“Pay attention to the needs of the market” Min Gaskin tells SBDF AGM

DPI/ GINA, GUYANA, Monday, June 26, 2017

Micro and Small businesses owners today gathered at the Regency Hotel on Hadfield Street for the 14^thAnnual General Meeting (AGM) of the Small Business Development Finance Trust Incorporated (SBDF.)

Delivering the feature address, Minister of Business Dominic Gaskins reiterated the need for these business owners to pay keen attention to the requirements of the marketplace, if they are to succeed and grow their enterprises.

He said that these businesses needed to have a good understanding of the requirements of the markets they wish to supply. “What qualities do they like in a particular product and what standards are in place for that product and what are the regulations that they need to conform to in order to supply their particular product in our local market”, the minister said.

He told the entrepreneurs that, “In a business they would have to make assumptions and prepare themselves for growth and not for hard times.” “Successful businesses don’t assume hard times. They assume growth and they plan for growth. You have to think positive in business, and that means preparing yourself for success and not for failure”, he further added.

The Business Minister also spoke to the many disadvantages and challenges faced by small and medium businesses faced  in getting off the ground. He particularly noted the f the major hurdles face in accessing finances.  “Some people are lucky enough to have savings but most are not and will need some support to get up and running,” the minister said. He noted that this is where the SBDF comes in, and where, as a micro-credit provider, “the institution plays an important role in helping persons to overcome the challenges of raising finances for business activities.”

Additionally, the Business Minister told those present that businesses big and small need to prepare for oil and the associated impacts. The Minister explained that many persons have already begun preparing because, “They understand what is coming and they know what they have to do if they want a part of the action.”

The Business Minister elaborated that more information will be provided to Guyanese over the coming months because, “Important things are happening in the industry that can positively impact local businesses, and local businesses need to pay attention to information that is being put out and to seize available opportunities to prepare themselves for what lies ahead. Things are happening quickly and we need to pay attention or we will miss out on important opportunities.”

According to the 2016 AGM Report, “The plagues of 2015 followed the micro sector businesses in 2016 which affected the wellbeing of the organisations members.” Director, Mohamed Ali noted that the rice, cash crops, farming and fishing continue to be affected significantly.

However, Ali pointed out that the way to prosperity includes all stakeholders both public and private working together to improve the lives of every citizen in the country. He urged those present to put aside party affliction and politics and decide upon a national strategic direction for Guyana where all can participate and where all can benefit.

During the AGM, a number of special prizes were given to organisations’ members. Fazal Fiddel received an award for the best male entrepreneur and Alana Whyte received the award for best female entrepreneur.

 

By: Gabreila Patram