Council highlights cashflow issues

The Young Entrepreneurs Council (YEC) during a virtual panel discussion hosted by the US Embassy last week. Picture: SUPPLIED

Cashflow is one of the main problems which members of the Young Entrepreneurs Council (YEC) are faced with during this pandemic.

This was revealed by YEC chairperson Watesoni Nata when asked about the type of support young entrepreneurs needed during a virtual panel discussion hosted by the US Embassy last week.

“I think primarily at this stage from feedback from our members everyone’s going through cashflow problems at the moment,” he said.

“I think one of the main needs at this time is cashflow and really managing the cashflow.

“I think the Budget has been helpful in that regard in terms of easing payments but apart from that, we have to liaise with our banks and our loan providers and all those  other things, utility providers as well.”

He said assistance was needed to make payments easier.

“Categorise it according to importance, I would think cashflow would be one of it.

“Secondly, the thing that businesses require at this stage, informal or formal, is really adaptation training.”

Mr Nata added this was where entrepreneurs had to think of ways to adapt their businesses or learn to adapt and see how they could survive through this pandemic.

“You definitely have to be thinking outside the box because everybody’s context is different and everybody’s businesses are different so if that sort of training, that even makes sense, could be provided, something along those lines. It’d be good,” he said.

Women Entrepreneurs Business coordinator Fiona Uagunu said members from their council were also highlighting the same issues such as cashflow and the relaxation of loans and utilities.

“Some of our members have closed their businesses because of the restrictions but you know, the loans and the utility is still coming so that’s one of the main concerns and in terms of support, this is something that is an on-going request,” she said.

“Also, where they could get this support from during this pandemic, apart from the main support from within the council, that is with YEC and WEBC, and these support networks like the Fijian entrepreneurs groups.

“Within these groups, they give business referrals advice and support and that is important to any entrepreneur, to be part of the group settings.”

She added business referrals was where entrepreneurs could get advice and the support needed, even though hops and businesses were closed.

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