bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 17.07.2018 | Name days: Aleksejs, Aleksis
LatviaLatvia

Barometer: knowledge and competence are what is most important in business

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUWhen asked to describe factors that contribute or impede sustainable business development, respondents mentioned that businessmen’s knowledge and competence are two of the most significant contributing factors, whereas high taxes are usually what holds back development, according to data from the latest Latvian Barometer Study by Baltic International Bank.

Respondents were asked to list five factors that allow businesses withstand the test of time and exist for decades and longer. 55% of respondents agreed that knowledgeable and competent managers are two of the most important factors for sustainable growth. Respondents believe that no less important factors include having a business plan (44%), good treatment of workers (41%), as well as regular investments in development (36%).

Respondents also mentioned having an environment that promotes entrepreneurship (29%) and beneficial external conditions (25%).

Baltic International Bank’s board member Guntars Reidzāns says: «The government, businessmen and even the media often discuss whether Latvia’s business environment is competitive and the main factors that ensure success for businesses. The World Bank’s Doing Business index and World Economic Forum’s Global Competitiveness Index state that Latvia’s businessmen are relatively critical about the country’s business environment and its development dynamic.»

He continues: «The country’s rating has dropped in those indexes lately. Businessmen believe entrepreneurship could develop more successfully if the country assisted with innovations and cooperation between researchers and businessmen, directed the tax system towards stimulating the labour market, improved investment climate and increased risk venture capital accessibility. Respondents of Latvian Barometer believe the most notable obstacles towards business environment’s development are tax system (62%), volatile legislative environment (55%) and bureaucratic burden (51%).»

When asked about the aspects that ensure success of a business, 48% of respondents said success of a business can be determined based on whether or not there are profits to speak of. 35% say success depends on employee retention. 12% of respondents believe success of a business depends its rating in mass media. As for obstacles that prevent successful business development, respondents also mentioned corruption (41%) and small domestic market (31%) in addition to aforementioned factors, as concluded in the study.

Residents were also asked to mention the main factors that contribute to a company’s development. 41% mentioned financial resources, whereas 31% mentioned human resources. Other factors include a company’s ability to adapt (25%), as well as knowledge (21%) and planning (20%).


Leave a reply

EY auditor’s work in ABLV Bank’s liquidation will be managed by its Polish office

The work of EY (previously Ernst & Young) work in ABLV Bank’s liquidation process will be managed by its Polish office, as confirmed by company’s representatives.

Estonia sees no geopolitical change after U.S.-Russian summit in Helsinki

Estonian Foreign Minister Sven Mikser has commented cautiously that the U.S.-Russia summit in Helsinki is unlikely to bring fundamental change in the relations between the West, NATO military alliance and Russia.

airBaltic carried record large number of passengers in June

Latvia’s national airBaltic airline carried 1,876,839 passengers to destinations in Europe, Scandinavia, Russia, CIS countries and the Middle East in the first six months of 2018. This is 20% more when compared to the same period of last year, as BNN was told by the company.

Police to investigate possible MPC fraud at Tukums DH CHP plant

One of the largest CHP plants in Kurzeme – SIA Tukums DH – may have been squandering produced heating energy for a long time, which is a serious breach of mandatory procurement component governing rules, TV3 news reports.

Estonian holidaymakers die in Ukraine, media report

Three Estonian holidaymakers in Ukraine, have been found dead in a hotel in the Black Sea resort town of Odessa last weekend, Estonian media report without identifying the three young men.

Languages «a must-have». An interview with ex-president about political market methods and communist approach

There are two ways a political market is realized during closed presidential elections: one involves approval of candidates in exchange for votes, and the other – for money. If it’s the latter, it is best for no one to know how elections are performed. Harmony, which now stays quiet about open elections, has always been against this proposal, because it does not allow for creating a political market – sale of votes in exchange for influence, which has been done before...

Migration from Baltics, Eastern Europe to UK lowest in years

Migration to the UK from the Baltics and other member states of the European Union has been the lowest it has been for nearly four years in 2017, Britain's official statistics show.

Putin in Helsinki denies U.S. election meddling, Trump doesn't object

At the Russia-U.S. summit Helsinki, a key development has been differences in the attitude by U.S. federal officials to Russian interference in the American election process. Days after Washington charged 12 Russians with hacking the computer systems of U.S. officials, U.S. President Donald Trump has accepted the denial of Russian responsibility expressed by Russian President Vladimir Putin.

Stock exchange indexes showing varied trends; oil prices decline

Stock exchange indexes in USA and Europe showed varied trends on Monday, 16 July. Bank profit rise was reported for Q2.

Rezekne Council deputies will not be penalized for releasing newspaper in Russian language

The court has lifted fines previously applied by Corruption Prevention and Combating Bureau on nine deputies of Rezekne City Council for releasing a newspaper produced by the council in Russian language in addition to Latvian.

Volume of imported petrol in Latvia down 2% in five months

The volume of motor fuel imported to Latvia in the first five months has declined 2% in comparison with the same period of 2017. The volume of diesel fuel has declined 14.9%.

Corruption watchdog ends case about Bi-2 concert in Riga

Corruption Prevention and Combating Bureau ended in May the case regarding possible misuse of administrative resources on pre-election promotion by Riga City Council in the form of a free Bi-2 concert in Lucavsala.

Thailand's rescued boys honour casualty of 17-day rescue operation

In Thailand, a 12 boys trapped in a cave have been rescued in a rescue operation that lasted for 17 days and ended with one casualty, a rescue diver.

Latvian political party Progresīvie to nominate women as candidate list leaders

Latvia political party Progresīvie has revealed its list of candidates for 13th Saeima elections. Five women have been stated as leaders of candidate lists.

Estonia earns 150 000 euros from military evaders annually

Estonian compulsory military service is evaded by about 1 000 young men each year, who have to pay fines that annually exceed the combined total of 150 000 euros.

Chairman: FCMC’s competence should end with termination of licenses if banks are liquidated

In the event of liquidation or insolvency, Finance and Capital Market Commission’s competence should end with revoking affected banks’ license and without the need to appoint an administrator, says FCMC chairman Pēters Putniņš.

Minister: Latvia may terminate MPC system in the next three years

In the next three years or so Latvia could completely terminate the mandatory procurement component system, said Economy Minister Arvils Ašeradens in an interview to Rīta Panorāma programme of LTV.

In pictures: French victory in World Cup celebrated by tens of thousands in Paris

After the football World Cup was won by the French national team on Sunday, an enormous crowd of people gathered in central Paris to celebrate.

Another case of African swine fever infection recorded for domestic pigs in Latvia

African swine fever infection was recorded for domestic pigs in Tērvete on Monday, 16 July. 16 pigs were liquidated because of the infection, as reported by Food and Veterinary Service.

MEP Artis Pabriks becomes political party «Attīstībai/Par!» prime minister candidate

Latvian political party «Attīstībai/Par!» has picked Daniels Pavļuts, Juris Pūce, Ilze Viņķele, Artis Pabriks and Mārtiņš Bondars as its regional candidate list leaders. Artis Pabriks will also be the party’s prime minister candidate.

Russian-U.S. presidents meet in Helsinki

U.S. President Donald Trump and Russian President Vladimir Putin are meeting on Monday in Helsinki.

Heat of up to +30° C expected in Latvia this week

Weather in Latvia will be warm and even hot at times this week, as air temperature reaches up to +30° C. At night, air temperature is not expected to go below +20° C. Many regions will likely experience thunderstorms closer to the middle of the week, Environment, Geology and Meteorology Centre reports.

Week in Lithuania. Lithuania's Tripartite Council fails to reach agreement

Lithuania's Tripartite Council on Tuesday, July 10, failed to reach agreement on raising the minimum wage. Employers are inclined to back the government's proposal to raise the minimum pay to 420 euros. Meanwhile, trade unions want it increased to 450 euros.

BNN summary of the week: NATO to increase and ABLV Bank loses its license

BNN offers a summary of this week’s topical news in a variety of categories: Future; Deal; Fight; Decline; Decision; Opinion.

SEB Bank to unite life insurance companies working in Baltic States

SEB Bank will unite life insurance companies working in Baltic States, BNN was told by SEB Bank’s representative Agnese Strazda.