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CEO of the Jamaica Chamber of Commerce, Larry Watson.
Larry Watson, chief executive officer of the Jamaica Chamber of Commerce (JCC), states that any company that has a significant percentage of its business as credit customers, could find its uncollected debt to be crippling.
“It has a negative impact on cash flow and in any business, cash flow is key. Hence, the saying in business that, “cash is king and profit is an illusion,” he said.
Watson pointed out that the COVID-19 pandemic has exacerbated the problem for many of these businesses, with financial institutions and payday loan companies seeing their bad debt increasing. Another sector that has been affected is the food distribution industry.