Rising taxes and other difficulties also oppress your competitors, so in the coming years it is worth investing in differentiation in the market and offering a better price. This is how you can turn the crisis to your advantage and multiply your market share, suggests Kristi Hõrrak, board member of the domestic Finora Bank, and gives three specific recommendations.
- Finora Pank board member Kristi Hõrrak.
According to experienced financier and CFO Kristi Hõrraku, who built the newest Estonian bank Finora, more difficult times always offer opportunities to bypass competitors and make the crisis work for you.
“A good strategist takes steps and invests when competitors hesitate. Currently, it is clearly possible to make breakthrough developments in the company cheaper than during the boom – sellers of new equipment or more expensive services are ready to give up on the price. For example
Finora mortgage loan is intended for the implementation of such bold but well-thought-out plans,” explained the expert.
According to the board member of Finora Bank, every ambitious Estonian entrepreneur could take a plan to take his company to a new level this year in three directions: environmental protection, use of artificial intelligence and more active sales.
“Environmental sustainability is the new normal – without it, the more solvent customers will soon no longer talk to anyone. Especially if you sell to Scandinavia or Estonian companies whose customers are in Scandinavia. Measure your environmental impact, reduce waste and pollution, invest in cleaner equipment and vehicles. A measured and smaller climate footprint than competitors is a clear competitive advantage today,” said Hõrrak and added that the acquisition of more economical fixed assets is
mortgage loanone of the main uses.
Hõrrak compared the introduction of artificial intelligence to when e-mail, Excel and Word replaced paper management twenty years ago.
“It’s just that the upheaval and impact is many times greater. It is important for every entrepreneur to realize that artificial intelligence is not a thing in itself, but that this exponentially more powerful way of data processing puts all kinds of automation and digitization into higher gear, so to speak. Robots are becoming even more efficient and the software that increases the efficiency of processes is becoming better. It pays to not miss this train
to involve financial leverage and invest vigorously in development,” advised the expert.
Kristi Hõrrak emphasized that in the era of new green or digital trends, the importance of evergreen systematic sales has not disappeared.
“Right now is smart
raise capital and make investmentsin order to surpass competitors with environmental sustainability and to offer a better price, because your operation is more efficient thanks to automation. But these strong sales arguments must also be actively brought before the eyes of customers. I wish every hungry Estonian entrepreneur courage – both for making strategic development decisions and for even bolder sales than before,” said a member of the board of Finora Bank.
Back to the front page of Äripäiv
