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Four hundred people and businesses graduated on Wednesday from the Growing Together Small Business Training Programme, run by Coca-Cola Caribbean Bottlers TT Ltd in collaboration with UWI-Roytec.
The ceremony took place at the Center of Excellence, Macoya, on Wednesday.
Trade and Industry Minister Paula Gopee-Scoon said the year-long program provided participants with the technical and practical aspects of business management covering essential concepts such as business ownership and entrepreneurship; Customer service; business financing; attract customers and generate value; and innovation.
“Through programs like these, small and medium enterprises (SMEs) can generate immense benefits and, over time, can pivot, grow and expand into medium and large enterprises. The concepts and modules covered during its delivery will be very useful in successfully managing and operating a business and will have a positive impact on building an effective business ecosystem among SMEs.
“Having benefited from the programme, they are now equipped with the skills, tools and techniques to better manage their businesses and be agents of change,” he said.
Gopee-Scoon asked the graduates how they would implement what they had learned to reposition and grow their businesses, and shared some tips from his personal business experience.
“Remember that you are leaders. You must have control in your business, and by this I mean keeping records and having control of your cash records, employee records, management records, etc. Do not shirk your responsibility to pay NIS to your employees.
“You have to get formal: register your business. “Formalize yourself to be able to participate in various government initiatives.”
He called on participants to formulate effective business plans and focus on their target customers and their needs.
“Whether through a regular survey, user reviews, or direct customer interaction, you should ask for honest feedback. Take note of constant complaints among your customer base and use them to introduce new features and make internal adjustments. Always remember that it is much less expensive to retain a customer than to acquire a new one.”
Gopee-Scoon said companies should know their markets, reduce or eliminate risk, avoid spending on unnecessary items or accumulating excessive debt, know their business models, analyze their business performance and periodically examine their sales, expenses and profit position. current cash flow.
“It is important that proper management is maintained and, where possible, audited accounts. This will also allow you to access support from the Government and the private sector to grow your business.
“Expanding your business may require you to explore a new customer base, geographic territory or business model. When expanding, you should treat it as if you were starting a new business. You need to do your research, test the idea, understand the legal requirements, etc. Don't just launch a new location, target a different customer base, or adapt your business model. Do the necessary research, test as much as possible, and scale up slowly.”
Gopee-Scoon urged them to remember that education is a continuous journey and wished them fruitful endeavors and flourishing businesses.
Coca-Cola Caribbean Bottlers TT General Manager Camille Chatoor said the program focused on supporting entrepreneurs and business leaders who bring passion and drive to the business sector in Trinidad and Tobago.
“For Caribbean Bottlers and the entire Coca-Cola system, these businesses have been the foundation of Trinidad and Tobago, building commerce for our communities and families for centuries. In partnership with CBTT, these business ventures refresh families, create generational prosperity, and serve as hubs for economic growth.
“Today we welcome 400 graduates, who represent essential partners in bringing quality beverages and food to thousands of homes. We share your goals and aspirations for the future.”
UWI-Roytec CEO Wendy Augustus praised the graduates for taking a proactive step to hone their business skills and embrace the challenges and opportunities that come with running a small business.
“We congratulate him for staying the course, for dedicating time to business and family, for demonstrating his commitment to personal and professional growth. We have no doubt that it will bear fruit on the chosen path.
Augustus said the graduates now had a solid foundation on which to build their own projects.
“In addition, we hope that this training program has not only provided you with essential business knowledge, but has also fostered a support network among other entrepreneurs. The connections and relationships you have established with your peers are invaluable resources that can provide you with encouragement, advice and collaboration in your business journey.”