It is important to distinguish between an Italian's laid-back attitude to life and their more formal approach to business. While Florentines are immensely proud of their city and will enjoy showing off its best restaurants and finest wines, a certain degree of formality should be maintained for business matters. 

Appointments for meetings should be made in advance and punctuality is respected. Business cards are commonly exchanged by way of introduction. Smart dress is appropriate, as is a high degree of respect - Italian associates should always be addressed as Lei (the polite form of Tu), unless otherwise indicated. Although many executives will speak English, it is advisable to conduct business in Italian if possible - Italians always appreciate a visitor who tries to speak their language, however poorly.

It is common for the entertaining of clients to take place over lunch with wine offered. Evening entertainment again would be in a restaurant, or to the theatre (opera is very popular). While it is less common for an invitation to be to a business colleague's home, a gift of wine, chocolate or flowers for the host's wife/husband would be appropriate. Normal business hours are Monday-Friday 0900-1700, and much of the city closes for August.