During the Entrepreneurship Week, the Estonian Chamber of Commerce and Industry recognises companies that achieved the best rankings by areas of activity in the Competitiveness Ranking. In total 1,418 Estonian companies participated in the competition, the best of the thirteen areas of activity were recognised.
Mait Palts, Director General of the Estonian Chamber of Commerce and Industry commented on the most competitive companies by saying: “Each year, the high position in the competitiveness ranking comes as a surprise for many entrepreneurs who did not expect such recognition. Very often people are so focused on their activities that they fail to notice the success they have achieved,” and he added that therefore it is especially important to notice companies who are developing our business environment and whose results are an example for others. “Moreover, strong competition makes our companies try even harder and facilitates the development of our domestic market, but also enables our companies to successfully enter foreign markets,” said Palts.
“Winners of the competitiveness ranking are serious and successful Estonian companies, their financial management is kept in good order and employees are paid motivating salaries. Behind the good results are years of dedicated work and they know how to appreciate their customers and cooperation partners. Furthermore, they are able to respond quickly to the changes on the market and they are innovative,” said Marje Josing, Director of the Estonian Institute of Economic Research and added: “One flash of success is not enough to win in the Competitiveness Ranking, a company needs to be diversely strong and such result is achieved with continuous and constant good work.”
There were 1,418 participating companies in this year’s competition. Based on the data of the participating companies, the rankings were calculated based on the size of the companies in thirteen areas of activity.
Overviews by areas of activity can be found HERE (in Estonian)
The aim of the Estonian Companies’ Competitiveness Ranking is to facilitate the improvement of competitiveness of Estonian companies and thereby promote faster development of Estonian economy. The ranking highlights the most successful companies and offers a great opportunity for successful companies to introduce themselves to the public and thereby secure their competitive position even further. The Estonian Companies’ Competitiveness Ranking dates back to the year 2003.
The Estonian Institute of Economic Research (EKI) helps with the technical calculations and drawing up of the rankings. The institute cooperates with the Lausanne International Institute for Management Development. The Competitiveness Ranking highlights companies who wish to participate, meet the requirements set out in the methodology and present the necessary statistical data on last two years’ economic activities: sales revenue, net profit, labour costs, equity capital and yearly average number of employees.
Furthermore, based on the data submitted by the companies, EKI calculates various important indicators: changes in sales revenue as compared to the previous year, changes in profit as compared to the previous year, return on equity, monthly average labour cost per one employee during the reporting year, annual productivity per one employee, created additional value (in this methodology: profit+labour cost).
The Competitiveness Ranking is a part of the biggest Estonian entrepreneurship competition organised together by three organisations: Estonian Chamber of Commerce and Industry, Enterprise Estonia (EAS) and Estonian Employers’ Confederation. Winners of the Competitiveness Ranking in the categories of micro, small and medium-sized companies will be revealed on 8 October.