The mistakes that have been most costly were hasty restructuring processes, laying off many employees without a previous evaluation, fear of applying harsh measures, lack of communication with other market players and banks, and a lack of vision which prevented many managers from foreseeing the way in which the difficult economic situation would affect the business environment.
As far as the government is concerned, businesspeople interviewed by Business Standard indicated that it failed to present a coherent strategy, which led to contradictory decisions, the enforcement of a minimum tax with a specific impact on small and medium-sized enterprises, and delayed infrastructure spending and investments. Furthermore, reliance on credit lines for operations, long-term payment deadlines, a focus on immediate profits without long-term strategies, and optimism in spite of hard times ahead are now being acknowledged by businesspeople.
“Managers laid off too many people too hastily. This is a mistake that is hard to rectify and they will have problems when the economy recovers, according to the Managing Partner of Human Synergistics HR consulting company, Adrian Stanciu
“A common mistake in Romania is that, oftentimes, short-term interests are preferred, with needs met when these reach critical points,” according to the Executive Director of the Sales Division of IIRUC Service IT company, Dragos Stanescu. He added that this is not only the case with Romanian companies, as multinationals are often forced to shift their focus due to the local business environment.
