Opportunity in the midst of pandemic
IN the midst of a global pandemic, it has been difficult for many businesses, whether large or small to survive and make a profit given the current tourism drop in the country.
It may seem like a losing battle for many, however, a few have proven that there is opportunity even in the toughest situations.
Business Link Pacific provides services to SMEs in the Pacific, including Fiji. Managed by the Fiji Commerce and Employers Federation, SME services include business diagnostics and referrals to business advisers, experts in access to key business areas such as access to finance.
After speaking with a few SMEs that have worked with the Business Link Pacific network of service providers, we understand how the right business advice can bring a fresh view on issues and new opportunities even in the toughest situations.
One such SME is Shaunalee Katafon the co-director of TraSeable Solutions Pte Ltd, who stated that the BLP program is much-needed in Fiji.
“A program like this is very much needed in Fiji to help SMEs, as there are not many opportunities to get help in areas of the business that we, SMEs are struggling in,” said Mrs Katafon.
The first time they received support was to help them become a paperless company by transferring all their data on to the cloud-based system XERO and then they were assisted with a business continuity plan focused on times of natural disasters or global pandemics.
The couple explained that before engaging with a business adviser they were double-minded whether or not to spend money and realised that it was an investment for the betterment of their company.
“For better growth of our business, we needed help, and we knew the money that we were paying would be an investment into the business and in ourselves.
“It is important for first-time entrepreneurs to identify the skills they don’t have and to get technical support in those areas,” said Mrs Katafon.
TraSeable Solutions Pte Ltd works mainly with commercial fishing companies whereby they provide digital transformation services to help them track every fish they catch from the vessels. Fishing companies can use that data to tell their consumers what they are eating.
Another entrepreneur that has grown over the years in Fiji is Michael Mausio, the director for House of Mausio. He acknowledges that the Business Link Pacific diagnostic service done on his business by BLP manager
Ramesh Chand, assisted him to improve his business.
“We had a major issue with our finance as I ran the business on my own and overlooked my books and that is when Mr Chand advised me that I should get an accountant at least twice a week to look at my books to ensure everything is in line and compliant.
“I got a full-time accountant since and I have not had to worry about money being in the account as all my books were in order for tax purposes which gave me time to focus more on the production and marketing side of the business,” expressed Mr Mausio.
The fashion designer stated that SMEs need to take a leap of faith and spend a few dollars in order to get the required professionals to assist them to grow their business.
“A lot of us are scared to try new things and spend money in areas we think is a waste, but to grow a business, you need to spend money to make money. You need to network with the right kind of people in order to help your business grow.”
All Crash Repairs Ltd director Victor Dutta is also a recipient of the BLP support and is pleased to have contacted BLP.
Mr Dutta explained that as a businessman, there were areas that he needed assistance with such as tax compliance as he didn’t understand the categories and terminologies.
He acknowledged the advice and assistance provided by BLP adviser Qavio Consultancy, who helped Mr Dutta understand tax implications and how it works.
“When people do business, they forget that tax is a big part of it and they are not only making a profit and doing a service, tax compliance can become a burden on small businesses because they don’t understand it.
“The advice I received was to follow basic tax principles and classify items correctly. The major thing that was improved was our reporting system in terms of identifying the items and which categories it fell under in the tax bracket,” said Mr Dutta.
The businessman explained that prior to the assistance received from Qavio Consultancy they would label items wrongly in their accounting system, which would affect their tax report. BLP had also conducted the diagnosis of his business.
Jessica Goundar is the communications officer for Business Link Pacific and FCEF. The views expressed in this article are her own and do not necessarily represent the views of this newspaper.