NASSAU, BAHAMAS — A local small business consultant said yesterday that the government must quickly enact small business legislation to put on “solid ground” efforts to aid the sector over the past four years.
Mark A Turnquest, principal of Mark A Turnquest Consulting and president of the 242 Small Business Association and Resource Centre, told Eyewitness News: “The government indicated they are going to bring about the Small Business Act. If you don’t have a stabilized legislation going forward, everything that the government has done with regards to small business development will go down the drain.
“My recommendation is that this administration finalize the legislation [of] the Small Business Act, which will bring stability to what we have done over the past four years. Policy will put everything on solid ground.”
Turnquest also suggested that a national small business development plan be developed with emphasis on sectors such as agribusiness, technology, handicraft and manufacturing.
Turnquest noted that amid the COVID-19 pandemic, many new entrepreneurs have emerged, while also pointing out that businesses that fail to adjust and adapt will be left behind.
“There are a lot of people out of work with no discretionary income,” said Turnquest.
“We are at a serious crossroad in reference to the micro, small and medium-sized enterprise sector because there is limited discretionary income. The big businesses may have their challenges but it’s even more challenging for micro, small and medium-sized businesses right now.”
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