EDITORIAL: Renewed approach for 2017

 

AS the year winds to a close, it behoves us to review the last 12 months. As a method of self-analysis, we benefit from the lessons learnt, however harsh they were, that ensure we progress forward. As a country, this is even more important where our business endeavours are concerned.
 
With a further downgrade in September 2016 by Standard & Poor’s and their negative forecast for economic growth, it would seem there is too much to overcome. However, it is worth revisiting lyrics from our National Anthem: “In plenty and in time of need… Our brave forefathers sowed the seed/From which our pride is sprung”. Barbados has certainly had its share of misfortunes and successes (“the plenty” and “time of need”); indeed, that is expected because of the cyclical nature of life itself – to everything there is indeed a season. Going into 2017 as businesses make their budgets and preparations for the months to follow, we believe this is the time for renewed tactics to achieve growth.
 
For example, small- to medium-sized business owners play a vital role in our economy, yet they can and have encountered some difficulties in keeping their operations afloat in recent times. If we are serious about boosting business culture, then owners and Government cannot operate under the same old methods. Both parties must adhere to the basics and execute them well. It is incumbent on business owners to find their niche and focus on it, utilising traditional and non-traditional forms of advertising to increase commercial activity. Where debt is concerned, owners must recognise they have to take firm steps to meet with debtors and/or exercise all available options at their disposal or simply be prepared to face the consequences of defaulting, especially if the debt has been unsatisfied to some time.
 
Even more critically, the engine of commerce must be well oiled; it is no secret that some are still owed income tax refunds and/or VAT returns. Should they also owe Government, we envision it should be relatively easy to offset monies owed to State debt-collecting agencies. Government must also tighten its collection policies on persistent, long-standing debtors, when one considers that $15 million is owed to the Barbados Investment and Development Corporation (BIDC) and $30 million owed to the Student Revolving Loan Fund. Those are unsustainable figures that simply cannot be rolled over every year.  
 
This may very well come under the heading of another area that several officials have openly expressed their frustration about – the level of bureaucracy in Government. Indeed, that reason – along with several others – was highlighted in the World Economic Forum’s Global Competitiveness Report (2016-2017) where Barbados dropped to position 72 out of 138 countries, which not only affects small- to medium-sized enterprises, but also investment to the country. We as a country are better than this and 2017 must be the year that all parties involved see the bigger picture – promoting Barbados’ brand and getting this country back on track; and provide better services.
 
Ultimately, how Barbados charts its economic future into 2017 will be determined by the very resources that led us through those periods of high growth – the ingenuity of our people and our willingness to work hard and think outside the box.

Barbados Advocate

Mailing Address:
Advocate Publishers (2000) Inc
Fontabelle, St. Michael, Barbados

Phone: (246) 467-2000
Fax: (246) 434-2020 / (246) 434-1000