– changing business culture, expanding, investing in training to benefit from economic boom

By Navendra Seoraj
GUYANA is fast becoming a business magnet, attracting major foreign and local investors who are keen on pumping money into this fledging petroleum State, which is anticipating an “economic boom;” something that every member of society, including “women in business,” are positioning themselves to capitalise on.

Women, over the years, have been taking a lead role in advancing the development of economies across the world. And, it has been no different in Guyana, where a business-friendly climate, supplemented by the anticipated economic ascension, is being credited for the attraction of major investors from around the world.

Hoteliers, agro processors, key players in the global energy sector and many other investors are either already in Guyana or are interested in penetrating the country’s growing economy– which has a Gross Domestic Product (GDP) of about US$4 billion.

While the intended investments are immense and provide direct employment and other opportunities, there will be spill-off benefits which would accrue to the people of Guyana, especially those who are in a position to absorb and capitalise on those opportunities.

Co-Owner of AT Investments, Amrita Rivas-Pierre, has wasted no time in analysing the local market and preparing herself to make critical decisions which would not only see her satisfying the increased demand for services, but maintaining her initial focus which she has a true passion for.
Rivas-Pierre was among some of the enthusiastic female entrepreneurs who were showcasing their products/services during the first virtual Women in Business Expo, organised by the Sonia Noel Foundation of the Creative Arts (SNFCA).

According to the entrepreneur, AT Investments specialises in immigration consultancy but also offers paralegal services, sourcing and brokerage, and real estate.
“Our main focus is on providing services which are fast, reliable and accurate…We have helped other businesses regularise their operations because we know the legal side, so we were able to give them that service, among other things,” said Rivas-Pierre.
Years of practice has made the entrepreneur an expert in her field and has also afforded her the opportunity to build a reputable brand, which she anticipates will attract businesses and individuals from a wide spectrum, in the coming years.

CONTRACT-BASED OPPORTUNITIES
In order to capitalise on the potential opportunities, which would stem from a rise in economic activities, Rivas-Pierre has started to recalibrate her business to focus more on contract-based opportunities, since many foreign companies and individuals are reaching out to AT Investments for matters related to immigration.
“We will be going into more contracts because if I do this full-time it closes the other operations and defeats the purpose of what I worked hard to create… so, we are making room to be of service to everybody, whether company or individual,” said the entrepreneur.

She admitted that the rapid growth was unexpected, but she has been upgrading her business to deal with the increasing number of clients.
Owner of Rejuvenate Health Spa and Salon, Samantha Henry, has also started to upgrade her business to capitalise on the growing number of opportunities.
“We are preparing ourselves for the increase in activities… I am preparing to do a course called medical nail technicians, which would equip persons to work with podiatrists and deal with diabetic issues and other feet-related problems,” said Henry in an invited comment on Friday.

She said the business operates under the slogan, “renew, relax and be revitalised”, which has served as a guide for her operations and as encouragement for customers.
In anticipation of an increased number of customers, Henry said, she enrolled in, and completed, a course called ‘causes’ administered by an institution from North America. This, she hopes, will boost their reputation and increase traffic to the establishment.

Henry and other female entrepreneurs, who were present at the expo, encouraged their fellow women to also capitalise on the potential opportunities by joining the local business community, which is dominated by male-led operations.

A report titled “Women in Business and Management,” done by the International Labour Organisation (ILO), had cited a study which was conducted on almost 13,000 enterprises in 70 countries.

The study found that more than 57 per cent of respondents agreed that gender diversity initiatives improved business outcomes.
Almost three-quarters of those companies that tracked gender diversity in their management reported profit increases of between five and 20 per cent, with the majority seeing increases of between ten and 15 per cent.

The report says that the beneficial effects of gender diversity begin to accrue when women hold 30 per cent of senior management and leadership positions.
Almost three-quarters of the enterprises surveyed had equal opportunity or diversity and inclusion policies. However, the report stated that more specific actions are needed to ensure that women are visible and promoted to strategic areas of business.

GROWING ROLE

A past report had quoted President of the Georgetown Chamber of Commerce and Industry (GCCI), Nicholas Boyer, as saying: “The role of women in our society is growing. We are seeing a new Caribbean woman emerge, one who is very educated, dedicated and desirous of moving forward. At GCCI it is our goal and desire to continue fostering and promoting the growth of this new and modern Caribbean woman.

“The next wave of growth is going to come from these women-owned enterprises. They’re going to start out as small and medium size enterprises but flourish into full corporations employing hundreds of people and we as the Chamber of Commerce have to be there to help accelerate that growth. We’re excited for that and we’re excited for the future as we continue to see these ladies do and expand,” Boyer said.

The Women in Business Expo was a clear indication that women had responded to the call, as there were persons who were involved in various aspects of business, offering beauty products, furniture, detergents, planting services, and a plethora of other things.

The novel coronavirus (COVID-19) has no doubt stymied growth in this and other areas of development, but Noel said the expo served as an initiative to build momentum for next year and instill confidence into persons who would have otherwise been discouraged by the economic decline.

“Sometimes people doubt themselves, so we need more people to say I can and want to do this… we want them to see this and say if she could do it, then I can,” said the entrepreneur.
She encouraged people to cultivate a liking for creativity, as this will determine their ability to progress and capitalise on the potential widespread opportunities.