Compliance expert shares the real tips to starting and sustaining a business in Guyana

FROM challenges in compliance and certification to hurdles in understanding expenditure and capital, building a successful business comes with its own set of challenges. One of the leading challenges and complaints from new and emerging entrepreneurs is the lack of available information. But with the new age of technology and Guyana’s business sector being more vibrant than ever before, now may be the best time to open a business or even a side hustle of your own.

Fractional Chief Compliance Officer and head of EICCIO Advisors, Theon Alleyne, says, contrary to popular belief, Guyana has no shortage of business help and information; however, it is simply up to entrepreneurs to seek it out. With over 25 years of experience, Theon Alleyne is one of the most familiar and respected names in Guyana’s business and compliance sphere. With a background as a paralegal, Alleyne made the shift to compliance early in his career. Since then, he has worked with hundreds of businesses, not only helping them meet certain standards but also seeing them grow and develop.

Today, he also serves as Secretary and Public Relations Officer for the Region 3 Essequibo Islands–West Demerara Chamber of Commerce and Industry (R3CCI) and is a Board Member and Chairman of the Services Subsector for the Guyana Manufacturing & Services Association (GMSA). This week, he spoke to the Guyana Chronicle, where he shared some of his biggest business do’s and don’ts, hard-earned lessons that highlight why, while it may take a bit of extra effort, doing business in Guyana is worthwhile and arguably easier than ever before.

The Do’s and Don’ts of Business
Drawing inspiration from the growth of his own business, EICCIO Advisors, Alleyne explains that there are a few leading factors that can significantly impact and even determine the success of a business. The first of those factors, he notes, is leadership, or what he calls “the tone at the top.” Shedding some light on the importance of this, Alleyne explained that “The commitment of leaders to either follow rules or the commitment of leaders to lead ethically plays a significant impact on a company’s success.” He further added that “Every day, you can read in both local, regional or global news about company leaders who, in order to meet metrics or in order to meet personal or organisational goals, choose a particular decision that leads to the unravelling of the company. So, leadership is critical.”

Another often overlooked factor, he said, is the role of the customer. While many businesses invest time and energy in perfecting their products or services, Alleyne reminds entrepreneurs that customer service can make or break a business. “The second thing that’s really critical to companies and affects their success or failure is focus on customers,” he further shared that, “Focusing on customers is critical because when a company focuses on delivering customer excellence, the company thrives. When a company starts to cut corners and does not live up to customer expectations, generally, they are violating some compliance rule. There’s a correlation between great customer service and great customer excellence and a company being compliant in its obligation.”
The third trait of a successful business, according to Alleyne, is innovation. Even some of the world’s oldest brands continue to shift, grow and evolve, and that, he says, is something every business should aim to do, no matter its size. “The third one is on innovation. Companies that work on being innovative and being able to step up and provide solutions that customers may not even know that they have or they want are the ones that thrive. Companies that are delivering solutions that are needed in the marketplace succeed because there’s an absolute need for it. And once they can present in a way that the public can understand and adopt, they’re going to grow quickly,” he said.

Business in Guyana, opportunities and challenges
Even with a strong understanding of the foundational elements of business, Alleyne says entrepreneurs in Guyana face a few unique challenges. Most of Guyana’s business sector comprises small and medium-sized enterprises (SMEs), which account for the majority of the commercial landscape. Many of these businesses are focused on making ends meet, but in that daily grind, the value of good advice is often neglected. “Small company owners are trying, they’re just trying to survive, they’re just trying to provide for their family, they’re just trying to serve the few employees they have and their customers. Often when they’re doing that, they’re not giving themselves the opportunity to find entities or persons that can act as their advisers on some of the boards so that they can grow,” Alleyne explained.

In many cases, these small businesses do not have a formal board of directors—a structure that provides critical feedback, governance and accountability. Alleyne suggests that even if a business can’t form a full board, they should create some alternative support system. “A medium to large company would generally have a board of directors. A group of people providing advice. And smaller companies tend not to have that, but they need to find a replacement for that,” he further noted that, “If they find a replacement for that, the typical problems and challenges they’re having, they might have someone being able to mentor them or a group of people being able to mentor them, maybe at little or no cost at all, so that they can be more successful.”

Alleyne strongly encourages SMEs to seek mentorship and business guidance through chambers of commerce or industry groups. “For all the medium companies, one great opportunity is for those companies to seek out mentors. And that might come in the form of chambers of commerce, or even to some extent, a small business group or institutions in Guyana that can provide that,” he said. He also shared that staying attuned to industry shifts and global trends is essential. “The biggest opportunity there is understanding their industry and where the world is going,” he added that, “Even those medium and large companies, many of them are family-run, family-owned. And a lot of them are focused outwardly to understand the truly changing dynamics in the marketplace.”

That outward focus is becoming increasingly crucial as local businesses face growing competition from regional and international entities. “The local approaches that businesses have taken in the past for success, those local approaches are going to start to erode because the entities coming in are more regional and global in nature, and they’re leveraging different tools for success,” Alleyne shared.

But the good news? There are resources to help.
Alleyne pointed to a number of programmes, including incubators and trade desks, that offer free guidance, sharing that, “The private sector commission and most of the chambers of commerce are providing incubator services where they’re advising businesses on what to do to succeed. Businesses can apply. They are going to go through an assessment, and then they’re going to get advice on the things they need to change to be able to succeed, and that is free. Information is there. People just don’t seek it out.”

He added that, “I know the Georgetown Chamber of Commerce has a programme for its members, the Private Sector Commission of Guyana, which most chambers of commerce are a part of—they have a trade desk programme that has been launched, and so this service is available to businesses. I know that the Women’s Chamber is partnering with the IDB to work on women initiatives. There are free resources out there for businesses, and I think businesses can avail themselves of this, and they’ll be successful.”

Theon Alleyne’s advice highlights a simple yet often overlooked truth: success in business doesn’t come from luck alone; it comes from seeking knowledge, listening to guidance, and remaining adaptable in a changing world. And in today’s Guyana, the tools for growth are within reach. All that’s left is for entrepreneurs to take the first step.