SURVEY “SIMPLE QUESTIONS TO UNDERSTAND HOW COVID-19 IS AFFECTING YOUR BUSINESS IN BULGARIA”
Results and Analysis April 2020
OUR SURVEY
LAUNCHED APRIL 12, 2020
CLOSED ON APRIL 24, 2020
TOTAL ANSWERS: 89 RESPONDENTS
Business Sector
8%
Number of employees
100-500 7%
8%
7%
29%
more than 1000 8%
29%
19%
services to the public
tangible B2B services
between 10 and 50 31% B2C manufacturing
intangible B2B services
B2C manufacturing
trade
business services
agriculture
railway signaling
less than 10 54%
Geographical location including branch offices 14% 7% 30% 29% 20%
North
East
South
West
Sofia
Most of the respondents did not leave Bulgaria Did you and your family leave Bulgaria because of the outbreak? Our projects in the country are suspended due to force majeure I don't live in Bulgaria
When permitted by the competent authorities Yes, but we don't plan to return Yes, but I have already returned Yes, but we'll be back soon Yes, but only temporarily Yes, but we'll be back in a few weeks Yes, but I intend to return soon; my family will join me No 0
10
20
30
40
50
60
Company operations have been partially restored Did your company restart the operations? 35 30 25
20 15
30.8
10 15.4 10.7
5
9.7
5.7
7.7
2.5
0
Partially
Completely
We never closed
Only when the I plan to restart in a I plan to restart in a infection is under few days few weeks control
Other
Government measures to contain infection and fear of infection have been the main obstacles to reopening the company Which are the most important difficulties in re - opening? 45 40 35 30 25 20 15 10 23 5 0
40
35.7
7.1
4.5
6.5
7.7
5.2
3.5
7.1
Smart working is the preferred measure adopted by respondents in the company Did you implement any of the following measures? 40 35 30 25 20 15 10 5 0 Telework chosen by employees
Telework obligatory
Annual vacation
Staff reduction
Salary reduction
Salary reduction and telework
Payment of overtime for a limited period
No measure
Smart working has been a key driver for ensuring the continuity of work processes and the effectiveness of results What is the impact of smart working on your processes’ efficiency and effectiveness?
6%
7%
10% 6%
38%
33%
extremely high
very high
moderate
no impact
not applicable
other
Respondents are quite optimistic about a return to normal When does your company anticipate the situation and your operations will return to normal? 40 35 30 25 20
37.2
15 25 10
18 11
5
8
0 Less of 3 months
Between 3 and 6 months
Between 6 and 9 months
More of 9 months
Other
The impact of Covid-19 on business will be very significant Which impact do you foresee the outbreak will have on your revenues?
13% 7%
38%
23%
19%
Positive impact
0 - 10% drop
10 - 20% drop
20 - 30% decrease
More than 30% drop
The decreasing demand and the regulations imposed for the containment of Covid-19 represent the main concerns of the interviewees What worries you most about the future of your business in Bulgaria?
15%
15%
6% 14%
6%
44%
Difficulty in serving customers
Difficulty for suppliers
Low demand
I'm not worried
The local government will support local competitors
The business stopped due to Covid-19 and regulations
Respondents believe that Covid-19 will have an extremely important impact on Bulgaria's economy What will be in your opinion the negative impact of the outbreak on Bulgaria 2020 GDP? I don't live in Bulgaria
4
Somehow relevant
18
Very important
45
Extremely important
33
0
5
10
15
20
25
30
35
40
45
50
Concerns about the future together with a continuous commitment to conduct investments in Bulgaria are the opinions of the headquarters of the companies interviewed What is the reaction of your headquarter to the outbreak? Moderately concerned about the future 13%
Still fully aware that Bulgaria is our important priority 19%
Decision to reduce investment in Bulgaria 6%
Very worried about the future 29%
Still fully engaged in conducting the investment in Bulgaria 33%
A rather satisfactory response from the interviewees regarding the management of the Covid-19 crisis by the Italian government What do you think the way the Italian Government managed the outbreak? 45 40.5
40 36.1
35 30 25 20 15
10 7.7
7.6
5 0 Very satisfying
Satisfied
Neither satisfied nor unsatisfied
Unsatisfied
Access to tailor-made services, more information on Italy and Bulgaria together with the exchange of good practices are the preferred choices of the interviewees What support do you need from ICCB? Provide masks or medical material
2
Promotion of Italy
15.6
Help us understand if there are loans for small / medium-sized companies from the Bulgarian government
6
Access to customized services
24.5
Promote contacts with local authorities
6
Provide advice on corporate risk policy choices
10
Provide specific recommendations to businesses
17
Provide good practices from other associates / companies
32.5
Provide more information on Italy and Bulgaria
26.5 0
5
10
15
20
25
30
35
E-commerce and digital transformation are the most "attractive" themes for respondents Which of the following topic you consider relevant for your business to be included in ICCB webinar series planning?
How to increase promotion and marketing in the company in the Covid-19 era 12%
How to use e-commerce as a key to overcoming the Covid19 crisis in the company‌
Other 5%
Covid-19 in Bulgaria in light of recent economic measures 19%
The digital transformation in the time of Covid-19 24%
How to protect employees from Covid-19 11%
ICCB is fully committed in information, MSMEs assistance and tailormade services to associates and economic operators.
THANKS to help us work better and better