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Test the strengths and weaknesses of your business
Economics

Test the strengths and weaknesses of your business

14.07.2015 From our online archive
The Luxembourg Economy Ministry has launched a new online tool to help companies assess their strengths and weaknesses with a view to improving their business.

(CS) The Luxembourg Economy Ministry has launched a new online tool to help companies assess their strengths and weaknesses with a view to improving their business.

On business-check.lu small and medium-sized enterprises (SMEs) can fill out a self-assessment form including questions on the company's strategy, organisation, customers and financial performance. In a second part, entrepreneurs are invited to provide accounting figures.

By analysing both sets of data, the tool generates a report on the business, including proposals for improvements.

The Economy Ministry ensures the protection of data. The questionnaire is filled out anonymously and is free of charge, available in German, English and French.

Economy State Secretary Francine Closener at the launch of business-check.lu on Tuesday commented that the tool was another step in promoting entrepreneurship in Luxembourg and supporting new as well as established businesses.

“We are now able to offer existing SMEs free access to a self-assessment tool designed to measure their commercial maturity, with a view to adapting, where necessary, the way in which they are organised or their business plan,” she said.

The tool could even help detect early signs of possible insolvency or bankruptcy, she added.

SMEs wishing to seek further advice based on their business-check.lu review can seek state support in the shape of financial aid for consultancy services. More details are available on guichet.lu

Earlier this year, the National Agency for Innovation and Research (Luxinnovation) together with the Economy Ministry launched another project for SME support, the Fit for Innovation programme under which companies can sign up for consulting services and then move on to set out concrete goals to introduce business-improving changes.

Luxembourg earlier this year had announced that it wanted to make SMEs a priority during its presidency of the Council of the European Union, for example by moving forward the Small Business Act.