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Corruption in Gov’t does not impact on businesses – Ram & Mc Rae survey

Dec 19, 2009 News

While corruption is high on the wish list for government actions, a total of 59 business entities in Guyana do not consider that it has any significant impact on their businesses.
This is according to the Guyana Business Outlook Survey done by Ram and Mc Rae.
According to the survey, the responses from the entities also indicate that despite the competition they face, Guyana businesspersons do not rate highly the competition that can arise from the resolution of the international recovery of the global financial crisis which has seen bank lending curtailed.
Of the 59 respondents, 46 per cent project no change in the scale of their operations while 54 per cent anticipate increases. Significantly, none of the respondents projected a scaling down of their operations, but 44 per cent of them anticipate increases in their workforce while just seven per cent expect a decrease.
According to the survey, the principal reason attributed for the change in workforce has to do with the changes in the level of operations. Meanwhile, it was noted that in the event of a negative change in business conditions, businesses are likely to employ cost reduction strategies as the primary tool to cope.
According to the survey, ten possible growth strategies were put to the respondents and it was revealed that new products and/or services development remains the number one strategy for the sixth consecutive year.
The business entities see little growth from acquisitions and mergers, new strategic partnerships or expansion into new international markets.
Despite seeing technology as having the second least impact on business success in 2010, technology upgrade is yet rated high in potential growth strategies.

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