Regional business sectors changing

There have been many discussions of varying degrees regarding businesses adapting to the COVID-19 crisis and during a recent webinar, Allison Peart, Managing Director of A Peart Advisory Services Ltd., contended that regional business sectors had begun to pivot.

During the webinar, “Coronavirus and the Caribbean: Options for Businesses”, hosted by the Inter-American Development Bank – Caribbean Department, Peart referenced Jamaica as an example, where the agriculture sector had begun to make changes in the absence of the usual tourism market.

“We have seen some concern with the farmers, with the tourism sector closing we have seen excess fruit. So in terms of pivoting, we have seen some farmers get that fruit to various parts of the island, open it up. We have seen others just let them rot,” said Peart.

With the farmers showing initiative with the dominant sector of demand gone, the financial advisor explained that better distribution of farmland in Jamaica and also working towards exports to the Caribbean counterparts would be key.

“In terms of what I see that can pivot, I see certain persons and sectors. For example, I have seen people who normally deliver mail, deliver groceries. You can also see other persons coming into the sector (services) who are not usually in the cleaning business, because there is going to be a lot of deep cleaning that is needed,” outlined Peart.

The adviser also highlighted the fact that those who diversified quickly would transition quicker and gave another example of those companies that make alcohol, making changes to produce the commodity for cleaning instead of drinking.

Real Estate companies have begun to pivot where homes are shown via online platforms with live video walk-throughs, while accountants have started meeting clients virtually and offering training via webinars. These adaptations have aided the companies to move strongly in the direction of offering services regionally and internationally.

The broadening of horizons has created countless markets for persons who have the ability to handle themselves on online platforms to produce content.

“I do see opportunities where instead of just doing your regular business, now is the time to get out there and pivot into the delivery services, doing online training which is very needed and cash management,” she explained.

Peart contended that now was the time for the greatest minds in the Caribbean to come together and not wait and see what comes out of North America and Europe, but to look to our own innovation. She recommended tapping into Caribbean culture where the creative sector could place Caribbean music and dance into the entertainment void left by the curfews and lockdowns caused by COVID-19. (AS)