Friday, April 19, 2024

Be careful with pricing, SMEs told

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BARBADIAN SMALL AND medium enterprises were urged today to set realistic prices for their goods and services – not ones which are so low they will trigger a cash flow problem.

The advice came from Scotiabank’s business banking officer William Harewood, who addressed a Caribbean Entrepreneurs’ Conference and Expo at the Grand Salle of the Central Bank of Barbados this morning.

Harewood said one of the problems SME faced was under-charging for goods and services – one result of not taking into considerations all the cost factors impacting on delivery of products and services.

He also advised businesses to turn unused company assets into cash; to consider offering clients incentives for early payment; and not to let their business expenses get so high that they contribute to or cause a cash flow problem. (TY)

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