SBA Builds Connections Between Members

The Small Business Association of Barbados recently held an online networking session entitled “Developing Your Business – Completing the Puzzle”. The virtual event provided the opportunity for SBA members to connect with each other through the presentation of several 20 second promotional videos, highlighting the goods and services offered by members.

Guest speaker and Credit Manager at the Barbados Trust Fund Ltd., Mr. Eric Scott, also made a presentation to participants on the overall vision, mission and objectives of the Trust Fund. Most notably, Mr. Scott introduced members to the Fund’s upcoming B2B initiative which was described as a sustained promotion to assist in the marketing and business development of their clients and other micro businesses.

He further stated that the programme set to launch on July 24, 2021, would seek to create business-to-business ventures and promote peer-to-peer business relationships. The three-pronged approach that the initiative would take include:

  1. Community based discussions by way of business forums
  2. Networking sessions & mixers and
  3. Direct marketing and promotion of the firms through pop up malls, etc.

The networking session also featured presentations by selected members on the five key areas needed to complete the puzzle of successful small business management. The first member presentation was Celeste Carter of HR Solutions who outlined the importance of human resources management in the operations of a business. Ms. Carter defined human resources management as the effective management of people in a business place which helped to bridge the gap between employees’ performance and the strategic objectives of the business.

networking session newsletter

Kimtara Clarke of PK Event & Media discussed why small business owners should be using social media to maximise their businesses and reach their audience. Additionally, Ms. Clarke outlined the use and benefit of various social media networks for business including Instagram, Facebook, LinkedIn and Pinterest.

The third presentation was given by Kamaal Bennett of Kaash Finance Ltd., who spoke on the accounting piece of the puzzle. His contribution was related to the importance of accounting in small businesses, defining accounting as a very useful way of recording, organising and analysing financial data. He underscored that good accounting practices can lead to better decision making for the future of the company and help to keep the business compliant with financial regulators.

Dwayne Henry of Infiniti Networkz outlined the importance of good Information and Communication Technology infrastructure in the business. Defining ICT simply as technological devices paired with internet connectivity, Mr. Henry stated that businesses could use various forms of ICT for the improvement of different aspects in their operational systems including keeping track of inventory or scheduling appointments. 

The final piece of the puzzle discussed was legal services. Ryan Moseley of Moseley Persaud Attorneys gave a brief overview of the legal considerations to be taken into account when opening or running a firm. The recent amendments to the Income Tax Act, employee contracts being in line with the Employment Rights Act and ensuring that the business was registered with the Barbados Revenue Authority, were among the compliance issues discussed.

With these five areas effectively combined, small business owners should be better positioned to manage their enterprises and realised growth in their operations.