The Outlook Newsletter - December 2020

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You Are Reading Vol. 10 Issue. 2 December, 2020

Small Business

WE ARE ON Like our page!

Building Networks; Creating Wealth

ChristmasEdition SBA Encourages Small Business Owners to Become Export-Ready 1. Determine high potential markets for export and blank space blank space blank 2. Inform market entry strategies. blank spac Ms. Reilly stated that conducting such research was of paramount importance when looking to export as it helped to: blank space - Minimise the risks associated with penetrating new markets of interest blank spa - Reduce any additional and unforeseen costs The Small Business Association of Barbados recently hosted a Market Intelligence Training webinar, facilitated by the Caribbean Export Development Agency (CEDA), which aimed to encourage small business owners to consider export strategies for the future. blank space blank spablank

- Provide the opportunity to analyse and compare several prospective markets to ensure that the best decision is made. blank

CEDA Market Intelligence Consultant and presenter, Ms. Alana Reilly introduced attendees to the concept of using market intelligence tools to make business and export decisions and showcased various market and trade intelligence tools and sources of information. blank space blank sp Market Intelligence was defined as various types of information which could be collected and analysed to assist companies in identifying the most appropriate target markets for their products or services and which could be used to: blank space blank

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Â?  ­ € Â? € ‚ ƒ over the last five years? What are the fastest growing markets in the world? blank space Other factors outlined for determining markets of interest included geographical proximity, cost of air, land and sea freight, market trends, trade agreements, membership in customs unions and demographic information such as population size and exchange rates. blank space blank

CEO of the SBA, Sen. Dr. Lynette Holder emphasised why such a focus was necessary at this time, stating that the small business sector could not survive by maintaining a singular focus on the domestic market. Instead, business owners were encouraged to begin earnestly to propel themselves towards internationalisation, maximising first on the space and opportunities available within the Caribbean Single Market and Economy and then looking beyond it. blank space blank

What’s Inside

Sources of Information Slide taken from Ms. Reilly’s presentation

She also highlighted the main areas which businesses would need to consider when using market intelligence tools to make export decisions and determine target markets. These factors included: blank space Where is the demand? – Who are the main importers of your product in the world market? blank Where is the competition? – Who are the main exporters of your product in the world market? blank What is the potential? – What is the expected growth in value for your product

Participants were also informed that they would need to identify their products’ harmonised system codes which are used as an international standard for importers and exporters to declare their products at customs. blank Some of the online resources provided for more indepth research include : bllank space 1. The International Trade Centre’s suite of tools: the trade map, market access map and export potential map which can be found at w w w. i n t r a c e n . o r g / m a r k e t a n a l y s i s 2. CEDA’s CE Intelligence Portal at www.ceintelligence.com and blank space 3. The Centre for the Promotion of Imports from Developing Countries’ Resources found at www.cbi.eu blank space blan blank


SBA Reminds Business Owners to Remain Tax Compliant In a recently held virtual information session in collaboration with the Barbados Revenue Authority (BRA), members of the Small Business Association of Barbados and the general public were involved in an informative discussion on the importance of being tax compliant. blank space blank spa

- Keep a separate bank account for the business blank spa - Register with the BRA for all applicable taxes and blank space blank space blank - File a tax return whether or not a profit was made. blank spa Business partnerships were also advised of their obligations which included that the senior partner must ensure that all statutory requirements are met and they must file a VAT return where applicable. blank space

Presenter and compliance auditor at the BRA, Ms. Rhea Bryant, provided attendees with inter alia, an overview of the definition and benefits of tax compliance, the filing process and how business owners could correctly calculate their taxes. blank space bl Ms. Bryant began by highlighting the rights and obligations of tax payers including the right to a fair system administered in an even-handed manner and the obligation to register with the BRA and file returns with accurate information on incomes, transactions and relevant activities. blank spa

1. Avoiding penalties and interest blank spac 2. Avoiding additional expenses such as legal fees blank space blank space blan blank 3. Avoiding prosecution which may include fines or imprisonment blank space blank spa 4. An improved knowledge of financial affairs and records and blank space blank 5. It provides useful information for planning. blank

Ms. Rhea Bryant providing attendees with information on how to determine their filing process

Self-employed individuals were given a specific list of tax obligations including the requirement to: blank space blank sapce bl

Attendees were then made to understand that tax compliance would be the degree to which a tax payer complies with the tax rules and obligations stipulated in their country. Ms. Bryant emphasised the importance of being tax compliant, and stated that doing so ensured that the country’s systems continued to function by collecting the revenue needed to fund services provided by the Government. blank

- Maintain proper books and records of all business transactions blank space blank spa

The benefits of being tax compliant discussed in the presentation included: blank

Finally, businesses owners were advised that there were different taxes administered based on the type of business entity in question and these taxes could include corporate income tax, withholding tax, product development levy, value added tax, room rate levy, PAYE and personal income tax. blank space blank To get more insight on which taxes apply to your business and to learn more about your business’ filing and payment process, watch the full webinar on the SBA’s Facebook page at www.facebook.com/sbabarbados blank


SBA Welcomes SBA Hosts Virtual Shopping Day New Members! I

New SBA Members introducing their businesses to CEO of the SBA (top left)

Over one hundred and twenty (120) new firms were given a warm welcome to the Small Business Association of Barbados (SBA) during the final months of 2020. blank space k The new members, who spanned a variety of sectoral groups including agriculture, manufacturing, professional and general services and ICT, introduced themselves to the association on their respective Zoom orientation sessions and spoke on the current state of their businesses going into the final quarter of the year. lank space blank sp Many of the new firms were optimistic that joining the association would prove beneficial in getting their businesses back on track in the new year, following the deleterious impact of COVID-19 on the local small business sector. CEO of the SBA, Senator Dr. Lynette Holder assured new members that the association would continue to improve its services and operational systems heading in 2021 to ensure that it was fully equipped to help small businesses survive, adapt and thrive amidst the remaining uncertainty in the global business arena due to the ongoing pandemic.

In a continued effort to promote the 2020 Christmas catalogue and help to create awareness and boost sales for the businesses showcased in the publication, the Small Business Association of Barbados hosted its first Virtual Shopping Day and Networking Expo using Zoom breakout rooms. blank spa The Christmas catalogue which is now available on all of the SBA’s social media platforms, features flyers from over 100 small businesses and special offers from strategic partners in eight shopping categories including Beauty & Skincare, Building & Construction, Business Services, Fashion, Food & Beverages, General Services, Health & Wellness and Home & Garden. blank sp

showing videos and images of their goods and services. The presentations were well received from attendees and the event was a general success with businesses receiving orders as a result of the call. blank space blank sapce b

SBA Member and owner of Effortless Events by Jo, Joanna Hinds, showcasing her gift baskets and other products as attendees look on

Members can expect to see more enhanced promotional campaigns and virtual activities in the new year as the association continues to work hard to ensure its members survive these uncertain times. blanks space blankspa

Member of the SBA, Portia Doyle of IMORO, showcasing her Advent Calendar gift box at the Virtual Shopping Day

Nineteen of the firms present in the catalogue were given the opportunity to make a presentation on their product offerings to members of the consuming public based on attendees’ pre-determined categories of interest. blank Members’ creativity was seen in their PowerPoint presentations with some

To view this year’s catalogue for all of your holiday shopping needs, visit the SBA’s website at www.sba.bb ace blank space bl

4 Changes Coming to the Business World in 2021 By Joe Galvin, Chief Research Officer, Vistage Our most recent report shares four critical areas of continued transformation that small and midsize business (SMB) leaders will harness for growth in 2021. blank space blan 1. Work from home is here to stay The genie is out of the bottle on working from home. Previous questions around whether working from home can be productive, efficient, and successful have now been answered. Working from home is here to stay. blank space blank sapce b Since the shutdown that resulted from the Covid-19 pandemic, we have experienced a rapid rate of change, and we have, in turn, rapidly adapted. In fact, we saw 15 years of behavior change in 30 days. blank space bl This remarkable ability to adapt and pivot has helped both leaders and their businesses evolve and thus survive. Furthermore, we know the rate of change is not going to slow. Going forward, small and midsize businesses will need to anticipate, as much as possible, the challenges that lie ahead. blank sapce

2. Physical office spaces will be reimagined The work-from-home reality plus telebusiness have dramatically changed office workspace requirements. Our research reveals that organizations are aggressively reimaging and reconfiguring their workplace to create a sense of physical safety that workers now require. blsnk space blank spa 3. Major reductions in business travel will remain blank There will not be a return to pre-pandemic levels of business travel, because we've proved that it's not necessary. Business

people have learned to connect and communicate digitally, they have also realized that digital communications are effective. However, some form of in-person meetings and gatherings will remain important. blank 4. The "digital transformation" will continue to accelerate blank space blanksp Technology has allowed much of our lives and many of our businesses to continue in ways that would not have been possible 15 years ago. Our rapid adoption of technology will continue to energize digital transformation efforts. blank space blank spa "Digital transformation" is no longer a buzzword. Leaders who were early adopters of technology are now doubling down on transformation efforts that will allow them to further improve productivity and performance and ensure they have the tool set for whatever lies ahead. blank space blank For small and midsize businesses, the opportunities in 2021 will be realized if leaders are prepared for continued change and challenges. lank space blank space b


Tips for Business Owners During the COVID-19 Holiday Season

Dr. Biz

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DO YOU HAVE A QUESTION FOR DR. BIZ? Email it to info@sba.bb

Get in Touch

The Small Business Association of Barbados, Suite 101, Building 4, Harbour Industrial Estate, Bridgetown, Barbados Tel: (246) 228-0162 | Fax: (246) 228-0163 | Email: theoffice@sba.bb | Website: www.sba.bb