#MINDANAO
Recent weather disturbances and volcanic activities in different parts of the country make one thing clear: We will need to help our businesses build resilience to allow theM to recover as quickly as possible.
Business Resilience does not mean removing the risks inherent in business but lies in building the capacity and capability to manage these risks so that these businesses can overcome challenges. In real terms, a resilient business can adapt and overcome whatever the challenge or crisis. Many companies, especially those that have lasted for decades, can attest to this resilience.
But a real benefit of the resilience of individual businesses is its positive impact on the local economy. To show you what this can mean, imagine a local food shop selling rice and other necessities. When it reopens as quickly as possible after a major typhoon, the local populace can buy necessary supplies. As more businesses reopen, the economy gets back on track, people can get their salaries that can drive local consumption and provide revenue for other stores in the vicinity.
Thus, the faster businesses get back on track from overcoming crises or challenges, the better. When more businesses are able to do this, the local economy recovers and strengthens, and jobs and economic opportunities are preserved for today and the future.
More importantly, the lessons in resilience gained from the process of overcoming challenges and crises will build the knowledge base and experience for the business as it moves forward in the medium and long term. This experience allows them to prepare for greater challenges and opportunities, such as expansion.
For individual businesses, especially Micro Small and Medium Enterprises (MSMEs), it will mean keeping abreast of means and tools to regain lost ground as quickly as possible. For this, business networks are vital. Equally important is a strong online presence that keeps you in the market. Having reliable financing partners also matters, since financial resources enable the purchase of equipment, materials and even expertise to build business resilience.
Recent developments bode well for building business resilience. I believe the increase of properly licensed financial technology companies will do well to expand access to credit of small businesses, which are the backbone of the local economy. This will definitely help many MSMEs in the Visayas and Mindanao. Apart from helping MSMEs expand, perhaps these additional funds can be spent developing business resilience strategies, fortify supply and value chains by getting new suppliers and marketing the products and services to a wider set of buyers and customers.
With that, resilience transforms the business into a more thoughtful and competitive enterprise. This can also help plan for the challenging future, preparing the generation of leaders to take companies forward. The time to build resilience is now.
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Major coffee shop opens in Davao
Popular coffee shop chain Seattle’s Best Coffee has opened a large and handsome stand-alone store at the expansive Davao Global Township in Matina, Davao City. As expected, this has attracted interest from local coffee lovers. The opening is appropriate, given that we have just celebrated World Coffee Day. Davao is an exciting hub for coffee growing with many producers reaping awards for quality. In addition, Davao has, over the last several; years, built a coffee shop culture. The entry of major coffee shop chains bodes well for local coffee. I hoping these chains take in locally produced coffee varieties.