Vol. 05 Issue. 3 October, 2016 Edition
Small Business ASSOCIATION
Building Networks; Creating Wealth
IMPORTANT DATES IN NOVEMBER 2016
Giving God Thanks Members and stakeholders alike welcomed the start of Small Business Week 2016 with a church service at the Power in the Blood Assembly, Kew Road. This thanksgiving event celebrated the Christian ethos of the Small Business Association recognising the influence of Divine direction in the work and success of the organisation. A spirited session of contemporary gospel music, and accompanying singing by a jubilant and packed congregation, marked the church service. After this expression of praise and fervent prayer, pastor of the assembly, Pastor Eric Peters, gave an inspiring sermon on the value of leadership and good management – themes that resonated with the small business audience. Among members of the assemblage were the Hon. Donville Inniss MP, minister with responsibility for Small Business
Dalton Medford addressing the congregation during the church service.
Bus Tour
Wednesday, November 23, 2016
SBA President Dalton Medford (left), the Hon. Donville Inniss (2nd left) and Senator John Watson (2nd row) among the SBA delegation at the church service.
Development; Member of Parliament, Ms Santia Bradshaw; SBA directors; CEO and staff; accompanied by several members and associates. In his remarks, SBA president Dalton Medford spoke impassionedly about his eagerness to see the launch of the $50 million fund, promised by the Government of Barbados, to support the small business sector. The president also tipped the congregation that the recently concluded and much anticipated national survey on the micro, small and medium enterprise (MSME) sector would be launched during the Week of Activities. This body of research was critical to the SBA’s positioning of MSMEs as valuable contributors to national development and as such should be enabled to contribute maximally to the nation’s growth.
Developing our Youth
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e-toolkit The Small Business Start Up E-toolkit
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The Small Business Start Up E-toolkit is an interactive, practical and easy-to-use guide on how you can: 1) Enhance your business idea 2) Establish your business in Barbados.
Under the theme “Things Bajan”, the SBA hosted its premiere youth event during Small Business Week. The Youth Forum was a culmination of SBA’s Enterprise In Action (EIA) Youth Programme 2016, and an opportunity to engaged schools for the new academic year in the schools-based entrepreneurial programme. The event featured several presentations from students on the business theories learnt
Annual General Meeting Tuesday, November 29, 2016
The E-toolkit aims to help entrepreneurs and potential business owners to increase their awareness of the requirements to start a business in Barbados.
EIA students of Ellerslie Secondary School presenting their project during the Forum.
Small Business Association of Barbados Suite 101 Building 4 Harbour Industrial Estate Bridgetown, Barbados
Phone: 1(246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb Website: www.sba.bb
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Vol. 05 Issue. 3 October, 2016 Edition
and the projects undertaken at the various schools during the 2015-2016 period. Some of the projects developed at the schools and discussed or showcased during the forum included: • • • • • • • •
Event Planning Business Deli Arts & Craft Pastry Shop & Smoothie Bar Cup Cake Pizza Food Business Pizza Burger Reselling of Cakes
Pizza Burger business project by the Ellerslie Secondary School.
CEO of the SBA, Ms Lynette Holder, presented the overall objective of the EIA programme, as an initiative intended “to
inculcate an entrepreneurial mind-set, more so than encourage everyone to become entrepreneurs; to encourage persons to think outside the box, be more innovative and prepared to take risks.” Ms Holder also made a plea for the business-based subjects on the schools’ curriculum to be immediately upgraded and further stated that the educational system was ‘still training children to pass exams’. The CEO urged that there was still much work to be done to get the next generation of leaders, employees and business owners to have a renewed way of thinking. New Junior Be SME Smart Discount Cards, offering discounts from businesses registered within the SBA, were presented to all EIA students. These cards would afford the students special offers and discounts from member companies to purchase school supplies and any other good or service required. The EIA programme, which is designed for students in the 4th and 5th form at
secondary schools, is currently offered in 13 schools, catering to over 250 students. During the forum prizes were also presented to winners of the ‘I am SME Smart Essay Competition’. The 1st Place winner was Dabrianna Hinkson from St. Jude’s Primary School, 2nd Place went to Brianna Worrell from All Saints’ Primary School, and in 3rd position was Sianna Riley from All Saints’ Primary School. In keeping with the theme, “Things Bajan”, a number of artefacts and oddities of Barbados yesteryear over five decades, were on display at the Forum. Among these were coal pots, cast irons, an old television, a Rediffusion radio, a mortar & pestle set and juking board.
‘Old-time’ relics from Barbados past on display at the Youth Forum.
Promotional Bus Tour Scenes from the Bus Tour. The team visited business centres in Speightstown, Six Roads and Oistins.
SME Stakeholders’ Forum Dr Keith Nurse, Senior Fellow, Sir Arthur Lewis Institute for Social and Economic Studies, UWI, headlined the recent SME Stakeholders’ Forum during Small Business Week. Dr Nurse challenged small business owners, policymakers and students who were in attendance, to understand Small Business Development within the Age of Creative Destruction. The economist opined that gone were the days when regional economies could look forward to the resurgence of sugar or traditional tourism and
proffered that today’s leaders needed to redirect their attention to emerging markets instead of traditional trading partners. Dr Nurse suggested that, among new sectors of focus were the food, Diasporic and digital economies, along with niche tourism. The Senior Fellow stressed that this would require a shift in thought, a paradigm shift that moved our thinking away from targeting the local, regional and domestic markets only to focusing strategically on non-traditional and emerging economies.
Dr Keith Nurse, being presented a momento by SBA CEO, Ms Lynette Holder. The piece was compliments Medford Mahogany Creations.
Vol. 05 Issue. 3 October, 2016 Edition
The Forum also included a presentation from Mr Orville Lynch, Human Resource Development Specialist of the Ministry of Labour, Social Security and Human Resource Development. Mr Lynch stressed that although all five pillars of the Human Resource Development Strategy (HRDS) were important, the 5th pillar – Research, Innovation, and Entrepreneurship Capacity – was of particular significance to the private sector.
contribution from non-agriculture MSMEs of 64.1% of national value-added.
He suggested that there could be no innovation without evidence-based research since the two were inextricably linked. Accordingly, the work of the SBA in commissioning the first ever-national survey of the MSME sector was lauded.
7. There was an estimated 9,651 formal businesses operating in Barbados, of which 96% were MSMEs.
5. MSMEs were found to account for 60.7% of private sector employment and 47.6% of total jobs across Barbados in 2015. 6. The bulk of this employment is in small service companies, which accounted for 33.8% of private sector employment and 26.5% of total employment in the country.
Mr Orville Lynch, of the Ministry of Labour, speaking about the importance of the HRD Strategy.
Highlights of the survey include:
The research provided statistics showing the significant impact of MSMEs on the economy, the evidence of which confirms that this sector should not be taken lightly.
1. Non-agriculture MSMEs generate $3.5 billion in revenue, which accounts for 47.5% of private sector earnings.
Members of the SME Stakeholders’ Forum audience paying rapt attention to the speaker.
The Sir Arthur Lewis Institute for Social and Economic Studies (SALISES) of the Cave Hill Campus, UWI, conducted the research project, which was funded by the HRDS. The research report captioned “the State of Small Business in Barbados” is available in downloadable format on the SBA’s website www.sba.bb.
2. 2.7% of the revenue stated above came from micro enterprises; 23.2% from small businesses and 21.5% from medium enterprises. 3. The greatest contributors are businesses in the services sector, which are responsible for 75% of MSME non-agriculture earnings and 39.4% of total revenue. 4. The micro and small enterprises contributed 51.4% of gross domestic product (GDP) and non-agriculture medium-sized businesses were responsible for 12.7%, for a total
20/20 Cricket Match Photos of the 20/20 cricket match between the SBA and Industry Partners played at the Passage Road field, St. Michael.
Cover of the National Survey on MSMEs
Vol. 05 Issue. 3 October, 2016 Edition
Celebrating Small Business The SBA brought the curtain down on Small Business Week 2016 with its annual Awards Ceremony held on the last day of the Week of Activities.
diversification in the business during the previous year.
This event provides the opportunity for the organisation to recognise the significant contribution being made by members to social and economic development, and to highlight the input of other contributors to the small business sector.
The Agribusiness Award – Atlantis Seafood Inc.; the Wholesale/Retail Award – Dwellings Inc.; the Information Communications Technology Award – NX Technologies Ltd.; Group Member Award – Pig Farmers Cooperative Society; General Services Award – Sentry Insurance Brokers Ltd.; and the Professional Services Award – Resilia Accounting Services.
Sectoral Awards were conferred as follows:
In his remarks, SBA president, Dalton Medford, made a plea for a ‘structured funding mechanism, such as a cooperative society’, through which the $50 million promised by Government to the small business sector could be administered. Mr David Waithe of Atlantis Seafood Inc., winner of the Small Business of the Year and the People’s Choice Awards, seen here with the SBA CEO, Ms Lynette Holder.
in assisting the sector to access markets for their products.
The Sectoral Awards presented during the Ceremony.
Mr Medford also appealed for the long awaited 40% procurement of Government’s goods and services to the MSME sector, to materialise. The president opined that the current recessionary environment necessitated a greater commitment on the part of Government
A total of nine awards were presented at the event in the categories of Sectoral and Special Awards. For the first time, one firm copped both Small Business of the Year and People’s Choice Awards - Atlantis Seafood Inc. represented by Mr Dave Waithe made history this year in both the internal and public awards. The coveted President’s Award went to N Pure Inc. represented by Neil Corbin, for the demonstrated innovation and
& Present your SMART Card to participating businesses at every purchase to receive discounts and special offers.
Mr Neil Corbin of N Pure Inc., receiving the President’s Award from Mr Dalton Medford.
E M S Be
in the
T R A SM
The Be SME SMART campaign features a Discount Programme which includes a SMART Card designed to benefit you and participating businesses alike.
Businesses are encouraged to sign up to be a part of the Be SME SMART Discount Programme to encourage consumers to patronise their business.
DISCOUNT PROGRAMME
For more details and to sign up for your card today visit: www.sba.bb/marketplace
Number of Card holders
Small Business Association Suite 101 Building 4 Harbour Industrial Estate Bridgetown, Barbados
Phone: 1(246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb
Small Business ASSOCIATION Building Networks; Creating Wealth