Bankers, Consultants Dropped by Danish Firms Coping with Covid

(Bloomberg) -- Companies in Denmark are forgoing use of bankers, consultants and accountants as they cope with challenges posed by the pandemic, new research from Danske Bank shows.

The percentage of small and medium-sized business relying on outside expertise fell in all categories, according to a survey by Denmark’s largest lender, which looked at firms’ “preferred choice of counseling.” Banks and networks in particular fell out of favor, dropping by roughly a third.

“Many businesses are challenged, and their plans and goals may have been temporarily shelved,” Niels Bang-Hansen, head of business customers at Danske, said in a report.

Companies’ shedding of outside advisers comes amid increased uncertainty over how much they’ll be able to sell this year. The number of companies that expect revenue to fall more than 10% almost tripled, to 11%, since the pandemic hit, according to the survey.

For its part, Danske is advising businesses to seek outside guidance. “It is risky for a company to think that it can deal with a crisis of this magnitude entirely on its own,” Bang-Hansen said.

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