general/economy

If you work somewhere, you better make sure you have fun. That you are doing something that energises you, with people around you who also energise you. Working life is too long to get out of bed with lead in your shoes and drag yourself to the office. If you now think 'oh, but that doesn't matter, I never really feel like working, but I have to', then you probably don't belong here. 

Rik Broekman, Head of Commercial Atradius Credit Insurance Netherlands, is quite clear: many entrepreneurs will continue to be positive about the developments of their businesses in the second quarter of 2024. Despite continuing high costs, falling sales and the ever-increasing impact of geopolitical developments, most sectors in the Netherlands are still doing well. Nevertheless, several industries are also suffering from challenges.

Reading the news, you sometimes get depressed about the many negative reports. Especially when it comes to the economy. Numerous doomsday scenarios pass by, but how are things really going?

Arthur Schellekens, Country Manager Netherlands at Coface, has been with the organisation that helps global entrepreneurs make credit decisions for 24 years. Some 100 professionals work at the credit insurer in the Netherlands, while worldwide there are thousands of employees operating from 100 countries. Despite its size, the French organisation has managed to create the same DNA everywhere. Customers notice in everything that the insurer is involved with them, that it really helps them. The working atmosphere is very pleasant and there is a high willingness to cooperate and celebrate successes. And that is exactly why Arthur has never left Coface. 

The EU has declined economically since the introduction of the euro. The US economy is 30% larger than the European one. Johan Geeroms, Director Risk Underwriting Benelux Allianz Trade: "At Allianz, we fear that German automotive companies will go to China at some point. People produce cheaper there, it is the biggest market and China has lithium and other critical materials. This is going to have huge implications. Just looking at that the Netherlands depends on exports to Germany for 60%. The further you do business from home, the more dangerous. Therefore, differentiating your portfolio and knowing your customers is of utmost importance. The risk of bankruptcy is always there and it only takes one big customer to go bankrupt to put a company in serious danger."

Two entrepreneurs who started for themselves in the oil bunkering business in 2013 have grown into a wonderful company with mega sales. At the time they started, they were allowed to exclude their large customers from coverage. On paper strong debtors, yet we advised the start-ups not to exclude any customer. Just insure everything, including that strong market-leading company, where the gentlemen had an outstanding claim of millions of dollars. Xolv Partner Jeroen Ottevanger explains further.

The Egyptian pound plunged precipitously last week. By moving to a more flexible exchange rate, the country kills two birds with one stone. The tourism industry gets a boost and on top of that Egypt receives a hefty IMF support package.

Have you reached an age where you are thinking of quitting your business and have no successor or do you believe that the phase your business is in no longer fits well with your personal qualities and ambitions? Then selling your business might be a good solution. But selling your life's work is not something you just do on a back afternoon. No, something like this requires a lot of thought, preparation and often an emotional process to arrive at this drastic step. So what are some of the things you need to look out for as an entrepreneur?

French President Emmanuel Macron's recent claim for a "European strategic autonomy" clashes with reality: "the supremacy of the US dollar". Talks about the Chinese yuan challenging the US dollar as the main currency standard have intensified in recent months. For instance, France and China completed their first LNG transaction in RMB and China and Saudi Arabia agreed to build a refinery for RMB 83.7 billion without payment in USD. This is, of course, positive. But let's face it, unless there is a dramatic geopolitical and financial shift, it will be decades or maybe even longer before the RMB becomes a serious competitor to the US dollar.

As an entrepreneur, you are always looking for opportunities, for new sales markets, for new cooperation partners. And those opportunities also lie beyond the borders of the Netherlands, of course. Naturally, doing business internationally also involves risks. What about currency fluctuations? Just to name one example. To manage risks, you will first need to have an overview of what risks there are. We list some of them: