Business Fundamentals - post-COVID-19

Barbados like other countries around the globe has been impacted by the pandemic of the COVID-19 in a way that has left many staggering. SMEs who already had little to no financial backup resources, as well as, individuals who have been displaced from their jobs have found themselves in unfamiliar ground; especially since most of us are not old enough to have experienced something like this before. 

Beginning next week. my colleagues and I will be sharing with the public what they can do to overcome the challenges they've experienced businesswise with this pandemic. The sessions are free to the public as indicated in the information following which also contains how you may register. 

We look forward to your participation. Come and get practical insights that you can implement almost immediately to realize results. 

Additionally, we anticipate that industry partners will be a part of this so that you know who to make contact with immediately as you complete the program. You can attend the entire program or the segments that you are most interested in. Learn where you can turn to for your HR needs, possible financing, and other incentives that your business can surely benefit from at this time. See you on Tuesday and please come early. We begin promptly at 10:00 so it's great to be at least 10 minutes early. 

Don't worry about handouts and making notes. We have developed a website where all your course material will be stored and is accessible by any device you have which can connect to the internet. Yes, you'll even have our presentations to take with you when you go. Thank you for the opportunity to serve Barbados! 

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. 

SMEs, in particular, are vulnerable

If we are going to be a country that looks at SMEs as a way of growing our economy, there is a serious need to not only put protection in place for SMEs but help them to understand that there are predators.

These predators will think nothing, when they are pouncing on your business, of the sacrifices and commitments that you made to grow your business from an idea to operation. They will look at your vulnerabilities and seek to exploit them. Even in instances when those opportunities are not clear for them to take advantage of you, they will still try to see how far they will get.

If you are seeking to get into business or grow an existing one. There are some elements that you mut appreciate when functioning within any given market place. Understanding why our business environment is the way it is:

Rules and Regulations

They are instituted for a reason. Many times, though we may not appreciate it at the time, they protect the SME from acts of ignorance. When you are in business, even with the presence of a team, there are many elements pertaining to business that you will not now. If you are a startup then this is even worse e.g. being a good plumber doesn't mean you'll run a good plumbing business.

• There are many elements that you'll be shielded from when you were an employee within a larger organisation. Other departments comprising of various team member performed certain roles enabling you to do what you do best. You were able to focus on your specialised tasks with little concern for how other elements of the business ran to create an atmosphere of stability. You worked without having to collect the money done for the work, performing the accounting functions, which then ultimately resulted in you being paid. You never had to consider marketing the entity, handling staffing situations, coping with financial issues, manoeuvring the legalities; all of these functions were covered by others in various departments. As an SME, its just you that has to deal with all these and more issues.

Communication

There are many people working in organisations that are poor at sharing information with the team internally. Too many people working within organisations are hearing about internally planned events, promotions, and other bits of information via the public media first. How can those in positions of responsibility then expect adequate representation? Your team members should be ambassadors for your organisation, not refugees from the public scrutiny that they will experience. 

Operations 

There is a need to marry responsibility with authority, currently, they are unequally yoked. In too many organisations, many are required to undertake responsibility without the authority to implement and stand by the decisions made without fear of penalty from others within the organisation. This is not a reality for any one sector but is quite widespread throughout many sectors and organisations. The lack of connection between responsibility and authority may have hindered the growth of many entities. Some of the areas impacted within the organisation include marketing, sales, decision making by line staff, supervisors and even some managers. There is a tendency to pass the buck, or as is said in some circles; the can is kicked down the road for someone else to handle.

Conclusion

Beyond the hosting of programs for SMEs there is a need to provide tangible guidance by way of mentorship programs and consultation programs that enable these entities to have teams of experts to guida them properly through all the challenges that the leadership of SMEs would face. By definition, there are no real large businesses within Barbados nor the wider Caribbean. Hence, we need to pull the business education out of the classroom and exam centres and into the mainstream of business.

SMEs need to understand how to adequately use shares - ordinary and preferred to promote growth. They neey to understand that insurance can be used to support their investments. Borrowing mechanisms need to move beyond commercial loans to include bonds, and empower our societies to truly understand the functions and benefits of crowdfunding. We need to do better since SMEs are still particularly vulnerable to so many threats within the global arena. 

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.