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Tuesday 11.12.2018 | Name days: Valdis, Voldemārs, Valdemārs
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Barometer: knowledge and competence are what is most important in business

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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%).


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