Officials look at small business failure in SVG

Poor financial management, specifically poor cash flow management, is one of the main causes of small business failure in St Vincent and the Grenadines.{{more}}

Business Development Officer at the Chamber of Industry and Commerce Debalanie Cruickshank said he believes that the one-day workshop for entrepreneurs, hosted by her organization and the Bank of Nova Scotia, would inform and enlighten participants on how to successfully manage monies coming into, and leaving their establishments.

Cruickshank, speaking at the opening of the workshop at Frenches House on Wednesday, pointed out that apart from the global financial crisis and other obstacles, businesses were hampered by their cash flow management, which she said could not be over emphasized

“As a consequence, we at the Chamber of Industry and Commerce are pleased to be partnering with the Bank of Nova Scotia in this timely and relevant seminar, as we continue to facilitate and encourage small businesses, development,” Cruickshank said.

“… cash flow management is vital to the survival and growth of any business. Therefore, entrepreneurs, I urge you … to capitalize on this opportunity to learn how to manage your business in a more effective and efficient manner,” she added.

Cruickshank commended the Bank of Nova Scotia for spearheading the initiative — part of the institution’s small business week event.

Brian Alexander, general manager of the Bank of Nova Scotia, informed the attendees that the seminar was the first of many the bank hopes to hold in the coming months, which, he said, will deliver tremendous value, as they will strengthen their base of operation.

“The interest is there, so we are encouraged to continue along this vein.

“Access to relevant solutions is a key driver of Scotia Bank’s differentiated product strategy. We are continually seeking ways in which we can improve our range of options, and the efficiency at which we can deliver this service. This is complimented by our focus in keeping you informed and equipped for business especially given the peculiar challenges that small business, people experience,” Alexander said.

He pointed out that since they started operations here more than 30 years ago, the bank had explored ways to make its services more accessible to the business sector.

He said that the bank’s vision has always been to create opportunities through a range of banking solutions, but more importantly to build and deepen the relationship with its customers.

“That objective has led to a platform of Scotia Bank support for the business sector through a range of things; we have had quality development, and a key part for us is education. Education is what we are here today to talk about.”

More than 20 entrepreneurs attended the event, which covered areas such as the basics of marketing, cash flow in and out of businesses, discovering sources of money to expand the business, inventory, as well as payment terms and unexpected expenses.

Facilitators were Bank of Nova Scotia employees Gailene Branch, assistant manager of small business; Cyron Clarke, commercial banking manager; Norman Cumberbatch, commercial services officer; and Carl Dickson, accounts manager in the Commercial Unit. (JJ)