BATT trains 45 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 and financial and entrepreneurial skills training to more than 45 Small and Medium Enterprises from various sectors including agro-processing, manufacturing, tourism, food and goods/services sectors.
A statement from BATT noted that this is in an effort to stimulate and improve business activity among Tobago’s SMEs.
The training was also delivered to members of staff from the Strategic Business Development Unit of the THA.
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” on the 9 and 10 May, 2018 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.
This 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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