During times of crisis, as many are all too familiar with, companies are forced to become more agile in order to survive. For many firms this has come down to cutting costs and focusing all available resources on sustaining business. Though these tactics may not be the ideal solution for young firms looking to grow their business, in many cases it’s done simply so the firm can stay afloat until the market picks up.
However, it seems some Hungarian firms have figured out what international firms have known for a while: during times of crisis, you can actually improve your business if it’s done right. Finding a new target market, tailoring your product or service offering to the changing environment, and focusing on keeping your current customers through customer service programs can all help strengthen or even grow a company.
As a relatively young accounting firm, MS City Treuhand Kft is one company who has found some light in this economic darkness. The Hungarian-owned firm recently announced an expansion of service offerings. Most notably, the language capabilities, now officially adding English to the firms traditional Hungarian and German offerings. This expansion looks to capture a greater share of the international SME market, one that is expanding in Hungary.
An example such as this gives evidence that Hungarian SMEs might be more resilient and innovative than they are sometimes thought to be. Learning to survive when faced with external factors leads the way for Hungarian firms to be competitive with some of the most well known international firms.
In order to fully facilitate the English language accounting, tax, and bookkeeping services, MS City Treuhand Kft CEO, Nóra Maár explains: “We’re excited to move into a tri-lingual market and believe it is congruent with the market demands, specifically the number of English speaking firms in Hungary. To support this initiative, we hired an additional representative fluent in English and German. In addition, we have a staff member from the United States to complete our in-office international community.”
“We really wanted to get involved with the international community here in Budapest,” explains. Maár. Subsequently, her firm joined the American Chamber and is actively attending other international networking events. One of their staff members, Katherine Zibell, also holds a leadership role in the Professional Women’s Association.
MS City Treuhand Kft recently moved from their old office on Fekete Sas utca to the new Bécsi Corner office building in Óbuda. All of these changes come in the wake of perhaps the biggest change in the company’s short history, their merger with Moore Stephens Hunaudit 2000 Kft to create Moore Stephens Budapest. The merger will be finalized late this summer, making it the largest Moore Stephens member firm in Hungary. Moore Stephens is an international network with 630 member firms in 98 countries.
The upcoming merger is set to improve international business relations as well. In 2009, Moore Stephens had their technical training conference in Budapest, bringing more than 100 visitors to the city.
So even though the economic crisis may be seen as a short term set back, it has the potential to reign in greater profits for innovative Hungarian-owned companies in the long term. (press release)