67% of businesses in Latvia currently experience payment delays, according to a survey among entrepreneurs performed by Okredo platform.
Every third respondent said they have not experienced non-payment or late payment of bills.
In Lithuania Okredo data indicates that 35% of businesses have not experienced these problems in recent months.
42% of Latvian businesses that experience non-payment or delayed payment of bills admit that
clients most often mention the current geopolitical and economic situation as the most common reason.
Entrepreneurs in Latvia consider presence or lack of tax debts (49%), credit history (43%), financial indexes (40%), ties with other companies or owners and board members (29%), credit rating (23%) and changes of numbers of employees (16%) as the most important factors that indicate a company’s reliability.
With economic risks on a rise, more and more companies use different open source resources or publicly accessible data about other companies to evaluate risks associated with potential and existing cooperation partners, says Okredo manager Gerda Jurkoniene.
77% of Latvian enterprises use publicly available information about other companies every day.
According to Jurkoniene, every fourth entrepreneur in Latvia admits not performing customer and partner risk evaluation at all. 23% of entrepreneurs do not use open source data in their operations.
«This could be potentially dangerous for companies, because the business of their partners can change rapidly at any moment,» stresses Jurkoniene, adding that now is the time to evaluate partners’ financial state especially carefully and coordinate cooperation accordingly.