The Covid-19 pandemic has disrupted day to day business and created new headaches and challenges, which an increasing number of companies have chosen to keep to themselves.
New research by Danske Bank among small and midsized companies in Denmark shows a decrease from February to June in the number of companies relying on advice from their networks, consultants, accountants or banks and a corresponding increase in the number of companies choosing to troubleshoot on their own.
The development is understandable in a time of urgent crisis management but it is nonetheless concerning since a crisis can make it all the more critical to get new ideas and input from the outside in order to adjust the business to new realities, says head of business customers at Danske Bank, Niels Bang-Hansen.
”Many businesses are challenged, and their plans and goals may have been temporarily shelved but it is nonetheless during a crisis that companies can benefit the most from input and advice from their network and external business partners in order to adjust and refocus the business to new realities. In that light, it is concerning to see the increase in the number of companies choosing not to ask others for advice at a time when an outside perspective could be most valuable, says Niels Bang-Hansen.