Small business urged to find new relevance

Businesses, ranging from micro and small to medium size – MSMEs, need to find new opportunities to remain relevant in the face of rapid changes in technology, Chief Executive Officer of the Small Business Association (SBA) Senator Lynette Holder has urged.

In a message to entrepreneurs marking Small Business Month, Holder said she was aware that the ways business is done — “from the manufacturing stage to the selling and consumption of goods and services – have all been radically changed”.

She said it was therefore critical that the MSMEs here adapt.

“This change, though intimidating for some, should be considered by the MSME sector as it provides countless avenues of opportunity for the small business owner to be more competitive in the domestic space and to pursue internationalization,” Senator Holder said.

She urged small business operators not to depend solely on the local market, adding that there were a number of opportunities presented by technological advancements that could easily allow them to reach millions around the world.

She said: “Whether through the set-up of an e-commerce website fuelled by promotions on popular social media platforms or the creation of surveys and questionnaires to garner crucial market information, the possibilities are now endless for the success of the wise entrepreneur.

“In light of this, I implore all business owners and persons with an entrepreneurial spirit to desist from limiting their thoughts to the 166 square miles we call home and to begin to truly see the world as their oyster. Our local small businesses provide top-quality products capable of attracting profitable demand from borders far beyond our own.”

But small business owners must have the zeal and dedication required to do ample research into the exporting avenues readily available to make this a reality, the small business association leader urged.

“Forming partnerships and seeking training and development in areas of weakness is also paramount to success,” said Senator Holder.

At the same time, she called on small business owners to continue to put pressure on their local business support organisations to assist them in building capacity, fostering cluster development and lobbying for better policy environments to achieve their regional and international aspirations.

She said: “The Small Business Association stands committed to the growth of the sector and encourages all stakeholders desirous of assisting in the process to step forward as we gear up to take our local MSMEs to the global stage.”

Pointing out that the small business sector was defined as the driving force of the economy and “must now become the engine of the digital revolution on the island”, Holder said it was necessary that policymakers enable that transition.