A strategic tool aimed at improving the way micro, small and medium enterprise (MSMES) development is being pursued in Barbados has been introduced.
According to Minister responsible for Small Business Development, Donville Inniss, the launch of the Small Business Development Centre (SBDC) Model, will help to ???empower MSMES to become more economically viable while facilitating the sector???s expanded contribution to the national economy.???
Speaking at a ceremony this morning at the Grande Salle, Central Bank, the Minister in his address warned that ???failure to heed the signs of the sector???s urgent need for radical reform, will threaten its obvious potential to advance the resurgence of a challenged Barbadian economy, an error that would prove too costly if allowed to materialise.???
He said: It is therefore my view, that appropriate and timely intervention, by both public and private enterprise, will propel the recovery process and gives truth to the resilience of a nation whose government will leave no stone un-turn to provide for its citizenry.???
He noted that it was his hope that the Barbados SBDC Network would prove to be the catalyst credited with radically transforming the Micro, Small and Medium Enterprise Sector of Barbados.
???I believe this to be so, because the MSME sector stands ready for meaningful change. For too long now, we have managed to convince ourselves, and at times seemingly against our very own will, that the occasional patch placed on our systemic weaknesses is an appropriate intervention to be revered and held up for public accolade.???
Mr. Inniss also expressed the need for a business class that is not afraid to challenge the increasing indifference of the status-quo. He reasoned that they [the business class] must also be willing to ???expose the ultimate travesty that will result if we continue to put new wine in old wine-skins.???
He pointed out that the ability to chart a new pathway is not beyond us, and referenced former United Nations Secretary General, Mr. Kofi Annan who when visiting in 2002 mooted that Barbados was a country ???punching above its weight.???
The mission of the SBDC Model is to promote growth, innovation, productivity and revenue for small businesses through improvements to their business administration.