Friday, August 10, 2018

Barbados' 5 considerations in a dynamic business environment

Barbados is in an environment that it never really experienced before. Yes, we have had tough times, but there are some new elements which have become newsworthy which are entirely new to us, and the scale at which they took place the majority of Barbadians have never witnessed before.

The island, like many other jurisdictions, has placed a heavy emphasis on entrepreneurship. For many, the learning curve will be quite steep, since they would have gotten into business based on a skillset. As we have learned over time, having a particular skill set does not equip you for running a business.

Against this background, the rules for being involved in businesses are changing most rapidly with factors that are outside the range of control for those who are in business. What does this mean?

  1. Businesses have to consider more than ever how they can become export ready. 
  2. They have to establish and maintain statutory compliance. 
  3. All businesses must be aware of their environment at micro and macro levels, noting how the actions of people in key roles can impact them in ways they have no control over.
  4. Sources and usage of funds/funding since everything and everyone will be under scrutiny. Know your customers well!
  5. Develop and implement strategies for navigating this environment from marketing, finance and investment, operations, and legal standpoints. 
There is a need to demonstrate a higher level of maturity when operating in business. Those in business advisory roles must step up to the plate upgrading their knowledge, skills, and abilities that would enable their entities to cope. 

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