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.
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.
Understanding the economic environment the company is facing, generating projections in real time and having the opinion of external consultants to the organization, are some of the strategies that could help companies in times of low sales.
In Central America, during the first half of the year, some economies reported declines in their productive activity.
A comparison between the crisis in the United States in 1929 and the one occurring now in Greece clearly shows that the sooner the costs of an exit from the crisis are assumed, the less time will be spent suffering from the measures taken to overcome it.
EDITORIAL
Obviously some aspects of the current economic tragedy of Greece are different from those suffered by the United States during Twenties of the last century.
Productivity benefits the state and private enterprise, employers, employees and the unemployed. It benefits the rich, the middle class and the poor.
An opinion piece by Jose Alberto Soto Golcher analyzes pre-election activity in Costa Rica, pointing out how "romantic" the general tone of the speeches are and the proposals by political parties and candidates, and in general, how society is dealing with the problems facing the country.
How to boost profitability by making better decisions when putting a price on what we sell.
By Ariel Baños an Economist at fijaciondeprecios.com.
Some customers have rejected our quotes, and in sales outlets questions can be heard over certain prices. Our vendors warn about the aggressive competition. From all of this desperation starts to grows. Guess which variable is the easiest for your company to adjust? Has the price crossed your my mind? .
According to a Price-Waterhouse Coopers survey for the second half of 2011, yearly executive salaries will grow by 8.7%.
According to the survey, Salary Information Enterprise System (SEIS), conducted among a group of 102 companies, 54 national and 48 multinational operating in the country, wage increases will be 8.9% for domestic companies and 8.3% for multinationals.
According to a PricewaterhouseCoopers survey, from January to October 2010 the average annual compensation increased 8.1%.
Of the 501 companies surveyed, 65% granted salary increases to their executives.
The largest increases were in small businesses (10.1% average), followed by large and medium with 7.6%.
Guillermo Muñoz, from PricewaterhouseCoopers, told Elperiodico.com.gt, "the survey was a good indicator that executive salaries were not affected by the economic crisis."
The Inter-American Development Bank (IDB) will support several programs to improve the competitiveness of companies in Guatemala, a move that will help boost economic growth.
In a meeting today, the board of the IDB approved a proposal that will allow Guatemala to use a $29 million loan from the Bank to start up a program for the development of firms, particularly micro, small and medium enterprises, and production chains in the country, based on a scheme that promotes public-private partnerships. The program will offer a series of business development services to boost productivity and competitiveness in productive sectors that are potentially world class and territorial leaders.
Business tips to get through the crisis and even take advantage of the opportunities that arise in complicated times.
Uruguay is a country with an economy that is similar to some central american nations, boasting businessmen with considerable experience in financial and economic crisis. A seminar organized by the Institute of Business Studies (IEEM) from the Montevideo University, provided interesting conclusions on the best way to get through this economic crisis.
Almost all Guatemalan companies plan to increase the salaries of their managers next year, despite the international financial crisis.
96% of the companies intend to increase executive salaries, according to a survey by PriceWaterhouseCoopers carried out among those companies which use their services.
According to the study results, provided to the AFP by the firm's analyst, Roberto Monge, the salary increases will be between 7% and 11% since the companies are trying to avoid the turnover of executives which increased in the second semester of 2008-
The Central American Master's Program in Social Sciences presents the forum on the "Global Financial Crisis and its consequences to Central America."
Paulo de Leon, CABI; Carlos Martinez, UNDP consultant; Carlos Gonzalez, ASIES and Ricardo Barrientos, Finance Minister will be the speakers at the meeting to be held on Thursday, November 13 at the FLACSO campus in Guatemala at 6 pm.
Will the economy die? Not necessarily. This is a moment of change, and with change comes new opportunities.
It should be recalled that this is a cycle, the economy will improve in the future, and then fall again.
This is why we have made 10 observations to maintain a realistic, calm and positive outlook:
1. Vision: The door of opportunities to improve and change the economic reality of Guatemala is opening.