Small & medium sized enterprises (SMEs) benefit from ACCA conference
"It is now recognised by governments that it is SMEs, and especially smaller firms, that are critical to the success of their economies. Phrases such as 'lifeblood of the economy' are used by politicians to describe SMEs' contribution to the economic welfare of society. SMEs now contribute to over half of all private sector employment and half the gross national product (GNP) in most advanced economies," according to research conducted by the Small Business division of the ACCA (Association of Chartered Certified Accountants).
These were among the issues tackled at a one-day seminar held on October 16 th at the Crowne Plaza Hotel. Entitled 'Business Essentials for SMEs', the conference highlighted the challenges facing small and medium-sized businesses (SMEs) in the Caribbean and the ways in which Governments can do more to support them. Over 200 owners and operators of SMEs and accounting and finance professionals attended the conference hosted by the ACCA in partnership with the Business Development Company Limited (BDC), the Institute of Chartered Accountants of Trinidad & Tobago (ICATT), the National Entrepreneurship Development Company Limited (NEDCO) and the Trinidad & Tobago Chamber of Industry & Commerce.
Professor Robin Jarvis, ACCA's global Head of Small Business and Richard Martin, Head of Financial Reporting were on hand to conduct workshops on Succession Planning and International Financial Reporting Standards (IFRS) for SMEs. In his discourse, Professor Jarvis indicated that many SMEs feel that their specific needs are overlooked by Governments, regulators and banks who tend to focus on big business. As a result, the conference provided insight into how SMEs can be given more vital support, how they can access finance, how to develop entrepreneurial skills and how to produce bankable business plans.
Professor Jarvis added, "An area of concern, not just in the Caribbean, but around the world, is the lack of entrepreneurship among particular groups, and tackling these barriers, through SME friendly initiatives, will be keen to fostering entrepreneurship in the Caribbean." Other speakers at the conference included Kelvin Sergeant – CEO, NEDCO; Gregory Aboud – President, DOMA; Raymond Smith – Scotia Bank; Annelle Joachim – BDC; Brian Awang – EXIM Bank; Kyle Jackman – Trinidad & Tobago Chamber of Commerce and Richard Aching of the Ministry of Legal Affairs.
The conference moved to Barbados on October 19 th and included presentations by Senator the Hon. Lynette Eastmond, Minister of Commerce, Consumer Affairs & Business Development.
For further information please contact:
Maria Batson at 1 868 622 3434