IIC holds workshop on Business Strategy in Barbados


Workshop is part of the IIC’s FINPYME® Diagnostics Initiative

Bridgetown, Barbados - On May 30, 2011, the Inter-American Investment Corporation (IIC) hosted a FINPYME Diagnostics workshop on Business Strategy in collaboration with the Cavehill School of Business of the University of the West Indies (UWI).

The FINPYME Diagnostics program introduces a mechanism to diagnose SMEs and make it easier to identify issues that positively or negatively affect SMEs, ultimately helping them gain access to medium- and long-term financing. Topics addressed during the one-day workshop included writing a mission plan, defining a company’s goals, carrying out an internal business analysis, and implementing a strategic plan, among others.

Thanks to funding from the Republic of Korea, many of these SMEs are eligible to receive individual technical assistance designed to assist them in resolving some of the operational problems highlighted in their diagnostics. In addition, all companies are invited to group technical assistance sessions such as this, which consist of a series of practical events where the participating companies share their experiences.

According to Dr. Paul Pounder of UWI, "Thus far, the FINPYME diagnostics have proven to create a lot of positive dialogue and buzz among SMEs as they try to grapple with their current situation while looking to enhance their operations. The robustness of the project has attracted even more SMEs to the program, and they are anxiously awaiting the chance to participate in the remaining FINPYME suite of activities as they see a definite benefit."

Kevin Nascimento, business systems manager of TMR Sales & Service, agreed: "The diagnostic was a very comprehensive process. It helped our management see what we knew existed, but had not quantified. In addition, the consultant walked us through the findings and showed us how we could improve our competitiveness." With respect to the workshop itself, his colleague James Clarke, managing director, confirmed that "SMEs are normally too busy to step back and look at a long-term strategy. This workshop forced me to take a break from the office and see the big picture. We also very much appreciate that there will be a follow-up individual session with the consultant."

About the Cavehill School of Business

The Cave Hill School of Business seeks to be a catalyst for business growth through the development of intellectual and human capital. It delivers high-quality, cost-effective, and competitive training as well as organizational development opportunities to companies in Barbados and across the Organisation of Eastern Caribbean States. For more information on the Cavehill School of Business, please visit www.uwichsb.org

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Michael Apel

Telephone: (202) 623-2521

Email: michaela@iadb.org