The question can indeed be asked for Bulgaria. I would have expected that the crisis would start, driven by the local real estate market collapse. I was wrong, at least for the time being. This should not really be a reason for consolation.
Indeed, the crisis that has started in America and spread to the world is in itself much more serious. The crisis of the real estate industry would have had a limited impact on other industries. An international slowdown will affect and is already affecting most of the exporting companies and most of their suppliers.
A dramatic order reduction of sometimes 30% to 40% leaves few survival strategies open, especially if the management is concurrently pressed to increase the salaries of the employees by 20% to 30% and if the gas prices increases by 20% to 40%.
To drive cost down and thus increase productivity is actually the only possible strategy. Productivity levels of 30% and non value-added activities cannot be tolerated any longer, should you want your company to survive this recession.
Do not lose time looking for excuses not to act, act now, so that you can save enough cash to survive the drought. Do not hesitate to call us if you want to establish a check-up of your company, we are the only consulting company in Bulgaria advising large and small businesses on productivity and restructuring.
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