This country’s Minister of Energy, Small Business and Entrepreneurship, Kerrie Symmonds, has underscored the importance of continuous training for the small business sector.
He pointed to the benefits to be gained during an island-wide Barbados Trust Fund Limited (BTFL) customer appreciation bus tour yesterday where gift baskets were presented to 12 clients.
Mr. Symmonds said the continued success of the sector was hinged on a thorough understanding of financial literacy and disclosed that the BTFL would continue its programme of training and retraining for its clients.
“The idea of just saying find a million dollars and give it to somebody isn’t helping that person as much as you think it is. That person has to understand accounts payable, accounts receivable. That person has to understand a business plan…that person has to be able to plan their retirement and financial future.
They have to understand that they cannot mix the funds of the business with what you are paying yourself… and that is where the financial literacy aspect of it comes about,” he underlined.
The Minister continued: “I do not think that we can succeed as business people in Barbados without making sure that we continually retrain our people so that they understand the concept of financial literacy.”
Mr. Symmonds noted that he wants to see micro businesses move from one level to the next and then ultimately, to export level.
He commended the team at the BTFL for providing assistance to those clients who needed it during the COVID-19 pandemic.
Mr. Symmonds noted the Trust had been dynamic in its approach and extended three month moratoria or even longer to its clients that allowed them to “catch themselves”.
The whole-day tour touched the entire island and the recipients of the gift baskets were deeply touched by the gesture.