In the years 2020 and 2021, we have probably witnessed one of the most traumatic eras ever for the human race. Families were lessened, jobs were made redundant, restrictions were imposed, schools were closed, hotels got hit and businesses were just simply forced to go straight back to the drawing board. It is therefore safe to say, that this is one of those times when we realize the true importance of personal contact and that our freedom can be taken from us in a heartbeat if we simply don’t abide by the rules. As such, throughout these times businesses and economies at large were forced to find more innovative ways to operate both on a public scale as it relates to schools, churches, and even hospitals, and privately as it relates to families and businesses. Thus, this pushed everyone to draw or pull from their cash reserves. Everything as we knew it went straight into reset mode.
What has COVID-19 taught us as an Economy?
There were some important lessons to take from this difficult period as it relates to nation-building and operating in a period of disaster. Some of these are:
1. We will ALWAYS need Cash Reserve: Whether it is to secure your personal and family’s expenses throughout a period of disaster or more simply put recovery (This is the rainy day we’ve always heard about). The matter of having sufficient cash will or should always be considered. The real reason why some businesses were forced to close, and some were able to stand was mainly because of this factor.
2. Selling a “need” or “necessity” is always a great idea: The Chinese surely benefited and taught us this well. As we saw a country that benefited supremely from being able to massively produce masks, boxes, food, fans, etc. within a time of difficulty. This also enabled a lot of our wholesalers and grocery stores to benefit throughout this difficult period.
3. A clean environment benefits everyone: From plastic bottles to clean monies, to keeping our hands, surfaces, and mouth clean. Everything comes into play in a time of crisis. As such, it just simply means that our nation will just have to take the harsh lessons learned from this to fix all those bad habits that we have adapted over the years as it relates to cleanliness. As we can see how rapidly a simple virus can spread when we fail to do these things.
4. Everything works better with unity: Let’s remember that if we were far more unified, most of these disaster preparedness acts and laws wouldn’t have to be implemented. It’s just a real reminder of the sickening behavior embedded within us to not care about our neighboring brothers and sisters without facing harsh criticisms and being penalized.
5. Everything must go on: Sometimes we would think that the rapid loss of lives, mounting depression, and closing of businesses would at least somehow give us a grand pause from reality. But sadly, to say, this only made us dig deeper within our thinking frame to see how we could amend and ultimately find strategic ways to ensure that our nation and economy as a whole continued and eventually emerged from this towering pandemic. It just goes to show that within every dampened or tough time, we must find a way to ultimately pull ourselves through to continue to move on.
Has our Nation Recovered?
With our stock markets finally starting to trend upwards, banks earning their usual revenues, and businesses finally operating with their correct staff. It’s now safe to say that we have seen and experienced steady progress and growth within our economy over the past Six (6) months. Not to mention the record-breaking tourist arrivals that we had again throughout the last quarter and the increase in employment rate reported by the Statistical Research of Jamaica for the last half of the year. This has led to us believing again and seeing the fruits that are deemed critical to our nation from our entertainment industry. As companies like Wisynco, Red Stripe, and D & G can now again operate freely without the many restrictions that they were forced to implement on consumers throughout the difficult period of the COVID-19 pandemic. As such, many companies and businesses should be able to file their Tax Returns this year without their bank accounts worrying about where the financial backing would come from to cover their taxes.
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]