Coface and the Chamber of commerce of Yambol offered solutions for stability of companies
On a special Round Table of the project "Business stability and growth" Milena Videnova, Country Manager of Coface Bulgaria and Stoycho Stoychev, Chairman of the Chamber of commerce and industry in Yambol presented solutions for risk management for improvement of stability of companies. The meeting of the two organizations and the representatives of local business took place on 29 October 2014 in Yambol, and the main topic was "Protection from risks of non-payment to ensure stability of companies"'.
Stoycho Stoychev presented the opportunities and services of the Chamber. He pointed out the realized European projects and the active participation of the representatives of the local business in international trainings. He highlighted the exchange of experiences
with other European countries as a key factor for increasing the competitiveness.
Milena Videnova from COFACE presented the main reasons for decreasing the competitiveness of companies, which include low productivity, the few innovations, high energy consumption, poor transport connections and access to financing difficulties.
The consequences are delays in payment and an essential part of overdue invoices transfer into permanent bankruptcy. To keep its competitiveness, however, the SME companies can continue working on an outstanding amounts using the opportunities
for researching its clients with credit reports and insuring the risks of protracted default and/or insolvency of the buyer. This is complex solution that can ensure the business stability. In the current environment companies often insist for deferred payment,
not because of its bad condition but because they need to increase liquidity. She added that „risk can be decreased by counting not only on public information but also on expert opinion, that can be requested from Coface. Good receivables management
ensure stability and contributes to increase competitiveness“.
This round table was the third of a series of round tables in the framework of the "Project for business development and growth" of Coface Bulgaria and Bulgarian chamber of commerce and industry (BCCI). The initiative has the aim to give useful know-how for stability and prevention against risks and financing the company activity, especially of SMEs. Practical solutions for cash flows management and achievement of higher competitiveness in the domestic and export markets will be discussed during the round tables. Till end of the year similar initiatives will be held in Pleven, Ruse and Varna.
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