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Small Business ASSOCIATION
Vol. 02 Issue. 6 June, 2014 Edition
Building Networks; Creating Wealth
ENTERPRISE IN ACTION
YOUTH FORUM - FROM CONCEPT TO REALITY
As the growing focus is geared towards the entrepreneurial mindset of our nation, the SBA continued for the 5th consecutive year its Enterprise In Action (EIA) Youth Programme culminating with a symposium at the Hilton Barbados.
This event brought students, teachers, SBA officials, sponsors and invited guests to witness the creative displays from the (9) participating schools not only in the execution of their business projects, but in the eloquent presentations of their service offerings. This latter activity arguably represented one of the day’s highlights. Students were drawn from as near as The St. Michael School to as far as the Daryll Jordan Secondary School in St. Lucy, to acquire valuable advice from the speakers experienced in entrepreneurship development. In addition, the audience was thrilled with the beautiful voices of Rashida Dixon who gave a Reggae rendition and Kellie Codogan who sang an original piece, “Walking In My Shoes.”
Another glowing highlight was the launch of the EIA website. CEO of the SBA Ms. Lynette Holder unveiled the website and encouraged the students to utilise all it had to offer. Ms. Holder promoted its interactive platform, while simplifying the studentfriendly functionality of the site. Some of the pages displayed were educational, games, information sharing and social media portals. The website can be accessed via the link, www.youth.sba.bb.
In Focus Read more, pg2
A WELL DESERVED BREAK
The EIA Youth Programme is the SBA’s initiative started in 2009 to assist with the training of young persons in the area of entrepreneurship. The 2013 - 2014 event was sponsored by First Citizens Bank and provided the opportunity for students to showcase their creative talents and projects done during the business-training phase of The EIA Student Card was re-branded with a the programme. sleek new look that elevated the finish to any credit or debit card on this island. This card would allow for value-added benefits to the students in the programme, through accessing discounts from well over 40 businesses on the island, specially powered by Student One and SBA partners.
In thanking the students for their participation in this year’s programme, Ms. Holder commended the participants for the high level of planning and commitment assigned to their projects and presentations evident in the quality of displays. “This by far, is the very Mr. Dalton Medford, President of the best (Symposium) that we’ve had in our SBA in his remarks reinforced some “food Enterprise In Action Programme,” the CEO for thought”. Mr. Medford emphasised to remarked. the students that “no one owes you a job” and future self-employment was beneficial once done correctly. Mr. Corey Worrell, the featured speaker at this year’s event, emphasised that students needed to “zero in on their one talent.” The director of C2J Foundation Inc. advised the students to become a master of one trade, and not a jack of many, as was seen too frequently in the marketplace.
IMPORTANT DATES 2014
FEATURE ACTIVITY
FEATURE ACTIVITY
Members Meeting - July 29 Deadline for Small Business Awards - August 1 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
Degreaser, Magic Oven Cleaner and Rust Stain Remover, Jumbo Toilet Tissue and Hand Towels, amongst others, are very popular and readily available.
Small Business ASSOCIATION
MEMBERS’ SPOTLIGHT TOPICHEM LTD. TROPI-CHEM LTD. is the leading Supplier of Chemical Products in Barbados. It is headed by Managing Director, Patrick Rowe and carries a wide range of products suitable for both Household and Commercial purposes. Tropi-chem carries a wide variety of products from Dishwashing Liquid, Laundry Detergent, Mountain Spice & Fresh Scent Liquid for mopping floors, Sanitizer, Bleach, Glass Cleaner, and Toilet Bowl Cleaner to Tile & Grout Bowl Cleaner which is suitable for Household use. The company can boast of a wide variety of Commercial Cleaning products for Food Processing Plants and other, Quat Disinfectant, HD Multi-Purpose Cleaner, Food
Tropi-chem caters to every need, providing the Sanor Fluid and Aire Units Services to Hotels and the Commercial Arena which are high in demand because they assist with the odours found in Restrooms and sanitize while giving off a pleasant Scent of choice. These services are rendered to clients twice monthly by the Customer Field Representatives of TROPI-CHEM LTD.
THE HUMAN RESOURCE PARTNER CONSULTANCY
The Human Resource Partner (HR) Consultancy started its business operations in December 2012 by (HR) Consultants Maureen Brown. The experienced and principle-driven Human Resource professional with an ability to lead and communicate key HR strategies effectively designed the company to include services such as; Performance Coaching, Recruitment and A Feminine Bin Service is also offered once Selection, Training & Development in Manweekly, twice monthly or at more frequent agement and HR Analysis/Diagnostics. intervals that is suitable for the Customer. From the conception of the Company in With a passion for assisting Small Businesses February, 1997, Mr. Rowe has placed his with their HR needs, The Human Resource emphasis on Integrity and Good Customer partner seeks to assist Supervisors and ManService. This drive to maintain his standards agers in sharpening and developing their has caused his Company to grow from a management and leadership skills through a “Home-based, one man business” to a team direct, collaborative problem-solving of sixteen (16) employees. The office is approach. located at Babco Complex, Chelston Avenue, Culloden Road, St. Michael. Some of the benefits that can be derived from The HR Partner services are improved TROPI-CHEM LTD. serves the ‘Walk-in’ interpersonal skills, workplace relationships, customers, Telephone Customers and creativity, innovation and job performance. processes Local Purchase Orders. Deliveries are guaranteed within twenty-four (24) hours If you are interested in any of our service and are free of cost. This people friendly offerings please contact Company has derived its large Customer Data thehrpartner@gmail.com or mobile (246) Base from its policy that, “The Customer is 826-4489. First!”
A WELL DESERVED BREAK from the experience, which was evident in the question and answer session. At the end of the tour the children walked away with more than just free samples; they had lots of fun and knowledge shared about the C&G Star Trading, one of the SBA’s leading importance of small business, small exporters, hosted Class 4 students of particularly operating in the the Charles F. Broome Memorial School, to manufacturing sector. a tour of their facility. The SBA congratulates C&G The enthusiastic students were treated to a Star Trading on this educational review of the production process involved exercise since it was positioned in the creation of the popular award well in the association’s overall winning STAR guava jelly. From the cook- mandate of promoting entreing of the product through to the final preneurship in the schools. production of bottling and sealing the jam, Similar to the Enterprise In the students witnessed what was once a Action Youth programme, traditional cottage industry to the now fully which offered training and business case development automated manufacturing process. within several schools, this Managing Director, Ms. Glendene Greaves activity helped to give the underscored the importance of using local students a practical understandmaterials for the inputs, as this help to ing about business. maintain local jobs and safe foreign exchange. The students were seen as the next generation of leaders, innovators and budding entrepreneurs and needed to Students learn how the appreciate the value of entrepreneurship finished product is made. and its impact on economic development. In an effort to strengthen the dying manufacturing sector, a local agro-processing firm recently reached out to a group of students though a practical introduction to the world of work in their manufacturing business.
The students gained a wealth of knowledge SBA Outlook Newsletter June 2014
Owner Ms. Glendene Greaves introduces C & G Star Products to the students.
Students sample some of C & G Star Products.
SMALL BUSINESS LOANS First Citizens offers business owners peace of mind with a range of commercial loans tailored to the needs of your business. Small businesses are sometimes stereotyped as being unable to live up to their financial responsibilities, and this can lead to hesitation in regards to applying for a loan. First Citizens recognises this, and are committed to providing the loan support needed by small businesses. When contemplating the idea of applying for a loan, there are several requirements that need to be satisfied. Businesses must provide loan officers with financial statements for the previous three years. It is also a good idea to include any projected cash flows, in order to predict the financial solvency of the business. Six months of bank statements should be produced, as
well as any other additional documentation loan, whereas others need just enough to showing evidence of financial security. “keep their head above water”. The minimum amount a business can borrow is five This will assist the bank in making a more thousand dollars, and there is no limit to the informed decision about the loan application maximum amount of money that can be and can speed up processing times. borrowed to assist with your financial stability. With our competitive annual interest rate It is essential to ensure the business name is and flexibility, business have the ability to registered with the Corporate Affairs Depart- repay in their own time. ment at The Corporate Affairs and Intellectual Property Office (CAIPO). Oftentimes There is nothing more essential than being persons don’t realise this, and if your business prepared when meeting to discuss the finanis not registered, you cannot qualify for a loan cial outlook of your small business. It shows at any banking institution. The certificate of that you are committed to the financial registration for your small business and a copy well-being of your company. Entrepreneurof the registration application form should be ship can be a risky business, especially in this presented along with the loan application economic environment. First Citizens form. commends small businesses for their vision and commitment. Our team will be more As a customer-oriented bank, First Citizens than happy to advise you, and help to fulfil appreciates that every small business is not your small business dreams. the same. Some businesses need a substantial
A POLICY FOR SMALL BUSINESSES
A CARICOM ROUNDTABLE DISCUSSION
The CARICOM Secretariat recently held a national consultation in Barbados, on a Regional Micro, Small and Medium Enterprise Policy.
The consultation was one in a series of such national events being held in member states to solicit the views of the public and private sectors as well as civil society, on the kind of regional policy needed to enable the growth of the MSME sector. The event which was coordinated by the Small Business Association, provided participants including Senator John Watson, the opportunity to explore what were the major strengths and weaknesses of the sector and the activities needed to incentivise small businesses to contribute fully to the development of the region.
Attendees, including Sen. John Watson (left) at the Regional Micro Small and Medium Enterprise Policy consultation
Issues such as a common definition across CARICOM, enabling business support services, access to financing and a coordinating mechanism to better represent the sector nationally and regionally, were some of the topics discussed. Participants underscored the need to have at the regional level harmoninsed legislation and policies that can feed into the national framework. Private Sector specialist with the CARICOM Secretariat, Ms. Leela Ramoutar, reported that whereas there was a Draft Model Bill for the sector, the Council of Trade and Economic Development earlier agreed that a policy on the sector was needed. Following the consultations, the next of which would be Antigua & Barbuda, the Secretariat would be able to Ms. Kay Sealy of The Ministry of Foreign Affairs making a point during the discussion. submit its recommendations to the COTED for final determination. SBA Outlook Newsletter June 2014