Business owners receive advice

Before you look to expand your company regionally or internationally, you must ensure that all aspects of your business are done well domestically.

Minister of Industry, International Business, Commerce and Small Business Development, the Hon. Donville Inniss, gave this advice during a speech he delivered during
the graduation ceremony of 17 participants of the Exports Readiness Programme, which was held at Bagnall’s Point Gallery on Tuesday evening.

“I keep saying that if you really want your business to grow and you really want to get involved in export, you have to do well at a micro level. So, any
export thrusts or development into enterprises to get more into a regional or international market means that all aspects of your domestic business must be done and done well,” he said.

He urged graduates not to compromise on matters such as human resources, as it is important to ensure that they have the right employees “in the right spaces, doing the right things with the right kinds of rewards for their efforts”.

He also encouraged them to make the best use of all the technology that is available in the developing processes, and to ensure that their operational
aspects are also streamlined to be as efficient and effective as possible.

He advised them to ensure that their record-keeping skills were “second to none” because no one would take a person going into business seriously, if they did not know what it cost to produce the services that they were seeking to offer.

“And those who sometimes frown upon the tax system, if you’re not compliant with your taxes in the jurisdiction in Barbados, you will certainly face some tough questions when you seek to venture into other markets and realise that they are going to be demanding their pound of flesh as well,” he said.

Generally speaking, the minister believes that once persons have all aspects in their business environment covered domestically, then venturing into new markets would be a lot easier.