Coreas CEO Mr. Joel Providence on Sunday, while speaking on radio, gave advice to small businesses in St. Vincent and the Grenadines, calling on them to prepare for the post COVID-19 environment sooner rather than later.
“There are three basic business measures that small business should follow right now as it relates to dealing with COVID; one is cash preservation, two is cost containment, and three, which I’ve been mentioning before is, planning for the post pandemic world now, don’t wait for tomorrow.” Providence said.
He urged small business owners to do things differently and creatively.
“See how you can do things differently, creatively and find ways in which you can raise the capital through the support of new government measures.”
Mr. Providence then went on to expand more on cash preservation.
“In terms of the cash preservation, those of you who sell goods, look at your inventory, make sure that you carry the right levels and turn your inventory faster, look at your receivables and the granting of credit.”
Providence advised small businesses to be mindful of their capital expenditure, pointing out that while it was important that people spend, it is also important that they be mindful of their return on investment.
