savings = Ietaupījumi
- Service = apkalpošana
- Supply = Piegāde
- Stock = Krājumi
- Security = Drošība
- Tax = Nodoklis
- Trade association = Tirdzniecības asociācija
- Unemployment = Bezdarbs
- Value = Vērtība
- Yield = Ienesīgums
Latvian Greeting Phrases For Business Meetings
Now that you know the essential words, it is time to grasp some of the greeting phrases to leave a professional impression in front of your investment bodies. As one of the facts already mentioned, greeting one’s partner and introducing remains a vital part of a Latvian business relationship.
Also, to make things more informative, this section will cover some general business phrases that will help you read the room better. So buckle up!
- Hi! How are you doing? = Sveiki! Kā tev iet?
- Good morning sir! = Labrīt, ser!
- Thank you for joining us = Paldies, ka pievienojāties mums
- Nice to meet you = Prieks iepazīties
- Thank you for your trust = Paldies par uzticību
- Welcome to our wonderful partnership = Laipni lūdzam mūsu lieliskajā partnerībā
- Wish you a lot of success = Novēlu jums daudz veiksmes
- Have a good day at work = Lai jums laba diena darbā.
- Hello! I am new to this business = Sveiki! Esmu jauns šajā biznesā
- I’m glad to have you as my business partner = Es priecājos, ka esat mans biznesa partneris
- I am overwhelmed with the agreement = Esmu satriekta ar vienošanos
- I would love to do business with you = Es labprāt nodarbotos ar jums
General Business Phrases
- We want business-friendly policies = Mēs vēlamies uzņēmējdarbībai labvēlīgu politiku
- There is a heavy workflow = Ir smaga darbplūsma
- We need to think outside the box = Mums jādomā ārpus rāmjiem
- The company needs some brainstorming = Uzņēmumam ir nepieciešama prāta vētra
- We need to seek advice from the government advisory = Mums jālūdz padoms no valdības padomdevēja
- We need to use a suitable written form for language problems = Valodas problēmām ir jāizmanto piemērota rakstiska forma
- The business needs to create natural reserves = Uzņēmējdarbībai ir jāveido dabas rezervāti
- We have reached a strategic location = Esam sasnieguši stratēģisku vietu
- All members need to get up to speed = Visiem dalībniekiem ir jāsaņem ātrums
- The trade deal is on the table = Tirdzniecības darījums ir uz galda
Learn With Ling App
Now that you have learned some essential business words and phrases, now is the best time to create deeper connections with your Latvian friends and business partners. Locals would love to hear you utter and express yourself in Latvian, allowing more closeness in personal relationships, ultimately business bonds. So, if you want to sound confident and find the best deal on the table, make sure you follow every tip this blog has provided. In case that business isn’t the only thing you are looking for, Ling App is here to take you on a complete language learning adventure in Latvian.
Ling App is a language learning that will give you content on more than just business vocab like food items, cultural guides, music vocab, and even color names. These relevant topics will make your trip to Latvia memorable while enhancing your multilingual skills. The best part about Ling App has to be the AI chatbot. It is a feature that enables conversing, which improves your communication skills. Moreover, the app has a blog section that covers content in not just Latvian language but over 60 languages.
So, if you want to sound more like a native Latvian, or even Japanese and Spanish, download the Ling App now! It is available in AppStore and PlayStore, and you can get them for free. The app is built with a perfect team of helpers and language experts to ensure your learning journey is filled with joy. So, put your trust in Ling once and enjoy your ride!