Sagicor executive offers tips to protect businesses

Starting a business has its many requirements and hurdles. But, maintaining it as a viable and profitable enterprise throughout the various stages and uncertainties of life, is one of the greatest challenges business owners can undertake.

This, from Sagicor’s Executive Vice President and General Manager Paul Inniss, who is encouraging all business owners, particularly small business owners and entrepreneurs, to explore the various options available to them.

He said these options were available within the financial services industry to provide the necessary guidance, support and risk solutions required to manage, survive and strive during difficult and challenging times.

In further addressing the topic, Inniss spoke to the persistent volatility and uncertainty that exist with respect to the global, regional and local economies and the resulting impact that any unforeseen difficulties have on any business.

“We need our local and regional business to withstand these shocks and be better prepared going forward. This is possible if they consult with the relevant and appropriate professionals and take action to put measures in place to manage the various risks exposures”, he said.

“Regardless of its size or strength, every business at some point faces some kind of pressure. Like every business in Barbados and across the region, we have been impacted by the COVID-19 pandemic, however, because of prudent management over the years and our ability to be innovative and adapt to the various challenges of the day, we’ve not only managed to survive, but thrive throughout this difficult period,” Inniss stated.

He added: “A number of other businesses have not been so fortunate, particularly smaller operations that do not have the capacity to meet their financial obligations whilst earning significantly reduced levels of revenue. This experience has therefore emphasized the value and importance of making adequate and appropriate provisions for the rainy days, which will come, and which can provide a level of support business owners and entrepreneurs need to survive, even when their doors are temporarily closed.”

The Sagicor executive therefore recommended that business owners explore the various options available to them to assist with meeting financial obligations following a significant change in circumstance due to unforeseen occurrences.

“The COVID-19 pandemic was not on anyone’s radar in 2019 and no one can predict if and when a small business owner may develop a life-threatening medical condition or suffer a crippling injury. And despite annual forecasts, how the hurricane season will play out, no one really knows what the impact to our lives and businesses will be.

What this tells us is that we can’t predict when, and how things will impact us, but we can ensure we are better prepared this time around by putting measures in place to mitigate their impact when they do occur,” Inniss concluded. (PR)