As preparations continuation for the staging of this year’s Small Business Week, being held September 24 – 30, it is incumbent that some emphasis be placed on the partnerships established by the Small Business Association (SBA) to host these events.

This significance will be appreciated by many in the civil society sector, primarily since many community-based and non-governmental organisations, rely on partnerships to achieve the programmes and projects envisioned. In the case of the SBA, such partnerships have played a significant role in the association’s efforts through a week of activities, to highlight the contribute of the small business sector.

One such partner is FLOW Business, who for the past five years has not only sponsored a myriad of educational and capacity building interventions for micro, small and medium enterprises (MSMEs), but has introduced relevant and rewarding digital products for the sector.

Business Basics will this week highlight the perspectives of FLOW Business, the telecommunications partners for Small Business Week, through the comments of Ms. Marilyn Sealy, Senior Director, Head of Communications Cable and Wireless, shared at the recent launch of the week of activities.

The Small Business Week theme of “Facilitating a Transformative Agenda that is Fit for Purpose” perfectly encapsulates the central role that connectivity and associated technologies can play in the transformation of this important segment.

In today’s digital age, connectivity has transcended its traditional definition to become the lifeblood of progress, innovation, and economic growth. For small businesses in particular, this transformation is particularly pronounced, and its implications are especially profound in the context of Barbados.

As a nation with a vibrant entrepreneurial spirit and a rich cultural heritage, Barbados is poised to leap forward by embracing the power of seamless and efficient connectivity.

Small businesses are the heart and soul of any economy, driving job creation, innovation, and community development. For Barbados, these enterprises are not just contributors to the economy, but embodiments of the island's unique identity.

They are the artisans crafting unique products, the culinary masters sharing traditional flavours, and the service providers offering personalised experiences. However, these businesses often grapple with challenges that hinder their potential for growth.

Connectivity acts as a transformative catalyst that can reshape the landscape for small businesses. By providing them with the tools and resources to thrive in the digital era, Cable & Wireless is empowering MSMEs to reach beyond their physical boundaries and tap into a world of new opportunities.

As Barbados’ leading telecommunications provider, FLOW posits that incorporating connectivity will help to reshape the destiny of small businesses in Barbados.

Small firms can no longer afford to operate solely within the confines of this island. With robust connectivity, they can showcase their offerings on a global stage, and through e-commerce platforms and social media, these businesses can connect with customers not just locally, but across continents.

This international reach not only boosts revenue streams but also cultivates an environment of cross-cultural exchange that enriches the society.

Further, connectivity facilitates collaboration. Small businesses can forge partnerships with fellow enterprises, both within Barbados and on a global scale. The exchange of ideas, resources, and expertise becomes seamless, leading to a multiplier effect on creativity and business growth.

These alliances can transcend borders, transforming local businesses into international contenders.

Financing, often a formidable challenge for small businesses, also becomes more accessible through digital connectivity. Online banking, crowdfunding, and digital payment systems streamline financial transactions, opening doors to funding sources that may have previously seemed out of reach. This financial empowerment is a game-changer, fuelling expansion and investment.

Connectivity is also a gateway to knowledge and innovation. This is an age of rapid technological evolution, and small businesses need to stay ahead of the curve.

Online resources, webinars, and e-learning platforms provide avenues for continuous learning, enabling entrepreneurs to adapt to changing market trends, integrate cutting-edge technologies, and foster innovation in their respective domains.

In this vein, Flow Business continued its free series of InKnowvation virtual conferences held under the theme ‘Pivot to Success: Transforming Your Business for the Digital Age’.…and to date, more than 5,000 regional entrepreneurs have registered for the various forums, and as part of the series. Small business owners are also invited to pitch their ideas to a live virtual audience for a chance to win financial investments for their start-ups – a Caribbean version of Shark Tank!

It must also be acknowledged that while the benefits of connectivity are transformative, there are barriers that need to be addressed. Access to reliable internet infrastructure, affordability, and digital literacy are prerequisites for a truly inclusive digital transformation.

Cable and Wireless remains committed to working closely with government, industry partners, and community organisations to help bridge the digital divide, ensuring that no small business is left behind.

The landscape for small businesses in Barbados is on the brink of a profound shift. Connectivity is not just a technological advancement but a force that can redefine the fortunes of entrepreneurs.

By embracing connectivity, small businesses can transcend geographical limitations, access global markets, collaborate on a global scale, and innovate to remain relevant in a rapidly changing world.

The SBA continues to count on FLOW Business to enable the dreams of members, to facilitate growth of the sector and be a partner in progress.

Small Business Week 2023 is here! From September 24 – 30, 2023, the Small Business Association of Barbados’ (SBA) signature event will be held, much to the support and appreciation of the many stakeholders of the SBA. The events planned will impact the national conversation around the role of the micro, small and medium enterprise sector (MSME), on economic and social development. This year’s theme of Facilitating a Transformative Agenda that is Fit for Purpose, attempts to expose the challenges affecting the sector and to identify the solutions best suited for sustainable growth.

Chairman of the SBA, Charles Carter, set the stage for the conversation to ensue during the month of September, in challenging policymakers, business support organisations and practitioners alike, to do more than conform to international and other dictates but to pursue revolutionary policies and programmes that can transform the MSME ecosystem. True transformation will facilitate the kind of growth we seek as the world’s economies emerge from the global pandemic and other exogenous shocks.

The focus on digitalisation, which started in the prior year’s Small Business Week and continued throughout the year, aptly sets the agenda for this year’s conversation. The transformation needed should therefore commence with the monetisation of digital platforms in an effort to broaden the scope for small firms to internationalise their product offerings. This is seen as fit for purpose!

To date little seems to have been done in improving the regulatory regime for businesses to access platforms such as YouTube, Spotify and Google for international trade. Policymakers are encouraged to “not allow it to lay dormant in someone’s drawer but be a part of a major agenda item for the advancement of the business sector”. Make haste to address the digital revolution being proffered as a key modality for doing business in this century.

A few initiatives were highlighted as offering the potential to be transformative. These include the recently launched junior stock exchange, for which the SBA has lobbied for years to be considered as a solution to diversify the financial products available, and to unlock the savings of Barbadians. The collateral registry, which seem to be now on the backburner, represents another innovative solution to address the collateralisation needed by MSMEs desirous of accessing credit. Another area is the amendment to the Small Business Development Act, which if done right, can truly create an enabling environment for the sector. The sad reality is that movement on these issues has not kept pace with the demand for a facilitative business climate emerging from the COVID-19 pandemic.

Chairman Carter opined that we are not devoid of agenda items that can prove to be transformational. What appears to be lacking is the testicular fortitude to get the job done. A way must be sought to illustrate and emphasise to those responsible for the execution of these agenda items how important they are to the overall development of the MSME sector and by extension the country. It appears that the big picture is missed by focusing on conformity rather than transformation, to facilitate the growth necessary for the country to strive.

An example shared to support his hypothesis, is the creation of more diverse opportunities to generate wealth amongst citizens, as a vital pillar in our national development. The revisions made to the National Insurance Scheme appears to be one such opportunity The changes announced for self-employed individuals, though welcomed and important, only offered easier compliance and nothing transformative. The recent disasters including the ashfall, hurricanes, etc., should have sparked more creative solutions for the NIS that focused on investment to ensure business continuity and wealth transfer. While pension is important, preparing for other natural disasters and exogenous shocks was proffered as an area the scheme could have explored to facilitate business resilience and other safeguards in the aftermath of such challenges.

As we look to celebrate the MSME sector, it is sad to report that several of the perennial issues of the past still abound – access to affordable financing, rising cost of doing business and difficulties surrounding e-commerce. These are all items that if adequately addressed, with ‘fit for purpose’ solutions, can have a transformative impact.

To transform we must change the way we think, the way we act and the way we do things. It has been recited time and time again that we cannot do the same things over and over and expect a different result – this is defined as madness.

As we prepare for another Small Business Week, a truly transformative agenda for development is needed. No more lip service to the sector hailed by many as the engine of growth for the economy, but a set of policies and programmes that will enable small firms to pivot and the country by extension to be placed on a path to sustainable growth. In the words of Scott Belsky, co-founder of Behance, the world's largest creative network for showcasing and discovering creative work, “It’s not about ideas, it’s about making ideas happen.”

SBA’s Chairman, Mr. Neil Corbin shared his perspectives during the opening session at the 4th annual State of the Sector Conference September 2022, under the theme – “Exploring the Digital Frontier; the Next Business Revolution”.

Mr. Corbin underscored that the theme was aptly chosen to help stakeholders explore the disruptions being experienced on account of the coronavirus pandemic, and the resultant rise in the use of technology, in the way persons live and do business.

The chairman placed emphasis on this disruption, as influencing new ways to develop and deliver goods and services, and providing opportunities for firms to adopt new business models that are nimble, economical and relevant for today’s consumers.

Mr. Corbin referenced a survey conducted amongst SBA’s members showing that more than 90% of firms used emails as their main mode of communication and over 50% used either a website and/or social media page for their marketing. Though commendable he believed that there was some distance to go in being tech savvy as a sector.

The chairman offered three solutions to the improvements needed for consideration. He first mentioned the need to promote financial technologies and facilitate expansion in this area as part of the overall growth strategy for the economy.

Secondly, an enabling business environment was required for businesses to flourish. Legislation was needed beyond the Data Protection Act, on issues of cybersecurity and cybercrime. Mr. Corbin stated that such improvements were required to protect both consumer and business alike, operating in the digital space.

Thirdly, reliable and safe access to broadband and internet services to enable the entry in the market of entrepreneurs and small business owners to innovate, engage consumers on the go and facilitate actual trade of goods & services at the speed of business.

Additionally, the chairman welcomed the announcement by Government to establish Smart Cities, as this initiative would enable business owners the access required to do business online, from key locations around the island.

Fellow Barbadians, as Senior Minister coordinating the Productive Sector, and Minister of Energy and Business, I welcome this opportunity to celebrate with you as we mark the start of Small Business Week, for the year 2022.

Read the full address - Ministers_Message.pdf

It is no secret that the COVID-19 pandemic has had a deleterious impact on the global economy, resulting in a high increase in unemployment locally. To combat this financial difficulty, many persons have opened their own businesses in an attempt to make ends meet. However, this increase in small businesses has been met with a decline in consumer spending as the depressed state of the economy continues.

Business owners must now more than ever, find ways to separate themselves from the pack and stand out amongst their competitors. Here are a few tips to help you do just that:

• Reimagine your brand and reintroduce yourself in a fresh way – Consumers have become bored due to the slowing of activity caused by the pandemic. Refreshing your brand and your product offering can help to excite and intrigue the public to take note of your business. Be creative!
• Ensure your product fits the new market – Make sure there is demand for your product in the new COVID environment or find creative ways to ensure that your good or service can still be used in spite of the various restrictions in place. E.g. Event planners shifting to the hosting of online events
• Focus on solving a problem – Make sure your business is not just a passion project with no purpose. In these hard socio-economic times, all businesses need to ensure that they are helping consumers in some way. This could be by inter alia providing entertainment, information or health and safety supplies.
• Phenomenal Customer Service – Don’t just aim for satisfactory customer service. Train your team to always go the extra mile to help your customers. This will leave a great impression and will encourage customers to refer your business to their friends and family.
• Build a Strong Online Presence – In this digital era, it is imperative that you stay connected with your customers and the public online. Regular social media posts will ensure that your business remains top of mind.
• Reward Customer Loyalty – With so many options now available, you should be honored that your customers choose to shop with you. Show them that you appreciate it!
• Keep in touch with old customers – Reach out to old customers to find out what they may need at the present moment while keeping them up-to-date with upcoming sales or special items you have in stock.
• Offer discounts and incentives to new customers – This is not the time to charge full price on your goods or services – times are hard for everyone. Entice new customers to patronise your business by offering special discounts and incentives each month.
• Be active in your community and give back – Show your community that you genuinely care about its well-being and are not solely interested in profit-making by getting involved and helping where possible.

As the Christmas season approaches, many are planning the usual painting of the house, baking the ham and preparing the seasonal treats such as black cake, jug-jug and sorrel drink. Given the challenging 22 months we have experienced due to the COVID-19 pandemic, Barbadians can definitely benefit from a refreshing season and a time to share with family and friends. Some have even posited that we are experiencing COVID fatigue. What better time for a paradigm shift mentally, than Christmas?

Yet in all the preparation, all the celebration and the opportunity for a “break”, let us not forget the reason for the season. What tends to be missing for most during Christmas is CHRIST!

It is therefore fitting to be reminded of our message from an earlier edition of the Outlook Newsletter. For God so loved the world that he gave His only begotten Son, that whosoever believeth in Him should not perish, but have everlasting life” (John 3:16). In our march forward, we have somehow found time to do everything possible but remember Christ and the true meaning of Christmas. In our quest not to offend, even in our little Christian Barbados we are slowly replacing Merry Christmas with “Happy Holidays”. The true meaning of Christmas has been confused with materialism, greed and other pagan objectifications.

Christmas is not about the food, the clothes, the spruced-up surroundings, nor the gifts. It’s not about getting days off from work or school. It is in fact about celebrating the birth and life of Jesus Christ, and honouring in our lives the principles espoused by Christ through His various teachings.

This year 2021 is ending with more gloom than hope. This is not healthy for a developing nation. We have witnessed violence, high unemployment and the continued economic strain on households and businesses across our nation. Even our value system is being challenged. As we look back with mixed feelings on the year past, and look forward with hesitation, reservation or eagerness to what may lurk in the New Year, let us bring Christ back into our lives and in all that we do. Let us embrace our country in the spirit of the season – Love. And above all let us rededicate our lives to living for the honour and glory of His name.

Merry Christmas and all of God’s Blessings for the year to come!

Continuing the dialogue on globalisation started during Small Business Week 2021 at the State of the Sector Conference, the SBA held a recent webinar under the theme “Locally Developed Global Reach – A Discussion on Exporting your Business.”

This topic continues to be one of high value for members as the sector emerges from the impact of the COVID-19 pandemic. The SBA posits that businesses can no longer hinge only on a strategy for the domestic market if they wish to thrive, but must include a focus on the internationalisation of their firms along with strategic partnerships with firms across the region and globe.

Co-founder of Think Global Brazil and presenter, Mr. Rafael Pinto, in his introduction of the session, encouraged members to think carefully if they were truly ready to go global. This notion of readiness, he posited, should be based on a number of factors including:

• The maturity of the business – can the business handle expansion at this time?
• Knowledge of other markets – has market research on potential international markets been conducted?
• Resources – does the business have sufficient resources to facilitate expansion without collapsing?
• Team – does the business have the right team to take it into international markets?
• Leadership – are the leaders of the company on board with the idea of globalisation?

Mr. Pinto proposed a starting guide on the path to internationalisation which included:

• Defining your target market
• Defining your target customer
• Defining your brand positioning
• Defining your unique selling proposition
• Defining your marketing channels and
• Creating your financial model

Finally, Mr. Pinto highlighted a number of ways that members could expand to international markets once they believed they were ready to do so. These included:

• Having a representative of the company in other markets
• Forming partnerships in other markets
• Taking business missions in person or online
• Attending in-person or online networking events and
• Joining acceleration programmes abroad.

To see the full video, click the following link: https://www.facebook.com/sbabarbados/videos/1542779386076520

While the Coronavirus (COVID-19) pandemic continues to negatively impact small businesses across the country, it’s important for business owners to be prepared for the Atlantic hurricane season, which by all indications will be very active. Here is a short checklist to help small business owners in their preparations:

• Establish an emergency communications plan.
• Install windstorm shutters or place plywood over windows and doors.
• Check that gutters and downspouts are clear of debris and drain away from the building.
• Secure furniture, trashcans, planters and other items that could become projectiles in heavy winds.
• Back up all computers and store the backups at another safe location.
• Implement a back-up power supply system.
• Remove papers and items easily damaged by water from the floor and all low-level locations.
• Take a video or photo inventory of each room/office, all collectibles, artworks, antiques and other irreplaceable items for insurance purposes
• Review insurance policies and know what is and is not covered for the business and enhance the policy where possible.
• Keep towels, mops and tarps on hand for flooding emergencies or roof leaks.

Have a question for Dr. Biz? Email it to This email address is being protected from spambots. You need JavaScript enabled to view it.

It will be years before we fully understand the full economic impact of the coronavirus pandemic on the world’s economies, but one thing is painfully clear right now; small businesses across the country are facing an existential threat.

A COVID-19 Business Impact Survey done by the International Trade Centre in April 2020 from 4467 companies in 132 countries, reported that almost 40% of business operations were facing a liquidity crisis due to clients not paying bills. Additionally, it was recorded that 75% of businesses faced reduced sales with micro and small firms being more impacted than larger businesses and over 20% of small businesses facing the risk of full closure. With lockdowns, curfews and other COVID-19 regulations still being enforced, it is safe to assume that these percentages have since risen significantly.

Locally, these challenges have been compounded this year alone by the volcanic ash fall which hindered regular business operations for weeks, and required untimely expenditure on cleaning and infrastructural damage. Adding to this is now the magnified fear surrounding the heightened activity predicted for the 2021 Hurricane Season. Our first brush with the category one hurricane, Elsa, left many businesses with structural damage and without electricity or water for days.

Further exacerbating the situation has been the rise in fuel costs and the levy on water prices, which is acting like a tightened noose around the neck of many small firms who have not been able to regain their footing in the midst of all that has occurred in the last year.

There is no doubt that many small businesses are drained and some practitioners are weary of what lies ahead. However, despite all that is happening around you, and though things may seem bleak at this time, I implore you to remain steady in your resolve to survive.

The one ‘silver lining’ in this cloud of uncertainty is that small firms have the propensity to bounce back – they are nimble and can adapt. Yes, we need a greater effort on the part of policymakers, financiers and development agencies, to do more to strengthen the business environment at this time. As such, the voice of the lobbyist and representative groups must be amplified, to ensure that the MSME sector is not overlooked in the country’s economic recovery efforts. We therefore cannot be daunted; we will make it through together. Stand firm. Stay focused. Do not be moved!