Several micro, small and medium enterprises (MSMEs) locally will soon have to be closed, that is according to President of the MSME Alliance Donovan Wignal. He says those businesses are still struggling to recover from the impact of the pandemic and the Russia/Ukraine conflict.
CVM LIVE understands that some micro, small and medium enterprises have no choice but to shut their doors. President Wignal says this development is concerning, especially because it insinuates that the businesses are lacking the resilience needed to tackle disruptions. He says in order to move forward, business owners must aim to create sustainable businesses.
His advice to business owners is to create a solid foundation and management structure as those will aid in the flexibility of their enterprises and increase their ability to recover from financial and social blows. Still, he says the closures may not significantly impact the economy as while businesses close, others are being launched.
Reporter: Velonique Bowen
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