4 Scenes of the
Cover Story
Changing Times
Also in this issue: Export Hotspots for 2012 10 What’s Hot in 2012 6
A Publication of the Small Business Association Š 2012
Lynette P. Holder
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In our first issue we looked at the concept of Strategy and its governing power as a means of moving any organisation forward. This was met with some critical reviews; no doubt some positive and others were disapproving. Altogether it provided a good springboard for The Business Lead and highlighted a number of topics that can be dealt with in upcoming issues. One of those topics or general themes that were drawn out from the debates was the assertion that strategy is not an abstract process. Instead it can only be devised after an evaluation of one’s environment.
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about the magazine
The journey of the entrepreneur does not have to be a lonesome one. As the national organisation for entrepreneurial developement, The Small Business Association is always ready to assist our members as they seek to develop their businesses.
The Business Lead is a thirdly newsletter magazine produced by the Small Business Association to provide information to and about its memberhsip. The main goal of The Business Lead is to keep members of the SME sector informed of news, events and opportunities that can impact and benefit their businesses.
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Small Business Association
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contents Cover Story
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Scenes of the
Changing Times
Also in this issue: Export Hotspots for 2012 10 What’s Hot in 2012 6
Ms. Congeniality 9 About a Boy 11
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Sherwin Cumberbatch
Scenes of the
Changing Times Often I find myself thinking that Barbados needs a good old fashion revolution. Starting in the city and quickly spreading to its environs, travelling across these fields and hills we call our own and engulfing the North of this island. I think, ‘when should this epic time be?’ And then the answer comes to me “Now is the time”. I know already you are asking what I am talking about. Don’t worry I am not preaching anarchy. The revolution I hope for is one that could swiftly change the way business in Barbados is done. Out with the mundane and in with the dynamic. Enough already with the blah blah blah and more about the yipeee hi ho. Why a revolution you ask? The truth is Barbados is about to undergo radical changes and so the call for a revolution is with a hope that we find ourselves ready and not wanting. The change expected is a result of a larger shift which has been occurring in the global economy for some time now but has accelerated with the prevailing economic climate. In a few words, the world’s major economies are in trouble and businesses in these markets are now looking elsewhere to maintain their customer-base. These markets were also the main importers of goods from the emerging markets but have now significantly reduced their import bill and as a result the latter are
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fighting vigorously to continue on their growth trajectory even if it means venturing into unfamiliar territory. To place into perspective, things are “tight” and as a result businesses - micro to large are looking all around to drop anchor. A Newly Liberalised Market As if to add to this predicament Barbados now operates in a much more liberalized market. Four years after signing the Economic Partnership Agreement (EPA) with Europe and the ACP nations it is easier for some categories of businesses from these regions to trade with Barbados or to establish a commercial presence. Not too far in the future a similar agreement is expected with Canada and we could witness a gradual increase of foreign businesses setting up shop in Barbados and naturally competing for business that was once considered “legitimately” ours. I recall a recent discussion with an Italian consultant who was sharing the successes of his business before 2008 and the large demand of work from his primary client the Italian government. At the time he had 6 employees and occasionally had to hire contract employees to assist with larger projects. Then came continued on page 8 >
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Mobile Connectivity
Let’s face it, this is the era where crackberries rule. If you are not sure what that means then you need more help than we can give in this edition. All we know that it’s pivotal to have a smart phone so you can respond to those urgent emails while you are on the go… some things can’t wait until you get back to the office. we should also tell you that emails are just the beginning. Available are a host of useful Apps found on these phones.
Strategic Planning
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We invested our entire first issue on this topic so it would be pretty silly not to include it in our list. Know where you are going and determine how you will get there. Then get it going in 2011.
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The Cultural Industries
This sector has been receiving much attention from governments, business support organizations international funding agencies and even private investors. It appears following the success of our lil Ri Ri it is now recognized the value of creative goods and services and the potential they have to contribute to our economy.
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Grant Funding
The capitalization of small businesses continues to the biggest threat to their survival. This means that entrepreneurs need to be adept in finding ways of funding their ideas. By no means is it a new but Grant Funding has to be given a second glance and pursued more aggressively as some of the more accessible funding streams have dried up. Your best bet would be to widen your search globally to find various funds and seek our support to develop those applications.
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Social Media as a Promotional Tool
If you can’t beat them, then you might as well join them. Until a few years ago local businesses were still hesitant about using Facebook and other social media as advertising channels. Then came a massive increase in persons signing up to these forums, resulting in many businesses developing robust social media promotional strategies to reach the millions of social-mediates. This now means that if you don’t have a presence in this new digital environment somebody else could be eating your bacon. For business networking we recommend www.Linkedin.com
Discovering Asia
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Uh oh, things still aren’t rosy to the North and an ailing Europe is still counting it’s tragedies in Greece, Portugal, Ireland and Spain. 2011 may be the time to look at untraditional markets. We recommend you read up on Singapore, Malaysia, Qatar and of course the big boys such as China and India.
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what’s
for
We want to make sure you are fully prepared for 2012 so we have compiled our own list of what will be hot in 2012. Check the list out to see whether you are prepared.
2012 8
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Redjet
For a while the cost of Caribbean travel has be going through the roof and there seemed be no suitable options on the horizon. That was until the launch of Redjet the region’s first no frill airline traveling between Jamaica, Guyana, Trinidad and Barbados. The MD-82 recently landed at the Grantley Adams International Airport where are sure it would have been warmly received by those of you who travel frequently on business across the region. Visit them at www.flyredjet.com
Warrens
If ever Barbados had a rising Mecca, this would be it. You can find just about everything here without the craziness of Bridgetown. With 4 multi-storey buildings on route for completion in 2012, a hospital and a shopping mall already in the planning phase. There is no doubt about it that Warrens` will be our next town.
Limegrove
Only a few shops have been opened but it’s just the injection of luxury, fine living and entertainment that Barbados needed. Nestled in idyllic Holetown, Limegrove provides the right shopping climate for those staying in the resorts and villas around the town. The complex also offers great opportunity for those businesses looking to jump into the luxury market which Is demanding but highly profitable.
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Going Green
Most Barbadian companies still have not given it much thought but it is has become so apparent that we can no longer ignore it. Environmental damage can be seen along the coast and with our damaged reefs. We have to play our part in protecting the environment and every business should take it on as part of their social responsibility.
The Senior Market
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Most can agree that life in Barbados is of a high standard and social care is readily accessible. This contributes to an aging population which translates to a potentially lucrative market. There is vision care, cosmeceuticals, catered tea parties, you name it, their present and counted. I give you 4 letters. BARP. Old is the new gold.
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Foreign languages
We knew this was important but who knew it would become urgent. Recent trade missions between Barbados and both Martinique and Guadeloupe revealed that there may be some opportunities there. Don’t put your business at a disadvantage. Instead get a head start by learning the language.
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< continued from page 5 the economic difficulties of that country, which recently resulted in the implementation of stringent economic measures. The consultancy shrunk to a one man operation and forced him to search for new clients overseas and hence why we were at the time having the discussion in the Caribbean. As I listened to him struggle with his English and make remarks about the differences between the Caribbean and his home region of Tuscany, I was reminded the world now has much less barriers to trade and nothing will stop those who are determined from finding new places to do business. The critical point here is that the business scene in Barbados will only become more competitive and for Barbadian businesses to survive they will need to compete more aggressively and incorporate international best practices in their processes. This is where the revolution begins………. The first shot to be fired will be one that changes our infamous “laid-back” approach to business that underpins all that we do. Then possibly we will see entrepreneurs armed themselves with the appropriate business development and planning tools in an effort to create more structure and to encourage expansion. Spurring on the vigilante, we should also expect a greater push towards a marketing orientation versus a simple selling approach and more attention paid to the customer service function. All these elements will be needed to intensify our business proposition as we go against players both in our local, regional and international markets. Still, it’s with great confidence that I believe measures will
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not be unattainable as Barbadians are adaptable. I know my people and when they are given the ultimatum to survive or to give up, the latter is never an option. Stepping Into the Information Age On the other side of change is a revolution that has been brewing in the virtual world for a while but has become so powerful in recent times that it is having a significant impact in the “real” world. We are living in the Information Age and businesses that do not have a strong online presence could risk being overlooked. It is true that traditional media such as television, radio and the newspapers are still necessary to bring about awareness but if you want to build a brand and become the preferred choice for your customers then the internet is where you need to be seen. Increasingly customers are demanding more information about businesses, products and even their financial stability. This is applicable especially for the under 35’s who have grown accustomed to taking in lots of information in short periods of time. Static details aren’t enough to satisfy them; instead they want to be fed in bits and pieces. You can tease them today and shock them tomorrow as long as you keep it coming in a creative way. This piece-meal approach also allows you to share the full extent of your brand personality over time in a very cost-effective way. To accomplish an ongoing buzz using this approach you can develop a content strategy that incorporates various interactive media. Your website would include the business’ main details and tools for other necessary functions such as e-commerce. It will also act as a portal that leads to your various social
{Ms. Congeniality} Lisa Turney (left), accepting the award for Employee of the year, from SBA president Celeste Foster
She is increasingly being recognized as the voice and face of the Small Business Association.
Whether you call or visit the Head Office you will be greeted by the congenial personality of Lisa Turney, Customer Service Representative at the SBA and Employee of the Year 2011. Lisa attributes her award to the experience gained in customer service over the years and her background providing administrative duties. She believes these past opportunities plus a genuine passion for her job and people have allowed her to thrive in her current position at the association.
2011, at the Annual Awards Ceremony and Dinner within the magnificent banquet hall of the Lloyd Erskine Sandiford Centre. She maintains that in her daily duties her actions are never done with the expectations of any award or acknowledgement and as a result she was taken back at the results. Nonetheless it has inspired her to make a greater effort to facilitate the request of members and other stakeholders. To sum it up best in her own words, she wishes â&#x20AC;&#x153;to be on top of things.â&#x20AC;?
Turney joined the association in June 2010 and was at the time responsible for front desk duties. These responsibilities have continued to broaden along with her many competencies and as a result she is now assigned the Training Services portfolio and several other special projects. This is an incredible feat as she has to be constantly juggling the barrage of calls, queries and emails with the adhoc nature of some projects.
Looking forward to 2012 and the plans of the SBA, Lisa sees herself being able to contribute at a greater level. She stated that in her daily interaction with members she has observed that there are lots of opportunities available to businesses and the relevant information is readily available. Therefore if there is any way she can assist in passing the information on to others so that they can benefit, then she will go out of her way if it is necessary.
On Winning the Award
Surprise! Is how she described the announcement of her name as the Employee of the Year 2011 back in September
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Jaquiline Haroer
Export Hot Spots for 2012
Having spent the last 16 years helping small business owners find partners, examine their costing and pricing model and discovering the success factors in their business, it has become clear that projecting what areas of the market will be most lucrative has more to do with: 1. Understanding your market, 2. Knowing how your product will satisfy the needs of your customers today, and 3. Preparing a plan for getting your product to the customer. My training in International Management has always pointed to one thing…….. Know your market. Understanding Your Market Research is key. Most small business managers do not have the time or the money to carry out or purchase extensive market research data. Access to the financial resources necessary to do this is usually the domain of large companies and it is where Jacquiline the intrapreneur has the advantage. But there are simple ways to overcome this. You can talk to John Public –Harper this is where you can possibly get your data. To choose a business location, one can stand on the corner and observe the traffic flow and potential customer interest in purchasing any kind of product. I was recently encouraged by a young man, pretty much straight out of school who ventured into investing regionally. He travelled to at least two of our Caribbean neighbours and observed the retail market for clothing and accessories. He talked to taxi drivers about the businesses, neighbourhoods and the best location for his product. It is this type of informal scanning which can help you determine what will be some of the biggest business trends for 2011 for your business. I have also shared below some trends which required a bit more research, maybe they will provide some valuable direction for your business also. 1. Research and Business Intelligence is key to how decisions are made. We are all looking for data and information on all sorts of things. How many of us go to the internet for information on any and everything. Increasingly you have to pay for that information. Internet based research opens avenues for research services to be spread over a larger geographical area. If you have expertise in an area, then your experience lends credibility to the information your company provides. This also goes for internet training. 2. Information Technology continues to be one of the areas to watch. If your service helps managers understand how the number of persons who visit their website turns into revenue, then you will be in demand over the coming year. Companies want to know if their internet marketing efforts are paying off.
3. We are entering a dynamic and creative era for retail, thanks to mobile. I fully expect mobile online shopping to become a mainstream consumer behavior in the U.S. over for the next year or so. Online training/learning will expand outside the traditional box. Not only will standardized training be delivered online, but sales and product training will be delivered online and via mobile devices. — Craig Olson, geolearning.com
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The Business Lead recently sat down with Orlando Williams a former participant of the SBAâ&#x20AC;&#x2122;s Enterprise in Action (EIA) Programme to share some of his experiences and to talk about the benefits gained as a result of the training.
Young Entrepreneur Orlando Williams
Williams was enrolled along with 6 other students from his alma mater,
Coleridge and Parry back in 2010, where the team had to create a fashion design business as part of the requirements of the programme. Each participating school was required to start-up a business and follow through with other business development tasks within the year allocated for the running of the project. While he enjoyed the exercise in its entirety he was especially pleased with the process of developing a business plan and seeing it grow into an actual business. It was this excitement that fuelled the groupâ&#x20AC;&#x2122;s enthusiasm through out the training and spurred them on to the very end. The training climaxed with a symposium and it was at this event that students were allowed to showcase their businesses and product offerings. This was another highpoint for Williams as the event brought with it more exposure and allowed the students to interact with entrepreneurs who shared details of their work routines, challenges and triumphs. During the project, Orlando and his team also made jewelry using recycled pieces. This provided additional income and allowed them to buy more materials, which allowed them present a larger product line at the symposium. It was after this first success that the SBA arranged for him to do a showing at the UWI Graduate Fair and it was here he received additional sales and orders. This encouraged Orlando to register the jewelry business and create a Facebook page under the name LindaBelle Creations and Design. Subsequent to the launch and promotion he went on to collaborate with several designers and continued to receive very positive reviews for his work. His brave efforts did not end there but rather the budding entrepreneur began to use the tailoring skills of his sister to manufacturing his designs and to move into accessories. Currently a student at UWI pursuing a degree in Psychology and Management, Orlando has chosen this academic path as a way to learn more about business and at the same time support his artistic exploits. It was after the final phase of the EIA programme that he
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? The Small Business Association can help you find fertile ground to capitalize on your business potential. For more information call us or visit our website:
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A Publication of the Small Business Association Š 2012