The Metro Bacolod Chamber of Commerce and Industry issued tips on how to keep businesses afloat amid the economic recession due to the coronavirus pandemic.
Frank Carbon, chief executive officer of MBCCI, advised business owners to offer delivery services or connect with delivery service providers.
He recommended that the food stocks in the restaurant kitchens and freezers can be offered for sale at a discounted price, adding that they can convert their stocks to cash.
They can also offer their non-earning assets or equipment for sale at a bargain price, Carbon said, adding that “others may need them, so convert them to cash.”
Business owners were advised to seek assistance on how to extensively use digital selling or social media platform, he said.
Carbon also advised businessmen to restructure bank loans to longer repayment period and lower interest rates, or request for the deferment of rental payments or reduced rate.
They should review their list of expenses, avoid expenditures that do not add value to their products or services and look for cheaper substitutes, he said.
Carbon said business owners can also review their monthly cash flow statement and income, and match their monthly sales projection to their daily cash outflow.
If business owners need assistance, they can visit the MBCCI office or call 434-3842, Carbon also said.*
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