Venezuela is a country with many business opportunities and some entrepreneurs have taken advantage of the context of the crisis to boost their sales. We must remember that the lack of products and services has represented a perfect opportunity for international products to satisfy those needs. Therefore, it is peculiar to talk about Venezuela as a country in crisis, while at the same time it is a place of infinite opportunities. So starting from that point, in this article we intend to analyze the current panorama of the Venezuelan financial environment, while sharing experiences of private companies that have been able to maintain their operations in Venezuela.

Context of the financial system in Venezuela

In Venezuela, the banking system operates on both private and public platforms. In fact, it is no longer unusual for these banks to offer foreign currency accounts and international transfer services in order to make the necessary transactions without incurring in any misunderstanding. Banking services such as Banesco, Mercantil and Provincial offer to safeguard the assets of natural and legal persons without any risk of harming their clients' accounts. This has resulted in many companies being able to generate income and invest it or safeguard it in international instances with total legality.

Venezuela continues to be a system where investment and profits are feasible within business models that operate from risk mitigation. For this reason, large companies with years of tradition in the country have been able to continue their operations thanks to long-term planning. Demonstrating that Venezuelan demand and consumption is strong and that profits can outweigh doubts and risks.

Which private companies are still operating in Venezuela?

Among the 100% Venezuelan companies, there are success stories such as the Locatel and Farmatodo drugstore chains. These companies have been able to maintain their operations thanks to long-term planning and a culture of risk prevention. These companies manage an independent shareholder structure and have managed to establish franchises in neighboring Colombia. Thanks to these investments, they have been able to stay afloat despite the economic downturn that Venezuela has experienced in recent years.

In these cases, the anticipation of fundamental changes, such as the dollarization of prices, the updating of payment systems, and the provision of other types of services such as cell phone recharges, have allowed these companies to become a reference for all Venezuelans who need to purchase pharmaceuticals, food and other products in a short time and in an effective manner. These companies have become a reference for all Venezuelans who need to acquire pharmaceutical products, food and others in a short time and in an effective manner. Also, the establishment of franchises in international territories has helped to maintain the flow of capital to mitigate the losses resulting from the Venezuelan financial system downturns.

Are there foreign companies marketing their products and services in Venezuela?

There are foreign companies that market their products and services in Venezuela, such as Aldor, Mario Hernandez, Lili Pink and Telefónica. These companies have demonstrated that Venezuelan demand is very stable, and allows the constant commercialization of products. In the case of the Colombian confectionery Aldor, which has a monthly import of 400 tons of its products to Venezuela. They expect that with the recent opening of the border they will move a greater quantity of products in the course of time. This shows that import and export relations are running smoothly and without problems in the region.

Recommendations for entrepreneurs in Venezuela

For those entrepreneurs who want to expand and maintain their operations in Venezuela, we recommend analyzing the market constantly. This will allow them to anticipate sudden changes in the economy, such as a rise in the price of the dollar, tax adjustments, etc. At the same time, it is recommended to constitute an emergency fund in order to have a cash flow in case they have to face any risk. This is recommended in the event that transportation services fail, or there is an adjustment in fuel prices, so that the fund will serve to alleviate the situation until they can adjust the prices of their products. This fund will also help them with inflation, since it will be able to cover the difference between raw material purchases, maintenance, among others.

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