IN THE bid to help local businesses, the Metro Bacolod Chamber of Commerce and Industry (MBCCI) has shared tips on how to stay afloat amid the prevailing coronavirus disease (Covid-19) pandemic.
Frank Carbon, chief executive officer of MBCCI, said enterprises have to review their fixed costs line by line.
Carbon said they should also consider eliminating or reducing unnecessary expenses in payroll, rent, power, water and entertainment, among others, as well as looking for cheaper substitutes.
In order to generate revenues, the chamber urged businesses to extend store hours, introduce new products or services and explore other products or services that they can offer to existing customers.
"Don't dive prices. Instead, offer bulk purchase discount, cash purchase discount or promos and sale during payday," he told local enterprises, adding that they can also consider delivery service, online selling and "order, pick up and go" service.
In terms of loans, businesses are encouraged to restructure loans like extended payment, additional loans, or do both.
They may visit the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) for loan "take-out" to avail of the government financial institutions (GFIs) rehabilitation program, the MBCCI said.
The DBP and LBP as well as Small Business Corp. of the Department of Trade and Industry have special loan windows for the rehabilitation of micro, small and medium enterprises, it added.
Carbon also urged businesses to consider social media platforms like Facebook for advertisement.
The business leader said they should never think of downgrading the quality of their products. They may introduce "another brand" if they desire to compete with competitors.
"Customers are always right, never quarrel with your customer and supplier," he added.
Carbon stressed that cash is king, cash is power so businesses should preserve their cash.
"[It's] not the time to invest in non-revenue generating assets. Instead, convert your non-revenue assets to cash," he added.
Among other tips included prioritizing needs over wants. This means avoiding temptation, not keeping large amounts of money in pocket or wallet and taming wants as it can go wild.
The MBCCI further advised businesses to go basics only. Keep the customers close, but keep the competitors closer.
For assistance, the chamber can be contacted through (034) 434-3842.