Methodology
Realization:Research was conducted in the period between 24th of June and 16th of August 2019
Target population: Private business entities in Serbia with 3 or more employees
Sample frame: List of all business entities (enterprises and establishments) registered at the Serbian Business Register (2017)
Sample size: 1014 business entities
Sample type: Representative, one-stage stratified sample
Stratification:According to region, economic activity of business entities, size and type of business entity
Method of data collection: Face-to-face interviews in company offices
Average duration of the interview:
45 minutes
Sample structure – weighted data
75%
22%
3% 1%
39%
25% 22%14%
33% 32% 35%
87%
13%
Mic
ro
Smal
l
Med
ium
Larg
e
Bel
grad
e
Vo
jvo
din
a
Šum
adija
an
d W
est
Serb
ia
Sou
th a
nd
Eas
t Se
rbia
Man
ufa
ctu
rin
g
Serv
ices
Trad
e
Ente
rpri
se
Entr
epre
neu
r
Size Region Economic activity Type
Description of business
In which year was your business established?
The year when business was established
Two thirds of the companies are established after 2000
5%
5%
4%
5%
3%
2%
42%
43%
41%
38%
33%
32%
30%
25%
26%
25%
25%
24%
23%
27%
29%
33%
39%
42%
2013
2014
2015
2016
2017
2019
Before 1990 Don't know 1990-1999 2000-2005 2006 or after
Base: Total target population
What is the total number of employees in your business?
The total number of employees
Over a third of companies (37%) has up to five employees, while only about a fifth (17%) has over 20 employees.
43%
25%
16%
15%
39%
29%
16%
17%
42%
23%
15%
19%
41%
26%
17%
16%
40%
28%
17%
15%
37%
27%
17%
17%
Up to 5 employees
From 6 to 10 employees
From 11 to 20 employees
More than 20 employees
2013 2014
2015 2016
2017 2019
Base: Total target population
What is the total number of managers/owners in your
business?
The total number of managers/owners
Every second company (47%) has one manager or owner.
59%
23%
8%
10%
53%
27%
8%
12%
5%
53%
21%
9%
13%
5%
54%
23%
9%
10%
8%
52%
23%
7%
11%
2%
47%
28%
9%
11%
None
One manager/owner
Two managers/owners
Three managers/owners
More than three managers/owners
2013 2014
2015 2016
2017 2019
Base: Total target population
Ownership structure in terms of gender
Could you please tell me the ownership share of women and men in
your company (in percentages)?
Every fifth company (19%) is now run by women, which is an improvement over the previous period.
78%
78%
78%
77%
78%
73%
8%
8%
9%
6%
7%
5%
15%
13%
14%
17%
15%
19%
2013
2014
2015
2016
2017
2019
Men own more than 50%
Men and women have equal share (50%:50%)
Don't know/Refusal/Majority owner of our company is another company
Women own more than 50%
Base: Total target population
What percentage of your products/services did you sell in the National market (on the territory of Serbia), and what percentage of the products/services did you sell in other countries?Speaking of National market (territory of Serbia), what percentage of your products/services did you sell in the town of yourbusiness headquarters, and what percentage do you sell in other towns/regions?And when it comes to the export to other countries, what percentage of your products/services did you sell in the markets of former Yugoslavia countries (excluding Slovenia and Croatia), and what percentage did you sell in other countries (the EU, Russia, etc.), in 2018?
Market structure
Base: Total target population
Average percentage of companies’
products/services
What percentage of your products/services did you sell in the National market (on the territory of Serbia), and
what percentage of the products/services did you sell in other countries?
Export, across waves
Base: Total target population
On average, a quarter of companies (26%) sell their products/services in other countries, while
three quarters (73%) sell only on the national market.
25%
26%
27%
27%
27%
26%
75%
75%
73%
73%
73%
73%
2013
2014
2015
2016
2017
2019
Exporter Don't know/Refusal Non-exporter
Percentage of
companies
Speaking of National market (territory of Serbia), what percentage of your products/services did you sell in the
town of your business headquarters, and what percentage do you sell in other towns/regions?
Sales structure in the national market, across waves
Base: Total target population
On average, a third of companies (31%) sell their products/services only in the town of business
headquarters, while two thirds (64%) sell them in both – in their town and other towns/regions in
Serbia
Percentage of companies
33%
29%
30%
34%
35%
31%
2%
3%
2%
2%
3%
2%
65%
68%
68%
63%
61%
64%
2013
2014
2015
2016
2017
2019
Sell only in the town of business headquarters Sell only in Other towns/regions
Don't sell on national market Don't know/Refusal
Sell both in their town and other towns/regions
And when it comes to the export to other countries, what percentage of your products/services did you sell in the markets of former Yugoslavia countries (excluding Slovenia and Croatia), and what percentage did you sell in other countries (the EU, Russia, etc.), in 2018?
Export structure, 2019
Base: Those that export their products/ services to other countries (n=257)
Majority of those that export their products/services, export them primarily in the markets of
former Yugoslavia countries (79%), and to a somewhat smaller degree to EU and Russia (64%).
79%
64%
24%
21%
36%
76%
Sell to former Yugoslaviacountries (excludingSlovenia and Croatia)
Sell in EU and Russiamarket
Sell in other countries, restof the world
Yes No Percentage of companies
What percentage of your products/service is sold to public sector: public enterprises, local governments?
Market structure – collaboration with the public sector
Base: Total target population
2019, Those that collaborate with public sectorCollaboration with the public sector
One quarter of companies collabore with the public sector (26%). For majority of them this is not
major source of their financing.
Collaboration with the public sector Those that collaborate with public sector
32%
26%
24%
24%
21%
26%
2013
2014
2015
2016
2017
2019
57%
25%
18%
Up to 10%
From 11% to30%
More than30%
Perception of changes compared with the previous year
Now I will ask you a few questions about some changes compared to the same period of the previous year. Would you say that that the following aspects of business decreased, increased or there was no change…?Base: Total target population
20%
16%
12%
10%
12%
29%
25%
15%
13%
17%
30%
26%
17%
13%
18%
61%
64%
65%
65%
63%
43%
47%
53%
51%
45%
42%
46%
52%
50%
46%
18%
19%
23%
24%
24%
27%
27%
31%
35%
36%
25%
27%
29%
34%
35%
2014
2015
2016
2017
2019
2014
2015
2016
2017
2019
2014
2015
2016
2017
2019
Decrease No change Don't know/Refusal Increase
Number of
employees
Total
revenue
Net profit
Please give your reasons that caused you to limit hiring or retaining employees in the past 12 months.
Reasons for not hiring employees in the past 12 months
Base: Those that haven’t increased number of employees; Multiple
answers (n=770)
Vast majority of companies (77%) that haven’t increased number of employees noted that there was
no need for new workers due to market conditions.
77%
11%
10%
7%
3%
3%
There was no need for new workers due tomarket conditions
Amount of taxes and social contributions
Lack of qualified employees
Wages are too high given productivity levels
Paperwork involved in hiring and/or retainingemployees
Labor law provisions on severance pay, limitedfixed term co
Do you currently need to invest in your enterprise?
Expectations for the next year
Base: Total target population
How do you expect your business to operate in the following 12 months?
Base: Total target population
Expectations in the next 12 months Need for investment in the enterprise
Companies are mosty optimistic. Namely, half of them believe they will increace business volume in
the next year, while two thirds empasize that there is a need for investment in their enterprises.
Do you currently need to invest in your enterprise?
Base: Total target population
How do you expect your business to operate in the following 12 months?
Base: Total target population
Expectations in the next 12 months Need for investment in the enterprise
52%
36%
8%
3%1%
Increase of businessvolume
Unchanged
Decrease of businessvolume
Don't know/Refusal
I plan to close thecompany
63%
3%
35%
Yes
Don'tknow/Refusal
No
Expectations for the next year
And now I will ask you about your expectations in the next 12 months regarding various aspects of business,
and I kindly ask you to tell me if you expect increase, decrease or no change in that area/aspect.
Base: Total target population/those who don’t
plan to close the company (2019; n=1000)
Net profit
Number of
employees
A constant positive trend from 2013 to 2019 can be registered when it comes to expectation
regarding net profit and number of employees.
16%
15%
12%
8%
7%
10%
12%
10%
8%
6%
3%
5%
45%
37%
41%
42%
40%
33%
67%
61%
64%
61%
61%
56%
36%
43%
42%
46%
49%
53%
20%
26%
23%
30%
31%
35%
2013
2014
2015
2016
2017
2019
2013
2014
2015
2016
2017
2019
Decrease No change Don't know/Refusal Increase
Expectations for the next year
And now I will ask you about your expectations in the next 12 months regarding various aspects of business,
and I kindly ask you to tell me if you expect increase, decrease or no change in that area/aspect.
Number of various
products/services
which your
company offers*
Total
revenue
Base: Total target population/those who don’t
plan to close the company (2019; n=1000)
*The formulation in previous years was „Introduction of new products/services“
Same trend is visible when it comes to expectations regaridng total revenue, while there is no
difference across the years when it comes to expectations regarding the number of their various
products/services.
5%
7%
5%
3%
3%
3%
14%
11%
8%
6%
9%
58%
56%
55%
57%
52%
57%
38%
42%
43%
41%
33%
35%
31%
33%
35%
38%
37%
44%
42%
46%
48%
54%
2013
2014
2015
2016
2017
2019
2014
2015
2016
2017
2019
Decrease No change Don't know/Refusal Increase
Are you a member of a business association?
Membership in business associations
Base: Total target population
Only 8% of companies claimed to be a member of a business association other then Serbian
Chamber of Commerce.
39%
8%
55%
1%
Yes, Serbian Chamber of Commerce
Yes, some other association
No
Refusal
Please state the full name of the business association you are a member of.
Business associations most business entities are members of
Base: Those that are members of some business association (n=85);
Multiple answers
Multiple answers
None of the mentioned business associations stand out to a higher degree.
10%
4%
3%
3%
3%
3%
3%
3%
2%
2%
2%
2%
2%
2%
2%
2%
5%
Serbian Chamber of Engineers
Veterinary Association
AMS, Auto and Motorcycle Association of…
Association of transporters
Cooperative Union of Serbia
Serbian Chamber of Advocates
Association of Technical Inspection of Vehicles
Associaton ZREPOK
Informatics Society
Alliance of Students' Youth Societies
Transport and Logistics Association
Hores
UEPS, Association of Serbian Advertisers
Business Association International Transport
Craft Association
YUTA
Don't know
Legal and regulatory issues
Regulatory changes awareness
Generally speaking, how well are you informed about regulatory changes to laws and regulations in Serbia?Base: Total target population
Percentage of firms who believe they are well informed is on the rise in the past few years. Only
9% of companies claimed to be poorly informed about regulatory changes to laws and
regulation.
4%
3%
2%
3%
4%
2%
10%
8%
6%
10%
10%
7%
40%
41%
43%
44%
42%
37%
28%
32%
34%
29%
31%
41%
12%
13%
13%
10%
10%
13%
2013
2014
2015
2016
2017
2019
Very poor Poor Good Very good Refusal Excellent
Different aspects of regulatory framework and their influence on business
in Serbia
Please assess the impact of the following factors on your business based on your experience in the past 2 years.Base: Total target population
*Recalculated without answer „Not applixable“
Grey economy (61%), quasi-fiscal charges (60%) and wage taxes and contributions (52%) are the most
negatively rated aspects of regulatory framework.
61%
60%
52%
46%
44%
43%
43%
41%
40%
37%
30%
30%
35%
39%
40%
42%
39%
44%
42%
42%
6%
8%
10%
12%
9%
11%
13%
7%
11%
17%
Grey economy
Other obligatory (quasi-fiscal) charges (communal tax…
Wage taxes and contributions
Income tax
Abuse of dominant position within the sector and…
Property tax
Inconsistent implementation of regulations
Court procedures and requirements
Taxes and contributions for entrepreneurs / self-…
VAT rates
Negative No impact Don't know/refusal Positive
Different aspects of regulatory framework and their influence on business
in Serbia
Please assess the impact of the following factors on your business based on your experience in the past 2 years.Base: Total target population
*Recalculated without answer „Not applixable“
On the other hand, inspection surveillance (29%), rules on money transfer (31%), as well as staff
regulations and procedures (not related to wages of taxes) (31%) are the most positively rated
aspects of regulatory framework.
33%
32%
24%
24%
22%
22%
21%
18%
15%
42%
38%
43%
43%
48%
45%
48%
46%
50%
21%
27%
27%
29%
25%
26%
29%
31%
31%
Administrative procedures that do not concern…
Collection of receivables from business partners
Transparency of decision-making (legal regulations)
Tax registration and payment procedure
VAT control and VAT refund procedure
Procedures concerning exports and imports
Staff Regulations and Procedures, which do not…
Rules on money transfers in country and abroad
Inspection surveillance
Negative No impact Don't know/refusal Positive
NEGATIVE ratings for various aspects of regulatory framework that influence
business Serbia (2013 - 2019)
Serbia (2013 - 2019)
Base: Total target population Please assess the impact of the following factors on your business based on your experience in the past 2 years.
While an improvement of other aspects is visible over the years, probem of grey economy still
apears undiminished.
73%
71%
36%
69%
69%
30%
71%
65%
59%
30%
67%
64%
57%
28%
61%
57%
54%
25%
59%
52%
57%
29%
Other obligatory (quasi-fiscal) charges
Wage taxes and contributions
Grey economy
Court procedures and requirements
2013
2014
2015
2016
2017
2019
NEGATIVE ratings for various aspects of regulatory framework that influence business in Serbia (across waves)
Base: Total target population Please assess the impact of the following factors on your business based on your experience in the past 2 years.
22%
24%
54%
19%
27%
43%
18%
25%
39%
18%
22%
40%
16%
16%
38%
14%
14%
40%
Customs and external trade procedures
Inspection surveillance
Monopolies
2013
2014
2015
2016
2017
20192019 – Abuse of dominant position within
the sector and unfair commercial practices
2019 – Procedures concerning exports and
imports
During the last 12 months has your company spent more or less TIME dealing with regulatory issues, comparing to year before that?During the last 12 months has your company spent more or less MONEY dealing with regulatory issues comparing to year before that?
Money and time spent on regulatory issues
Base: Total target population
MONEY
TIME
Although the situation looks very similar to the previous period, slightly larger share of
companies spent less money and time on regulatory issues over the past year.
33%
28%
25%
24%
20%
22%
63%
66%
71%
70%
75%
64%
4%
5%
3%
5%
5%
10%
2013
2014
2015
2016
2017
2019
More money The same amount of money Don't know/Refusal Less money
31%
22%
22%
21%
21%
19%
66%
69%
72%
70%
73%
66%
3%
9%
6%
8%
6%
11%
2013
2014
2015
2016
2017
2019
More time The same amount of time Don't know/Refusal Less time
Have political risks of doing business or investing gone up or down compared to the same period last year?
Impact of political risks to doing business
Base: Total target population
Compared to the previous years, higher percentage of companies empasized that the political risks
of doing business have gone down during 2019 (13%).
19%
18%
13%
12%
13%
66%
69%
72%
71%
63%
8%
7%
8%
10%
11%
8%
6%
6%
7%
13%
2014
2015
2016
2017
2019
Gone up Stayed the same Don’t know/ Refusal Gone down
To what extent corruption in public administration affects your business?
Effect of corruption in public administration on doing business
Base: Total target population
Similar to political risks, companies believe that the effects of corruption in public administration
on doing business are lower compared to the previous period (38%).
15%
15%
11%
13%
11%
8%
36%
39%
35%
34%
31%
30%
7%
8%
7%
6%
9%
13% 3%
43%
38%
47%
47%
50%
47%
2013
2014
2015
2016
2017
2019
It affects a lot Sometimes it affects
Don't know/Refusal Corruption does not exist in public administration
Does not affect at all
2013 2014 2015 2016 2017 2019
Average amount of fines imposed 868 € 2022 € 1148 € 962 € 898 € 2310 €
Median – amount of fines imposed 500 € 600 € 786 € 810 € 487 € 845 €
Average amount of time (in hours) spent by
management17 12 15 13 20 22
Median - amount of time (in hours) spent by
management5 5 6 5 7 5
Average amount of time (in hours) spent by
the rest of the employees12 7 9 8 14 18
Median - amount of time (in hours) spent by
the rest of the employees1 2 1 1 2 2
What is the amount of fines imposed to your company as a result of inspection in the year 2018, if there were any?
Approximately, how much time (in hours) did your entire management spend on dealing with inspections in 2018?
And approximately, how much time (in hours) did the rest of the employees spend on dealing with inspections in 2018?
Basic information on inspections
Base: Total target population
Average (median) amount of fines imposed to the companies as a result of inspections have risen compared to the previous year, but is in line with findings from 2016. When it comes to time spent, there are nosignificant differences.
Based on your experience with various inspectors, do you agree or disagree with the following statements.
Evaluation of inspectors’ work in 2019
Base: Total target population
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
66%
65%
64%
57%
56%
56%
54%
53%
52%
49%
3%
5%
4%
6%
5%
6%
16%
6%
7%
5%
12%
11%
12%
17%
19%
18%
11%
21%
21%
26%
I am informed about my rights and obligations during inspection
Inspectors have a warrant for surveillance, that is adduced to us
Inspectors are professional and polite in dealing with businesses
In case of violation by an inspection, I know whom to contact
Regulations on inspection controls are accessible and clear
I can easily contact inspection and inquire about my rights and obligations,and ask for advice
Inspections use check-lists in inspection oversight
Inspections provide information and advice in order to enable businesses tocomply with the regulations timely
Inspections are well coordinated, and they do not duplicate their requests
Inspections inform companies about the upcoming control
Company hasn’t been visited by an inspection in last 12 moths AGREE Don’t know/Refusal DISAGREE
Based on your experience with various inspectors, do you agree with the following statements
Evaluation of inspectors’ work – agreement with the statements across waves
Base: Total target population
Over the past few years, from 2016, inspectors less often did warrants for surveillance and less often used
check-lists, but are on the other hand seen as more coordinated.
23
58%
47%
26%
62%
54%
30%
72%
57%
61%
51%
25%
68%
55%
53%
48%
25%
65%
54%
53%
49%
21%
Inspectors have a warrant for surveillance, that is adduced to us
Inspections use check-lists in inspection oversight
Inspections provide information, advice and technical assistance inorder to enable businesses to comply with the regulations timely
Inspections inform companies about the upcoming control
Inspections are not well coordinated and they duplicate their requests
2013
2014
2015
2016
2017
2019
When it comes to inspectors, do you think that use of control lists is useful?
Further attitudes on inspections
Base: Total target population
When it comes to inspectors, do you know that you have the right to seek an advisory visit?
Base: Total target population
Usage of advisory visits Usefulness of check-lists
Slightly less than a fifth of companies (18%) used advisory visits. Additionally, over half of companies
(57%) believe that check-lists are usefull.
Usage of advisory visits Usefulness of check-lists
10%
8%
33%
49%
I don’t know/ Our enterprise doesn’t have experience with advisory visits of inspections
I know, but I don’t use them
I use them, but they are notparticularly useful
I use them, and they are useful27%
30%
6%
28%
9% I am not aware that there arecontrol lists
I don’t know, our enterprise doesn’t have any experience with this
No
Partially
Yes
If your business belongs to food and drinks production or processing industry, how would you evaluate the effectiveness of food control (through an implemented food control system by inspection)?; Base: Those whose business belongs to food and drinks production or processing industry (n=172)
Evaluation of the effectiveness of food control system
Scale from 1 to 5, where 1 means Food control system is completely
inadequate for assessment of actual food quality, and 5 Food control
system is completely adequate for assessment of actual food quality
Yes
No
Belonging to food and drinks
production or processing industry
17% of companies belong to food and drinks production or
processing industry.
Vast majority of firms believe that the food control system
is adequate for assessment of actual food quality.
Belonging to food and drinks
production or processing industry
17%
83%
Yes
No3%
25%
29%
32%
9% Don't know/Refusal
5
4
3
2
1
Does your company have experience in public tenders?
Public procurement
How often do the following circumstances contribute to winning on public tenders? Base: Those that have experience with public tenders
Base: Total target population Base: Total target population
Experience Attitudes
Slightly over a quarter of companies (28%) have experience with public procurements. Cheapest
financial offer, but comepence and experience as well are believed to contribute the most to winning the
public tenders.
Experience Attitudes
72%
19%
9%
We don’t have experience
We have some experience
We have a lot of experience Refusal 17%
20%
30%
35%
44%
7%
7%
20%
14%
25%
23%
28%
20%
25%
14%
53%
46%
31%
27%
17%
The cheapest financial offer
Competence for doing business andexperience in similar jobs
Connections with political parties
Private connections
Bribing members of the tender panelor other persons that may have an
impact on the decision about…
Never or rarely Don’t know/ Refusal Sometimes Often or very often
Base: Total target population
Experience with public procurement across waves
Does your company have experience in public tenders?
There are no significant difference afross the waves when it somes to their experience with public procurement.
72%
72%
73%
72%
73%
72%
19%
18%
17%
17%
16%
19%
9%
10%
10%
11%
11%
9%
2013
2014
2015
2016
2017
2019
No, we don’t have experience Yes, we have some experience
Yes, we have a lot of experience
Base: Those that have experience with public tenders (n=280)
Contribution of various factors to winning on public tenders:
average marks across waves
across waves
How often do the following circumstances contribute to winning on public tenders?
Competence is seen as more imortant factor comapred to the previous year, but on the other hand,
effects of connections and bribing is on the same level as last year.
3.8
3.1
3.1
2.6
3.1
3.7
2.9
3.4
3.0
3.2
3.8
3.0
3.2
2.8
3.1
3.9
2.9
3.3
2.7
3.1
4.0
2.9
2.8
2.7
2.2
3.6
3.4
2.9
2.8
2.4
The cheapest financial offer
Competence for doing business andexperience in similar jobs
Connections with political parties
Bribing members of the tender panel
Private connections
2013
2014
2015
2016
2017
2019
Marks from 1 to 5, 1 meaning never and 5
meaning often
Please assess how burdensome the following taxes and charges are for your business.
Influence of fees and charges on business
Base: Total target population
*Recalculated without answer „Not applixable“
Communal fee for displaying business names is seen as least burdensome, while local and national
taxes, environmental taxes, municipal taxes, land development fees, water fees are seen as most
burdensome.
17%
18%
15%
21%
17%
25%
17%
2%
3%
10%
2%
10%
2%
12%
25%
26%
23%
30%
30%
31%
31%
56%
53%
51%
47%
43%
41%
40%
Local and national taxes, environmental taxes,municipal taxes, land development fees, water fees
Banking fees
Court and notary fees
Administrative fees
Customs duties
Communal fee for displaying business names on thebusiness premises/company name display fee
Excise tax
Not burdensome Don't know/Refusal No impact Burdensome
How would you rate the efficiency of the enforcement system?
Attitudes towards the enforcement system efficiency
Base: Total target population
*The scale in 2019 is a bit different – Very poor, Poor, Medium, Good, Excellent, so we
should be careful with this comparison; Recalculated without answer „Not applixable“
2019 Across waves
Opinions are devided when it somes to enforcement system efficiency, but a positive trend can be
registered across the waves.
2019Across waves
19%
28%
15%
34%
4%Don't know/Refusal
Not applicable
Good/Excellent
Medium
Very poor/Poor
56%
54%
48%
56%
44%
28%
27%
22%
31%
26%
28%
43%
9%
18%
12%
14%
16%
6%
8%
6%
9%
5%
11%
23%
2013
2014
2015
2016
2017
2019
Very poor/Poor Good
Don't know/Refusal Very good/Excellent
How long did it take you to enforce the debt in enforcement procedure?
Enforcement of the debt in enforcement procedure
Base: Total target population
Majority of companies that have experience with debts, either didn’t attempt enforcement, or is still in the process of enforcement. 6%
5%
5%
6%
4%
13%
12%
46%
5%
5%
5%
6%
5%
4%
9%
13%
50%
4%
Up to 3 months
From 3 to 6 months
From 6 months to one year
1-3 years
More than 3 years
We did not enforce the debt (still in the procedure)
Did not attempt enforcement
Not applicable
Don’t know/Refusal
2013
2014
2015
2016
2017
2019
Voluntary compliance with tax regulations
Does your enterprise obtain accounting services from an external accountancy agency or you have an accountant working in the enterprise?
Obtaining accounting services
Base: Total target population
Seven out of ten companies use external accountancy agency services, while four out of ten use
accountants working in the enterprise.
61%
30%
10%
An external accountancy agencyprovides accounting services
My enterprise has an accountantworking in our enterprise
We use an external accountancy agencyand we also have an accountantworking in our enterprise
Please evaluate to what extent the following measures would alleviate and motivate enterprises in Serbia to comply with tax regulations more?
Effect of certain measures on alleviation and motivation
of companies to comply with tax regulations more
Base: Total target population
Companies empasize that all mentioned measures alleviate and motivate enterprises to comply with tax
regulations more, with exception of stricter sanctions and more frequent tax controls.
Base: Total target population
2%
3%
5%
4%
6%
21%
21%
33%
33%
37%
39%
38%
75%
62%
59%
57%
53%
37%
Lower rates of taxes, contributions and other government taxes
Simple and understandable instructions on the application of taxregulations, transparent procedure for changing tax regulations
Better communication with accountants and accounting agenciesand better work of accountants
Tax inspection that timely notifies taxpayers and providescomplete information on the application of tax regulations and…
Spreading awareness of the consequences of non-payment oftaxes on the society and positive sides of compliance with tax…
Stricter sanctions and more frequent and rigorous tax controls
Do not aleviate Moderately aleviate (4+5+6+7) Alleviate to a high extentMean
8.7
8
7.8
7.7
7.4
6.1
Macroeconomic issues
Please evaluate how do the following factors affect the competitiveness of your business, using grades from 1 to 5, where 1 means “Very negative”, while 5 means “Very positive“.
Impact of certain factors on the competitivness of business
Base: Total target population
General economic situation and costs of labor are most negative factors affecting competitiveness.
38%
31%
22%
20%
20%
13%
31%
42%
29%
33%
30%
34%
5%
4%
25%
16%
10%
15%
25%
21%
21%
27%
37%
32%
General economic situation in the country
Costs of labor
State investment policy
General trust in the state and publicinstitutions
Availability of qualified staff or experiencedmanagers
By-laws, the introduction of Europeanregulations
Negative Neither negative nor positive (3) Don't know/Refusal No impact Positive
Please evaluate to what extent the following factors impact the competitiveness of your business, using the grades from 1 to 5, where 1 means „No impact at all“, while 5 means „Very strong impact“.
Do certain factors affect the competitivness of business
Base: Total target population
There are no specific factors that companies empasize among the mentioned factors. At least four out
of ten companies note that all mentioned factors stronly impact competitiveness of their business.
16%
22%
22%
20%
19%
31%
32%
27%
34%
34%
51%
43%
49%
42%
43%
Lack of financial resources
Lack of investment options
Disloyal competition
Legal insecurity due to unclear regulationsand non-transparency in the regulatory…
Legal insecurity due to inconsistentimplementation of regulations
No impact Neither has nor doesn't have impact (3) Don't know/Refusal Strong impact
What type of government investment / incentive would you support in order to stimulate the growth of your business?
Type of government incentives companies would support
Base: Total target population
Three quarter or more companies support all mentioned government incentives, with exception of
incentives for foreign investments which is supported by six out of ten companies (63%).
88%
86%
84%
83%
78%
77%
75%
63%
4%
5%
7%
7%
7%
7%
11%
10%
8%
9%
9%
10%
15%
17%
14%
27%
For infrastructure and equipment, fixed assets
For training of employees
To open a business in less developed territorial areas orsectors
For support of private sector exports
For research and development activities, for innovativebusiness activities or those related to intellectual property
For investors who will provide your company withadditional financing for your growth
For start up companies
For foreign (direct) investments
Would support Don't know/Refusal Would not support
Traditional financing by banks
Now we would like to ask you a question regarding the bank that you use most frequently. Why did you decide to use the bank whose services you use most frequently? Please choose 3 factors which impact your choice the most, and rank them from 1 to 3, where 1 marks the biggest impact on your choice.
The highest ranked factors for choice of the bank that is used
most frequently
Base: Total target population;
First, second and third answer
Majority of companies choose their bank primarily based on the vicinity to the comapny (27%), or the
fact that the bank meets their needs.
27% 23%17% 13% 10% 6% 2% 1%
54%
74%
51% 52%41%
6% 4% 1%
The bank is inthe vicinity ofthe company
The bank meetscompany needs
most
The bank offersloans that suit
companyoperations best
There is a bankerin this bank to
whom I becameattached
through businesscontacts
There is nobetter
alternative
I have no suchbank, I use
services of twoor more banks
equally
Other I don’t use the services of the
bank
Don’t know/Refusal
Picked as the first answer
Estimation of different parameters
How do you evaluate the condition of the following parameters today, compared with 5 years ago?Base: Those that were established before 2012 (for 2017), i.e. 2014 (for 2019; n=960)
Your
company
debt
Borrowing
costs
Banks’
willingness to
lend
Compared to the period five years ago, companies now more often state that their debts have reduced,
as well as borrowing costs. In addition to this, companies more often believe that banks’ willingness to
lend has increased.
21%
30%
6%
8%
15%
24%
59%
56%
49%
38%
58%
55%
4%
2%
6%
3%
6%
4%
17%
12%
39%
50%
21%
17%
2017
2019
2017
2019
2017
2019
Reduced No change Don't know/Refusal Increased
Average share of different funding sources
What percentage of financing your business comes from…Base: Total target population
*Answers "Customer Advance payment/Currency Supplier" and "Factoring" are added in 2019,
and have not existed before
Compared to the previous period, own funds and banks are less frequiently mentioned as sources of
financing for the businesses. In 2019, customer advance payments/currency suppliers are mentioned
almost as often as the banks. Average percentage of
funding sources
81
12
3 1 0 1 2
85
104
0 0 0 1
85
102 0 1 0 1
87
82 0 0 0 1
84
12
2 0 0 2 1
81
91 1 0 0
70 0
2013 2014 2015 2016 2017 2019
Average share of different funding sources of businesses that are not financed
entirely from their own funds
What percentage of financing your business comes from…Base: Those that are not financed entirely from own funds (n=528)
*Answers "Customer Advance payment/Currency Supplier" and "Factoring" are added in 2019,
and have not existed before
Average percentage of
funding sources
58
27
71 1 2 4
62
25
10
1 1 0 2
64
24
51 1 1
3
62
25
7
1 0 1 2
53
34
41 1
52
64
17
2 2 0 1
14
0 1
Own funds Banks Family and/or friends Leasing Loans by stateinstitutions
Grants/Nonrepayablefunds
Customer Advancepayment/Currency
Supplier
Factoring Other
2013 2014 2015 2016 2017 2019
What percentage of financing your business comes from…
The use of external source of finance
Base: Total target population
Percentage of
companies
47%
52%
1%
Use only own fundsUse any of external source of finance
Refusal
The use of external source of finance
Base: Total target population
What percentage of financing your business comes from…
Percentage of
companies
Exporters Non–exporters
38%
61%
1%
Use only own funds
Use any of external source of finance
Refusal
50%49%
1% Use only own funds
Use any of external source of finance
Refusal
The use of external source of finance
Base: Total target population
Companies with web site Companies without web-site
What percentage of financing your business comes from…
Percentage of
companies
Companies with web site Companies without web-site
41%
58%
1%Use only own
funds
Use any of external source of finance
Refusal
60%
39%
1%Use only own
funds
Use any of external source of finance
Refusal
If you did not borrow money in the last 12 months, why not?
Reasons for not borrowing money in the past 12 months, 2019
Base: Total target population
No need for credit (41%) and use of owner’s equity istead of a loan (19%) are the two biggest reasons for
not borrowing money in the past 12 months.
41%
19%
4%
3%
3%
1%
1%
1%
25%
2%
Have no need for credit
Used owner’s equity instead of a loan
Have a borrowing need, but decided not to borrow because bankrequirements take too much time/cost
Have a borrowing need and bank products were not suitable for myneeds or risk profile
You distrust financial institutions
Were declined a loan
Did not meet the requirements to obtain a bank loan
We repay the loan we took over 12 months ago
We took loan(s) in the past 12 months
Refusal
If you did not borrow money in the last 12 months, why not?
Reasons for not borrowing money in the past 12 months, across waves
Base: Those that do not borrow money (n=758)
*Recalculated without two new answers
that exist only in 2019 - “We distrust
financial institutions" and "We repay the
loan we took over 12 months ago”
No need for credit and use of owner’s equity istead of a loan were the biggest reasons for not borrowing
money across all the waves. 19%
11%
5%
2%
3%
59%
14%
5%
5%
2%
2%
72%
25%
7%
5%
2%
2%
59%
1%
17%
5%
6%
2%
1%
68%
2%
34%
4%
4%
1%
1%
53%
3%
26%
4%
6%
2%
1%
58%
3%
Used owner’s equity instead of a loan
Have a borrowing need and bank products were notsuitable for my needs or risk profile
Have a borrowing need, but decided not to borrowbecause bank requirements take too much time/cost
Were declined a loan
I did not meet the requirements to obtain a bank loan
Have no need for credit
Refusal
2013
2014
2015
2016
2017
2019
Did you ask for a loan?
Asking for loans for financing of business in the past 12 months
Base: Total target population
Short-term business credits are by far the most common type of credit (21%) asked for in the past 12
months.
21%
8%
6%
4%
3%
2%
1%
1%
79%
91%
93%
95%
95%
96%
97%
98%
Bank – business credit (short-term)
Bank – business credit (investment)
Commercial credit – allowed overdraft/allowed minus
Leasing
Bank – credit for a natural person
Family and/or friends
Grants/Non-repayable funds
Factoring
Yes Refusal No
Did you get the amount that you asked for?
Loans for financing of business in the past 12 months – did companies get
the requested amount
Base: Those who asked for particular loan
Bank credits for a natural person apear to have been most problematic among the mentioned types of financing
loans.
89%
88%
93%
93%
79%
6%
9%
5%
4%
9%
3%
3%
2%
3%
9%
Bank – business credit (short-term)
Bank – business credit (investment)
Commercial credit – allowed overdraft/allowed minus
Leasing
Bank – credit for a natural person
Yes Refusal No, smaller No, we didn't get it
Asked amount?
Loans for financing of business in the past 12 months – asked amount
Base: Those who asked for particular loan
Mayority of companies asked for more than 25.000 EUR only when asking for investment business
credits, otherwise they were more often asking for less than 25.000 EUR.
55%
35%
66%
45%
56%
34%
57%
19%
46%
28%
11%
8%
15%
9%
16%
Bank – business credit (short-term)
Bank – business credit (investment)
Commercial credit – allowed overdraft/allowed minus
Leasing
Bank – credit for a natural person
Less than 25.000 EUR More than 25.000 EUR Refusal
Main purpose of the loan?
Loans for financing of business in the past 12 months – main purpose of the loan
Base: Those who asked for particular loan
Loans were most often used for purchase/maintenance of equipment and stock incerase. Aside from that,
to a lesser degree, leasing was used for expansion of activity, while personal loans was used for arranging
business premises.
30%
29%
10%
8%
4%
3%
1%
10%
9%
49%
15%
1%
7%
10%
5%
26%
30%
8%
6%
2%
6%
6%
1%
11%
6%
48%
27%
18%
7%
40%
9%
8%
20%
3%
13%
Stock increase
Purchase/maintenance of equipment or machinery
Expansion of activity
Refinancing old loan
Arranging business premises
Settling VAT and other state levies
Payment of income
Purchase of land or buildings
Other
Bank – business credit (short-term)Bank – business credit (investment)Commercial credit - allowedoverdraftLeasing
Bank – personal loan
Did you get the amount that you asked for?
Asked amount?
Main purpose of loan?
Loans for financing of business in the past 12 months - Bank –
business credit (short-term)
Base: Those who asked for a loan (n=209)
Did they get the requested amount Asked amountMain purpose of the loan
Vast majority of companies got the requested short-term credit amount, which was more often less than
25.000 EUR, and it was used for equipment and stock increase.
Did they get the requested amount Asked amount Main purpose of the loan
89%
6%3%
2%
Yes
No, smaller
No, we didn'tget it
Refusal
55%
34%
11%
Less than25.000 EUR
More than25.000 EUR
Refusal
4%
10%
1%
3%
3%
4%
8%
10%
29%
30%
Refusal
Other
Purchase of land or…
Settling VAT and other…
Payment of income
Arranging business…
Refinancing old loan
Expansion of activity
Purchase/maintenance of…
Stock increase
Did you get the amount that you asked for?
Asked amount?
Main purpose of loan?
Loans for financing of business in the past 12 months - Bank – business credit
(investment)
Base: Those who asked for a loan (n=80)
Did they get the requested amount Asked amount Main purpose of the loan
Vast majority of companies got the requested investment credit amount, which was more often more than
25.000 EUR, and it was used for equipment.
Did they get the requested amount Asked amount Main purpose of the loan
88%
9%3%
Yes
No, smaller
No, we didn'tget it
Refusal
35%
57%
8%
Less than25.000 EUR
More than25.000 EUR
Refusal
5%
1%
3%
7%
9%
10%
15%
49%
Other
Refinancing old loan
Payment of income
Arranging businesspremises
Stock increase
Purchase of land orbuildings
Expansion of activity
Purchase/maintenance ofequipment or machinery
Did you get the amount that you asked for?
Asked amount?
Main purpose of loan?
Loans for financing of business in the past 12 months - Commercial credit –
allowed overdraft
Base: Those who asked for a loan (n=60)
Did they get the requested amount Asked amount
Main purpose of the loan
Vast majority of companies got the requested overdraft amount, which was more often less than 25.000
EUR, and it was used for equipment and stock increase. Micro companies less often asked for loans in
amount larger than 25.000 EUR. Main purpose of the loanDid they get the requested amount Asked amount Main purpose of the loan
93%
5%2%
Yes
No, smaller
No, we didn'tget it
66% 19%
15%
Less than25.000 EUR
More than25.000 EUR
Refusal
3%
11%
1%
2%
6%
6%
6%
8%
26%
30%
Refusal
Other
Purchase of land or buildings
Arranging business premises
Payment of income
Refinancing old loan
Settling VAT and other…
Expansion of activity
Stock increase
Purchase/maintenance of…
Did you get the amount that you asked for?
Asked amount?
Main purpose of loan?
Loans for financing of business in the past 12 months - Leasing
Base: Those who asked for a loan (n=39)
Did they get the requested amount Asked amountMain purpose of the loan
Vast majority of companies got the requested leasing amount, and it was used for equipment and
expansion of activity.
Did they get the requested amount Asked amount Main purpose of the loan
93%
4%3%
Yes
No, smaller
No, we didn'tget it
Refusal
45%
46%
9%
Less than25.000 EUR
More than25.000 EUR
Refusal
18%
6%
27%
48%
Other
Refinancing old loan
Stock increase
Expansion of activity
Purchase/maintenanceof equipment or
machinery
Did you get the amount that you asked for?
Asked amount?
Main purpose of loan?
Loans for financing of business in the past 12 months - Bank – personal loan
Base: Those who asked for a loan (n=34)
Did they get the requested amount Asked amountMain purpose of the loan
Majority of companies got the requested investment credit amount, which was more often less than 25.000
EUR, and it was used for equipment and arranging business premises.
Did they get the requested amount Asked amount Main purpose of the loan
79%
9%
9%
3%
Yes
No, smaller
No, we didn'tget it
Refusal
56%
28%
16%
Less than25.000 EUR
More than25.000 EUR
Refusal
13%
3%
7%
8%
9%
20%
40%
Other
Purchase of land orbuildings
Stock increase
Refinancing old loan
Expansion of activity
Arranging businesspremises
Purchase/maintenance ofequipment or machinery
For which part (in %) in sources which you borrowed (credit) a guarantee (collateral) is provided
by the state or by the EU guarantee scheme (COSME, HORIZON 2020, InnoFin, EASI)?
Guarantee provided by the state or by the EU guarantee scheme
Base: Those that use other funds other than their own (n=538)
StateEU guarantee scheme (2019)
Guarantees provided by the state (7% of borrowed amount on average) or by the EU guarantee scheme
(0.5%) are minimal or practicaly non-existent.
State EU guarantee scheme (2019)
68%
6%
4%
22%
86%
3%
3%
8%
88%
2%
1%
10%
81%
6%
5%
8%
82%
1%
6%
11%
None (0%)
From 1% to 20%
More than 20%
Don't know/ Refusal
2014
2015
2016
2017
2019
89%
11%
None (0%)
Don't know/Refusal
Approximately how much do you borrow from the bank annually in order to finance your
business?
Average amount of money taken from the bank annually, in EUR
Base: Total target population
Looking at median values, a clear increase in the amount of money annually taken from the bank,
can be registered in 2019.
Did those who you borrowed money from ask for any of the following collaterals (mortgage)?
Required collaterals (mortgage)
Base: Those who borrowed money (n=308)
Answer YES
Practice of requesting collaterals apears to be dwindling comapred to the previous years.
58%
41%
23%
36%
48%
46%
23%
26%
47%
34%
19%
31%
41%
33%
21%
21%
37%
34%
17%
15%
33%
33%
15%
11%
Land, buildings
Machinery and equipment, including movables
Accounts receivable and inventories
Personal asset of the owner
2013
2014
2015
2016
2017
2019
If you needed money to expand your business in the near future, what type of financing would
you rather opt for? Please select three, and rank them from 1 to 3, by priority.
Preferred types of financing for business expansion
Base: Total target population; First,
second and third answer
Over three quarters of companies (77%) noted own funds as the most prefered type of financing for business
expansion. In addition to this over half of them would prefer to use financing by business partners through
long payment deadlines and micro credit (up to 25,000 EUR).
77%
3%
5%
4%
5%
2%
5%
89%
53%
59%
40%
22%
22%
5%
Own funds
Financing by business partners through longpayment deadlines
Micro credit (up to 25,000 EUR)
Short-term bank credit (over 25,000 EUR)
Long-term bank credit (over 25,000 EUR)
Asking investor for funds (investors will get a sharein your company)
Don’t know/Refusal
First answer
Three answers
What are the most relevant limiting factors for getting this preferred form of financing? Please
select three, and rank them from 1 to 3, by priority.
The most relevant limiting factors for getting preferred form of financing
Base: Those that would use other than own
funds (n=184); First, second and third answer
Too high interest rates or prices (28%) as well as too much paperwork (17%) are empasized as the
most relevant limiting factors for getting preferred form of financing.
28%
17%
6%
6%
5%
4%
3%
2%
1%
1%
25%
4%
51%
36%
23%
18%
20%
20%
18%
16%
8%
3%
26%
4%
Too high interest rates or price
Too much paperwork is needed
Trust
Insufficient collateral
Insufficient guarantees
I can’t get it for adequate purpose
Reduced control over company
I can’t get the adequate amount
Financing is not available at all
Other
There are no barriers
Don’t know/Refusal
First answer
Three answers
Equityfinancing
Would you be willing to give your relevant partner a share in company ownership?
Familiarity and willingness for equity financing
Base: Total target population
Are you familiar with recapitalization (financing through sale of shares in your business)?
Base: Total target population
Familiarity and interest in
recapitalization
Willingness for giving a share in company
ownership to a relevant partner
Over half of companies (57%) stated to be familiar with equity financing, and slighly less (53%) noted
to be interested in this option. On the other hand only 8% of companies is willing to give their relevant
partner a share in company ownership.
Familiarity and interest in
recapitalization
Willingness for giving a share in company
ownership to a relevant partner
4%
53% 42%
Yes, I would beinterested in this option
Yes, but I wouldn’t be interested in this option
No, I am not
Refusal
5%
1%
2%
45%
43%
4%
Yes, smaller part
Yes, bigger part
Yes, either smaller or biggerpart
No
Not familiar withrecapitalization
DK/Ref
If you had experiences with recapitalization, who did you sell this share to?
Experience with recapitalization
Base: Total target population
Have you had any experiences with recapitalization, financing through selling a share in your business?
Base: Total target population, First answer
Experience with recapitalization To whom they sold their share
Only 2% of companies had any experiences with recapitalization. 1% sold a share of business to a family
member/friend, while 1% sold it to a strategic partner.
Experience with recapitalization To whom they sold their share
2%
54%
43%
Yes
No
Not familiar withrecapitalization
Refusal
1%
1%
54%
43%
1%
Family member/friends etc.
Strategic partner
Investment fund
Familiar with recapitalization,but didn't have experience
Not familiar with recapitalization
Refusal
Why don’t you have experience with recapitalization?
Reasons for lack of experience with recapitalization
Base: Those who are familiar with but don’t have experience with
recapitalization (n=548); Multiple answers
Primary reason for the lack of experience with recapitalization is the lack if interest (88%). Aside from that,
lack of trust was also mentiond (13%), as well as lack of adequate information about recapitalization (7%).
88%
13%
7%
3%
3%
2%
I wasn’t interested
Lack of trust
Lack of adequate information about thistype of investment
I don’t know how to establish contact with them
Potential investors weren’t interested, although I tried to present my business
Don’t know/Refusal
Trade receivables
What is the usual duration of collecting outstanding receivables (from maturity date to payment date)?
Usual duration of collecting outstanding receivables
Base: Total target population
Every fourth company stated they do not have outstanding receivables, while for the rest of companies
usual duration of collecting outstanding receivables is up to 90 days (54%).
13%
25%
16%
9%
3%
2%
4%
24%
5%
Less than 30 days
31 to 60 days
61 to 90 days
91 to 180 days
181 to 240 days
241 to 360 days
More than a year
We have no outstanding receivables
Don’t know/Refusal
What is the usual duration of collecting outstanding receivables (from maturity date to payment date)?
Usual duration of collecting outstanding receivables, by official size
Base: Total target population
Micro companies far more often noted not too have outstanding receivables (28%). On the other hand,
medium and big companies usualy have outstanding receivables, which they collect in less then a month
(17%), or more often in one to two months (31%). Compared to others, small companies more often collect
receivables in up to six months (14%).
13%
25%
16%
9%
3% 2%
4%
24%
5%
13%
24%
15%
7%
3% 2%3%
28%
5%
12%
26%
20%
14%
2% 3%
6%
12%
5%
17%
31%
16%
10%
5%
9%8%
4%
Less than 30days
31 to 60 days 61 to 90 days 91 to 180days
181 to 240days
241 to 360days
More than ayear
We have nooutstandingreceivables
Don’t know/Refusal
Total Micro Small Medium + big
Does your company use any form of grouping receivables in different categories in terms of their collectability („uncollectible receivable“ and „suspicious receivable“)?Would it be helpful if you had a manual/ online application with guidelines about how to manage your receivables, or how to collect them more easily and more cheaply?
Grouping receivables/ manual for managing receivables
Base: Total target population
Grouping receivablesUsefulness of manual for
managing receivables
Only 15% of companies stated that they are using any form of grouping receivables. Additionally, only
slighly over a quarter of companies (28%) believe that it be helpful to have a manual on how to manage
their receivables.
Grouping receivablesUsefulness of manual for
managing receivables
15%
81%
4%
Yes
No
Refusal28%
58%
15%
Yes
No
Refusal
Who would you turn for help if you were to make a business decision in an area that you are
not directly familiar with (e.g. tax optimization, getting loans or access to financing,
initiating a law suit, taking collaterals etc.)?
Getting advice for making a business decision
Base: Total target population; First, second and third answer
If they were to make a business decision in an area they are not directly familiar with, business
representatives would firstly turn to their bookkeepers (32%) or an expert in the given area (31%). A fifth
of business representatives empasized that they would make their own decisions.
32%
31%
19%
10%
8%
1%
51%
57%
30%
35%
37%
1%
Accountants
Expert in the given area
I make my decisions, without consulting anyone
Lawyer
People engaged in business development
RefusalFirst answer
All answers
Here we have a list of the forms of external financing. Please rate these forms on the scale from 1 to 10, where 1 means „no effect on your business“, and 10 means „strong effect on your business“.
Impact of various forms of external financing on doing business
Base: Total target population
Mean
5.3
5.1
4.7
4.7
3.6
3.1
2.7
2.4
2.2
Advance payment, as well as extension of payment deadline over 30 days are seen as forms of external
financing with strongest effect on their business. On the other hand, leasing, factoring and issuing
securities are seen as forms with the weakest effect.
33%
34%
41%
41%
58%
63%
70%
69%
76%
38%
37%
34%
35%
24%
25%
19%
19%
17%
27%
27%
23%
22%
16%
9%
8%
4%
4%
Advance payment (advance payments made within 30 or more…
Extension of payment deadline over 30 days
Available forms of bank financing (e.g. credits, loans, overdraft etc.)
Increase of basic capital
Government assistance and credits
Credits and loans taken from related business entities
Leasing
Factoring
Issuing securities
No effect Moderate effect (4+5+6+7) Strong effect
Fintech solutions and financing
Have you heard of/do you know what tokenization is (the process of converting
property with real value to property with digital economic value or token)?
Awareness about crowdfunding and tokenization
Base: Total target population
Have you heard of/ do you know what Crowdfunding is (a way to finance projects or enterprises by collecting donations from many people who give relatively small sums, usually via the internet)?
Base: Total target population
Crowdfunding Tokenization
Regardless of their size, slightly less than a fifth of companies (17%) mentioned that they know what
crowdfunding is, whlie twice as many companies (34%) mentioned that they know what tokenization is.
Crowdfunding Tokenization
17%
82%Yes
No
Refusal 34%
65%
Yes
No
Refusal
Is your company present on social networks?
Type of company’s product/service, presence on social networks and experience
with digital marketing
Base: Total target population
Is your product/ service easy to understand
and designed for wide range of users?Do you have experience with digital marketing (advertising on social networks and/or other internet channels)?
Base: Total target population Base: Total target population
Type of company’s product Presence on social networks Experience with digital
marketing
Almost four out of five companies (78%) noted that their product/ service is easy to understand and designed for wide range of users. Regardless of the company size, over half of them (54%) have no experience with digital marketing, whlie three out of ten emphasized that have no presence on social networks and are not planning change that.
Type of company’s product Presence on social networks Experience with digital
marketing
78%
21%
Yes
No
Refusal
28%
27%
14%
30%
Yes, they are a partof our daily business
Yes, but we rarelyuse them for
business
No, but we areplanning to be
No, and we are notplanning to be
46%
54%
Yes
No
Why wouldn’t you use any of these new technological financial solutions?
Preferences for new technological solutions for business financing
Base: Total target population
Would you use any of the following new technological financial solutions for
financing of your business?
Base: Those who are familiar with crowdfunding and/or tokenization but wouldn’t use them (n=289); Multiple answers
Preferences Reasons for not using
Only 5% of companies would use any of the new technological solutions for business financing, primarily
due to the lack of confidence in them, or lack of information about them.
Preferences Reasons for not using
2%
1%
1%
1%
29%
60%
9%
Yes, crowdlending
Yes, crowdfunding based oncapital
Yes, fintech loans
Yes, tokenization
No, I wouldn't use any of thelisted
Not familiar with neithercrowdfunding nor…
Don’t know/Refusal
47%
35%
34%
16%
5%
I have no confidence in them
I don’t understand them/ I don’t have enough information about
them
I don’t think that I would raise enough money that way
They are not available/ legalizedin Serbia
Don’t know/Refusal
E-commerce
How do you generally feel about the relevance of e-commerce?Base: Total target population
Relevance of e-commerceSeven out of ten companies (71%) agree that the relevance of e-commerce It will grow strongly globally, as
a commerce channel, in the period to come, on the other hand six out of ten (58%) believe the same when
in comes to Serbia.
71%
58%
15%
18%
7%
6%
7%
18%
It will grow strongly globally, as acommerce channel, in the period to come
It will grow strongly in Serbia, as acommerce channel, in the period to come
AGREE I neither agree nor disagree Don’t know/Refusal DISAGREE
12%
54%
34%
We have both webpage/web-
site and web shop (the possibility of
online sales)
We have a webpage/web-site but not a web shop
We don't have webpage/web-site
Have you ever considered creating a web shop?Does your company have a webpage/web site?
Possesion of webpages and web shops
Base: Total target population Base: Those that don’t have webpage (n=888)
Possesion Consideration of creating a web shop
Two thirds of companies (66) have a webpage, whlie only 12% have a web shop. Majority of those who do
not have a web shop haven’t ever considered creating it (81%).
Possession Consideration of creating a web shop
5%
3%
4%
4%
81%
2%
1%
Yes, but I am not sure about thebenefits
Yes, but it’s expensive, I can’t afford it
Yes, but maintenance is complicated
Yes, but I don’t know/ I am not sure that I can provide a web shop
No, I haven’t considered it
Yes, other
Don’t know
Why?Does your company have the option of online payment (pay card, e-money, other)?
Option of online payment on web shops
Base: Those that have web shops (n=126) Base: Those that don’t have the option of online
payment (n=42)
Option of online payment Reasons for not providing this option
Base: Total target population
8% of companies have web shops with the option of online payment. Among the reasons for not having
an online payment option, type of product and lack of interest were mentioned.
Option of online payment Reasons for not providing this option
33%
62%
5%
No Yes Don't know/Refusal
4%8%
88%
No
Yes
Don't have web shop 37%
22%
41%
Because of thetype of product
we sell
We have noneed
Other
Do you have adequate information about consumers’ rights on your web shop (for instance that they have the right to change their mind and return the purchased product without explanation, within 14 days upon delivery)?
Web shops
How important is your web shop as a sales channel for your company?
Base: Those that have web shops (n=126) Base: Those that have web shops (n=126)
Information about consumers’ rights on web shop Web shop as a sales channel
Half of companies with web shops stated to have adequate information about consumers’ rights on theirweb shops.Four out of ten companies that have web shops believe they they are not not an important sales channel for their company.
Information about consumers’ rights on web shop Web shop as a sales channel
54%
15%5%
26%
Yes
No, but I am familiar with them
No, I am not …
Don't know/Refusal
27%
27%
40%
6% Don’t know
Not really important
As important as traditionalshop
Very important, ourbusiness grows throughthis channel
Employee's skills
Lack in employees’ skils
Thinking about the following skills (which are important for your business growth), to what extent do candidates for positions in your company lack them?Base: Total target population
Potential candidates mostly have problems with general attitude toward work and solving problems, while
least problematic seem to be digital skills and languages. Technical/ special skills are more problematic to
candidates for companies in manufacturing, while less so for the ones in trade. Additionally, team work
and general attitude towards work are more problematic to those companies that do not have a webpage.
28%
28%
40%
35%
33%
32%
33%
39%
44%
43%
45%
46%
38%
43%
46%
46%
48%
42%
39%
41%
26%
25%
22%
22%
20%
20%
18%
15%
15%
13%
General attitude towards job/work
Solving problems
Team work
Technical/ special skills
Willingness to learn
Self-management
Communication skills
Leadership and management
Technology, computers and digital…
Languages
Lack the given skill least Moderately lack the given skill Don't know/Refusal Lack the given skill most
The importance of digital skills at workplace
Does the nature of your business require that
your employees have digital skills?
Please evaluate how important it is for your business at the moment that your employees have digital skills.
Base: Total target population Base: Those whose business require that their employees have digital skills (n=478)
Slightly less than half of the companies (47%) stated that the nature of their business require for employees
to have digital skills. Majority of these companies (83%) redominantly require basic digital skills, while a
fifth require specialized digital skills.
47%53%
Yes
No29%
55%
15%
31%
25%
83%
40%
20%
Basic digital skills
Advanced digital skills
Specialized digital skills
Not important Moderately important Refusal Very important
To what extent to you agree or disagree with the following statements? Base: Total target population
Majority of companies (74%) agree that the role of the financial sector is important for economic
development. Opinions are devided when it comes other statements.
4%
27%
29%
24%
27%
28%
32%
31%
40%
3%
8%
7%
6%
7%
9%
13%
6%
20%
40%
34%
43%
42%
41%
38%
37%
36%
74%
31%
29%
26%
26%
24%
21%
20%
19%
The role of the financial sector is important for economic development
The state of infrastructure that is necessary for doing your business hasimproved
The access to finance for your business has improved in the last 12 months
Public administration’s work is more efficient now than a year ago
Transparency and predictability for doing business in Serbia has increasedin the past 12 months
I am aware and understand the GoS economic growth strategy forbusinesses
Business ability to participate in reforming laws related to the businessenvironment has improved in the past 12 months
Quality of public dialogue and debate on macroeconomic and fiscal issueshas improved in the past 12 months
The burden of laws and regulations has decreased in the past 12 months
DISAGREE Don't know/refusal Partially agree AGREE
Evaluation of project impact
To what extent to you agree or disagree with the following statements?
Transparency, predictability and private dialogue
Base: Total target population
Transparency and predictability for doing
business in Serbia increased in the last 12 months
Quality of public dialogue and debate on
macroeconomic and fiscal issues is improved in the last
12 months
*Recalculated without answer Don’t know because it was only included in 2019
Transparency and predictability, as well as quality of public dialogue are improving over the years based
on the opition of business representatives.
55%
45%
38%
37%
40%
28%
56%
42%
41%
40%
43%
35%
36%
41%
46%
44%
45%
45%
33%
41%
42%
41%
42%
42%
9%
14%
17%
19%
14%
27%
11%
17%
17%
19%
15%
23%
2013
2014
2015
2016
2017
2019
2013
2014
2015
2016
2017
2019
Disagree Partially agree Agree
To what extent to you agree or disagree with the following statements?
Understanding of the GoS economic growth strategy, and access to finance
Base: Total target population
I am aware and understand the GoS economic growth
strategy for businesses
The access to finance for your business is improved in
the last 12 months
*Recalculated without answer Don’t know because it was only included in 2019
Access to finance has improving over the years based on the opition of business representatives, while
awareness and understanding of the GoS economic growth strategy has improved.
50%
37%
39%
39%
38%
30%
64%
52%
46%
41%
35%
32%
35%
42%
43%
40%
44%
44%
29%
32%
40%
39%
42%
37%
15%
21%
18%
21%
18%
26%
7%
15%
15%
19%
22%
31%
2013
2014
2015
2016
2017
2019
2013
2014
2015
2016
2017
2019
Disagree Partially agree Agree
To what extent to you agree or disagree with the following statements?
Private sector ability to participate
Base: Total target population
The burden of laws and regulations decreased in the
last 12 months
Business ability to participate in reforming laws
related to the business environment has improved
in the last 12 months
*Recalculated without answer Don’t know because it was only included in 2019
Similarly, business ability to participate in reforming laws has impromed, while the burden of laws and
regulations has decreased have decreased.
63%
46%
46%
45%
50%
42%
63%
47%
43%
43%
48%
36%
30%
37%
40%
38%
38%
38%
30%
37%
42%
40%
38%
41%
7%
17%
15%
16%
12%
20%
7%
16%
15%
16%
15%
23%
2013
2014
2015
2016
2017
2019
2013
2014
2015
2016
2017
2019
Disagree Partially agree Agree
To what extent to you agree or disagree with the following statements?
Public administration, financial sector and infrastructure
Base: Total target population
The role of the financial sector is important in
economic development
Public administration’s work is more efficient now than a
year ago
The state of infrastructure that is necessary for doing
your business has improved
*Recalculated without answer Don’t know because it was only included in 2019
Public administration’s work is assessed as more efficient, while ever larger share of companies believe
that the role of the financial sector is important for economic development and that the state of
infrastructure necessary for doing your business has improved.
11%8%6%7%8%
4%
45%44%
41%37%
26%
42%42%
35%36%
28%
21%28%
27%24%22%
20%
39%40%
40%43%
46%
45%43%
45%50%
41%
68%64%
67%68%69%
76%
16%16%
19%20%
28%
13%15%
19%13%
31%
201320142015201620172019
20142015201620172019
20142015201620172019
Disagree Partially agree Agree