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Small Business ASSOCIATION

Vol. 02 Issue. 4 April, 2014 Edition

Building Networks: Creating Wealth

Web-Enabled Database to track In Focus domestic and international prices Readpg2more,

Over the years the Ministry of Industry, International Business, Commerce and Small Business Development has given priority to enabling consumers in Barbados to be more informed about matters that impact on their choices as it relates to purchases. For as the Ministry sees it, “an informed consumer is a more discerning consumer”.

information to the public.

SBA GOES TO JAIL

issues. Furthermore, it is also a useful tool for the average consumer to utilize in making decisions geared towards enhancing their purchasing power and their choice of purchase of a particular basket of goods.

The Price Monitoring Data Base presents an improved and enhanced approach to gauge and track the movements of food commodity prices and more emphatically to make the information acquired more accessible to the public and consumers alike. It is a tool which The Price monitoring database will allow will inform consumers of the possibilities of consumers to: 1. Select a number of supermarkets he/she In the past, the Ministry has sought to getting value for their money. intends to shop at. inform consumers of the prices of a "basket of consumer goods” at various Additionally, the data base will serve as a 2. Select a basket of “consumer goods”. outlets through the print media. This mechanism which enables policy makers to 3. Compare the prices for that “basket of approach was archaic and placed a strain keep abreast of international price movegoods” at the various outlets. on the Government’s purse. ments and allow them to respond appropri- 4. Compute the cost of the “gasoline” to drive from current location to each outlet. ately. In this regard, it is envisaged that the To overcome these short comings, the database will provide for a more effective and 5. Display the shortest route from current Ministry has developed a web based efficient means of data collection while location to each outlet. database which, except for the cost of its serving as a tool to undertake analysis to assist design, would thereafter incur no For more information visit additional costs to the Government, while in the formulation of national policies and www.commerce.gov.bb strategies aimed at addressing cost of living at the same time providing more efficient

SBA & CHERRY TREE TRUST SIGN MOU

The Small Business Association and the Left to right sitting - Lynette Holder, Chief Executive Officer of the SBA and Ms. Paula Moore of the Cherry Tree Trust shake hands following the signing of the MOU. Witnessing the execution were (left to right) Sasha Sheehy, General Manager of TCTT and Andrea Taylor, business operations manager of the SBA.

The Small Business Association and the Cherry Tree Trust recently signed a Memorandum of Understanding (MOU) to strengthen their relationship in the provision of financial product offerings to IMPORTANT DATES 2014

the micro, small and medium enterprise sector. The vision of TCTT is to foster economic and social growth in Barbados by enabling Ms. Lynette Holder of the SBA confirmed entrepreneurs to either commence business that the association was currently engaged in or further develop, by providing loan the strategic positioning of the SBA to lever- finance to small businesses in situations age its brand to the benefit of members. This where banks and other traditional financial meant that the SBA ‘will partner with the right institutions were not willing to lend. Target organisations to be able to bring value-added customers are small businesses with less products to small firms and by extension than ten employees and turnover of less build the capacity of members to do better than $500,000 per annum. The value propobusiness’, Ms. Holder reported. sition of the TCTT is loans of up to $25,000 to an existing business and up to $15,000 to ‘The Cherry Tree Trust is pleased to embark a startup. Loans are for a term of up to 5 on this strategic journey with the SBA,’ years, are unsecured, with interest at 5% confirmed Ms. Paula Moore, general manager fixed. Additionally, a Mentor is assigned to of TCTT. ‘The management of TCTT successful applicants, free of charge, to considers the SBA as an essential partner in support particular business areas, which the realisation of its mandate to provide might be identified as part of the loan support for Barbadian entrepreneurs. We approval process as requiring further assisview this initiative as a key component to the tance. development of the entrepreneurial ecosystem in Barbados, and thank the management Persons can visit the website at of the SBA for its willingness to partner with www.thecherrytreetrust.com for informaTCTT. We look forward to collaborating with tion on the TCTT’s product offering, incluthe SBA to achieve the execution of the goal sive of application form and details of the encompassed in our tag line ‘Partners from application process and contact details. seed to healthy fruit’, Ms. Moore stated.

FEATURE ACTIVITY

FEATURE ACTIVITY

May 05 The Launch of the Euro-Caribbean Enterprise Partnership Service May 27 Members’ Meeting

www.BIM.bb COMING SOON...

REACH THE SBA

HEAD OFFICE 1 Pelican Industrial Park, Bridgetown, Barbados Phone: (246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb Website: www.sba.bb


SBA GOES TO JAIL Small Business ASSOCIATION

MEMBER SPOTLIGHT

Chilom Inc. trading as RestOnTheWord is a new and unique business which has bloomed out of total trust in God’s word and need for Paula Phillips to spend more time with her children. The marketing expert, who would hardly have seen herself heading a textile brand ten years ago, launched RestOnTheWord, which offers the physically and emotionally weary a chance to rest on sheets and pillows inscribed with God’s Word, or to watch similarly inscribed curtains billow in the wind.

Some officials of the Small Business Association (SBA) went to prison recently. Not because they were charged with a crime, but to encourage about 80 men to establish their own business upon their release.

cultural industry, agro-processing, professional services, health and wellness and information and communication technology were discussed.These areas, said Holder, the association considered to be growth sectors.

Chief Executive Officer of the SBA, Lynette Holder, told Barbados TODAY the association saw it fit to visit the men at HMP Dodds in an effort to help them to plan for their future.

“So if they are thinking of ideas or areas they can go into we gave them several different options that can be considered,” she said.

She said the role of the association was discussed while letting the men know it was there as a facilitator. Holder said the associaion also introduced them to available career options. “Not just the traditional way of just going out there and setting up a business, but we introduced the concept of clusters and forming strategic alliances. The association is very much of a view, at this juncture, that you really need to look at collaborating and working with others in clusters and cooperatives as a means of business growth and survival,” explained Holder.

Holder said the inmates were very interactive and receptive to initiatives, adding that once the operators of the facility agreed they would make it an ongoing exercise. Adding that she was pleased at the end of the exercise and impressed with the skills of some of them, Holder said the men at the penal institution agreed they were motivated to start their own operation. “It is our intention to continue to work with the counselor at the prison and also look to see how we can to take it to the next level. Because they do have some artists, they have the farm and some woodwork and other business ventures going on. So I think there is potential for some other educational activities that we can do to help them… that they can hone their skills and when they come out they can continue in this vein is key, to the rehabilitative process” said Holder.

“So we spent a lot of time looking at the benefits of entrepreneurship, defining it and discussing what is involved… the process of starting the business regarding research and planning and the importance of financing and Through severe bouts of illness and marketing of products,” added Holder. mandatory bedrest trough her first She said areas such as food and catering, the (MM) ~BarbadosToday pregnancy Phllips recalls how the idea was born when she wrote bible verses on sticky notes and surrounded herself on the bed. Taking this simple step of faith did not end the illness immediately, however, and during the six she thought of death. “I just felt like someone was pulling a plug from my life, literally,” she said. She continued to write the relevant verses and mentally apply them. “It’s may seem strange to be sticking up Bible verses all over the place, but that is the application I’ve used in my life for the past seven years and it has helped me tremendously to get over seeveral hurdles and difficulties. The Bible says in Isaiah 55 that these words will accomplish something, they will not retuen void, and I beleive that,” she affirmed. “I thought what great peace it would be if people could rest on the word and beleive the promises of God as I did. that was where the idea evolved.” RestOnThe Word give you the opportunity to rest comfortably on God’s word, to learn more visit www.restontheword.com (article extracts compliment nation newspaper) SBA Outlook Newsletter April 2014

BUSINESS TIP

Your online and offline marketing efforts should play well together.


BUSINESS AND THE BANK task of filing taxes. At tax time, you have to file your personal and business transactions separately and trying to differentiate personal and business expenses when they are all combined in one account can be a timeAs a small business, First Citizens Bank consuming, unproductive activity. Having a can help you make your dream of being a corporate account can help ease your income successful entrepreneur a reality. As part tax filing process. of the Bank’s commitment to the small business sector, they want to give all Having a corporate account can also help you current and potential small businesses put your business’ brand first! Issuing a some useful insight into making the most professional cheque from a business account of their banking experience. can assist you in conveying professionalism and build trust in your competence as a A great tool to managing your finances as business owner. Whether you are operating a young business is starting a corporate from your living room or have a physical account. It is never too early (or late) to office, a business cheque cannot be differentistart corporate banking and there are ated from “big business” in the eyes of the several benefits to having your personal recipient. and business accounts separate. One such benefit is when it comes to the laborious Your corporate account may also give you

access to a corporate credit card. A credit card can also help with reporting expenses and monitoring spending via your credit card statement. But this is not the only advantage a First Citizens business credit card can give you. With this credit card you can receive 0.75% cash back on all your purchases, which allows you to save on your business expenses. This is an added plus for your cash flow. Thinking of starting your own corporate account? The process to begin a corporate account is quick and easy. You will need two forms of ID, business registration documents, the location/ address of your business and the First Citizens’ application form. For more information or to open your corporate account give First Citizens Bank a call to get started.

EDUCATING ENTREPRENEURS A lesson in the world of Business Loans Know your business Business owners were shown how knowing their business is key when they became scholars for a day at a Small Business Association’s (SBA) “Finanacial Planning” workshop. On April 24th, information, questions and answers were expressed on the topic of how to acquire a loan to aid in the development of a business. During the session, one message was clear; it is essential to know the business you are running and well.

Executive Summary, a Management Plan, a and other business documents that are Financial Plan, A Marketing Plan, An Opera- required when applying for a loan. tions Plan and a SWOT (Strength, Weakness, Opportunities and Threats) Analysis. Investing Attendees also benefited from a presentaHe also said, “in preparing your business plan, tion on the business of investing. Particido not leave it for someone else to do and give pants were introduced to the process of to you so you can present it to the bank. Make investing and the use of bonds as an investsure that you understand what the business is ment tool. all about and everything that will impact on it. That will really work in your favour.”

Mr. DaCosta Holder, a Financial Advisor educated attendees on the Six C’s of Credit, the importance of presenting a business plan, to the financier, what it should include and the essentials of particular business documentations. The Six C's Character (of the business owner), Capacity (the ability to repay), Capital, Collateral, Conditions (interest rate) and Common Sense. These are the areas that financial institutions look at when an individual is applying for a loan. Holder explained that each of these C’s should be Members of the SBA during the Financial Planning Workshop reviewed before presenting anything to a Advice financial institution. Mr. Holder, also left the entrepreneurs with Business owners walked away from the SBA further key advice. He said, "don't rely solely with valuable information. The well The Business Plan. on an accountant. It would be best, when you attended workshop shared the requirements The step after the Six C’s of Credit, as are up and running, to invest in a programme and methodology for applying for loans as explained by Mr. Holder, is to develop a to input your financial transactions on a daily well as a way to grow earnings. The session simple yet comprehensive business plan. basis, so you will be able to follow what is also stressed the importance of knowing the really going on in your business." He then business strategically and financially and Holder, elaborated on what such a plan further explained that this contributes to the how that can make the application for a loan should include. These elements were, an better preparation of Financial Statements a successful one. SBA Outlook Newsletter April 2014

SBA Outlook Newsletter April 2014  

The Official Newsletter of the Small Business Association of Barbados

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