Business must change its ways in order to be able to see new opportunities. This was one of the main conclusions drawn during the seminar that took place in Varna under the title “Small and Medium Enterprises Combating the Crisis” with the participation of the famous Italian consultant Paolo Ruggeri and organized with the support of UniCredit Bulbank. The largest bank in Bulgaria is a traditional partner of the small business sector by offering all products necessary for the development of SMEs.

Bulgaria’s GDP in 2008 reported a growth of 6% yoy and in 2009 the economy lost 5.5%. In the following years GDP slowly started recovering its growth, at 0.4% in 2010. The expected economy growth this year is 0.8% and in 2015 the growth of GDP will be 3% up compared with its growth in 2008 according to the data presented to nearly 200 representatives of small and medium companies from Varna region during the seminar.

“The economy, however, will not return to its 2008 pre-crisis level and we have to modify even our successful strategies because the economy is undergoing a transformation and our old ways will not work for us any longer” explained Paolo Ruggeri. Almost 25-30% of the companies in Europe are increasing their sales. In analyzing their operations Ruggeri, who is a consultant on entrepreneurship and leadership, finds 6 common strategies applied by them.

1) Taking a look inwards

The first strategy for successful business suggests that the reasons for the failure or the difficulties experienced by a company have to be sought inside the company instead of in the global economic crisis or the decrease of GDP, for instance. According to Ruggeri, most often the majority of the managers do not look for deficiencies within the company, although many times the key to success is to be found there.

“Managers can be the greatest asset of a company, but also its greatest liability. That is why when sustainable results are absent, we must try to find the reasons for this in the management first”, said the Italian consultant.

2) Going out of the comfort zone

The second strategy for successful business advises managers to be innovative and to create new products and systems. Ruggeri’s professional experience has convinced him that working 12 hours a day would not be enough nowadays if performing the same routine activity each day, because staying in the comfort zone prevents creating new added value.

“People have ideas about what they should do in order to succeed but they do not dare implement them. Success involves doing things you fear”, pointed out Ruggeri.

3) Investing in marketing

Research of successful businesses in Europe indicates that successful companies regularly invest funds for research of the market as well as of the changes in customers’ needs.

“Money does not disappear, it only changes hands. In each industry there is always something which is in greater demand and research is essential for finding out what it is”, explained Ruggeri.

4) Monitoring finances on a regular basis

The fourth success strategy states that sales and cash flows have to be measured and analyzed each month in order to be able to take prompt measures if needed.

5) Human resources management.

“How good a business idea is can be measured by the number of people supporting it” shared Ruggeri with the representatives of Bulgarian business. He strongly believes in the commonly known statement that people are the most important asset of a company and that is why it is important that managers improve their staff selection strategies and staff motivation approaches.

6) Motivation.

As regards motivation, research indicates that the most successful companies succeed thanks to strongly motivated managers who are able to pass on their enthusiasm to their co-workers.

“You have to work on the strengths of people because if you focus on their weaknesses, their strengths will start to diminish”, said Ruggeri. He advised entrepreneurs to formulate clear goals for their employees and to commend them even for small achievements.

About Paolo Ruggeri:

Paolo Ruggeri is one of the founders and a partner in Mind Consulting, Italy, which is the largest Italian firm for small and medium enterprises consulting. Paolo is an expert on leadership, human resources management, staff training and has written several books on these topics. He has led many inspiring trainings and presentations in Europe and the USA. Paolo is a leader who does the things he talks about and through his speeches he has been a true inspiration for tens of thousands of people worldwide. Many small and medium enterprises have availed themselves of the efficient tools and concepts that he has developed to help their growth. His is a first-hand experience, gained through extensive work.

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