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You Are Reading Vol. 07 Issue. 3

Small Business

December, 2017

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Building Networks; Creating Wealth

REFORM FOR PROSPERITY The former governor suggested that the Barbados economy had but one clear issue that had deterred sustainable growth and that issue was the poor performance of the public sector. “Tourism, the main engine of the economy, had recovered strongly; international business was holding its own; the production of renewable energy showed immense promise; a spirit of enterprise was abroad, and the private sector was dynamic with great potential that could lead to a prosperous future. This potential, however, Dr. Delisle Worrell, was clouded over by the poor performance addressing the audience at the Annual General of critically important segments of the Meeting of the Small Business Association public sector, and the fact that Government expenditures were much higher than tax The harsh reality of an underperforming revenues could support” he stated. economy in the aftermath of the global financial crisis, decreased foreign reserves Despite these circumstances Dr. Worrell and the absence of a practical fiscal proposed an alternative fiscal programme programme from Government, coalesce which would achieve a restoration of Govto create a challenging environment for ernment savings, stabilisation and reducdoing business in Barbados. It is against tion of the debt to GDP ratio and initialisathis backdrop that Dr. Delisle Worrell, tion of growth of private investment,former Governor of the Central Bank, entrepreneurship and sustainability. The recently delivered the keynote address at key elements of this strategy as outlined by Annual General Meeting of the Small the seasoned economist were; Business Association. During his presentation Dr. Worrell referenced the May 2017 Financial Statement & Budgetary Proposals, and outlined that due to an increased level of expenditure on wages and salaries by 8.4%, the overall fiscal deficit had also increased to 7% of Gross Domestic Product. Dr. Worrell posited that in order to reduce the deficit, considerable funding was needed, however, due to Government’s poor credit rating seeking external funding was difficult. This was compounded by an environment where there was a loss of confidence by domestic investors. The resultant outcome was funding of the deficit by the Central Bank which subsequently led to a worrying decline in foreign reserves and an overwhelming taxation burden on citizens.

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from internal financial institutions. 3. A cut in transfers to state-owned enterprises of 10 per cent per year over three years. 4. An aggressive programme of divestment of carefully selected public assets. 5. Temporary freezing of all public works, except those funded by foreign finance. 6. Final approval and start of major works on all tourism projects envisioned for 2017. 7. Undertaking negotiations with the IMF, IDB, CDB and other official and international institutions for financial support for a five-year programme of structural adjustment, the centerpiece of which would be conditionalities on the implementation of fiscal reform.

1. A public sector reform package, to be implemented over three years, to eliminate Government’s operating deficit and to achieve measurable improvements in public sector productivity.

Dr. Worrell drove home the point that his alternative fiscal programme was not intended to be socially disruptive or damaging to individual livelihood, but one of quick results and substantial improvement in the confidence and creditworthiness of the Barbados economy, if the reform programme was adequately funded.

2. As part of that package, job cuts of about 1,500 per year in the public service over three years, with separation packages to be funded by seeking financial support

Dr. Delisle Worrell’s full publication of “The Barbados Economy: Road to Prosperity” can be found on his website http://www.delisleworrell.com

Memebers of The Board & CEO (2nd from left) at the AGM

Small Business Association of Barbados Suite 101 Building 4 Harbour Industrial Estate Bridgetown, Barbados

Phone: (246) 228-0162 Fax: (246) 228-0613 Email: Website: www.sba.bb


SBA Board Welcomes New Members Following the 24th Annual General Meeting of the Small Business Association, held in November 2017, three new members were elected to the Board of Directors for the period 2017 – 2019. The new directors are Ms. Margaret Hoyte – Vice President; Mr. Drayton J Carter – Treasurer; and Mr. Robert M. Homer – Director.

Ms. Margaret Hoyte – Vice President Margaret Hoyte is the founder of M.R. Global which is a Marketing and Public Relations firm that specialises in marketing, market research and advertising services for small and big business alike.

Mr. Dratyon J Carter - Treasurer Mr. Carter is a Certified Accountant (FCCA), a ‘Certified Director’ (Acc. Dir.) and a Chartered Secretary (ACIS). He is the owner of a small and recognised accounting firm, Drayton J. Carter & Co. Chartered Accountants, which offers audit, accounting and taxation services to the local and international business sectors.

Mr. Robert M. Homer - Director Mr. Robert Homer is the founder and managing director of RMH Financial Consultants Inc., a company that provides financial, consultation and management services to organisations throughout the Caribbean region.

The three members join the existing Board of Directors, which comprises Mr. Dean Straker, president; Mr. Charles Carter, secretary; Mr. Jefferson Kirton, assistant secretary/treasurer; and Ms. Donna Hope, director.

Put Christ in your Christmas The painting has been done, the ham is in the oven, the black cake, jug-jug and sorrel drink are waiting and there is heighten anticipation. Its Christmas time! Decked in our new “Sunday best” we congregate in the park to the delight of our friends and bask in the attention from the professional and amateur paparazzi. Yet something is missing for most Barbadians at Christmas. CHRIST! For God so loved the world that he gave His only begotten Son, that whosoever believeth in Him should not perish, but have everlasting life” (John 3:16). In our march forward, we have somehow found time to do everything possible but remember Christ and the true meaning of Christmas. In our quest not to offend, even in our little Christian Barbados we are slowly replacing Merry Christmas with “Happy Holidays”. The true meaning of Christmas has been confused with materialism, greed and other pagan objectifications.

Christ commanded two things: •Thou shalt love the Lord thy God with thy whole heart, soul, mind, and strength; and •Thou shalt love thy neighbour as thyself. It is in these two commandments that all of God’s laws are contained. Let us focus therefore on the whole that is commanded of us. We are charged to live our lives in a manner that is pleasing to Him. We have therefore to look at ourselves carefully and decide whether we have indeed kept His commandments. If not, how can we change our lives to better serve God in all that we do? Equally, how do we change our lives to help those around us? Were we to live by His two commandments, much of this society’s social ills would pass away.

revelry and reflect on the true meaning of Christmas and to recommit themselves to serving Christ and following His commandments.

Our year is ending with more gloom than hope. This is not healthy for a developing nation. We have witnessed violence, business failures and the looming threat of job losses across our nation. We are no longer our brother’s keeper. As we look back with mixed feelings on the year past, and look forward with hesitation, reservation or eagerness to what may lurk in the New Year, let us bring Christ back into our lives and in all that we do. Let us embrace our country in the spirit of the season – Love. And above all let us rededicate our lives to living for the Christmas is therefore not about the honour and glory of His name. food, the clothes, the spruced-up surroundings nor the gifts. It’s not about Merry Christmas and all of God’s Blessgetting days off from work or school. It ings for the year to come! is in fact about fellowship and celebrating the birth and life of Christ. Barbadi- (Extracted from SBA Newsletter December 2013.) ans at this time need to pause in their


Spotlight

on our Members

S.M.I.L.E

Creations & Designs Marina Bar and Restaurant was founded and established in 2012 by owner Trisha Young- Hinds. This restaurant caters for locals and tourists alike, and opens from 8:00am to 10:00pm daily.

! See M ! iracles In Life

Everyday ! ! ! ! ! ! ! ! !

Personalized Flyers ! Fruit / Snack baskets Hymn sheets ! Invitations Postcards ! Pictures ! Photographs ! Programmes

Tokens of appreciations!

Contact Information: 1–246–262–9240 (WhatsApp) / Email address: sisterskate7@hotmail.com

Marina Bar and restaurant is also a family dining restaurant which offers an all-day breakfast menu, lunch from 10:00am and dinner from 5:00pm overlooking the Bridgetown marina. Other services provided include catering, wedding planning and set-up as well as venue rental.

S.M.I.L.E Creations and Designs was conceptualized by Managing Director Jacqueline Yearwood. This business specialises in designing personalised products for any occasion. Some of these products include, personalised postcards, flyers, gift baskets, pictures, invitations, tokens of appreciation.

For more information contact them at 537-2251/537-2257 or visit their web- For more information contact them at site at www.marina-restaurant.com. 262-9240 or 254-3350.

Palates Selections is more than just a resource for premium wine, they are also Wine Experts that clients can consult with confidence. This boutique wine supplier founded in 2008 offers a 24/7 concierge wine service and is ready and willing to provide the best quality brands. In addition to the premium wines that they supply, they also offer additional services such as wine tasting parties, concierge wine consultations and wine education and service training. Whether you enjoy wine by the glass, by the bottle or by the case, regardless of your budget, Palate Selections encourages their clients to explore, discover and develop their palates. For more information contact them at Tel: (246) 424-0063, Mobile: (246) 230-9841 or (246) 232-9463, Email: palateselections@gmail.com or visit their website at www.palateselections.com

Small Business ASSOCIATION

Christmas Holiday Closure

Please note that our office will be closing for the Christmas Holidays from December 21st, 2017 – January 1st, 2018. The office will reopen on January 2nd, 2018. The Board, Management & Staff of the Small Business Association of Barbados take this opportunity to express a Merry Christmas and a healthy & Prosperous 2018to our members and partners.


Shop & Save Christmas Season! this

Small Business ASSOCIATION

Present your SMART Card to the businesses featured here and those listed in the Be SME SMART Marketplace online and at every purchase receive discounts and special offers.

Clothing & Accessories

Hottglam is a retailer of the latest trends in clothing, jewelry, watches, undergarments, ties, shoes, handbags and clutches for ladies and gents.

Kudos Designs is a fashion house that specialises in the conceptualisation and creation of high fashion clothing for women. They provide custom clothing for all occasions including parties, weddings and graduations.

TIYI BY DESIGN is an exclusive Caribbean brand, producing exquisite, hand-crafted, art jewelry. Each piece is individually designed by professional metalsmith/jeweler Ichia Tiyi. Each piece is considered a true collector’s item and a work of art.

5% Discount offered on purchases of $50 or more.

5% Discounts offered on services valued over $150.

5%-10% Discount on art jewelry & sculptures

Bush Hall St. Michael 821-0065

#12 Town Square Mall, Speightstown, St. Peter 422-6816 or 252-0184

Naniki Restaurant offers a sumptuous lunch buffet every Sunday and also serves lunch a la carte during the tourist season. Naniki is ideal for personal getaways, retreats and special events.

Black Rose Catering a small catering business driven to create the most exquisite food and desserts at a reasonable cost. Customised menus are also available to suit their needs within their budget.

The Town Square, Speightstown, St. Peter 622-2328/ 231-8185

Restaurant/Catering

Courtyard Caterers provides full catering services for corporate functions, private parties, birthday parties, weddings or any event that requires catering. 10% Discounts at their restaurant and catering services

10% Discount on food and beverag-

10% Discount on $65 or more

Brighton Terrace, Black Rock, St. Michael 230-1478 or 421-7732/ 425-7271

Suriname, St. Joseph 433-1300

St. Stephen's Hill, Black Rock, St. Michael 250-8537

Specialty Foods/Desserts

Nature’s Creations offers personalised gift baskets of fruits or flowers, floral creations for all occasions, specialty gift baskets of wine and cheese, baby’s arrival baskets and spa baskets.

Kadejah’s is an order-based home bakery which offers a wide variety of cheesecakes and cheesecake cupcakes at affordable prices.

Worrell’s Bakery offers Bajan Old Fashion Salt Bread, Turnovers, Cakes and Pastries.

10% discount on fruit baskets, floral arrangements and specialty gift baskets.

5% Discount on Cheesecakes and cheesecake cupcakes.

10% Discount on goods

St. Mary’s Row , Bridgetown, St. Michael 436-7017 or 231-7530

Baird's Village , St. George

#1 Whitehall, St. Michael

Visit our website at www.sba.bb for additional offers!

The Outlook Newsletter December 2017  
The Outlook Newsletter December 2017  
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