The Kingstown Cooperative Credit Union (KCCU) is taking steps to strengthen its members’ knowledge and capabilities to better operate and manage their enterprises.
Forty (40) KCCU members and other attendees participated in a one-day workshop, “An Introduction to Recordkeeping: Why It Matters and How to Do It Right,” on Tuesday, 15 September. The workshop washeld at the Methodist Wesley Hall in Kingstown and delivered by the Centre for Enterprise Development Inc. (CED).
The training was facilitated by CED Business Development Officer Nisha Glasgow.
Chairman of the KCCU Education and Marketing Committee, Joslyn Craigg, said the initiative forms part of the credit union’s commitment to equipping Vincentians with practical knowledge and skills that can contribute to the growth and sustainability of their businesses.
“At KCCU, we recognise that our members’ success is closely connected to the strength and sustainability of the businesses they operate. Proper recordkeeping is an important part of that process, as it helps entrepreneurs understand the financial position of their businesses and make informed decisions. We are pleased to partner with CED to provide our members with practical tools that they can apply directly to their businesses,” Craigg said.
The workshop objectives were to help participants understand what recordkeeping entails; determine the information needed to obtain debt financing; identify sources of financing for a small business; compare the advantages and disadvantages of different sources of financing; create a simple recordkeeping system; and identify and understand a balance sheet, income statement, and cash flow statement.
According to CED’s Officer in Charge and Training and Education Coordinator, Keisha Phillips, the organisation’s goal was to help participants see recordkeeping as a useful tool that does not have to be complicated.
“The goal is to look at some simple, practical ways of keeping the information you need, understanding what those records are telling you, and using them to make better decisions for your business. By the end of today, I hope you will see recordkeeping not as a chore, but as a useful tool—one that can help you understand your business better, manage your money more effectively, and plan for the future,” Phillips said.
Phillips noted that entrepreneurs often do not prioritise keeping proper records while managing their businesses.
“But the truth is, good recordkeeping can make running a business much easier. Your records tell the story of your business. They help you see how much you are selling, what you are spending, whether you are making a profit, and where you may need to make changes,” she noted.
“Good records are also important when you need to make bigger decisions. For example, if you want to expand your business, purchase equipment, or apply to your credit union for financing, having clear and up-to-date records can make a big difference. They give you — and others — a clearer picture of how your business is doing.”
Phillips also commended KCCU for investing in the development of its members, noting the importance of providing entrepreneurs with practical knowledge and tools to support the growth and sustainability of their businesses.
