A pertinent requirement a business owner must meet when seeking investment capital is the ability to demonstrate the bankability of their projects.
This means entrepreneurs must be able to present the financial position and performance of their businesses in a way that allows potential financiers to assess the company’s operation over a period of time.
Business professional and entrepreneur Theon Alleyne says many Guyanese businesses, particularly micro and small enterprises, have struggled to maintain this critical aspect of their operations.
He believes the situation can be improved through the implementation of digital business solutions that address operational inefficiencies, workflow, inventory and financial management.
One such solution is the LNC Pro Suite, developed by Alleyne to streamline the operations of grooming businesses.
The programme is designed to assist operators such as hairdressers, barbers and nail technicians in tracking their daily operations while managing their costs.
“The app gives operators the opportunity to know for sure, at the end of the day, how many clients I had, how much I made and the costs I incurred,” Alleyne explained.
He said users can allow customers to book appointments through the app or input relevant information, including bookings and products. The system then analyses the data to provide a clearer picture of the business’s daily performance.
Alleyne said the LNC Pro Suite was specifically designed to help citizens take advantage of Guyana’s growing economy and expanding access to capital.
“It moves you from ‘I have a business’ to ‘I have a bankable business,’ and it gives you information people generally don’t often know about their business because they are not managing their financials in such great detail,” he said.
He encouraged Guyanese entrepreneurs to consider digital solutions to strengthen their operations, particularly as local businesses face increasing competition from investors with greater financial resources.
“For every Guyanese business, the primary challenge we all face is that people are coming here for opportunities, and by and large, they are coming here for opportunities with bigger pockets, bigger wallets and bigger support. So, we can’t continue to do business the way we used to do business before,” Alleyne insisted.
He said digital solutions allow companies to do more with less and at a faster rate, adding that he has helped businesses improve financial management and compliance, administration and marketing through the use of digital tools.
Alleyne can be reached on social media platforms or his local cell number 618-0644.
