STRATEGIES TO IMPROVE SMALL AND MEDIUM BUSINESSES IN DENMARK

Denmark is, undoubtedly, one of the most affluent countries in the European Union. It has the leading level of prosperity for its populace, the best economy, and a business-friendly setting. Hence it is a country that needs to pay more attention to the business sector. On account of its location, flexible culture, and friendly spirit, Denmark is now an engaging country for entrepreneurs. Moreover, to further boost the economy, the country pays special attention to Small and medium-sized enterprises (SMEs).

Micro, small and medium-sized enterprises represent almost 99.4% of all businesses in Denmark with the exclusion of single economic activities. One of the best places to find such enterprises in Denmark is Danskeanmeldelser. It is a reviewing platform that can lead you to a prudent choice about the financing of your business. Their leading company Ferratum Business assists millions of business owners by providing unfettered access to trade financing to newer and experienced companies. To maintain its economy and to help such SMEs, Danish Government has the following strategy:

1: Development of the business environment

The Danish Federation of Small and Medium-Sized Enterprises (DFSMSE) helps improve the overall business environment in the country. It offers them consulting services, which help heighten their opportunity to partake in the exchanges that might establish business cooperation and develop their business in foreign markets. 

However, this Association helps the affiliated companies to execute and manage a CSR strategy. The activities of SMEs also favor the Danish Commerce and Companies Agency – DCCA, which is responsible for most of the proceedings, which determine the efficiency of the Danish support system for such enterprises. Its responsibilities include: registering the companies, administering acts related to business matters, and controlling compliance with the law without excessively disturbing their service.

2: The Trade Council of Denmark

Another benefit for SMEs is The Trade Council of Denmark, which assists these small and medium-sized businesses through a network of representative offices around the globe. The support provided by the council mainly consists of market analysis and identification of potential partners overseas. The Trade Council also provides assistance in the preparation and the start of export in addition to programs aimed at promoting foreign sales. It is an organizational unit of the Ministry of Foreign Affairs, which puts together all the instruments responsible for promoting Danish exports and foreign investment in Denmark. Danish Enterprise and Construction Authority operates a special portal, which helps entrepreneurs in business. 

On the website, one can find tips and information both for people who are planning to start a business and for those already operating and for entrepreneurs seeking specific help to develop business. The agency also helps by providing tools that back run a business, including sample documents, budgets, and business agreements. Analyzing the financial support granted to companies, the proportion of small and medium-sized enterprises applying for loans had increased from 35% to 44% in three years.

Closing remarks

SMEs play a significant role in the economy and in creating innovation. Therefore, using sources and profiting on strengths, which the SME sector marked, brings desirable effect not only to the administration of the business but also for the overall achievement of the country’s economy.