SMALL and medium enterprises will remain ‘the backbone of the island’s economy’ according to the store manager at one of the Isle of Man’s best-known SME’s.
Tynwald Mills’s Claire Britnell said: ‘Together with being a locally owned and managed SME, our ability to source stock through buying consortia or through concessions within departments give us an edge on national multiples managed indirectly and to policies not necessarily adapted to local conditions.
SME’s are often able to respond quicker to market condition changes in customer preferences and pricing points. SME’s often have a closer working relationship with their clients and conduct marketing exercises with them directly which builds loyalty and directly benefits them. SME’s will remain the backbone of the island’s economy and help in the needed diversity of our economy.’
This year, Tynwald Mills is sponsoring the SME of the Year category at the Isle of Man Newspapers Awards for Excellence. The popular shopping destination in St John’s employs 114 staff and places a great deal of emphasis on grass roots training. Explained Claire: ‘The majority of our management team has progressed through the company and therefore knows our business inside out. We make all of the store’s policies and plan everything from this one site. Our store is constantly changing with amazing speed. We receive new stock every day and are always trying to improve the shopping experience offered to our customers by brand offering, staff development or by hosting events. We have expanded the number our departments we operate enabling a more one stop shopping experience to be done and broadened our supplier base to currently over 400 to create a fuller range of goods on offer. We mostly supply brands not available at other stores located on the island in an easily accessible manner.’ She added: ‘Even in this challenging economic environment we need to be pushing forward. It is essential for us to always be anticipating market changes and implement these changes before our market competitors.’
This year’s Isle of Man Newspapers Awards for Excellence, in association with RBS International, will be held on November 15.
Application forms are available at www.iomtoday.co.im/afe.
If you would like to find out more about what entering can do for you, contact Trudi Williamson (tjw(at)newsiom.co.im) or Sarah Radcliffe (sarah.radcliffe(at)newsiom.co.im) or call 695695 for more information.