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You Are Reading Vol. 04 Issue. 1 March, 2017

Small Business

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Building Networks; Creating Wealth

Launch of $50M Fund to Aid MSME Sector

The Hon Donville Inniss addressing the members and partners of the Small Business Association.

In light of the prolonged recessionary economic environment, the SBA’s role in lobbying and advocating on behalf of small business owners has become increasingly important. Equally important, is the assistance from our local government in addressing and resolving the issues that confront the sector. The news therefore of the introduction of a $50 Million Fund to aid small business owners with start-up capital via loans and grants, was very well received at the Association’s recent Member’s Meeting. Featured speaker, the Hon. Donville Inniss announced to members and partners that a policy framework had been prepared and would be implemented to guide the MSME sector’s development in Barbados for the next decade. Accounting for almost 47% of national development, Inniss stated that there was a need to pay greater attention to this key sector. In acknowledging certain challenges confronting small businesses such as a “lack of the MSME category in national accounts” he stated that government would be unable to assist with all issues facing the sector as some were directly in the control of the small business owners themselves.

With this in mind the policy prescriptions were pitched towards, inter alia, the legislative and business support framework, market access, and access to finance. This promise of enhanced access to finance was the highlight of the SBA’s meeting as Mr. Inniss reminded that in the August 2016 budget a “special fund capitalized to the tune of $50 Million” had been announced. This fund, “was created for the purpose of providing a blend of grants and soft loans to the sector” and would be utilized in several ways to aid MSMEs. One such way was by a $10 million boost to the Barbados Agency for Micro Enterprise, better known as Fund Access, to assist in the growth of the MSME sector by way of loans and grants. Mr. Inniss also confirmed that he had advised the management of Fund Access to use their best management practices and business support policies in determining the disbursement of monies.

IN THIS ISSUE 1

Launch of $50M Fund to Aid MSME Sector

2

New Members Join the SBA

3

Focus Group on CSME

4

First Ever Janitorial NVQ Training

5

Dr. Biz

Donville Inniss (left), Minister of Industry, International Business, Commerce and Small Business Development greeting Dean Straker, President of the Small Business Association. (taken from the Barbados Advocate)

The Fund Access Board was further encouraged to “urgently give positive the youth of our nation are not marginconsideration to increasing its loan limit alized in their society when it comes to from $100k per applicant to $150k.” access to financing.” Furthermore, Fund Access was to “shortly agree to provide loans with more flexible interest rates and other terms that ought to be of great assistance Question for this issue to members in the small business sector.

Dr. Biz

Inniss therefore stated that he expected “a significant increase in loans over the next year.” He also assured the small business community that this new wand of financing would focus on businesses that can create jobs, save or earn foreign exchange and with a focus on innovation and more technology based enterprises. It would also ensure that “women and

In an ever-changing economy, how do I ensure that my new small business will thrive?

see page 4

REACH THE SBA

Tel: 246 - 228-0162 Fax: 246 - 228-0613 Email: theoffice@sba.bb Websites: http://www.sba.bb


New Members Join the SBA

Launch of $50M Fund to Aid MSME Sector (cont’d) In addition to Fund Access, Inniss announced that there were initiatives being taken through the Barbados Investment and Development Corporation. These initiatives would include helping firms to be more export ready. Inniss also pledged to further partner with the SBA to ensure that they continued to be strengthened through being bold enough to insist that many take membership in the association. Inniss stated that his vision for the sector would be for it to become “a globally competitive, technologically driven sector, contributing to the sustainable socio-economic development of Barbados.” With the intention to further make this vision a reality, the Small Business Association will forever continue to stand with the small business owners of Barbados as according to Mr. Inniss “we are duly bound to be bold and imaginative as we seek to protect and grow the ideas and investments of so many ordinary Barbadians for generations to come.”

Small Business ASSOCIATION

New members at the SBA’s recent Orientation with CEO, Ms. Lynette Holder (front left)

Over its current financial year, the Small Business Association has openly embraced 39 new small businesses with four orientation sessions occurring within that time span. As the association’s membership grows steadily, its wings continue to expand to envelop all new and existing members so that they too can grow within the nurturing environment provided by the SBA.

E-Toolkit found on the SBA’s website • The provision of training sessions to assist small business persons in better equipping themselves to manage their businesses

• The marketing of small businesses through the Be SME Smart Programme designed to sensitize and encourage the patronage of consumers to the products offered by The association seeks to maximize the MSMEs opportunity to help start-ups and entry-stage businesses to soar to higher • The continued representation of the heights through the use of various support interests of MSMEs through unrelenting lobbying, advocacy, educational and networktools and programmes such as: ing opportunities and strategic alliances in • Guidelines to starting a new business order to promote overall productivity, through the Small Business Start-Up efficiency and profitability.

Take Charge of Your Professional Future

UPCOMING ACTIVITIES Training & Development Course

Our new Entrepreneurial Training & Development course, HR & The Small Business: Developing our Human Capital, will begin Tuesday, May 23rd 2017. This course will cover Sexual Harassment in the Workplace, the Employment Rights Act and Safety and Health at Work.

New Entrepreneurial Course

We ProvideTraining in a Number of Areas • Business Startup • Basic Accounting • Customer Service • Computer Awareness • Maximising Social Media • Small Business Management • QuickBooks (Basic to Advance) • Training towards N/CVQ Certification

Courses are added each semester Members receive special discounts Check our training section online at www.sba.bb for more information

@SBABarbados

Learn all about computer assisted accounting at our QuickBooks Basic and QuickBooks Intermediate courses commencing Tuesday May 23rd and Wednesday May 24th 2017, respectively.

Members’ Meeting

Our upcoming members’ meeting will take place on June 19th at the secretariat! This networking session will encompass discussion on insurance, financing and telecommunications. The meeting begins at 6:00pm at the SBA’s secretariat.


Spotlight

on our Members

The Strategic Security Group (TSSG) is a security consulting firm, specializing in providing training and consultancy in dealing with advance security challenges. Registered in 2012, TSSG is owned and managed by Mr. Ian McIntosh and is located at The Akono Building, Akono Enterprises Inc, Bank Hall in St. Michael. The firm was formed as a result of the changing security atmosphere in the Caribbean region. One such force is the repatriation of criminals to the region from metropolitan countries as these persons often bring with them criminal techniques that are unfamiliar to the regional law enforcement. The firm’s mission therefore is to raise the level of security towards international standards while providing motivated staff to disseminate to clients the latest and most reliable techniques, and equipment available for the stymieing of criminal activity. In need of assistance? Contact TSSG at 238-2505 or email us at tssg.barbados@gmail.com.

As the world of business moves faster and becomes more competitive, having a business coaching support team is no longer a luxury; it has become a necessity. The Caribbean Institute of Leadership and Coaching, founded in 2010 uses proven business development strategies that include sales, marketing and business management systems. The strategies are implemented not only to show how to increase business revenues and profits, but also how to develop individuals on the team, so that the business owner and leader can work less and relax more. CILC business coaches are just like sporting coaches and will drive you to perform, push you to succeed and ensure you achieve. With a wealth of knowledge, expertise and contacts to help your business CILC is sure to help your With client satisfaction being the business to thrive. number one priority, contact BimCreate at 258-3976 or email at paul@bimcre- For more information, visit their headquarate.com. You can also visit their website ters at The Accountant's Centre, River Road St. Michael or contact us at 436-1810. at www.bimcreate.com BimCreate is a marketing and consulting company of online services. They utilize all tools of this technology; websites, social media, E-Commerce, email newsletters and SEO services to build clients’ customer base. The firm creates tailor made online marketing solutions for any size business with personalized service and intimate knowledge of each client’s needs. Services include website design, content writing, photography and graphic design work. Additionally, they offer BimCreate Care where the technical support team works with clients for the long haul to provide follow-up services such as updating, website analytics, social media management and maintenance.

Focus Group on CSME

Participants of the CSME focus group engaging in discussion at the SBA Secretariat

With the current state of the economy, small business owners and entrepreneurs are truly beginning to recognize the importance of not only providing a necessary service or product to the public but also the exigency of having a market to promote and sell these goods or services. The CARICOM Single Market and Economy opens up a new avenue for local small business owners to manufacture and provide their products to a larger market. This is done through allowing the free movement of skills, goods, services and labour across the Commonwealth Caribbean region. In addition to this, the key

elements or goals of the CSME as stated on their website would be inter alia a common external tariff, the right of establishment and free movement of capital.” These elements have proven to be highly beneficial as they allow for an increase in better opportunities for the production and sale of goods. Additionally, they also attract investment, create greater economies of scale and increase competitiveness among businesses which is crucial to the growth of any company. This in turn generates a surge in employment opportunities and a

greater variety and quantity of goods that can be traded regionally, hence improving the standard of living for many people within the Caribbean Community. Bearing this in mind, the SBA hosted an impact assessment focus group headed by the CARICOM CSME Unit with the purpose of assessing the effectiveness of CSME’s public education programmes throughout the region. The focus group, which also had an online questionnaire component sought to identify the level of knowledge of everyday individuals of the CSME, as well as their perception and attitudes towards it. The overall aim of the focus group however was to seek to find improved ways of relaying information about the CSME to the public in the future. This initiative proved purposeful as those present were able to give insight into the challenges they faced with the opportunities provided by the CSME. These challenges were met with open ears by the organizers, as the CSME strives to continue to show its effectiveness as a platform with which to build economic growth and resilience.


First Ever Janitorial NVQ Training The SBA is proud to have partnered with the Technical Vocational & Education Training Council and the Barbados Association of Professional Cleaners to provide the first ever National Vocational Qualification training for the Janitorial Industry. The sessions which are already in full swing are consistent with the BAPC’s vision to develop occupational standards for the Janitorial industry and the SBA’s mandate to build the skills of small business owners and staff. The sessions seek to provide trainees with the requisite knowledge and skills in order for firms to standardize their operations to offer a quality and certified product in the local market.

came about as a result of an increase in small janitorial firms due to the ease of entry into the market and the relatively low cost of business start-up. An additional issue impacting the industry was the growth of the sector due to a steady increase in the outsourcing of home care and cleaning.

Therefore, the introduction of a NVQ in janitorial services seeks to address the need for certification for the sector. Participants will undergo training in 17 Unites, which include theory and practical sessions. The level two qualification will ensure that supervisors and senior officers in the industry are equipped to lead their teams in the delivery of quality services across the In view of this, the janitorial industry has private sector. consequently developed in some quarters an image of poor quality, particularly The training sessions being held at the among micro and small firms, coupled SBA’s headquarters are both a necessary and with a perception of being non-compli- timely objective, imperative to the steering ant relative to health & safety legislation. of the sector into the right direction.

Due to changing business environments and the business model of outsourcing adopted by many large firms in Barbados, the Janitorial Industry in the island has seen significant growth in the past decade. A few of the challenges facing the industry, which the training sessions seek to rectify, are the prevalent informality in the sector, the inconsistency in service delivery and the lack of regulation to determine standardization and best practices. These challenges

z i B . r D

Trainees of the new NVQ in janitorial training launched in April at the Small Business Association.

In an ever-changing economy, how do I ensure that my new small business will thrive?

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DO YOU HAVE A QUESTION FOR DR. BIZ? Email it to info@sba.bb Small Business Association of Barbados Suite 101 Bldg #4 Harbour Industrial Estate, Bridgetown, Barbados Tel: 246 - 228-0162 | Fax: 246 - 228-0613 | Email: theoffice@sba.bb | Website: http://www.sba.bb

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