Taxes, costs and trained personnel, the biggest problems for companies
- CNC
- Jun 22, 2023
- 2 min read
The Universidad del Rosario and EL TIEMPO presented a study on the business climate in the country.
The Universidad del Rosario together with EL TIEMPO Casa Editorial and the Centro Nacional de Consultoría presented the results of the first major study on the business climate in Colombia.
This edition continues the segment on the opinion of citizens in relation to this same topic, published on May 3, and which concluded that greater harmony between the public sector, businessmen and universities is essential.
The Business Survey had the participation of 1,002 companies nationwide from all economic sectors and sizes. Specifically, 39 questions were asked between April 5 and May 29, 2023.
The companies surveyed are engaged in activities such as coffee, trade, livestock, infrastructure, sugar mills, mining, oil, coal, gas, rice production, and tourism.
What do businessmen think?
69 percent of the country's businessmen believe that for the country's wealth to reach all Colombians there must be coordinated work between the national and local governments, the business sector, and universities. Only 19 percent believe that it is a task that corresponds to the National Government.
It is striking that 66 percent think that Colombia is one of the worst countries in managing its wealth, 58 percent think the same about the conditions to create and grow a company.
The top five problems facing companies in the country, regardless of their size, are high taxes (59 percent), input prices (31 percent), getting trained personnel (31 percent), interest (28 percent) and reduced sales (28 percent).
Discriminated by sector, those engaged in oil production have greater difficulties due to high taxes, reduced sales and legislation. In mining, they lead paperwork, having technology and/or machinery to compete, and high taxes.
Meanwhile, companies in the tourism sector say that the main problems are related to high taxes, reduced sales and interest rates. Construction companies are also affected by not being able to get trained personnel.
Entrepreneurs were also consulted about their prospects for 2023 and most assure that sales (38 percent) and profits (46 percent) will decrease this year compared to what they reported in 2022.
Regarding investments, 38 percent believe that there will be no changes in 2023, as in the hiring of new employees (47 percent) and the plant of employees (54 percent).
The survey also revealed that respondents consider that there is little (65 percent) or none (32 percent) protection for companies in the country. In addition, 79 percent assure that the relationship between companies and the Government is one of mistrust and 64 percent affirm that the contribution they are making to the future of the country is not recognized.
Along the same lines, they say they receive more support from the communities where they operate (32 percent), than from the national (7 percent) and local (5 percent) governments and from banks (13 percent).
Article taken from eltiempo.com
By Lina Quiroga Rubio
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The findings in this survey highlight the real concerns of Colombian businesses, especially around high taxes, rising input costs, difficulty finding trained personnel, and declining sales. It's also interesting to see the emphasis on stronger collaboration between government, businesses, and universities as a path toward sustainable economic growth. As companies continue to invest in digital transformation to improve efficiency and remain competitive, technologies powered by AI are becoming increasingly valuable. Reliable Image annotation services provide the high-quality training data needed for computer vision applications across sectors like agriculture, infrastructure, mining, and tourism, helping organizations automate processes, gain actionable insights, and make more informed business decisions in challenging economic conditions. Great analysis backed by meaningful survey data.
It is incredibly eye-opening to see the stark contrast between how much Colombian citizens value entrepreneurship and the actual harsh reality businesses face on the ground. According to this study by Universidad del Rosario and EL TIEMPO, a staggering 58% of businessmen feel the conditions to create and grow a company are among the worst, and a massive 79% describe their relationship with the government as one of outright mistrust.
When you look at the top five operational hurdles—especially high taxes (59%), dwindling sales, and the massive 31% struggle to secure trained personnel—it highlights a major bottleneck in the country's development. This is precisely why the study's call for a "coordinated harmony" between the public sector, businessmen, and universities is…