Monday, April 22, 2024

Todd: Join forces to survive

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SMALL BUSINESSES must band together and form larger businesses in order to survive in the current global economic climate.
Minister of State in the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Patrick Todd, said this was a chance for small businesses to access better opportunities and management structures.
“Some of the restrictions that have hindered small business development have been associated with their small scale,” said Todd.
“[However], modern business engineering has allowed for the integration of small business that were separate and distinct to come together into medium sized economic organisations, facilitating the sustainability of these businesses,” he said.
Todd, speaking on Friday during the Small Business Association’s (SBA) awards ceremony and dinner at Mahogany Ridge, Plum Tree Road, St Thomas, explained it was now possible to incorporate several small business, which would remain that way, into medium sized companies using “effective proven business engineering tools” available in the marketplace.
“I refer to such methods as franchising; joint service providers; co-operatives or clusters; holding companies and trade and export consortia to name a few.
“Having outlined some of the tools, we know that there is nothing automatic in the integration of small businesses into medium sized organisations through the mere adoption of these modern engineering tools.
“As with any other medium sized company, the results will depend upon efficient management and internal organisation, the sector in which they operate and the general nature of the prevailing national and global economic climate,” he said.
During the ceremony, several businesses were awarded in various categories.
The entrepreneur of the year was awarded to Khai’s Kutz and Plaits; the people’s choice award went to Premier Designs; the president’s award was given to Trinity Homes and the SBA employee of the year was executive assistant Beverley Shepherd. (CA)

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