BY MARCHEL P. ESPINA
The Metro Bacolod Chamber of Commerce and Industry again issued tips to keep businesses afloat amid the coronavirus pandemic.
Frank Carbon, chief executive officer of MBCCI, said business owners need to review their fixed costs and eliminate or reduce unnecessary expenses, such as payroll, rent, power, water, and entertainment, and look for cheaper substitutes.
To earn revenues, businesses should extend store hours, introduce new products or services, avoid dropping prices, offer bulk or cash purchase discount, offer promo prices during payday, and consider delivery service and online selling, Carbon said.
He also advised business establishments to preserve their cash, and convert non-revenue assets to cash. He added that now is not the time to invest in non-revenue generating assets.
He reiterated that business owners should avail of financial loans offered by government. They should visit the Development Bank of the Philippines, Land Bank of the Philippines, or the Small Business Corp. as they have special loan windows for the rehabilitation of micro, small, and medium enterprises.
Carbon also reminded businessmen to never think of downgrading the quality of their products, adding they can explore “another brand” if they want to compete with others.
He urged business owners to contact MBCCI at 034 434 3842 if they need assistance.*