27 Jan 2021

The business community has been advised to look for smarter and faster ways to do things, without compromising the quality of their products.

An official from Local Enterprise Authority (LEA), Mr Mallett Mganga advised members of the business community against cutting costs that interfered with customer satisfaction and product quality during these trying times.

Mr Mganga said this during a meeting to share some interventions to sustain businesses during the COVID-19 era and cost cutting tips.

During tough times like these, he said some businesses may be tempted to cut every unnecessary expense under the sun to keep their operations afloat, but said that could hurt their businesses in the long run as some may cut things that kept their customers satisfied.

He said cost cutting was not a simple exercise, but needed owners to apply their minds.

Mr Mganga said some chose to use cheaper materials and their orders got declined after delivery, while some cut back on advertising and marketing.

He informed the gathering that getting a word out about their companies was necessary for their success.

Today, more than any other time in the last decade, winning in business, especially tourism industry, had become much harder.

Mr Mganga also informed the gathering about a variety of government initiatives aimed at alleviating the impact of the pandemic on businesses such as the wage subsidy, industry support funds, payment holidays and low interest rates, among others.

Local Enterprise Authority, he said, had the responsibility to ensure businesses benefitted from those initiatives through awareness, and strengthening them through various interventions.

He acknowledged that tourism had been the engine of economic growth and diversification in the district.

He said to promote uptake of government interventions, Local Enterprise Authority assisted with applications for wage subsidy, business plans to access funds as well as implementation monitoring.

He also urged the business community to utilise their services, noting that LEA assisted in documenting business cases, training in sales and marketing and record-keeping among others.

Mr Mganga also explained the importance of financial analysis, noting that it helped the business owner to fully understand the greater financial situation. ENDS