Minister of State in the Ministry of Economic Affairs, Patrick Todd????

Minister of State in the Ministry of Economic Affairs, Patrick Todd, is urging the small business sector to employ business engineering tools such as cooperatives, franchising and trade export consortia, to their management structures.

He made this observation last Friday, while addressing the Small Business Association’s (SBA) Dinner and Awards Ceremony at Mahogany Ridge, Plum Tree Road, St. Thomas.

Mr. Todd reasoned that modern business engineering had allowed for the integration of small businesses that were "separate and distinct, to come together into medium-sized economic organisations".

He further stated: "These strategies make it possible for each producer to overcome many of the restrictions that limit their functioning without changing its original size.?? In essence, the creation of the medium-sized company has the capacity to take advantage of better opportunities and translate them into higher results for all of its members."

Mr. Todd also reiterated the importance of sustainable development as a key element in the modernisation of the sector.?? ????He added: "Sustainable development has increasingly become an important part of the business environment and this has been fuelled by the fact that radical changes have occurred in the entire environment for business, and this has impacted on the relationship between business and society."

Meanwhile, SBA President Celeste Foster, gave the undertaking that the organisation was committed to the implementation of strategies to achieve sustainable growth within the sector.??

"Let us all work together to build a better Barbados through the creation of a Small Medium Enterprise (SME) sector which will be the catalyst for sustainable development," she noted.?? ?????????????????? ??

In highlighting the importance of the small business sector, Managing Director of Scotiabank, Kevin Teslyk, said the area was at the forefront of the world’s economic recovery.?? "It is during difficult times like these, that SMEs fill the gaps by defining new opportunities to grow their operations, establish new relationships and build customer loyalty in such a way, that contributes to employment and foreign exchange returns," he observed.

During the event Stephanie Mayers, of Khai’s Kutz and Plaits, was adjudged the Entrepreneur of the Year; while Carlos Carter of Premier Designs, copped the People’s Choice Award. jwilson@barbados.gov.bb

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