Copyright thenassauguardian
A management consultant is urging the creation of a substantive micro, small and medium-sized enterprises (MSME) act, in order to insulate smaller firms from the vagaries of political changes in government. Mark A. Turnquest, former president of the 242 Small Business Association and Resource Center, told Guardian Business that an MSME act would be the best way forward for MSMEs faced with potential changes in governments. He said: “I’ve been in helping small businesses for 26-plus years. I was at the Bahamas Agricultural and Industrial Corporation for 15-plus years with the government, with the Small Business Development Centre and all of that. I’ve seen a lot of changes, and every time a government comes in, they change things, but an MSME act would bring stability and sustainability, and that’s what small businesses need. We don’t want policy to change, we want to remain steady.” “An MSME act would be different to any other mode of MSME support system in place today, and it is fundamentally different from the provisions under the SBDC,” He explained: “The SBDC doesn’t have an act, it is an operating entity on behalf of the government.” Turnquest’s proposed MSME act would outline new incentives and concessions that can be received by MSMEs for developing innovative products and services that contribute to the country’s economic development. He added: “The MSME Act will introduce stimulus programs that will be available to selective MSMEs to mitigate the negative impact of future recessions and pandemics. MSMEs must be socially and legally responsible, maintain a specific employment leve, and show signs of vitality. And, the MSME Act would explicitly indicate which MSMEs are eligible for incentives, concessions and stimulus packages.” Turnquest, who was lobbying for an SME act since the SBDC’s inception in 2019, notes that the movement on a substantive act has stalled, and no one is pushing for one at the moment. “The act is going to be a sustainable one that goes beyond the change of government. Because every time a government comes in, they change things.” Turnquest is also lobbying for the government to conduct research on its small business sector, because these enterprises are not just individual companies, they are collectively the lifeblood of the national economy and a primary driver of its health and future. According to him, the MSME act should be enforced and supervised by non-political public and private sector executives that participate directly in the 242 MSME Eco-System via a legislated oversee committee. He also said: “A market research has already been completed in early 2014 to obtain information on how MSME’s owners would like for business development activities to improve and progress in The Bahamas. In addition, MSME owners made recommendations on how a legislated oversee committee should be structured to successfully cater to the development of the MSME sector.”
