The Eastern Caribbean Central Bank (ECCB) has collaborated with financial partners to share practical strategies that small business owners can use to adapt, innovate and thrive during the COVID-19 pandemic and beyond.
This week’s episode of ECCB Connects features presentations from the Country Manager for CIBC First Caribbean International Bank, Grenada, Andre Cadogan and the Country Manager for the Saint Lucia branch of Republic Bank (EC) Limited, Gordon Julien. They were, at the time, sharing their perspectives and experience at the 2021 Financial Information Month Virtual Business Symposium on the topic “Minding Your Business: How small businesses can stay afloat in tough times.”
Cadogan says that instead of changing to become something totally new, small businesses should think about adapting, which he explains is to become suitable or fit. In outlining key strategies to adapt, Cadogan advises small business owners to find out the needs and wants of their customers; invest in learning continuously about their chosen industry; and make mistakes and learn from them.
Meanwhile, Gordon Julien said that in addition to adapting, small businesses will have to innovate for long term survival. He advises small business owners not to “play dead” but use the circumstances presented by the COVID-19 pandemic to innovate in order to survive, not only during the pandemic but beyond.
The full presentation is available on this week’s episode of ECCB Connects: