Estonian businesses are feeling the squeeze from rising taxes and economic pressures, creating a complex environment. But with every challenge comes an opportunity to stand out. When competitors are cautious, those who invest in smart differentiation can gain a real advantage. Kristi Hõrrak, CFO and Board Member at Finora Bank, shares three strategic steps to help Estonian companies navigate these tough times and even turn them into opportunities for growth.
Lead with Sustainability
Sustainability is fast becoming a baseline expectation, especially from clients in environmentally conscious regions like Scandinavia. If you’re serious about capturing this market, start with measurable actions: reduce waste, cut emissions, and consider cleaner technology. “A lower carbon footprint isn’t just good PR – it’s a strategic advantage in today’s competitive landscape,” explains Kristi. Finora’s mortgage loan is one tool to support businesses in financing these green initiatives, letting them confidently step into a more sustainable future.
2. Make AI Work for You
If AI seems like a future goal, think of it instead as a powerful tool to reshape operations today. “Imagine the impact of email and Excel replacing paper-based work 20 years ago – AI is doing that now, but on a far bigger scale,” Kristi says. Artificial intelligence isn’t just another tool in the box; it’s a smarter, faster way of handling data, supercharging automation, and enhancing digital efforts. From streamlined workflows to more engaging customer experiences, AI can transform how businesses operate. Strategic investments in AI now can help businesses stay ahead of the curve for years to come.
3. Keep Sales Front and Center
In a world of “green” and “digital” buzzwords, it’s easy to overlook the basics. Yet systematic, consistent sales efforts are as crucial as ever. As Kristi points out, “No matter how innovative or sustainable your business is, those strengths need to be in front of your clients.” Smart investments give you stronger selling points, but you need to communicate them effectively. Showcase how your offerings bring added value, especially as efficiency and sustainability gain importance. Now is the time to build deeper client relationships, establish your brand’s value, and secure a lasting place in the market.
Tough times present real opportunities for those who know how to make the most of them. Kristi’s advice is simple: be bold, make today’s opportunities work for you, and use every available resource to your advantage. By embracing these strategies, businesses can come out of challenging times not only resilient but thriving.