Small Businesses Can Achieve More Now With TABS SME Business Solutions
TABS provides a new engine to the driving force of American business With more than one million new businesses each year, America’s economy depends on small businesses for its vitality and growth. According to the 1997 report of the U.S. Census Bureau, the nation’s 17 million small, non-farm businesses constituted 99.7 per cent of all employers, employed 52 percent of private workforce and accounted for 51 percent of the nation’s sales. Small business-dominated industries provided 11.1 million new jobs between 1994 and 1998, virtually all of the new jobs created during that time period. Small businesses are most likely to generate jobs for young workers, older workers and women, provide 67 percent of first jobs and produce 55 percent of innovations. Majority of the Caribbean businesses are considered small and with limited resources at hand they struggle to compete with the businesses worldwide. Challenge Although the U.S. Small Business Administration (SBA) establishes industry-specific definitions, it generally considers any business with fewer than 500 employees, including self-employed individuals, to be a small business. The Federal Reserve Board’s report, “National Survey of Small Business Finances (1995),” found that small businesses were home-based 53 percent of the time. Twenty-four percent of all new businesses in 1993 began with no outside financing. The remaining 76 percent received funding from traditional sources, such as banks, credit unions, and finance companies, or from family members or credit card advances. Although many people believe that 80 percent of all small businesses fail within five years, statistics from the U.S. Census Bureau reveal a different story. The Census Bureau reports that 76 percent of all small businesses operating in 1992 were still in business in 1996. In fact, only 17 percent of all small businesses that closed in 1997 were reported as bankruptcies or other failures. The other terminations occurred because the business was sold or incorporated or when the owner retired. Like any other small business, Virgin Islands’ small businesses also face the similar challenges in the form of limited resources and lack of exposure to foreign markets. The historic relationship between the US Virgin Islands and Denmark goes many decades back and therefore, Denmark pays special attention to provide VI small businesses special access to its markets. Recent efforts between the Danish government and Office of the Congresswoman, Ms. Dona Christensen, helped put together the first Virgin Islands’ trade mission to Denmark. Small businesses from across the territory were invited to participate in the mission; however, due to high participation cost, majority of the VI SMEs showed reluctance. They needed help to participate in the Danish Trade Mission without breaking their bank. Virtual Mall for Virgin Islands’ SMEs While understanding the needs of Virgin Islands’ SMEs, TABS’s subsidiary BIZVI LLC offers to provide a robust virtual mall to help the territory’s businesses in effectively showcasing their products and services in the Danish Trade Mission. Attended by more than 500,000 people from across the Europe, Aarhus Caribbean Festival provided a unique opportunity to the islands’ businesses in marketing their products to the European buyers. With the help of Virgin Islands’ Small Business Development and Center and Virgin Islands’ Economic Development Authority, TABS offered free access to the mall to the islands’ businesses and offered to showcase the mall at the Danish festival. Enriched with features like individual store fronts and social media integration, BIZVI Mall provided a unique opportunity to all who wanted to expand their businesses. Its our commitment to continue offering the virtual mall services to the Virgin Islands and other Caribbean communities into future to help the Caribbean SMEs in better marketing their products and services. Why TABS TABS fully understand the needs of today’s small businesses and we are committed to engage all our resources to provide them the most robust business solutions. We understand how important is success to your business objectives; therefore, we strive hard to offer you all the tools necessary to reach your business goals.