Businesses making it work in this decade

Taking this opportunity to wish all readers all the very best for 2020, makes me stop to think about what would it take for those who are in business to really experience the best of 2020. For many in business, there appear to be more questions than answers. which is coupled with an air of uncertainty.

Often, it can feel as if our environment is spinning out of control with events and experiences taking place at a rapid pace. Influential factors appear at a rate that is faster than the solutions required and often before the knowledge we need as business owners even seems to be available.

Many have embarked upon the path of business ownership, being disenchanted for a variety of reasons of what traditional employment was offering. There are lots of claims of violated rights and privileges. However, when you look at those within a business, they treat themselves far worse than the environment out of which they emerged.

Quickly they realized that there is no increased pay when they want it. there is a reluctance to take the vacations they previously believed they were entitled to, and in many instances, they don't even pay themselves at the most basic levels of remuneration. They place this misguided approach on a word they call commitment, which they wrongly define as taking the worst treatment possible to satisfy their current situation for a better future.

Feel good terms like delayed gratification emerge without a real plan of when the delays can be finally realized. Misery also loves company, since these business owners feel that others must also be sacrificial like them and committed to a cause that is not readily defined.

Rather than go on as to why businesses don't work and the challenges they face; let's turn our attention to what is required to really make them work.

• Money follows management. Your management is not required if you are going to be a boss. Rather if you will humble yourselves to become servant leaders you will stand a better chance of success. How are you adding value to the lives of others that your business interacts with both internally and externally?  Are you selecting your team members well? Are you helping them to develop the competence to cope with the rigours of the job at hand? Are you getting their feedback from the trenches and are you well equipped mentally and physically to provide the resources to capitalize on available opportunities?
• Finance raises questions of having enough money to execute your plans, to develop opportunities so that they more from potential to reality. Can you manage your cash flow well? Do you have enough working capital, and do you know what working capital even is? Have you identified where you can get the funding you require and what the requirements would be that need to be in place? 
• Marketing when examined often reveals that many entities are functioning on being top secret. No one knows about them and what is required to interact with these entities. There is no real marketing plan nor approach with many entities just hoping to throw enough mud against the wall and hopes that something sticks. Markets are not well defined, making it all the more difficult to target effectively. 
• Operations are generally undercapitalized making execution all the more difficult. Often business owners run around trying to do everything themselves, even though this does not really help them capitalize on economies of scale. As you enter into or seek to expand your business, there are many things that you will not know. So who do you have on your team? At the very least you will need the following:
• A good attorney - remember the law is vast and all attorneys cannot adequately cover all aspects of the law. You will have needs for attorney's based on a number of criteria - contracts, intellectual property for example
• A good accountant - it is necessary that your financial and managerial accounting information and systems be kept current. If you do not understand the different approaches in accounting then you need to get that advice. Contact us for a more in-depth discussion and possible recommendations based on your area. 
• Human capital - with the changes and demands of dealing with people internally and externally; you will need someone to assist you in navigating this landscape often governed by the Employees Rights Act. It is just as it sounds and you can find the employees have all the rights if you are not compliant. 
• Sound business advisory services are going to help you pull all the moving parts of the business together in a manner that is cohesive and that works together so that there are traction and progress.  
• Statutory compliance is key and knowing your obligations helps with your planning. It also makes it easier for other entities to interact with you. If your business is incorporated then you must practice good governance. 

This short article only provides an overview, and serves as a quick guide to help you keep on target with the growth and development of your business. 

Feel free to ask questions and start a discussion with other readers. It is important to get the best benefits and experiences of others.  Happy New Year to you. Here's wishing you a successful decade in your businesses. 

The more serious entrepreneur...are we ready?

Small business, entrepreneurship though not synonymous are the trend that's been developing for some time now. People who have seen what their parents went through when their parents lives rattled along like a speeding train without much input of what choices they would like for their lives are saying no more. We want choices in life and will not live like they, our parents, did.

Some opt for the path of self-employment where they believe that whatever the outcome, it was their choice. They had a say in the matter. Still, others who are even more creative want to create lasting life-changing legacies. Whatever the choice they make, they share a common bond. They are frustrated by the financial systems.

Many of these business people are not just going to the financial institutions hand in glove to beg for an opportunity, but are using the information that they've gained over their lifetimes go approach the funding agencies better prepared.

These business people have done their research, they are armed with business plans (which they paid for), they are putting together leadership teams (not being the one-man operation), they are seeking information about doing business right. Yet, some financial entities are painting them all with a broad brush used from times gone where the financial assessment methods seem obsolete. Sure the numbers are calculated correctly, but the finance entities rather than structuring the entities to succeed, instead seem to sound the death knell before the entities are started.

Entrepreneurs are tokenized by competitions which speak to innovation, and yes we read about the prize winners who came through the process, frustrating as it was. But then what, where are the businesses of the winners today? Were they taught how to use the prize money to accelerate their businesses? It is almost like so much focus is placed on the wedding, there's no councilling for the marriage.

The criteria need to evolve. Gone are the days where business owners will have large amounts of collateral. They do have more sound backgrounds and exposure to education. They need information that is accurate and timely from the governmental agencies with which they have to register. The systems of incorporating an entity need to become more efficient. Registering a charity/not for profit, the process can be simplified.

Our environment has changed but we're working with outdated models for doing business. Let's wake up and do better as a people so that we can build a better nation and expand our borders. The term business banker does not mean just interacting with the business community, but having knowledge and competence about what is required to gear a business towards financial and operational success.

Thoughts on Caribbean Businesses

Whenever things in the economy get tight one of the first things politicians in developing countries do is turn their direction towards entrepreneurship. In many cases, it's hard to tell if this is genuine and the interests are for real.

Job gimmickry often comes to mind for a number of reasons. The key one being that this is a way of justifying job creation through lip service. My thinking goes this way for some of the various reasons I'll now highlight below.

• The processes entrepreneurs face is becoming increasingly bureaucratic since the government wants tax clearance certificates issued at every turn. The attempts at collecting taxes are becoming a nickel and dime process without a holistic approach that can make the entire process more simple. 
• Too many companies in Barbados and perhaps the Caribbean are not structured for growth. The general approach is to incorporate without the incorporation documents supporting the raising of capital via shares instead of debt financing. Consequently, too many businesses are limited by the opinions of the lending officers within banking institutions who may have never run a business and have no appreciation for what is required in the running of one. Most banks then represent their interests with a cookie cutter approach rather than truly examining the business on its own merit. 
• The accountants along with business advisory services and attorneys need to interact more in the advice that they provide companies so that their advice is more inclusive to the strategy that the business wishes to employ that would best serve its sustainability and survival. 
• The leaders of the business are ignorant of areas outside of their immediate scope of work since they do not read enough developmentally. Sure they know the technical information yet that often is not enough to grow to the levels of success that such an educated grouping of leaders should be meeting and exceeding. Hence the performance of Caribbean businesses remains constant for the most part with very little mobility in either direction. Once they are profitable, the incentive to stretch further seems to be non-existent as leaders setting into contentment with their levels of performance. They function completely oblivious to the competition from other world markets. 

This is by no means finished but serves the basis of getting the reader to think that perhaps more needs to be done. We need to get on purpose with business development, not only within our existing markets but seeking to expand into other markets and create opportunities future development. 

We need to develop our own unique model for conducting business and take it global thereby helping them to understand what it means to be doing business within our standards. Perhaps we should redefine what it means to be doing business@islandtime, and help them understand that we do business as a people the world over. 

Communication Abbreviations and Productivity

Nowadays, all kinds of abbreviations are used in personal life and in business. It is as if communication is reduced to the stage where the writer in an attempt to be brief, not realize that they're doing themselves a disservice.

Saw this one recently in an article, and the more I thought about it, the more it troubled me. I'll show it below:

• TL;NR - Too Long, Not Read

The scenario then unfolded in my head about when communications came out prior to a meeting and when the participants arrived at the meeting, their behaviour indicated they were seeing it for the first time. In essence, they're unprepared.

There's nothing that rouses my ire, like another needless meeting that wastes time. Not every communication can be short and snippy. One would imagine that the writer would ensure that they are not being deliberately long to prove a point.

Some abbreviations also are quite rude. I wouldn't mention them here, but there's really no need to be that impolite in a professional environment. Freedom of speech does not clear one of responsibility in what's being communicated.

The 5 negative areas of impact within your business

There are a couple of things that go towards making a business successful; one of them is a constant flow of customers. The thing is, many businesses don't go beyond lip service when it comes to serving customers.

Daily we hear expensive commercials making promises that seldom deliver, and this is evidenced by the number of factors:

1. The staff is poorly trained in handling the product(s) / service(s). 
2. They may not have adequate knowledge about what they are offering for sale
3. The systems have not been adjusted to meet the increased demand in business, hence bottlenecks/shortages result within the operation. 
4. Incidences where the company can renege on its word which can lead to damaged credibility. 
5. An interdepartmental disconnect within the organization can lead to frustrated customers 

By now you get the picture of the myriad of things that can go wrong when interacting with customers without properly planned systems. 

When planning promotions for your workplace it is necessary to pay attention to the support systems that have to facilitate that promotion and its smooth running. All stakeholders need to be involved so that adequate discussion addresses any challenges that can take place; especially from a logistical/financial standpoint. It is key to ensure that all systems support each other adequately; serving the ultimate role of treating your customer well.

Too many organizations leave their staff in a lurch, forcing them to resort to the i.n.o. (I ain't know) situations. that adversely affect the objectives the organization is hoping to realize.

There are resources that can assist you in improving your business. Though not all free they are necessary in order for your business to become sustainable. Though we may not do business together, I can certainly point you in the direction of some that may be available.

Richie B. has been involved in business development for well over 23 years. He believes in a team approach to aiding businesses and can assist you in making contact with the resources necessary for taking your business forward. 

The benefits of treating your customers well

There are a couple things that go towards making business successful; one of them is a constant flow of customers. The thing is, many businesses don't go beyond lip service when it comes to serving customers.

Daily we hear expensive commercials making promises that seldom deliver; and this is evidenced by the number of factors:

• Staff are poorly trained in handling the product(s) / service(s). 
• They may not have adequate knowledge about what they are offering for sale
• The systems have not been adjusted to meet the increased demand in business, hence bottlenecks / shortages result within the operation. 
• Incidences where the company can renege on its word which can lead to damaged credibility. 
• Interdepartmental disconnect can lead to frustrated customers 

By now you get the picture of the myriad of things that can go wrong when interacting with customers without properly planned systems. 

When planning promotions for your workplace it is necessary to pay attention to the support systems that have to facilitate that promotion and its smooth running. All stakeholders need to be involved so that adequate discussion addresses any challenges that can take place; especially from a logistical / financial standpoint. It is key to ensure that all systems support each other adequately; serving the ultimate role of treating your customer well.

The Youth are Searching

When you participate in the developmental programs that are available for the youth, there's one thing certain - they are searching. Special thanks go out to the entities who do put programs in place to give the youth an avenue through which they can pursue their dreams. 

These organizations have gone a step further, in that, they are not throwing money at the problems youth face, but using well coordinated programs that identify areas of support that they youth need to take tangible productive steps towards their desired outcomes. Sustainability programs and methods, diligence, hard work, skills, and thought processes are just some of the areas of address poured into these youngster. 

They have a different way of thinking that, because of education, they think on the levels that are needed to ensure their successes. Many think small, loving the dexterity and nimbleness that it provides, especially when crafting programs that enable them to gain footholds in the market against better funded establishments with longer track records. 

They are strong when it comes to visualization. When it comes to pursuing their dreams for their businesses, they seem to adopt the stance of well seasoned businessman Dexter Yeager, "When the dream is big enough, the facts don't count". 

The youth will work tirelessly towards their goals, when they have carefully identified them. When they get excited about something that will "make them get out of bed"; they will pursue it relentlessly, in many cases at great sacrifice. 

One thing is certain. They are change agents and though some are afraid, they get the butterflies of anxiety in their stomachs to fly in formation; drawing on the strengths of numbers and networks. They won't let anything stop them since they are searching.