Time to rethink how we do business

The COVID-19 pandemic may present us here in Barbados with the opportunity to rethink how we do business, even after the pandemic passes.

Senator Dr. Lynette Holder suggested the above, whilst speaking in the Senate this week on the Appropriation Bill, 2020.

“This COVID-19 presents an ideal opportunity in my view, for us to rethink how we do business, to rethink how we approach the whole notion of business development, and by extension, entrepreneurship,” Senator Holder remarked.

“Here is an opportunity now for us at the business level, to rethink our processes relative to business start-ups, the training that is needed. Many of our organisations have been doing so, but we can scale it up even further. We can we use this opportunity to introduce the technology that we have been talking about, to help businesses to do better business, to be more innovative and
therefore, go beyond our domestic shores and so on. So this is an ideal moment I think and an opportunity for us to really focus in on those areas” she stressed.

She meanwhile made a call for further support of those in the micro, small and medium enterprise (MSME) sector, noting that they may need a further stimulus going forward, given the economic fall-out from COVID-19.

Dr. Holder also put forward the view that whilst commercial banks are offering a moratorium on loans, mortgages and the like, Government capitalised agencies also need to participate in the moratorium as well, so FundAccess and the Enterprise Growth Fund and other such agencies can do their part, to assist small business owners.

She also suggested that credit unions should join in the effort as well and when it comes to the issue of rent, places like the Barbados Investment and Development Corporation (BIDC) and others who aid in facilitating small business owners, should also put systems in place, to assist those touched economically by the COVID-19 pandemic. (RSM)