Bankers Association trains and mentors Tobago SMEs
The Bankers Association of Trinidad and Tobago (BATT) has partnered with the Financial Literacy secretariat of the Tobago House of Assembly (THA), to provide business management solutions, financial and entrepreneurial skills training to more than 45 SMEs, from various sectors including agro-processing, manufacturing, tourism, food and goods/services sectors.
The training was also delivered to members of staff from the Strategic Business Development Unit of the THA.
BATT said the initiative was aimed at providing practical business solutions and enhancing the growth of Tobago’s SME sector in order to build capacity and assist them in navigating through the challenging stages of their development, given the economic climate.
The first phase of this initiative began with a two-day workshop, “Financial Assessment and Business Development” in May at the Victor E. Bruce Complex, Tobago.
On the first day approximately 50 SMEs received hands-on training in the fundamentals of bookkeeping and the importance of maintaining sound financial information and recording of data.
The SMEs were also given key financial instruments to aid with understanding and tracking the financial performance of their business.
The second day of the workshop was devoted to key business strategies, including leveraging partnerships, market penetration, product expansion, business planning and strategies.
BATT said the SME cohort can look forward to enhanced support as BATT and the THA intend to progress this initiative with the delivery of four subsequent phases over the next six months.
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