A top official of the Barbados Manufacturers’ Association (BMA) has warned that some businesses remain at risk due to their failure to adjust strategies to cope with the prolonged economic challenges affecting the country.
BMA president Karlene Nicholls said companies need to develop more sustainable business models and shift the way in which they operate.
“Our businesses must recognize their strengths while acknowledging their weaknesses and seek help where necessary. There are many opportunities for collaboration and while we are not naïve, we must overcome the hindrance of distrust and develop a respectful platform for collaboration,” she advised.
“Companies must look at the possibility of joint sourcing to maximize their buying potential and they must pool their resources for mutual gain. There are also opportunities for sharing resources and thereby reduced overhead costs.”
Nicholls was speaking at Expo 2014 organised by L&N Workshop Inc. under the theme Managing a small business in this recession.
The BMA president described the company as an example of Barbadian success.
“I am sure that like most businesses it has had its share of challenges navigating the current economic landscape but what we admire is that rather than looking for a savior they have dug deep and allowed their creativity to flow,” Nicholls said.