These predators will think nothing, when they are pouncing on your business, of the sacrifices and commitments that you made to grow your business from an idea to operation. They will look at your vulnerabilities and seek to exploit them. Even in instances when those opportunities are not clear for them to take advantage of you, they will still try to see how far they will get.
If you are seeking to get into business or grow an existing one. There are some elements that you mut appreciate when functioning within any given market place. Understanding why our business environment is the way it is:
Rules and Regulations
They are instituted for a reason. Many times, though we may not appreciate it at the time, they protect the SME from acts of ignorance. When you are in business, even with the presence of a team, there are many elements pertaining to business that you will not now. If you are a startup then this is even worse e.g. being a good plumber doesn't mean you'll run a good plumbing business.
- There are many elements that you'll be shielded from when you were an employee within a larger organisation. Other departments comprising of various team member performed certain roles enabling you to do what you do best. You were able to focus on your specialised tasks with little concern for how other elements of the business ran to create an atmosphere of stability. You worked without having to collect the money done for the work, performing the accounting functions, which then ultimately resulted in you being paid. You never had to consider marketing the entity, handling staffing situations, coping with financial issues, manoeuvring the legalities; all of these functions were covered by others in various departments. As an SME, its just you that has to deal with all these and more issues.
Beyond the hosting of programs for SMEs there is a need to provide tangible guidance by way of mentorship programs and consultation programs that enable these entities to have teams of experts to guida them properly through all the challenges that the leadership of SMEs would face. By definition, there are no real large businesses within Barbados nor the wider Caribbean. Hence, we need to pull the business education out of the classroom and exam centres and into the mainstream of business.
SMEs need to understand how to adequately use shares - ordinary and preferred to promote growth. They neey to understand that insurance can be used to support their investments. Borrowing mechanisms need to move beyond commercial loans to include bonds, and empower our societies to truly understand the functions and benefits of crowdfunding. We need to do better since SMEs are still particularly vulnerable to so many threats within the global arena.