Small BusinessASSOCIATION

You Are ReadingVol. 02 Issue. 7

July, 2014Edition

Building Networks; Creating Wealth

In Focus Small BusinessAs An ElixirRead more,

pg2

E-Commerce: The Business Model of the Future

With an increase from 16M Internet users in 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 presen-tation from guest speaker Mr. Chesterfield Coppin of the Ministry of Industry, Interna-tional 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 electroni-cally.

These sentiments echoed in Mr. Coppin’s presentation, which sought to address issues of relevance in e-commerce to the small business and resilience in this mode of opera-tion 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 entrepre-neurs 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, reduc-tion 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 business model using ICT.

Another example cited during the meeting 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 projec-tion 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.

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. Addi-tionally, 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

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.

Members in attendance at the July Member’s Meeting on E-Commerce

Featured Speaker, Mr. Chesterfield Coppin of the Ministry of Industry, International Business,

Commerce & Small Business Development

IMPORTANT DATES 2014 FEATURE ACTIVITY REACH THE SBAFEATURE ACTIVITY

HEAD OFFICE1 Pelican Industrial Park,Bridgetown, BarbadosPhone: (246) 228-0162Fax: (246) 228-0613Email: theoffice@sba.bbWebsite: www.sba.bb

Deadline for Small BusinessAwards - August 13

The official Launch of SBW 2014- Agust 27

Small Business Week - September 21 - 27 www.BIM.bb COMING SOON...

and entertain stakeholders. A key activity of the week is the business awards where mem-bers 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

• Thursday, September 25 – Promotional Bus Tour

• Friday, September 26 – 20/20 Cricket Match

• Saturday, September 27 – Awards Ceremony & Dinner

The week of activities will be held from September 21 -27, 2014 and most events are open to the public.

MEMBERS’SPOTLIGHT

Small BusinessASSOCIATION

SBA Outlook Newsletter July 2014

“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.

In light of the considerable potential the sector has in the economy, the SBA is hoping to raise the national dialogue with this year’s week of activities and to encourage policy makers, financiers and business support organisations to create the ecosystem needed to engender small business growth.

Small Business Week will be organised through the support of title sponsor, First Citizen Bank, other sponsors and contribu-tors, and will feature six events to educate,

MUSIC ANGELS is a company that offers lessons in music theory and practice in, viola, violin and piano. All courses are accredited internationally. Founder of Music Angels, Ms. Crystal Barker has over eight (8) years experience in the music field and has been both a primary school teacher and part-time U.W.I lecturer for over ten years. Ms. Barker took her expertise and incorporated the company in 2014 providing a facility for children from as young as 3 years old, the opportunity to develop a form of expression through music.

With future endeavours of housing a music store, Crystal is well on her way to making MUSIC ANGELS a hub of harmonious excellence for client and student alike.

For more information on Music Angels give them a call at 255-5609/824-3854 or email info@musicangelsbarbados.com

Providing quality from entry level, Premium Designs promises to exceed expectations with a focus on providing quality at the every level of the product creation cycle to ensure a successful result - one that exceeds your expecta-tions. Whether personal or commercial Premium Designs is dedicated to tailor-ing the entire product(s) manageability in image and print communications.

Offering a wide range of services geared towards a powerful business brand from business cards, flyers, posters to brochures, invitations, logos and so much more. Premium Designs recog-nizes that in any business your customer needs and wants are your primary focus and since 2005 they have been dedicated to providing that professional look from the developmental stage separating their clients business from the competition.

So whether it is a birthday party or funeral, the team at Premium Designs is ready and willing to work closely with you, suggesting a variety of effective marketing strategies that will increase your chances of achieving your financial objectives!

Just give them a call at (246) 426-0070 or Email: info@premiumdesignsinc.com.

SMALL BUSINESSAS AN ELIXIR

CORBAR Business Solutions has to-date been retailing a variety of products under one roof. Taking the hassle of doing and making itself a one-stop-shop to serve all your busi-ness needs in Equipment, Technology and Solutions.

At the helm of their technology range is the Time & Attendance product suite, allowing employers to keep track of their employees (via eye/finger recognition) from the comfort of their desktop. With the advantage of being small, CBSI maintains prompt personalized service with unrelenting professional-ism guaranteed. Being in the business for over ten (10) years, Cornelius Bart-lett and the team at CBS understand the magnitude and impact of great customer service coupled with meeting market needs in this ever-changing climate. Their philosophy is to create that one stop shop experience for any business owner and they intend to fulfil that duty. For more information on CORBAR Business Solutions visit their website at www.CorbarOnline.com.

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 down-turn and the clarion call for greater focus on growth strategies to resuscitate the Barba-dos economy, the Small Business Associa-tion 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,

Walk The Talk an initiative of the Barba-dos Chamber of Commerce & Industry (BCCI), Barbados Employers’ Confedera-tion, and the Small Business Association (SBA) saw over 1725 employees compet-ing from 45 different companies in the

three hours. I walked seven days a week, morn-ing and night, and although my doctor asked me to cut down on it, I couldn’t.”

Second place winner Mr. Johnrose, shared that he was now 20 pounds lighter after taking 4.7 million steps. The avid walker, who several times a week walked home from his office in Warrens to Kingsland, said he was up for the challenge. “I love walking so committing to ‘Walk the Talk’ wasn’t a major lifestyle change”, Johnrose commented.

Chairman of the Wellness Committee Mr. David Neilands confirmed that “the issue of heart disease, cancer, all the non-communicable diseases which are so prevalent, are affected by how physically fit we actually are. The fit employee, the productive employee, the happy employee is one that will enjoy life, and work better for the organisation”.

WALK TO WELLNESS – 100 Days to Wellness Challenge

SBA Outlook Newsletter July 2014

NOMINATEA BUSINESS FOR THE

2014 SMALL BUSINESS AWARDSDeadline for Nomination is August 13th 2014

Application forms can be found online at www.SBA.bb

BARBADIANS LIVING OVERSEAS are being urged to get into strategic partnerships with local business.

This challenge was thrown out by Lynette Holder, chief executive officer of the Small Business Association (SBA), while addressing a session at the Barbados Network Consulta-tion held at the Lloyd Erskine Sandiford Centre.

Holder told participants of the growth potential in a number of areas and spoke specifically of opportunities in agro-industry, alternative energy and technology, health and wellness, animation and film and the cultural industries. She was part of a panel which looked at “pathways to trade and invest-ment”.

She highlighted the need to push locally-made condiments given their potential in the diaspora. Holder made mention of Barbadi-ans 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

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 Partner-ship Agreement (EPA).(ES) ~ Nation Newspaper

success of a brand originally owned by a Jamaican.

Holder, in response, said “We need to change our business models and do much more with our condiments especially the pepper sauce.”

Sonja Trotman, director of export at the Barbados Investment and Development Corporation (BIDC), spoke of the break-through in sweet potato fries now being donein Barbados. She added the hope was that theproduct could take off internationally, point-ing to the need for further research and development.

second iteration of the programme.

The ‘challenge’ encouraged participants to walk and record their steps over a 3-month period. Having clocked over five million steps on her pedometer, Ms. Gale Alleyne of the TVET Council emerged the winner of “Walk the Talk – 100 Days to Wellness Challenge,” for the second consecutive year. Second place went to Mr. Johnson Johnrose of the Carib-bean Tourism Organisation (CTO) with 4.7 million steps. These two, were joined by 10 additional participants in winners’ row at a recently held awards events to celebrate those who participated in this year’s challenge.

Ms. Alleyne who loves walking, said her aim this year was to actually reach six million steps. She shared her strategy: “after work I walk at the Garrison for an hour, and then when I get home, I walk for another two or

Room for Growth

SBA CEO, Lynette Holder (right) among the panelists at the Barbados Network Consultation

It’s always the small pieces that make the big picture.

~Unknown

Winners, Ms. Gale Alleyne (left) and Mr. Johnson Johnrose. receiving their certificates

from Business Operations Manager of the SBA, Ms. Andrea Taylor.