BAJAN SUN MAGAZINE
OCT 2014
MANUFACTURING IN BARBADOS… A THRIVING SECTOR
By Bobbi MaCay
Some also require financing to help them to source
raw materials to fill an order outside of their regular
capacity. What often happens is that a buyer is keen
about a product, but requires a certain quantity to
make the deal financially viable. All too often the
manufacturer does not have the necessary resources
to keep the level of stock on hand and this is where
financing becomes critical.
L
ike any other sector, manufacturing has had its
share of successes and challenges over the
years. From buses to bacon to cleaning products, one
thing for sure, the industry is vital to our national
economic health and its stakeholders are doing
everything possible to remain relevant and to
promote strong local brands. Just take a look around
the globe and you will note that the economies which
have fared well during the recession all have strong
industrial sectors. Those that don’t are quickly
restoring theirs by repatriating jobs that had been
outsourced to the Far East during times of plenty.
Manufacturing over the years has changed
tremendously as has the way that we do business.
Consequently, many of our members have found it
necessary to retool their businesses in order to
position themselves for future success. One of the
major challenges that a number of them continue to
experience is access to financing. In some cases the
financing required is for plant and equipment; in
others it is for training and human resource
development to improve operational efficiency; while
for many it is a matter of cash flow management.
Unfortunately, and in most instances, the timeframe
between the delivery of an order and collection of
payment can be quite protracted and can jeopardize
the operation of a manufacturer.
To address this need, we have been working with a
group of select financial partners who understand the
challenges and are willing to open doors of
opportunity to manufacturers. We are pleased to
report that with the backing of the Association,
several members have been able to access much
needed financial assistance.
As everyone knows, one of the keys to any
successful product is the ability to market and
promote it well. We at the BMA are of the view that
for too long businesses have been looking to
government to help drive this aspect of their
enterprise and believe that it is time for our
companies to at least try to stand on their own and
take greater responsibility for their marketing efforts.
One of the things that we have also been doing is
providing the knowledge and demonstrating ways
that the various sub-sectors can effectively market
their businesses on ‘a shoe string budget’. We have
collaborated with strategic partners such as the InterAmerican Investment Corporation (IIC a member of
the IDB Group); the Barbados Investment and
Development Corporation (BIDC); Scotia Bank, the
Barbados Private Sector Trade Team and the Cave
Hill School of Business to host seminars and
workshops that assist manufacturers to efficiently
market and manage their businesses.
www.bajansunonline.com/MAGAZINE/ | [email protected] | @BajanSunOnline