Business Resilience in Times of Crisis

Identifying critical business needs and setting up plans on how to maintain supplies and operations, as well as establishing communication channels with suppliers to be informed in case of any eventuality, are part of the advice for companies.

Wednesday, March 18, 2020

The coronavirus has already affected the world economy, and its effects do not seem to stop. With countries in quarantine, financial markets in the black and international trade diminished, the economic outlook is not very encouraging, explains a document from the Guatemalan exporters' union.

Coronavirus: How do the prospects for the markets change?
The "Information System: Impact Analysis of Covid-19 on Business" answers these and other questions in times of uncertainty.

From the Agexport press release:

In this environment of great uncertainty, preventive risk management is key to minimizing the impact on businesses and reacting better to this crisis.

Therefore, from AGEXPORT we want to help our export partners to prepare effectively for this outbreak and its possible repercussions. Analyzing their risks and establishing action plans for eventualities can even prevent a shutdown of operations:

1. Emergency responses:
a. First of all, it is important to protect the life and integrity of the collaborators. Have reaction plans, as well as communication plans to inform staff, customers and suppliers of the plans to be executed.

2. Elaborate a Business Continuity Plan:
a. Plan how to keep essential operations functioning in the midst of a possible emergency.
b. To do this, it is important to identify the critical needs of the business and establish plans on how to maintain supplies and operations.
c. Also prepare for situations where critical personnel cannot operate.

Read full article (In Spanish).

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Costa Rican businessmen propose that given the economic crisis and the new normality that the country will face, the government should promote key strategies such as the sale of state assets, the transformation of public employment and the elimination of privileges in terms of pensions and salaries.

The Union of Chambers and Associations of the Private Business Sector (UCCAEP) presented to President Carlos Alvarado a document called "Pandemic Shock and Economic and Social Policies to Mitigate its Effects", which seeks to provide a way out of the health and economic crisis resulting from the outbreak of covid-19.

Pricing Strategy in Times of Crisis

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Demonstrating solidarity with customers through reasonable prices and preventing monopolization to ensure greater market coverage are some of the strategies that experts recommend to companies in contexts such as the current one.

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Coronavirus and its Impact on Business

March 2020

In Central America, it is estimated that the sectors that could expect a severe impact on sales in the coming months are Transport, Entertainment and some sub-sectors of Industry and Trade.

The "Information system for the Covid-19 Impact Analysis on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the degree of impact that the crisis will have on companies according to their sector, during the coming months.

Business Operations in Guatemala Become More Flexible

March 2020

One day after the suspension of work in the private sector, authorities reported that all companies complying with the health and safety protocol will be allowed to continue operating.

On the night of March 16, public and private sector work was reportedly suspended, and shopping centers, bars, and discotheques were ordered to close, while public transportation was prohibited, in an effort to contain the spread of covid-19.

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