The Private Sector of Jamaica (PSOJ) has advised members of the small-and medium-sized enterprises (SMEs) to enforce sound business practices in the wake of the novel coronavirus disease (COVID-19), highlighting it as a vulnerable time for the sector.

According to PSOJ President Keith Duncan who is also the chairman of the entity’s access to finance panel, SME’s are critical players in the country’s product and service supply chain.

“SMEs are key players in every aspect of the economy; in particular, they are employers of a major portion of the population. It is critical that SMEs remain operational in the event of closures and are in a position to quickly retool and serve their markets,” he said.

With schools closed, quarantines imposed and working from home promoted, many SMEs are not in a position to implement effective business continuity procedures as such the sector is encouraged to seek guidance in managing capital and resources during this health crisis. Duncan noted that it is with sound business practices that these businesses will be able to recover from economic fallout.

He highlighted that the PSOJ through its access to finance panel stands ready to assist SMEs and the Government with the requisite expertise needed to provide information on business continuity, project management, and business operation.

“The team is currently liaising with the Jamaica Bankers Association (JBA) and commends them on the proactive approach of their members,” he stated, while also urging banks to fully utilise their online platforms to reach SMEs and assist them with access to finance.

“This is a time for bankers and SMEs to sit down as partners to work through any potential working capital constraints and design any viable and mutually agreeable solutions for repayment of loans. There must be a focus on how we will keep SMEs in business,” he said.

In encouraging SMEs to use the opportunity to build community and increase engagement with team members, the PSOJ head also implored SMEs to ensure that they implement measures to protect their workers and where possible encourage working from home.

“Care for the health and safety of employees and their families will be key differentiators in businesses ability to survive.

We are a resilient people; we have survived and thrived because of our innovation and grit. If ever there was a time when our partnership and collaboration as a people is necessary, it is now!” he added.