NASSAU, BAHAMAS — A well-known small business adviser said yesterday that many Bahamian micro-small and medium enterprises are still in “survival mode” having emerged from the pandemic, noting that there are still no major profits being generated at this point.
Mark A Turnquest, principal of Mark A Turnquest Consulting and head of the 242 Small Business Association and Resource Centre said: “A lot of businesses that made it through the pandemic are still in survival mode. There is no major profit development at this stage.
“They have had to eat some costs in order to keep their customers and remain competitive. That’s the reality.”
Turnquest noted that small business operators have likewise faced logistical challenges, rising shipping costs, and the impact of global inflation.
He added: “Everyone is hopeful that there will be an improvement. Businesses are waiting for Christmas to come and hope that there is no hurricane. We’re in survival mode. Businesses are anxious and optimistic over what the holiday season will look like this year.”
Regarding the 242 Small Business Association, Turnquest said, “We have some strategic plans that we hope to accomplish in the next three years. Our priorities are to liaise with the government and other non-governmental organizations that focus on the SME sector to bring to reality the Small Business Act and to put together the 242 Small Business Development Plan.”
