Despite the many negatives that have accompanied the outbreak of COVID-19 around the globe, local experts in banking and economics are encouraging small business owners to look out for and take advantage of the opportunities that may arise, as a result of the pandemic.
Curtis Martin, managing director of JN Bank said while there are many dark sides to the COVID-19 pandemic, there are some aspects that persons can use to their advantage.
He was speaking in a recent interview, during the second instalment of the six-part, JN Circle Catch Up online series, which was aired via Facebook Live and organised by The Jamaica National Group. The series is part of the company’s efforts to assist Jamaicans to cope during and post the COVID-19 crisis.
“What some business owners can do now, is to determine to what extent, they can take advantage of some of the opportunities. For example, a company in the business of plastics could look at how they can now produce equipment, which could be used to protect persons from COVID-19,” he suggested.
Mr Martin added, “There are other businesses, which could also consider shifting their business model to deliver directly to a customer’s home.”
Dr Damien King, economist and executive director of the Caribbean Policy Research Institute (CAPRI), shared a similar view, noting that one of the many opportunities he hopes will emerge from the crisis would be for small business owners to improve their strength in the area of planning.
He stated that the crisis provides an opportunity for small business owners to become more financially savvy and to achieve better resilience planning, which would serve to protect them from unexpected events.
“That’s one of the learnings which most business owners and policy makers are going to take away from this crisis; however, it’s a really harsh lesson. Nobody should look down on a business that did not plan for a precipitous global contraction in the order of what we’re seeing,” he said.
Dr King further noted that the structure of the Jamaican economy and some businesses will change dramatically after the pandemic and the fall out recedes.
“Crises and disruptions teach people new things, and to do old things in new ways,” he related.
“That is going to now open up different economic spaces, therefore, astute business persons should be thinking about what those spaces might be and put themselves in the position to occupy those spaces,” he added.
He also pointed out that, if the nation can collectively anticipate those changes, then it puts the Jamaican economy in a better position going forward.
