Currently, 53% of Slovak small and medium-sized businesses are in a stable phase of their operations, while 24% report that they are growing and another 24% say they are experiencing a decline. Entrepreneurs’ biggest concerns are the overall economic situation and unexpected expenses. When it comes to managing finances and administration, they are increasingly seeking external assistance.
These findings come from a recent survey by Tatra banka, conducted in cooperation with the Go4insight research agency. The survey involved 500 respondents and focused on companies with annual revenues of up to €5 million, with a representative distribution by legal form.
Entrepreneurs currently have two main areas of concern. “They are worried about the country’s overall economic situation and the many unexpected situations they have been experiencing, from the war and the pandemic to new taxes and the constant turbulent changes they are going through,” said Mária Bohunská Vasilková, Head of Research at Tatra banka, on Tuesday. 78% of respondents cited the country’s economic situation as a concern, while 69% were concerned about unexpected situations.
According to the survey, concerns related to the day-to-day operation of their businesses come second. 58% are particularly worried about unexpected expenses, while 48% face a shortage of qualified employees. 45% reported difficulties meeting legal and regulatory obligations, and 42% cited maintaining cash flow as a concern. Only 6% of respondents said they had no concerns.
Administration remains the biggest burden for Slovak entrepreneurs, identified by 60% of respondents. Other major challenges include a shortage of qualified workers (58%), the difficulty of complying with legislation (50%), and the constant need to monitor tax and legal changes (49%). The survey also showed that companies are increasingly turning to external assistance to deal with these challenges.
According to the survey, companies primarily track their income and expenses through their accountants and banking applications. “Accounting and information from their accounting systems are used by 55% of them. Banking applications are in second place at 38%, while 28% of entrepreneurs still use Excel to track their income and expenses,” Bohunská Vasilková explained.
Source: TASR
