SMEs receive guidance on banking and financial management

BATT said the series, organised under the theme, Understanding Banking and SMEs Financial Planning and Development, covered a range of topics from financial planning to preparation of business proposals and credit applications as well as cash flow management.

Held from June to the end of July, BATT said it organised the sessions “with the aim of educating and assisting SMEs in navigating through this challenging economic environment.” Participants were SMEs in Trinidad who are members of various business associations and chambers of industry and commerce.

Those selected operate businesses in the energy, manufacturing, retail, construction and finance sectors.

“The sessions were designed to elevate SMEs to success by helping them to develop the financial management skills required for their survival and growth,” BATT said. “During the sessions, SMEs gained a greater appreciation of how to manage their account receivables and inventory more effectively, as well as best practices on how to avoid co-mingling between their personal and business transactions, which could impact on their financial operations, as well as compliance with AML (anti-money laundering) requirements.” Participants were also encouraged to equip themselves with a good business strategy, stay current on their industry and market trends, and to ensure that they maintain strong internal financial records, “which are critical requirements in obtaining financing from commercial banks.” BATT said this series was conceptualised through the engagement with a number of chambers and associations and that it would continue its efforts to promote financial literacy initiatives with other sectors and target groups.