Author: Raili Ilves
In certain fields, private enterprise in Estonia got off to a start even before the Enterprise Act was passed in 1989. By 1990, about 500 state-owned small enterprises and 2,000 cooperatives had been registered, employing 4% of the workforce.
Arithmetic tells us that the companies established then are now more than 30 years old. But do they take time out from everyday business operations for brainstorming on topics related to the company’s development and strategy, and if they do, how frequently? Usually, entrepreneurs respond to such a question by saying that their main line of work takes so much time and energy that it is difficult to find additional resources for a few hours of discussion.
We can help you think through your future plans
It isn’t in Grant Thornton Baltic’s power to give companies more time, but we can offer one clever solution that helps them make better use of time and think through the company’s future plans and strategy.
In cooperation with Oxford University, Grant Thornton has developed a two-hour structured conversation format called 6-box. As the name indicates, six topics are tackled, including growing the value of shareholders’ assets, engaging leadership and talent, and optimising business activity. These are currently an area of concern for most companies. We also talk about the regulations that influence business, ways of funding growth and the company’s general strategic objectives. In the course of the conversation, we lay down priorities, put the proposed solutions down into writing and give companies an overview in the form of a report that they can use to continue work. The 6-box interview is conducive to thinking out of the box.
The 6-box interview is used in Grant Thornton network companies in more than 80 countries.
Talking about the past, present and future
As mentioned above, private enterprise in Estonia started before the corresponding legislation was passed, and companies that launched active business activity in that period are now reaching the point in their life cycle where they wouldn’t be remiss to think about freeing up their schedule and pursuing other interests.
But everything requires planning, thinking and preparations. It isn’t needed by just family businesses but all companies – What are my dreams and where should our business go from here?
Grant Thornton’s specialists got together with Oxford University researchers to address this need, too, and their brainstorming resulted in a format called Owners Room. Owners Room is an appropriate venue for planning the sale of a company or a holding, bringing in a new investor, restructuring a company or handing over the reins to a new generation. It is a strategic conversation where the owner(s) ponder the past, present and future. In the Owners Room, company owners will find time and space to engage in critical thinking about their role and articulate their goals more clearly.
To help to gain an understanding of what your company or you yourself need, join us in conversation.
Grant Thornton Baltic employs experienced advisers who can assist with many issues.
Our clients include small and large companies, both businesses operating in Estonia and international corporations.
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