KINGSTON, Jamaica — Deputy Government Trustee in the Office of the Government Trustee (OGT), Gabrielle Muñoz, is urging business operators to maintain proper financial records, remain adaptable, and seek assistance early to avoid common pitfalls that often lead to business failure or bankruptcy.

She was speaking during a hybrid webinar for micro, small, and medium-sized enterprises (MSMEs), organised by the OGT in collaboration with the Office of the Supervisor of Insolvency (OSI).

The session was hosted on Monday at the Small Business Association of Jamaica (SBAJ) in Kingston.

Muñoz emphasised that maintaining proper financial records and monitoring them closely is a critical line of defence against business failure.

She stressed that business owners must remain vigilant for cash flow inconsistencies, shifts in their bottom line, declining revenue, and loss of customers, among other warning signs.

“I implore you, once you start seeing these things, you [should] start looking for help,” Muñoz stated.

The deputy government trustee emphasised that entrepreneurs must be both strategic and adaptable.

“Being a business owner is very difficult. You have many businesses that fail and you have many businesses that succeed. But based on my experience, I’ve never seen a business succeeding without being flexible… without adjusting to changes in the economy [or] socially,” she outlined.

“In terms of being flexible, I want you to also apply the different business skills. It’s very important that you try to increase revenue, that you try to reduce overhead, that you try to restructure debt. It’s very important that you apply these skills to your business before things get dire,” Muñoz urged.

She further encouraged business owners to take advantage of assistance available through both government programmes and private-sector initiatives.

“There is assistance if it is needed. So please take the time to rehabilitate before it’s too late and reach out for help at the first sign of trouble,” Muñoz added.

The mandate of the OGT is to assist debtors by assessing their financial position and preparing and filing applications with the Supervisor of Insolvency, either for the implementation of proposals or for the administration of bankruptcy on their behalf.

—   JIS