NIA CHARLESTOWN NEVIS – More than 30 entrepreneurs with micro, small, and medium businesses received critical training at the Financial Management Workshop hosted by the Premier’s Ministry in the Nevis Island Administration (NIA) and the Small Enterprise Development Unit (SEDU) at the Malcolm Guishard Recreational Park on February 20, 2024.
Premier of Nevis the Honourable Mark Brantley Minister of Finance and Industry, Trade and Consumer Affairs, said the workshop was designed to enhance the small business community on Nevis.
He emphasized the importance of entrepreneurs being equipped with the proper information, knowledge and tools to help ensure the success of their ventures, underscoring the importance of proper financial planning to the viability of their businesses.
“I like the idea of small businesses. No matter how you hear about big countries and big economies, the truth is that in every major economy, the small business sector is still the principal driver.
“More and more now I’m hearing young people saying they want to start a business and I think that that’s important but I want to sound a word of caution. A business starts with an idea for sure…but beyond the idea you need a plan and too many people I see get involved in business on the strength of an idea but no plan.”
The Premier further highlighted that, “A lot of the time when people say the government is not doing enough for small businesses, it’s not that the government isn’t trying and does not have mechanisms in place to help small businesses, it’s that you didn’t have a plan to start with, and after three or four months you start to realize I have to meet the rent, I have to meet this and that, then you come to realize you never really budgeted or planned for all of this and that is why I see budgeting and debt management as critical.”
He encouraged the business owners to have a sound business plan that incorporates all expenditure, including self-employment payments to Social Security and corporate taxes. He also urged the participants to acquaint themselves with some of the benefits and opportunities that the government is seeking to provide for entrepreneurs.
The Honourable Latoya Jones, Special Advisor to the Premier, was one of the key organisers of the event, along with Mrs. Angela Delpeche, SEDU Director.
Ms. Jones gave an overview on the seminar, outlining some of the benefits to participants. These included enhancing financial literacy, financial planning, and decision-making; networking and collaboration opportunities, fostering a culture of accountability; and staying ahead of and in compliance with regulatory changes.
“We encourage you to continue to take advantage of opportunities. Remember those who plan, budget, and manage their debts wisely will not only survive but thrive,” she said.
Permanent Secretary in the Ministry of Finance Mr. Colin Dore delivered remarks, and Ms. Sybil Welch, Senior Project Specialist at the Eastern Caribbean Central Bank (ECCB) and Ms. Catherine Forbes, Business Development Officer at SEDU were the main facilitators.
The participants also benefitted from presentations by representatives from the Social Security Scheme.