How to provide MSMEs with the services they need

To provide MSMEs in Barbados with the services they need, a multi-faceted approach is required, addressing their specific challenges and leveraging existing frameworks and initiatives. Below are key strategies:

1.

• : Initiatives like the Innovation and Growth Market of the Barbados Stock Exchange, which promotes equity financing, should be scaled up to provide MSMEs with access to non-traditional funding sources4.

• : Develop low-cost financing options with flexible repayment terms that align with MSMEs' cash flows. This includes programs like the Trade Receivables Liquidity Facility (TRLF), which ensures timely payments for government contracts5.

• : Strengthen programs like FundAccess and explore new microfinance initiatives to support smaller enterprises that may not qualify for traditional loans6.

2.

• : Expand training in entrepreneurship, corporate governance, and financial management through partnerships with entities like the Small Business Association (SBA) and Youth Entrepreneurship Scheme (YES)6.

• : Provide technical assistance tailored to industries such as agriculture, leveraging programs like the Agricultural Green Product and Green Energy Research Fund5.

• : Offer workshops on business registration and formalization to help MSMEs transition from informal operations6.

3.

• : Simplify the process for obtaining "Approved Small Business Status," which provides tax incentives and access to government procurement opportunities36.

• : Foster collaboration among business support agencies to create a cohesive framework that reduces duplication of efforts and mistrust among stakeholders16.

• : Strengthen the role of the National MSME Steering Committee in advocating for policies that address sector-specific challenges6.

4.

• : Encourage the use of digital platforms for marketing, customer engagement, and supply chain management.

• : Provide technical support for MSMEs to establish online stores or utilize e-commerce marketplaces.

• : Facilitate access to digital payment solutions to increase efficiency in transactions.

5.

• : Help MSMEs prepare for international markets by offering training on export requirements and standards.

• : Promote government procurement policies that prioritize locally owned MSMEs, ensuring they have access to public contracts.

6.

• : Foster collaboration between public institutions, private enterprises, and MSMEs to cultivate trust within the ecosystem.

• : Educate Barbadians on the importance of supporting local businesses through investments or purchases.

By addressing these areas, Barbados can create a supportive environment that enables MSMEs to thrive, contributing significantly to economic growth and job creation.

Citations:

1. https://www.barbadoschamberofcommerce.com/national-policy-framework-msmes/
2. https://www.caribank.org/sites/default/files/2023-10/BAR_SMES%20Equity%20Financing_CS_Marketing_TOR.pdf
3. http://www.sice.oas.org/SME_CH/SICE_SME_CH_BRB_e.asp
4. https://caribbeannewsglobal.com/barbados-committed-to-supporting-initiatives-for-msmes/
5. https://msme-clearinghouse.com/barbados/
6. https://faolex.fao.org/docs/pdf/bar183755.pdf
7. https://www.barbadosparliament.com/uploads/sittings/attachments/3cbc58ce1bc360806372fa476f67157f.pdf
8. https://www.cavehill.uwi.edu/salises/conferences/past-conferences/2003/smallandmicrobusinessbarbados-lashley.aspx
9. https://www.competecaribbean.org/wp-content/uploads/2021/02/Regional-and-International-MSME-Support-Organisations-August-2019.docx
10. https://www.centralbank.org.bb/news/speech/micro-small-and-medium-sized-enterprises-are-the-backbone-of-our-economy
11. https://www.undp.org/barbados/business-adaptation-programme
12. https://web.wtocenter.org.tw/downFiles/18079/407632/009GGfRF9nBj11111cWNujkYj45UCrh11111rGnsKpZj6BZi6iYKxX3LE00000pgGZuZGQok4n7YCJ411111w9qZnltBv1vFi4Ol5MGQ==
13. https://www.iadb.org/en/news/barbados-will-support-sustainability-msmes-face-covid-19-crisis
14. http://www.msme.gov.bb/registry.php
15. https://www.centralbank.org.bb/news/general-press-release/outlook-for-barbados-economy-in-2025
16. https://repositorio.cepal.org/bitstreams/05ac9094-db02-4a0a-b898-79ff718aa137/download
17. https://www.undp.org/barbados/community-based-tourism-opportunity-msmes-become-beneficiaries-and-guardians-well-developed-strategies-say-undp-and-cto
18. https://www.gemconsortium.org/file/open?fileId=49098
19. https://carib-export.com/news/caribbean-export-and-dhl-sign-mou-to-enhance-msme-competitiveness-through-e-commerce-and-logistics-capacity-building/
20. https://carib-export.com/blog/supporting-msmes-in-the-services-sector/
21. https://www.undp.org/barbados/projects/innovative-finance-underserved-groups
22. http://caribbean.eclac.org/topics/micro-small-and-medium-sized-enterprises-msmes
23. https://www.barbadosparliament.com/uploads/sittings/attachments/f74aa9334153f34176d8189afe1a4414.pdf
24. https://www.businessbarbados.com/articles/introducing-the-idbs-new-country-representative-for-barbados
25. https://msme.gov.bb/registry.php
26. https://repositorio.cepal.org/items/d2c5732a-3e62-4dc3-99af-a59b64c0f4d4
27. https://www.caribank.org/newsroom/news-and-events/cdb-technical-assistance-strengthen-msme-operators
28. https://www.icr-facility.eu/intervention/researching-the-state-of-the-msme-sector-in-barbados/
29. https://www.caribank.org/newsroom/news-and-events/speeches/state-msme-sector-caricom-prospects-future
30. https://www.foreign.gov.bb/government-providing-business-facilitation/

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Answer from Perplexity: pplx.ai/share

Opportunities missed - inefficient web use

 

Nowadays, there's a constant refrain encouraging businesses to get online and utilize the internet to advance their businesses. What we have noticed as more entities do so is that they are unaware of what the internet can do for them and how it impacts their businesses in the eyes of their clients. 

The ideas are great, but they don't necessarily work as intended when the implementation is done. One of the best ways to illustrate this is to share some examples with you so that you can visualize what I mean. 

Recently, I interacted with an entity. When I called their phone line, there was an extensive period where the phone just rang. Then, it was answered by an automated system. It took the information and suggested that I speak with a human assistant. To do this, I was transferred to WhatsApp. 

The WhatsApp process told me I needed to speak with a human, which kicked me back to the phone lines. Long story short, the result was telecommunication ping-pong, where I was the "ball" being played with. The solution wasn't provided until about 90 minutes later. 

The challenge could not be resolved until 8 hours later. 

Another observation:

Many entities have not figured out how to use the tools of their web presence. The website is supposed to be more static, whereas social media is more dynamic. The website should carry information about the business, and social media should carry promotions, incentives, and special offers while still directing users back to the website for business information. 

Update the website often to keep viewers coming back. These practices facilitate the viewer's interaction with the business entity, allowing one to convert them from a prospect to a client. Both the website and the social media sites should have calls to action so that the viewer can go to the next step rather than just leave, provided they have a need you can fill from a business perspective. 

Do businesses have clear goals for visitors who visit them online? Do they have an idea of the interaction they require that will result in business opportunities being developed? 

The planning must be comprehensive to bring the prospect from being in the virtual environment to interacting with them. 

Many other examples can be cited. However, you have understood what I seek to convey. 

To be successful in business, the devil is in the details. You have to consider every detail to be truly successful. 

Why do I have a business and does it serve me and others?

 If you have stopped by because of the title then you too may be wondering, where is he going with this. There are many people who are getting into the businesses but they never ask the really defining questions that may bring clarity. 

If I had to be really direct then we can examine, did you seek God about what to do, or just consult yourself on what you believed you like doing? Many of us do the latter and then pray that God blesses our efforts to help us succeed. We get it backwards. 

Here are some questions you need to consider before you get into business. They may help you redefine your business if you're already in business. 

1. Why should one get into business? [Gen 2:15]
2. What should that business be about? [Gen 2:16]
3. Is it in alignment with our core values? [Gen 2:17]
4. How can it be made sustainable? [Gen 2:18]

These can be answered in your time through your own investigation. I have put some passages beside each question as points of reference which through your own investigation will reveal to you more information about the business you are seeking to invest in as well as if it would be blessed and sustainable. 

You are given the scope of your business and the possibility of success should you act based on the information that you have. Will you have challenges? Yes. However, you will have divine guidance since you first committed your plans to the Lord. [Prov 16:3 & Psalms 20:4] 

Do we really give creative thought as to what, who, why, where, when,  and how we really serve by being in business? It seems sometimes like we get into business without that clarity which then leads us into the avenues of fear, stress and panic when we don't have sufficient information. Shouldn't business be easier? I think so. 

Ensure that you take every step to be clear about your business. That clarity should cover every element of your business so that you make mistakes on paper rather than with paper. 

Get a business team together one thing is certain. You can't think of everything. You don't know everything. There are organizations that can provide you and your entity with technical assistance. These programs can provide consultations, training, webinars and seminars. 

The help will permit you to access funding, growth, and revamp operations.  Consider who really owns your business and perhaps that will help you with your approach to the business entrusted to you. 

Crisis mode

 I was recently chatting with a colleague and as we spoke some similarities in the issues we came across were common between our entities. We are finding that clients are staggering within the business environment. The pressures are quite great for many and many are finding the conditions to be overwhelming. 

Well...someone's got to handle it. We can't all run the opposite direction. 

• Indecision
• Lack of discipline
• Poor budgeting 
• Inadequate planning
• Disorganizeed 
• Insufficient preparation
• Fear of failure 
• Not enough knowledge 
• Inexperience 
• No team 
• Weak systems 
• Limited access to financial information, funding, and technical assistance 
• Undesirable people skills

These are all reasons that businesses experience challenges and these listed are from within. They don't really include factors beyond the skills and abilities of the business that impact externally. 

Can we ever be prepared for the unforeseen? 

As we know, it is virtually unrealistic to expect one person to be on the ball with every aspect of the business. It is for this reason that business functions best when there's a team involved, but you must be selective. 

Who we have on the team is important to the success(es) that the business is likely to encounter. All of these areas can be delved into further should you decide to book a planning session should you need help in these areas. Should we not have the talent in-house, we can connect you with those in our network who have those competencies. Either way, there's always a solution. 

Check back often for updates and read/reread our articles based on your business needs. Have a phenomenal day! 

I'm excited...Here are 7 reasons

During this week the new year will begin and I am excited to be returning to work. I went on leave from the end of November and while it was supposed to be a vacation, it didn't quite work out the way I intended. It seems that as soon as I stopped, every health bug that couldn't catch me when I was going at the frenetic pace of my work schedule was just waiting to come in and roost. It seemed like every bug hit me as my resistance was quite low, and I ended up getting much-needed rest, though not necessarily on the terms I would have planned. 

So now what? Why am I excited? 

I had time to think. The downtime allowed me to reflect on the past year, and the future. It enabled me to see what I wanted/did not want; where I made mistakes/experienced learning; where I failed/succeeded. The thing is we rush through life without really taking the moments necessary for reflection. 

I often tell my participants when making references about a reading list about the book, "Think and Grow Rich", by Napoleon Hill. They have also heard me say I have never heard/nor read the book/article called work hard and get rich. One has to put in the time to just think about what they're doing. 

During the last year, I have met with people who wanted different things/results for their lives and businesses. Despite their backgrounds, one common thread was that they never were able to grasp the time necessary to dedicate themselves to realizing these goals. Some had the plans, in their head, which seldom does any good; but they didn't really commit to anything, not even in writing. 

Those who went through the modeling process with me realized that there is a sequence that can be applied to the way we execute our plans. However, we cannot just use a haphazard approach and hope that the details will sort themselves out. There is a recipe for success and they are tools, systems, and measurements that can be applied to somewhat ensure we are close to the planned results we desire. 

The systems are not only for operations, but for finance, marketing, and legal elements that are related to the business/personal activities. Once followed, our lives can become much easier and streamlined. 

People are willing to learn, and the feedback from those who have met with me, shared and learned with me, and followed the plans was encouraging since their stories tended towards the path of success and growth as they saw it. 

I am excited about the possibilities for this coming year. Since:

• There are systems that enable people/businesses to realize planned results once followed; 
• People are willing to learn just how this can be done; 
• They are recognizing the benefits/opportunities for applying themselves; 
• There has been a reduction of hopelessness; 
• In an environment where there has been economic displacement, people can quickly acquire economic stability regardless of the scale of their operation/development; 
• The principles can be applied to individuals, businesses, and not-for-profit organizations;
• The assistance is not only limited to being provided through me but is available globally. 

2018 is almost over, but 2019 and beyond holds promises that can be realized by all who wish to apply themselves. From Blades & Blades Consultancy Services LP, here's wishing you every blessing in the new year. May your plans be realized by you and those whom you will serve. 

HAPPY NEW YEAR! 

An overlooked marketing opportunity

Recently, I was facilitating training which comprised of a variety of business people. Among them were a small group of the hearing impaired and a translator, using American Sign Language.  They attended the entire series of sessions and my curiosity got the better of me as we were discussing the topic of operations.

I asked the translator when signing how many languages would be able to understand. Needless to say, it was an eye opener the response I got. When signing in that particular method people who understood English and Spanish could understand.

Wow! So why are more of us NOT learning to sign? We would expand our communication methods much more. As a tourism destination, it may give us a marketing edge being able to communicate with a more wide cross-section of people. What would that mean for the island of Barbados/The Caribbean? Maybe we should start learning to sign and find out.

Getting your marketing in gear

So you've moved from idea, through concept, and now you have a business running. When you started your ideas were the best thing that everyone needed. Your friends, family and supporters certainly told you so. So where are they now?

If you were in business for some time and are aware of your statistics, you'll find that your friends and family are seldom within that cluster of numbers. To truly succeed you have to engage people you don't know to do business with you. They need to find out about your business, what is being offered and how.

In short form - You have to Market!

Now marketing has many aspects involved. In today's world, someone who's not well versed in marketing can become overwhelmed with all the terms that jargon associated with the field. What do I mean?

• Public Relations / PR
• Sales
• Strategic Marketing 
• and so many other areas 

The oversimplified marketing approach is to turn a suspect into a prospect into a paying client into repeat business. 

What are you doing to move towards your fourth sale with a client. Too many in business experience the musket syndrome - only one shot at a client, then leaving the client in limbo. Move towards the provision of a complete service, and you'll be surprised at the difference it makes in your business. 

My Teacher - Experience

Those who know me, would realize that when I interact with them, I tend to be direct. Up to this week, I was told that by someone who just met me fleetingly. Having heard it so often, I paused to think about how my characteristic trait was affecting others with whom I interacted. Further probing revealed that though direct, I am not brash.

Let's turn to what excites me immensely - Business. 

I just love it when people bring me business problems that seem insurmountable. It may seem strange but some people like puzzles, I like the ones that have real life effects. When people describe their challenges to me, I almost immediately or at least within a couple days am able to identify solutions to the challenge. Not from the standpoint of any special gifting that I may have. It often comes from experience. 

What gives me this immense experience?

Usually I would have gone through a similar experience before either via a third party or personally. Lots of things happen to me, and truthfully, I often ask God why these situations are happening to me. One time after  my pleading for an answer, I finally got it. "It's not about you." 

What a revelation that was...

Who trains the trainer? Who develops the consultant? In my case, it's experience. What has experience taught me? Here are a couple, just a few of those lessons. 

• It is possible to realize just about any business deal providing you communicate you case well. 
• All things are possible, when presented with the right conditions. The word can't exist only when all the angles haven't been developed / explored. 
• You don't necessarily need an asset base to obtain money. You need to demonstrate a clear and reliable, well thought out and practical system of operating, marketing, and financing. 

Because of these and similar lessons, through God's grace. We've successfully:

• Obtained financing from a local bank for a business established in another country
• Employ turn around strategies for entities that were in the "red" permitting them to get their finances in the black within rather short times. The fastest one was a one day turnaround. The second one was a six figure turnaround within 90 days. 
• Enabled an entity to secure 3 forms of financing with one document
• Loan
• Direct Investment
• Grant Funding
• Developed collaborations whereby teams have helped businesses and charities realize their business objectives within the required time lines and within budget. 

There's something about developing the plans and then providing the training for the implementation of the same plans. Those entities enjoy greater success. Did I tell you the amount of fun I have helping these entities? It's exhilarating! 

Maybe we can do business sometime... 

Thank you experience. You're a great teacher.