Top Banner

Click here to load reader

Newsletter No.4

Mar 06, 2016

ReportDownload

Documents

Visar Dobroshi Recura Financials Business Managing Director 2. What service activities are currently the greatest prospects in Kosovo? - There are several service sectors that offer some prospects in Kosovo market and nearby. Looking at some of the successful companies, we might say that there are opportunities and prospects in investing in Information Tech- nology and Communications, Health, Education but also in consultancy services in different sectors. Dear reader,

  • Slovensko-Kosovsko Poslovno ZdruenjeShoqata Afariste Slloveno-KosovareSlovene-Kosovo Business AssociationSlovenako-Kosovsko poslavno udruenje

    Newsletter No.4Dear reader, As we promised in previous publication of Newsletters, we are very pleased to present to you our Newsletter No.4. Considering SKBA Work Program for 2011, in past two months we have held two business events, first was Business evening on topic Business Protocol, furthermore, in this evening were discussed many topics, such as: business etiquette, tips & advices when sending e-mails, business meetings, business cocktails, business dinners, international business and many examples from practice related to main topic.

    Second business event was ISO 9001-2008 Quality Management System, moreover, this presentation was very useful for companies who have clearly drawn in their vision to be certified by ISO standards, and those who wants to know all necessary steps during process of standardization. However, in this business evening were discussed topics such as: ISO 9001-2008, principles of ISO 9001-2008, documentation requirements, control of documents, quality policy, review of inputs and outputs, planning of product realization etc.

    SKBA wish you all the best in your business activities!

    General Secretary Enver Ferati

    1. What kind of investment policy is being used from successful enterprises in Kosovo?- Having in mind that majority of enterprises in Kosovo are private companies with a single owner, including the successful ones, it is hard to say that there are investment policies behind their success. Being owned by a single person or as a family business, the investment practices are very traditional and intuitive. I believe that the main determining factor to some successes is the vision of an entrepreneur and his/their determina-tion to achieve the goal they have set. Having said that, there are many who have also failed in their at-tempts due to not having clear policies and proper planning and management.

    2. What service activities are currently the greatest prospects in Kosovo? - There are several service sectors that offer some prospects in Kosovo market and nearby. Looking at some of the successful companies, we might say that there are opportunities and prospects in investing in Information Tech-nology and Communications, Health, Education but also in consultancy services in different sectors.

    3. What are the common mistakes in financial decisions of companies in Kosovo?- Most of mistakes come from the lack of knowledge about the financial practices and the law. Part of the blame should be addressed to the educational system that our society has inherited from the past. Finances have for a very long time been ignored or seen as just a tool to get to an objective, but not as a function in themselves and thus consequently financial planning and financial management were and continue to not be conducted properly in many businesses. This has also caused a very slow development process of more sophisticated the financial transactions, financial instruments and a slow movement of the financial capital in Kosovo, slowing down the growth of the private sector and the economy in general.

    Visar DobroshiRecura FinancialsBusiness Managing Director

    INTERVIEW

  • Slovensko-Kosovsko Poslovno ZdruenjeShoqata Afariste Slloveno-KosovareSlovene-Kosovo Business AssociationSlovenako-Kosovsko poslavno udruenje

    4. What are the most important criteria for foreign investors and what do you advise them?- It is well known that Kosovo has still a lot to work on improving the business environment and conditions, start-ing from business registration procedures, reducing and eliminating corruption, both real and perceptive, at different levels and going further to a more efficient rule of law and judicial system that is effective and quick in resolving cases as well as a system that understands contemporary business practices; all this leading to a percep-tion of higher risk. Further, there are many issues that link to the structure of ownership in Kosovan companies, who are often very reluctant to absorb equity financing and open up the ownership composition to external parties. The lack of proper management practices, in particular as far as financial reporting is concerned, also creates obstacles in the eyes of foreign investors. Further, the lack of a stock market also hinders the entry of many potential investors. - It is for the stated reasons that Kosovo is also very attractive as it presents many opportunities for foreign inves-tors. Interested investors are looking for good business opportunities, which in our opinion there are plenty of in Kosovo. The end goal is return on investments and Kosovo in our opinion can offer a lot in that direction. Kosovo is currently perceived as high risk, thus offering higher returns, however in reality the risk in Kosovo is at similar levels to the other Balkan countries, thus we tell our investor clients that this is an opportunity to gain higher returns, benefiting from the skewed perception of higher risk than actually.

    5 From your experiences what are the conditions of Kosovo to get small investments in small enterprises, especially in advanced technology and knowledge?- I believe that there are conditions for small investments in small enterprises, depending on the innovations of-fered by entrepreneurs. Kosovo is a young nation and has a young population, and historically is known for entre-preneurship. Advanced technology is nowadays easy to access thanks to the advanced communication technol-ogy and this is a great opportunity for those who have ideas to materialize them. In addition to this, Kosovars are very eager to learn new things and there is a large diaspora in developed countries not only as a working force but also in education. - Further, Kosovo is attractive due to its low labor costs, which makes it an interesting destination for investors. Having said that, due to the lack of an financial institutional structure, investors face high pre-entry costs in per-forming due diligence for their investments, thus the chances for small investments are low, but not impossible. There are several success stories of foreign investments or joint ventures in advanced technologies in Kosovo, and in that sense if the idea is good and there is a visible capacity to implement these ideas, then there are opportuni-ties even for angel or venture investments in Kosovo.

    6. What Government of Kosovo must afford in order to proclaim Kosovo as a safe investment state/country ?- As I pointed out, Kosovo is a young country and there is still a lot to do in defining fair policies and laws for busi-ness development in the country and improving the rule of law system, with a focus on the judicial system and enforcement of court decisions.

    7. What are the unused resources in ordinary works in Kosovo (networking, socially owned companies, joint ventures, different funds for encouraging innovation, tax policy etc)- More or less, everything you mentioned. Fortunately a lot of changes have been made in recent years and Kos-ovars has started to learn very quickly the business models of successful western companies. A lot of entrepre-neurs in Kosovo are familiar with most of resources for making their business successful and they are using avail-able opportunities in their work, although there is a lack of some institutional conditions for doing this at a desired level, such as a legal framework, institutional support etc.

    8. What is the difference between Kosovo and Albania market, and what are the unused opportunities?- It is difficult to elaborate in several words but there are differences in several aspects. Majority of differences are

  • Slovensko-Kosovsko Poslovno ZdruenjeShoqata Afariste Slloveno-KosovareSlovene-Kosovo Business AssociationSlovenako-Kosovsko poslavno udruenje

    A learning cornerEtiquette, manners, and cross cultural, or intercultural communication have become critical elements required for all International and Global Business executives, managers, and employees. As international, multinational, transnational, multi domestic, and global business continues to expand and bring people closer, the most im-portant element of successful business outcomes may be the appreciation and respect for regional, country, and cultural differences - known as cultural diversity.Some tips & advices to good business etiquette which are very welcomed to anyone in business world and which would be respected as well:

    Writing Emails- Always specify and fill correctly subject field.- Respect other peoples time, keep your messages short, and do not forward messages with three pages before the message content of the information you want to send.- When you respond to questions that have been sent to you via e-mail, copy only the questions, then give your answers.- Be careful with automatic reply or reply to all: it may happen that your answer goes to the long list of groups instead of a person whom you wanted to send e-mail- Address and sign your e-mail.- DO NOT WRITE IN CAPITAL LETTERS, IT IS STRESSFULand you will give the impression that you are lazy to write properly.- Minimize shortcuts to practice in e-mails ( itn,flm, KLM, etc. btw.)- Attention to grammar and spelling!- Minimize chain messages, jokes and other personal e-mails (that people more often comment on).

    When using telephone- Make calls during regular working hours.- Prepare before you call.- Prepare to leave the appropriate message (includ-ing name, telephone number) to reception/wife or secretary camera automatically.- Respond to messages within 24 hours.- When answering calls, answer after the third or fourth ring and present yourself immediately.- Minimize side sounds..- Smile!Complete the sentence positively and praise the call