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Small Business ASSOCIATION
Vol. 02 Issue. 7 July, 2014 Edition
Building Networks; Creating Wealth
E-Commerce:
The Business Model of the Future
In Focus
Read more, pg2 With an increase from 16M Internet users in Another example cited during the meeting 1995 in the Americas, to an estimated 2.8B in 2015, the successful entrepreneur of the future must embrace a business model that incorporates electronic trade.
This was the common theme at the recently held members’ meeting of the Small Business Association, which featured a special presentation from guest speaker Mr. Chesterfield Coppin of the Ministry of Industry, International Business, Commerce and Small Business Development. Cognisant that the business climate of the 21st century was buoyed with a heavy emphasis on the use of information communications technology (ICT), small businesses were fed a diet rich in the benefits of the internet in their business models. The SBA members’ event focused on the merits of using ICT as an integral part of today’s business operations, strengthened by the use of e-commerce to sell goods and services. The global village that has emerged in this century now empowers the micro firm in Barbados to easily sell their products to customers in Australia, Japan or any country on the African continent. The barriers to trade have been removed, at least electronically.
was the growth and impact of social media on the local landscape. Estimates at the end of July 2014 revealed the growth of platforms such as Twitter with a reach of 600M people worldwide, and Facebook with 1.3B and a more "tech savvy" world with the estimate of 4.3B mobile users and a projection of 5.8B by 2015. Mr. Coppin implored the members to re-consider their business models and invest in platforms to better suit the climate for the customer today.
Small Business As An Elixir
reliable payment services were key to the small business. “You may be a smaller player but you must still protect your asset and keep that level of customer service we strive for”, Coppin concluded.
The call for e-commerce was equally met with some concern on the part of small businesses primarily due to the challenges in the local market. Attendees at the meeting were very vocal on what appeared to be an inhibiting environment from commercial banks to make online trading affordable and accessible, particularly for small firms. Additionally, the government’s vision for the sector was called into question, owing to the lack of the legislative environment to enable SMEs to trade online. The government official while empathizing with small firms on the need for a conducive environment for online trades, confirmed that progress was being made in this area. The small business owners however had a critical role to play in creating a toggle free zone, becoming technologically savvy and developing trustworthy relationships with clients and suppliers. Mr. Coppin further advised that securing a website and having
These sentiments echoed in Mr. Coppin’s Featured Speaker, Mr. Chesterfield Coppin of the Ministry of Industry, International Business, presentation, which sought to address issues Commerce & Small Business Development of relevance in e-commerce to the small business and resilience in this mode of operation given the current economic crisis. “E-commerce is the buying and selling of goods and services on-line”, Coppin remarked as he informed the small entrepreneurs of the competitive benefit electronic trade brought to their businesses. “Using this method also contributed to economic growth through faster processing of orders and delivery of products to customers”. The small business owners benefited from greater market reach, reduction in overheads, efficient marketing and distribution, reduction in sales costs and cost of materials, and an easier way to build partnerships. The success of the Barbados Today’s e-paper compared to the slowly dying print media was one local example of the paradigm shift in Members in attendance at the July Member’s Meeting on E-Commerce business model using ICT. IMPORTANT DATES 2014
FEATURE ACTIVITY
FEATURE ACTIVITY
Deadline for Small Business Awards - August 13
HEAD OFFICE 1 Pelican Industrial Park, Bridgetown, Barbados
The official Launch of SBW 2014 - Agust 27 Small Business Week - September 21 - 27
REACH THE SBA
www.BIM.bb COMING SOON...
Phone: (246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb Website: www.sba.bb
SMALL BUSINESS AS AN ELIXIR
Entrepreneur Year 2013 - Devanand Maharaj from IAQ Solutions Inc. receving his award from Hon. Donville Inniss Minister of Industry, International Business, Commerce & Small Business Development
At a time of prolonged economic downturn and the clarion call for greater focus on growth strategies to resuscitate the Barbados economy, the Small Business Association has again signaled the small business sector as a possible solution for growth and recovery. This prescription came by way of the theme for the 11th annual Small Business Week,
“Small Business as an Elixir for Economy Recovery.” The association consistently posits the view that small businesses had the innate potential to catalyse an economy to new levels of growth. These businesses are flexible, are found in all areas of trade, and due to the ease in market entry and low overheads, were able to leapfrog domestic circumstances and quickly expand into export markets. The changing business environment, from brick & mortar to an internet driven climate, further strengthened the growth prospects for the small business. Research also consistently showed that these firms were significant contributors to employment creation with the ability to grow and/or reduce the use of foreign exchange.
and entertain stakeholders. A key activity of the week is the business awards where members of the association will be recognised for their business management ability, the contribution to employment and overall economic growth. The events for this year’s Small Business Week include: • Sunday, September 21 – Church Service • Monday, September 22 - V Annual Leo Leacock Memorial Lecture • Wednesday, September 24 – Youth Forum
In light of the considerable potential the • Thursday, September 25 – Promotional sector has in the economy, the SBA is hoping Bus Tour to raise the national dialogue with this year’s week of activities and to encourage policy • Friday, September 26 – 20/20 Cricket makers, financiers and business support Match organisations to create the ecosystem needed to engender small business growth. • Saturday, September 27 – Awards Ceremony & Dinner Small Business Week will be organised through the support of title sponsor, First The week of activities will be held from Citizen Bank, other sponsors and contribu- September 21 -27, 2014 and most events are tors, and will feature six events to educate, open to the public.
Small Business ASSOCIATION
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WALK TO WELLNESS – 100 Days to Wellness Challenge second iteration of the programme.
Winners, Ms. Gale Alleyne (left) and Mr. Johnson Johnrose. receiving their certificates from Business Operations Manager of the SBA, Ms. Andrea Taylor.
Walk The Talk an initiative of the Barbados Chamber of Commerce & Industry (BCCI), Barbados Employers’ Confederation, and the Small Business Association (SBA) saw over 1725 employees competing from 45 different companies in the
three hours. I walked seven days a week, morning and night, and although my doctor asked The ‘challenge’ encouraged participants to me to cut down on it, I couldn’t.” walk and record their steps over a 3-month period. Having clocked over five million steps Second place winner Mr. Johnrose, shared that on her pedometer, Ms. Gale Alleyne of the he was now 20 pounds lighter after taking 4.7 TVET Council emerged the winner of “Walk million steps. The avid walker, who several the Talk – 100 Days to Wellness Challenge,” times a week walked home from his office in for the second consecutive year. Second place Warrens to Kingsland, said he was up for the went to Mr. Johnson Johnrose of the Carib- challenge. “I love walking so committing to bean Tourism Organisation (CTO) with 4.7 ‘Walk the Talk’ wasn’t a major lifestyle change”, million steps. These two, were joined by 10 Johnrose commented. additional participants in winners’ row at a recently held awards events to celebrate those Chairman of the Wellness Committee Mr. who participated in this year’s challenge. David Neilands confirmed that “the issue of heart disease, cancer, all the nonMs. Alleyne who loves walking, said her aim communicable diseases which are so prevalent, this year was to actually reach six million are affected by how physically fit we actually steps. She shared her strategy: “after work I are. The fit employee, the productive employee, walk at the Garrison for an hour, and then the happy employee is one that will enjoy life, when I get home, I walk for another two or and work better for the organisation”.
NOMINATE
A BUSINESS FOR THE 2014 SMALL BUSINESS AWARDS Deadline for Nomination is August 13th 2014 Application forms can be found online at www.SBA.bb
Room for Growth
It’s always the small pieces that make the big picture.
BARBADIANS LIVING OVERSEAS are success of a brand originally owned by a being urged to get into strategic partnerships Jamaican. with local business. Holder, in response, said “We need to change This challenge was thrown out by Lynette our business models and do much more with Holder, chief executive officer of the Small our condiments especially the pepper sauce.” Business Association (SBA), while addressing a session at the Barbados Network Consulta- Sonja Trotman, director of export at the tion held at the Lloyd Erskine Sandiford Barbados Investment and Development Corporation (BIDC), spoke of the breakCentre. through in sweet potato fries now being done Holder told participants of the growth in Barbados. She added the hope was that the potential in a number of areas and spoke product could take off internationally, pointspecifically of opportunities in agro-industry, ing to the need for further research and alternative energy and technology, health and development. wellness, animation and film and the cultural industries. She was part of a panel which looked at “pathways to trade and investment”.
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She told delegates that there were a number of emerging industries worth the investment of potential business owners. Trotman said there was demand for beauty and anti-ageing treatments, especially cosmetic surgery, alternative medicine and dental tourism. In cultural industries, the BIDC executive noted there was a demand for more exports in this area through the utilization of trade agreements such as the European Partnership Agreement (EPA). (ES) ~ Nation Newspaper
She highlighted the need to push locallymade condiments given their potential in the diaspora. Holder made mention of Barbadians in the major overseas markets working as distributors or in other strategic alliances to help grow the sector. The potential for growth was emphasised by one participant from the floor, who in his address to the session spoke of condiments being a multimillion-dollar industry in United Kingdom. He pointed to the tremendous SBA CEO, Lynette Holder (right) among the panelists at the Barbados Network Consultation SBA Outlook Newsletter July 2014