Contemporary opportunities for trade receivables management were presented at the First Seminar of Coface in Bulgaria
Effective trade receivables management before any delay in payments is essential for the stabilization and the long-term planning of companies in the country. This was one of the main conclusions of the First Risk management Seminar of Coface in Bulgaria which topic was "Smart and sustainable growth by managing commercial risks", which was held today at the "Sheraton" hotel.
More than 60 CFOs, Risk managers and Managing directors of companies in the country, attended the event and discussed opportunities for sustainable growth in a difficult economic environment in the context of increasing inter-company indebtedness. Milena Videnova, Managing Director of Coface for Bulgaria, opened the event and outlined the framework and the additional risks generated by the crisis. Then she presented one of the latest and advanced tools for risk management - credit risk insurance. This opportunity, offered by Coface, provides substantial added value to companies in terms of preventing losses and minimizing and compensating for the loss. The President of the Association of Bulgarian exporters Ivo Todorov shared with the participants the opportunities to improve the competitiveness of Bulgarian companies in tiem of crisis. For his part, Martin Ganev present some recent and alternative opportunities for realization of assets in the current economic situation.
In his presentation, the Chief Economist of Coface France Yves Zlotovski reviewed the risk by countries - information that can be a significant benefit for Bulgarian exporters. He emphasized that nowadays global growth is highly differentiated. Emerging markets are slowing, but still have the potential for decent growth while in the Eurozone there is a recession and this is a place where risks are obvious. Moreover, emerging countries in Europe are the most affected by the crisis.
The open discussion with the participation of leading business representatives, moderated by famous Bulgarian economist Martin Ganev was also beneficial to the participants. General managers and entrepreneurs, including Vasil Mirchev, Chairman of the Board of Directors of VM Finance Group, Dmitry Baranov , Sales Director South East Europe of Metinvest Group and Ivo Todorov , CEO of Prista Oil , shared their experiences and success stories and discussed the accessibility of trade credit compared to other sources of funding, the contribution to the commercial risk management to the growth of companies and opportunities for effective management of risks for sales and profits growth.
Besides the financial aspects of the receivables management, special attention was devoted to the need for good, timely communication with contractors during the discussion. This often is an important prerequisite for good risk management and prevention of overdue payments. In this regard, Ivo Todorov , CEO of Prista Oil and chairman of the Association of Bulgarian exporters said that "prevention is always better than cure". Moreover, in the current economic conditions the leading need of each company is to maintain good liquidity - focus the efforts of financial managers, which was particularly highlighted by Vasil Mirchev, Chairman of the Board of Directors of VM Finance Group.
The need to improve the financial literacy of representatives of companies and opportunities to operate with various innovative financial instruments also becomes essential in the modern world, agreed to seminar participants.
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