WHILE some may still be perplexed as to how to utilise this downtime beneficially, one business entrepreneur says that business owners can maximise the opportunity available to garner more revenue and attract more clients to their businesses.
In an interview with the Guyana Chronicle, proprietor of the Dover Waterproofing Technologies Incorporated, Kathy Smith, made it clear that one can use one’s idea and establish a partnership with a view to attracting clients.
“The situation is external not internal. Take stock of what is happening and re-examine your mission and business purpose”. She added.
Smith urged businesses to reach out to their clients and let them know of their continuing service and their COVID-19 emergency plan.
Smith also emphasised that it was a good opportunity for the business person to connect with persons via social media platforms such as Facebook and promote new products. She felt that diversification was an important strategy that would contribute to the availability of new products and services.
The Entrepreneur noted that it might be expensive to launch a new product for one‘s business, but some arrangement can be worked out with clients to have products delivered. Such will encourage them to give support.
The Entrepreneur cited examples of major corporations, both locally and internationally, which were prime examples of business diversification.
Mention was made of Ford and Tesla which are now making ventilators for hospitals which are caring for COVID-19 patients.
“You as an individual can use your hidden talents, become an authority in what you are doing and speak on it via social media platforms.
Reach out to other business owners in your industry and enquire of the possibility of establishing a partnership.”
Small businesses in Guyana have begun receiving grants, as part of the government’s Small Business Relief Grants and Services Initiative. The relief is intended to strengthen and sustain small businesses. Training is expected to be engaged in with the relief received. Partnerships can certainly be considered by the owners of small businesses. Such will contribute to the retention of employees.
Earlier this year, Guyana Revenue Authority, in an effort to support businesses and individuals who have been socially and economically disadvantaged by COVID -19, approved tax relief measures.