Customer service for entrepreneurial entities

 When we are born, we have to learn how to use the various limbs of our body. The ways that we use them would change over time as we grow and become accustomed to how our muscles react.  If we are observant, many of these motions tend to be repetitive. 

Yet, for many of us, our approach to setting up a business is ready, fire, aim. We tend to do so without practice and then wonder where we went wrong. This is particularly noticeable if we're observant as we deal with our internal and external customers. 

It is said that the customer is always right; this is untrue. No one individual is always right. Yet this fallacy is unchallenged by many, even at the corporate level. 

Entrepreneurs need guidance on how to plan their customer interactions. This needs to take place before they even meet their first customer. It is required so that the customer/SME interactions function smoothly. 

How can we encourage and uplift customers so that they enjoy the experience of interacting with our entities? Are there areas that we need to attend? What are the touchpoints? 

Asking and answering the above questions allows entities to respond better to customers' needs, regardless of how they interact with the business. Sit with your advisors today and plan your customer interactions for your business. If you need assistance, just reach out. There are adequate resources available. 

Enjoy your weekend. 

The aging entrepreneur

 

There's something that very few entrepreneurs give thought to as we begin and grow businesses. Many of us believe that we are doing great now, and therefore, our own mortality seldom, if ever, crosses our minds. 

This is compounded by the stresses and strains of running a business. The uncertainty, managing expectations and reputations, ensuring that everyone gets paid on time, and the supply chain work smoothly without hiccups. 

For many, we want to be our own bosses, never working for anyone, but it comes with sacrificing your freedom at least in the early years of your business. Before you know it, you've dedicated years in the business and have nothing to show for your efforts. You have realized that you now move slowly, deliberately thinking of the best way to do so without causing too much pain and discomfort. 

You have become old. 

Ageing is something that we all face to various degrees. Some are graceful, others energetic and youthful. Still, others seem sickly and frail. There's something for everyone. Then we die, and there's no forecasting who will go first when the time comes. 

In the wonder years, we give thought to pensions, living expenses, replacement income, medical bills, discretionary income, investment funds, etc. It seems like we are now scrambling to get things done right. We made choices we wished we had done differently. There are a few exceptions, but this is the narrative of many. 

As a quick sidebar, you begin getting referrals to specialists for various checks. If you're observant, as you sit waiting to be seen by the specialists, you realize that their floors are paved with tiles no smaller than 25". My mind wondered about that, and then when I heard the fee for being seen by the specialist, I understood why the tiles were that size. The quoted fees make you stagger, and they don't want you to fall. 

As an entrepreneur, you can be successful. However, you should consider what went before into your planning. Some professionals can help you plan for these eventualities. Research them and prepare adequately. 

Enjoy your weekend everyone. Until next time. 

A new consideration to business planning

One thing that has been noticed by me is that entrepreneurs and SMEs are working hard at just trying to open and keep their doors open. They need help accessing funds and sometimes need more access to much-needed markets due to poor connections through gatekeepers. 

There are some who make money while others, the majority, struggle. What is lacking across all those plains is enough guidance on how not only to make money but also how to keep more of what is made. 

In many instances, some try to employ rules of governance as if they are dealing with employees rather than business developers; however small they may be. The end result is that many don't know or understand the rules within which they must/can operate so that they are more profitable and efficient in their daily dealings. 

Apart from consultations and training, there is a growing need for business advisory services. Accountants may think that certain things fall into the realm of attorneys and vice-versa; and this is only when the prospect actually works with either of them. This is particularly common with issues pertaining to incorporations and related matters. There are too many poorly structured entities from the get-go. Unfortunately, this is only recognized when the entity is seeking funding.  

Business planning needs to start before the business even gets up and going. There are a number of issues to be addressed with reference to the type of structure you are going to use and why. Too often the answer to questions asked is that they were told to do so, but they never understood why? 

A good business advisory service will have a battery of other professionals with who they function so that the client benefits from the expertise for their required levels. This can range from rudimentary to those who have significant wealth. 

E.g. I tend to work with a battery of legal professionals since the law is a vast area, and one cannot be everything to all people. Those I use for incorporations are different from those I would work with for real property deals, and would be different from those who deal with international trade law. 

For a long time, the shoestring budget has been touted as a method of starting a business. However, it gained such a reputation that the ongoing trend is to underfund startups and expansions within this sector. Businesses need access to funding and to technical assistance to help them get structured correctly; this increases their chances of survival. 

Not enough businesses have plans in place for what they should do with the funds that come in as revenue so that they can keep more of what they make and then move to be not only a business owner but enter the realm of investment if they so choose. 

Given the contributions that SMEs through entrepreneurs make to economies, it's time for them to have a bit more respect given to them. They create substantial employment, make significant contributions to the GDPs of countries, yet they are marginalized by many in terms of access to finance, little to no incentives, and taxes at levels that make absolutely no sense. 

Too many people, in government who plan for the SMEs don't have a full understanding of business. E,g, An entity moving from just a few thousand dollars to five figures within a short time doesn't mean that you extrapolate the information and say that they are making money and therefore pull the plug on them. They haven't even reached breakeven and are therefore unable to meet such onerous demands of the tariff structures imposed on them. In many instances, the owners haven't even been able to pay themselves yet since they are pouring back the revenues into the entity without personal remuneration. Yes, the struggle is real. 

All the money that you make is not yours to keep. Plan to keep most of what you make legally of course, but it's a process that requires careful planning. 

There are a number of moving parts to consider when you're getting into business that must be included in your planning. Look us up via our website: www.bladesandbladesconsultancy.com make contact and let's discuss how you can plan your future sensibly when we make an appointment. 

Happy Independence Barbados, we wish you the best as you consider your planning for your entity going forward for the years to come. 

COVID 19 - School Leavers and the Workforce

 

Every year, there's a question that rears up within the work force? Can these new school leavers do the job? Questions seem to crop up, not so much over the academic achievements, but over the competency to fulfill the requirements of the job role. Despite the presence of the pandemic, we must be aware that the next few years will surely be different as it relates to recruitment and the job market. Will job hunting be tough as always? Yes, but this time it will be on steroids. 

Academia Vs Competency

In many instances, educational institutions rarely have had the opportunity to prepare school leavers for the world of work. With the pandemic last year and a great deal of this year, coupled with volcanic eruptions affecting the region, education has been disrupted quite badly. Given these instances, they are situations where people are not coping well with remote schooling. There are still some elements of the curricula that require physical teaching methods which are not easily replicated in the virtual world; especially when students don't have the foundation experiences to draw upon for a full appreciation of the information being conveyed. 

Inabilities to communicate effectively

Have we recognized that, with all the methods of communicating, that actual communication is at an all time low. It is a skill that is actually suffering quite significantly. Even people within the same household can't seem to get along since they may be of different generations and interact differently. We have developed a displaced approach to culture, whereby we think that speaking in dialect is common place for every situation. We are now failing to recognize that there is a time and place for everything; including verbal, written and other forms of communication. 

There seems to be a lack of respect for others and it is growing. People seem to believe that since they are qualified they can interact with others as they like and the rest of the world must conform to their standards. 

There will be a requirement that organizations address their standards in the early so that those serving the company in varying capacities know how to interact. 

Employment opportunities and the job seeker

In short form, it is going to be tougher to get a job. Why? Well, everyone felt the impact of the global shut down due to the pandemic. It came in waves causing people and organizations to have to endure multiple shutdowns impacting income in a negative way in most instances. 

Currently, school leavers of all ages are not being adequately prepared for the world of work. The emphasis is on education in a very academic sense and competency is taking a blow depending on how those programs are being executed. 

Another consideration is that job seekers will now have even more limited work experience and try to embark on businesses which if they don't receive technical assistance to guide them will result in massive failures among start up enterprises and SMEs. The work ethic which usually develops from applied learning will suffer since the metrics for ensuring discipline are not able to be readily enforced due to the remoteness of the current educational environment. This results in limited checks and balances that provide feedback to the student as to how to translate their education in to practical settings required for the world of work. 

Training systems in a disoriented and displaced workforce

To become/remain competitive businesses are going to need to invest in the training of their human resources. Prior to, but especially during COVID-19 the methodologies of training have evolved. We have gone from beginning to embrace online to being predominantly online; with many not becoming used to the virtual world despite the best of efforts. 

Despite the best of preparation, we have the instability of the internet through the service providers which serve to increase levels of stress due to the uncertainty. At times there can be challenges with the competence using the technology on the part of the presenter/student (participant). 

Conference call clashes seems to be the order of the day which in many cases may also result in work/study stays being extremely long. Remote workers and students can become faced with fatigue of being in front of the computer or being sedentary for too long. Presenter skills have to be en-pointe to hold the attention of the participants to the various programs. 

Employment and employees - Who's ready?

The environment we are currently facing is one that is unprecedented. Yes, we have faced challenges before as countries within the Caribbean. However, in this instance they are not spaced out as in the past and all of these environmental challenges have a multi-pronged impact on its residents. What is meant by this? 

1. COVID-19 Pandemic
2. The volcanic ash flow
3. The hurricane season
4. The rainy season

Additionally, there is the issue of man-made challenges through the instance of disposal practices especially as it pertains to modern conveniences. 

Are we prepared? No one was/is! There is a need to innovate, to pivot, to revise and revamp. To create this system of what I'll term "neuvo-employment". 

We have to identify how we can harness the imaginations of the youth and the experiences of those who are older. 

Fine tuning competition with existing workforce

Make no mistake about it, we can decide if we are going to compete or if we are going to innovate. Attention has to be given as to how we will be sustainable in this environment. How can we ensure that the necessary resources are accessible. 

Leadership is key in this environment. Fortunately for Barbados, our government and in particular our current Prime Minister Mia Mottley has to capacity to communicate at levels that no one is left out. I would use this opportunity to say thank you to our government for their practical measures in helping us to ride these waves of uncertainty. 

It should be noted that in this current and future environment there will be a requirement for teams to work collaboratively with experience harnessing innovation. We have some insights as to how this can be done and will share more in the near future. Keep locked in to your media channels. 

You may also keep updated on our website about various business topics and discussions at www.bladesandbladesconsultancy.com 

The impact on the workforce is real, but not insurmountable. You must however have a plan. 

Using your mobile technology to build your business

Businesses are becoming smaller in size, and hopefully with some planning, they can become more nimble within their environments. Many have been displaced within recent time and with their resources being limited, they need to have ways that they can get up to speed quickly. How can they do this, and do it well? This time, more than any, is when consideration needs to be given to the acquisition and use of mobile technology. 

The presence of so many different types of mobile technology in the market place gives rise to a diverse set up applications for a significant number of business opportunities. 

Many businesses are now functioning semi-remotely. Despite resources being scarce, there are mobile tech hardware and software that can help businesses gain traction within their chosen markets. There's literally no excuse not to function competently. 

Here's why:

• Smartphones can cost more than laptops/desktops and are versatile in their applications and dexterity of  functioning while the businessman/woman is on the move. 
• There are paid and free apps that enable the businesses to do the work of entire offices while on the go; and the available platforms support this process. 
• Delegation is easy and reliable. 
• Collaboration is easy, reliable and functional.
• Response rate is almost instantaneous. 
• Document management was also mobile complete with the virtual filing system(s). This is largely due to the memory capacity on most devices. 
• Backup systems are in the cloud making it absolutely difficult to lose information. 

Now that you are aware you have the technology. Here are some things that you need to be aware of:

• Changing devices is easy as information updates are instantaneous when you log in with you profile credentials. 
• Backups/Restoration is easy and reliable. 
• Your contacts are readily at hand should you need to make contact with them. 
• You can process invoices, refunds and track your bookkeeping activity directly from your mobile devices. 
• There are endless security services to protect your data. 
• You can easily manage your devices from your administrative panels and the information they can access. 
• You can see your schedule at a glance. 
• There is seamless integration between devices which means you can continue working even on the move. 
• There is talk to type technology so that you don't break stride with your productivity. 
• You can access movies and music should you need to gear back for a break. 
• There are a plethora of courses, workshops, and webinars to keep you in the know as you seek out more knowledge. 

No excuses are available any longer. Use your preferred mobile technology and get busy on building and developing your future and safeguarding your livelihood and that of those you care about. 

Check our website bladesandbladesconsultancy.com for continued posts and updates. Hope this helps move you in the direction of your most dominant thoughts of success. 

Mobile Phone Usage for Business

When considering business and the use of telecommunications, one thing that is being used increasingly is the mobile phone. Some people are competent in the use of their devices; for the most part, many aren't. 

When observing how people use their mobile phones, it oftentimes makes me wonder if they have given consideration as to the use of their device. Some people use their phones as unpaid comedians to forward jokes. Others send graphics that do not, shall we say, coincide with their branding. Some people are just seemingly lawless and will waste your data plans without any regard for the fact that they are costing you money needlessly. 

Here are some scenarios that mobile phone users tend to engage in:

• They call you and ask you to call them back since their credit is about to run out. Really? Who wants to make contact with whom? 
• WhatsApp calls for business reasons. The call quality is choppy in many instances and does not make for high-quality interaction that at least seems professional. 
• Then, they are those with the prepaid phones that run out in the midst of a conversation. Guess what, postpaid is always the cheaper option. Don't be afraid of the commitment. 
• The sending of non-business related graphics also ranks high on the list of not to-dos. 
• Purchasing mobile phones that cost more than a computer and then not possessing the ability to use the features is more than a little off-putting. I liken it to purchasing the Mercedes with its high powered engine and speed abilities; only to drive it at 25 kph on the highway. 

If used well, mobile phones can be a game-changer for business people. Here are some examples:

• Small businesses and mobile phones 
• Small businesses and mobile data 

When you consider your business planning, examine if you're using your mobile technology optimally.  You just may be surprised at how much you can save, but more importantly how your earnings can be enhanced if you use the technology properly. 

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! 

We must bear responsibility

Almost daily, the news media is flooded with messages and opinions about the government. It is not unique to Barbados, but many nations face this dilemma. Usually, I observe, tending to keep my opinions to myself, and certainly not becoming involved in political discussions of any sort. By now, if you have gotten this far and read the topic then you must know when I'm coming from and wondering where I am going.

Politicians, to those who are interested, seem to play to the gallery of onlookers. Often they say things to press the emotional buttons of the listener to spark either their support for their party or for themselves, as we're seeing in recent times. There are some things that are common among them that I have an issue with; not with the politician, but with the people who listen/not listen to them. This concern for the people includes me as a citizen.

For too long, politicians have been throwing no end of buzz words, cliches, and phrases that are little more than wandering generalities rather than meaningful specifics at the populous. This is especially apparent when elections approach and they are seeking votes. Often their utterances include lots of blaming of the current government and promises of what they will do when they get in are the center of discussions. Perhaps this is politics!

The people then say they are neglected, ill-treated, marginalized and other such terms; I wonder who is truly to blame. Since many practice partisan politics blindly without question. Others just look at what they are going to get out of the promises uttered from the platform. Few, if any, really question in depth.

Glossy manifestos are pointless, and the noise from platforms are of little use to the people if we don't demand more. We must be mindful that those who are seeking to run for political office do so for the right reasons. Reasons that benefit the nation, it's people and the society as a whole.

One should expect some of the following and others not even mentioned here to be addressed:

• What is the vision for this country and its people?
• What model of governance will be used to address the current situation the country faces and how would the human resources be mobilized within this cause to allow us to become restored as a nation? 
• A government has many moving parts, how can they be all orchestrated to ensure that the country as a whole meanders the various storms it faces socially, economically, and environmentally. {This needs to be a comprehensive approach] 
• If taxes were to be reduced and the operations governing collections enhanced; how would it serve to boost the economy of the country. Certainly we the economic minds and computers that we have available within the present day, we can arrive at a variety of models that would serve the various stages of our redevelopment. 
• How can the new government garner the support of its citizens to be committed to correcting the path of the country by addressing the challenges facing our country head-on, and having the requisite strategies developed to address the said challenges at the micro and macro levels? 
• How can we ensure that education is not just formal but also informal enabling the powering of entrepreneurship to move towards the stage where exportation of goods and services becomes a priority complete with incentives in place to encourage exports and foreign exchange earnings?
• We the people, complained vehemently about ham prices, and the costs of living; however, what are we doing on a national scale to adjust our lifestyles and communal practices to ensure we enhance our livelihoods within the nation? 

Let's move beyond the blame game and take responsibilities for our actions, words, and behaviours. Let us involve every aspect of our society address the problems and challenges that affect us all as long as we are resident in Barbados. Let us look at the problems facing us, but focus on the solutions and remedies to rectify our situations as a people so that the entire nation benefits. We have to be our brother's keeper. We have to look at multiple streams of improvement within our society. We have to prove to ourselves and the world that as a nation we can be strong and resilient, reclaiming what we lost and building for a brighter future. We must be a people that demand and adhere to accountability as one of our characteristics. 

Observation and Opportunity

Pictures are deliberately left out of this post so that you'd want to visit and experience it for yourselves! 

With the recent global events, media around the world has been providing us with stories where we were presented with the growing problems, the impact and challenges which many are facing. Just last week, I happened to be on one of my media channels where one of my friends, posted what he entitled, "a rough day at the office".

The pictures were wonderful! Even though I too live within the Caribbean, I had never seen photos like that; and I see quite a few. Picturesque and peaceful; I was immediately filled with a sense of calm.

So wonderful were the pictures that they generated lots of topics for me from a holistic standpoint which included business. I paused for a moment to think of experiences I've had in the Caribbean. How my thinking changed when I visited each of the places I've visited. As an aside, I pale in comparison to some of my dear friends who take me on excursions around the world with their camera lenses. I see other places up close without the help of National Geographics, and some of my friends become quite immersed in the places they visit, which make the pictures so much more appealing.

Then it hit me.

Most people in the world in experiencing stress, uncertainty, made to feel unappreciated despite their contributions to their "homes". There is major displacement. Tensions are high. Hatred is real. 

Though many would think as I once did that the Caribbean is similar, like I once did, they would be pleasantly surprised to experience the diversity of the Caribbean. They could visit for the next 10 years, just to pull a figure, and not have the same experience as they visit all the various islands within the region. From luxury to rustic, with foods that reflect global cultures with a Caribbean spin; this region has it all.

You can visit all the islands in the chain of the Caribbean islands, and then if you look from the sky, you'll see there's a pendant which was once a transshipment point historically and in some circumstances still functions as such today.

Whether you as I would say, "fly over, drive through, sail around or dive under", the Caribbean makes great memories.

The people are wonderful in their own way as well. Expressing love, affection, gratitude and hospitality in the ways they know best.

As a region, it's time to use the services of those trained and educated in the micro and macro levels of tourism, business development, events, and hospitality to create a travel plan for the visitors to the Caribbean. Not the stuffy programs that are known from the various tourism authorities, but the creation of a type of organic tourism which transcends politics, nationalities, ethnicity, and in some cases even tradition.

With the use of the social media, we can enlighten those who are feeling negative feelings of any sort to come and relax in our beautiful environs and just relax, learn, and enjoy that life is not all bad filled with high pressure; but it is wonderful and fulfilling.

When we think that what others have as screen savers of paradise is where we live. Can we not endeavor to share this with the world. They will thank us for doing so, I'm sure.

Self Talk for the Self Employed

Self employed people even when they work in businesses that interact with people tend to live rather lonely lives. Yet they loathe to attend functions that would take them away from their work; often with the train of thought that they're just too busy. Sadly, these are even in instances where there is organized mentorship available through technical assistance programs.

So what makes a self employed person behave in this manner, especially when they complain that no one helps them. What is really going on in their minds? What kinds of thoughts do they have; positive / negative? Do they feel as if you're thoroughly prepared? Can they really handle the power of this two letter word - NO!?

How you speak with yourself goes beyond wishful thinking. It sets the tempo and they rhythm that will determine whether you will win / lose. Often the event is not filled with spectators, but with your own self; who will see the results of your attempts - Can you strive or merely survive?

1. Why do seemingly identical situations facing different people have different outcomes? One succeeds, whereas the other sucks salt.
2. Is attitude all it's cracked up to be? Identify which is better - good attitude with action / good attitude without action. 
3. There are times we question, why are we doing this? Would it not have been better to get s job and be paid more money?
4. Why does it feel like we work to pay everyone except ourselves?

By now you should have noticed that I've made a faux pas and changed tenses; why? It's because I too am in small business, I too am self employed. It can be difficult to continue in the third person for something that impacts so directly.

For instance, you can write employment letters for employees to take to various institutions for them to obtain financial benefit of hire purchase or even loans. Yet when you have to do likewise for oneself, even when the business is thriving there's always some excuse / objection to be realized. You know the categories, but they all align themselves to justify why you cannot obtain the assistance you require. The objections are easily categorized under; cash-flow, revenue potential [too great / too small, too fast / too slow], age of business, age of applicant, collateral backing the finance request, and the list goes on.

There are times when it seems like we're not celebrated for our efforts, despite all that we do. It also seems that our work must go unrewarded, and profit is a sin. Most small businesses are uncomfortable with the word profit, often leaving their hard earned value at the negotiation table for their products / services. I don't do this anymore, as I have had the opportunity to contemplate the value that I bring to any situation. I also function by the premise that not all money's good money. It has saved me from entering ridiculous deals.

What do you say to yourself? I want to ensure that I am worthy of providing the best solutions that are practical, leading the client and our own business into mutually beneficial territory in terms of revenues, earnings, profits, and opportunity. This has to be done while maintaining privacy, wholesome relationships, health and wellness, and a true sense of purpose. One thing is certain - Success is not an overnight process.

Know that you have what it takes to succeed in a big way. Know that success is what you want it to be for you, and not the world's definition of it for you. When you speak with yourselves, speak in the can do, the I can, the willingly doing it.

Take time to work on your business rather than be constantly working in it. Remember when polishing anything, you have to step back to see the shine. Self employment is not easy. There are lots of uncertainties, but know that there is help along the way. People who are willing to also celebrate your success in as much as you prepare to embrace it.

The personal side of the entrepreneurship lifestyle

As an entrepreneur, everyone expects that you'll always be the strong one - striving for success, achieving set budgets, having a surplus of profits that contribute to a really great lifestyle.

You get letters from various people who want you to contribute to their causes, customers / clients who believe that you have enough money so they will pay you in the next batch. The governments of the day who burden you with staggering taxes, prohibiting you from properly paying themselves, but contributing to their planned schemes and projects where the money's wasted and nothing seems to be accomplished. They don't see the hustle, the sleepless nights, the inability to afford the basics; the fact that your personal quality of life is nowhere near where they or yourself expected.

When I get to see the inner information pertaining to entrepreneurs, the pictures are not pretty. In many cases, they try to conceal the true situation even from their families and loved ones. So who knows the entrepreneur?  It often comprises of themselves and their banker.

Entrepreneurs often face these situations:

• No salary / wage
• No benefits 
• No vacations 
• No specialty team of advisors 
• No group huddle of others in similar relationships to discuss how to deal with the challenges
• No reserve funds 
• No proper organizational structure 

Additionally, technical assistance that's available often has a lot of requirements to be fulfilled to qualify for the assistance. Another area requiring lots of information before assistance is grants. 

Will they ever be a system that allows the entrepreneurs to do what they do best - work, while the other activities get completed by professionals in the requisite fields? 

The next time someone offers you the opportunity to be an entrepreneur, think long and hard. The investment of time and resources can be enormous, and not obvious at first neither. 

Despite the drawbacks, there can be benefits such as:

• Control of your time if you're organized. 
• Networking opportunities, where you can work with the more desirous of your contacts. 
• Projects developed can be better controlled by you using the timeframes as you allocate based on your scheduling. 
• Serving multiple markets reduces and removes the element of boredom as there's always something to learn.
• On going education, where you learn elements of the business that you would be never exposed to if you worked in a job. 
• If you get to make money, you get first pick at spending, then the government gets theirs. Way different than when you're an employee. [NB. Employees are taxed heavier than corporations in some jurisdictions] 

Entrepreneurship is not all that it's cracked up to be, unless it is done well. You have to be prepared to make some investment of time / money / other resources along the way. If you're good at it, the personal side of the entrepreneurship lifestyle may be worth it for you. 

What SMEs need...

There's a lot of talk about SMEs and entrepreneurship, and over the past 15 years it has intensified. Governments especially like to speak about it, since it's an avenue where they can speak about employment boosts. The thing is, they are so detached from the realities involved in setting up and running a business, they just don't get it!

What is needed is a thought process of what is needed to create an environment for SMEs. When entrepreneurs are undercapitalized and under resourced; how can they be facilitated to ensure that their business sees the light of day and has the opportunity to grow and thrive. It is not going to happen by the constant introduction of taxes, excessive regulations, and environments that are so expensive even foreign investors with their willingness to invest funds have to cringe at the costs of doing business.

There was some thought of introducing standards, but are they aiding or hampering creativity so necessary for business? Actually, when considering the various introduction of regulations, are they thought of by business people or technocrats who only have a theoretical understanding of business but are truly unfamiliar with the business environment? A pulse for the business environment is not going to happen by reading the newspaper or indeed many other articles since those in business seldom document as they are too busy trying to eke out a livelihood.

The bulk of businesses follow paradigms often touted but seldom tested. These cliches often result in the following:

• Businesses being undercapitalized and yet still expected to guarantee the results of their business plans 
• Miracles are expected with limited working capital
• Breakdowns in systems due to shortcuts being taken due to inadequate funds leads to the business hemorrhaging financially as the necessary controls are then often lacking
• Those responsible for directing the company then spend too much time putting out fires rather than directing the business to capitalize on opportunities within the markets
• Though they make the sacrifice of obtaining uniforms for the staff, they see the provision of business cards as an expense thereby missing out on marketing opportunities that can never be offered by "the executives"

When will the business climate change to include a fighting chance for homegrown businesses? Opportunities for growth need to include:

• Tax concessions for the generation of employment 
• A supportive environment that encourages expansion outside of the local boundaries of the country
• Incentives for bringing in foreign exchange and the ability to manage such in collaboration with your financial institutions 
• The establishment of mentorship programs that extend beyond the youth as those who are older displaced workers have been getting into businesses to support themselves financially
• The created environment needs to be such that businesses developed can succeed beyond the lifetime of their creators
• There needs to be a push in intellectual property usage so that businesses can move into the realm of residual income rather than be totally reliant on active income 
• Caribbean businesses need to not be ashamed of making profit rather than the subsistence levels that everyone seems to hover around

These are just a few, and there are more once you get your thought patterns mobilized. There are many good resource people who are more than willing to help the country realize these objectives. Of course, they will need to be adequate remunerated as well in a timely fashion. The taxes will come, but you have to create opportunities to make money so that they can in turn pay taxes without feeling sacrificial on all the occasions. 

Richard Blades is a business development specialist. He has helped businesses develop, grow, and thrive over the years. He lives in Barbados. 

Overrating the Entrepreneur

There's a trend - Governments in order to boost their employment figures are turning to the entrepreneur and implementing programs that overlap that lead to an often dead end road where the entrepreneur can't get what they truly need to get their business off the ground at the end of their education - MONEY.

The programs being touted in the media about entrepreneurialism seem to suggest that everyone has what it takes to be an entrepreneur. Nothing could be farther from the truth. Yes there are some great ideas out there in the minds of those that would be great if they can ever get off the ground. These individuals have neither the experience, the connections, nor the financial backing to realize their "dreams".

It is therefore against, this backdrop that this post is being put so here are some things that you need as a prospective entrepreneur to consider:

1. You need to research your business well. Having just an idea without knowing at least how phase one will work isn't enough. Business is not an arena that you can "fly by the seat of your pants". You need to know your business inside out. You have to provide the information necessary to enable your team to make sound decisions. If you need to get aspects researched, then pay to do it. You'll save yourselves lots of time by finding out what you need to know.
2. Your professional team is necessary as they have more experience than you do. You won't go to the doctor and ask for the syringe to administer your medication that you should have no access to, don't expect that your professional team is going to hand over the tools of their trade for you to botch it up - and then blame them. Also while helping you to understand the guidelines of their expertise, they will not train you in their area of professionalism. 
3. FUNDS - Have funds to start your business or GO HOME. Trying to start a business on the back of others using their assets is just not going to cut it. You need to understand that others are not going to have the need in place more investment in your business than you are. Pay your professionals and other service providers well and STOP LOOKING FOR HANDOUTS! We have to pay to access the information that we then provide you with to make important decisions. 
4. Too many "entrepreneurs" want to behave as if they are the bosses of their professional team members. Respect the personal time of your professional team members. Calling them incessantly after hours and on weekends even when paying fees can create a challenge. All professionals need down time to adequately prepare for the next work wave so they can be on top of their game. This is necessary when we ask nicely. 
5. Follow the advice that you're given - sitting in meetings taking up time and then not following through on the outcomes from that meeting, only to turn up again with incomplete tasks is tantamount to Bovine Faeces - wasting time and energy of all involved. 

Following these five (5) suggestions will go a long way in helping you build a strong and profitable business and in this instance is given freely. If you are lacking in these areas and are thinking about entrepreneurship there are agencies to help you get prepared in the areas you are lacking the resources. Go there first! 

Many professionals discuss these areas among themselves, it's time that you also know so that you can adjust your "business practices". Don't become another statistic just because they're overrating the entrepreneur as an employment solution. 

Small Business Reaction to Accounts Receivable

You're getting into business and there's a lot of thought going towards the money you'll earn and the profits you'll make. Along the way, you get a wake up call when you begin to do business. Realizing that it isn't a dream and it is in fact very real, the revelation is, you can go out of business while making a profit. How can this be so? It's because there a stoppage of your cash inflows. You realize that any of the following can describe you.

• There's more month than money. 
• 911 stopped the mail but the bills still get through. 
• You just got back in from paying the bills only to find the next set of bills there, on point, ready for payment. 
• THEN you realize - that some people owe you, haven't paid up yet, and every time you talk to them there's a different hard luck story. 

Hmm. 

Your thinking goes through a series of points

• Things rough all around, it'll soon work out, and I'll get paid. 
• Maybe if we look at a payment planning, we can get the balance to come down.
• "Why am I being stressed to pay my bills and the people who owe me are all cool and relaxed" 
• They better have the money ready today. 
• "Why do I have to work for my money and then turn around and beg for it?"

Then it get's extreme. 

• If they don't pay my [your choice] money today someone's gonna get hurt big [your choice] time. 

Now different reader reactions may come from the last extreme thought, but you know it's true. Even if you're good two shoes. When the pressure's on, you can sometimes have rather unholy thoughts. 

Small business owners, you must consider this:

1. Don't give anything on credit that you're not prepared to give for free. Always collect your money on or before delivery. 
2. Have proper record keeping systems in place and ensure your operations are air tight. 
3. Always be known for delivery of sound products / services in a timely manner. Your clients will be more inclined to pay on / before delivery of your offering. 
4. Have clear written policies on your invoices. Many people no longer honor their handshakes. [Sometimes contracts aren't worth the paper they're written on] 
5. Always collect deposits. Why should you invest more in someone's interest than they are willing to put in themselves. 

When doing business. There's one result that you should require for the work that you do. 

Here it is! 

Remember, accounts receivable affect small business owners even more directly than that it would larger businesses.

Richie B. is responsible for Business Development with Blades & Blades Consultancy Services LP. He has experienced many successes for his clients over time and enables them to realize their business dreams. The above information will help you fast track your business to success; saving you time and earning you money.

Some Serious Considerations for Getting into Business

Lately, entrepreneurship is a word that's being touted around. With the amount of business schools that are available, not to mention the online courses and articles, there are many who want to do business that are unprepared.

I hope that this would be a sort of guidance for some of them since as I interact with the various supporters of SMEs from investors and financiers, through professionals - accountants, attorneys, operations, marketing, statutory bodies, and general business advisory services; there's a growing intolerance that can be detrimental to those with sound businesses. There's a need for entrepreneurs to understand that business goes past the point of - A Great Idea.

• Governments are looking towards it for job creation
• Universities and tertiary level institutions are offering it as courses 
• Those who are upset with their jobs decide they will embark upon it so that they won't have to work for the man
• Young people leaving school have decided that they will embrace it so that they won't be treated like their parents 
• Agencies are set up to encourage it and to sometimes teach aspects of it
• Training programs are developed, Investors are predatory, yet with all these interest groups it is a sad day when the true realization is as follows

Entrepreneurs and Entrepreneurship are by and large unprepared for Entrepreneurship 

Beyond all the industry knowledge about your product / service idea some other real things are needed. Fortunately . Unfortunately, depending on where within the system you fit / have to function within you will find that you need some if not all of what will be listed below shortly. 

Business can be done internationally, regionally, and locally. However at the end of the day, it must be done well. 

Entrepreneurs why should any of the aforementioned groups wish to invest more in your business than you wish to invest yourselves. I may offend some of you with what's going to be suggested shortly, if you are thin skinned - STOP NOW and leave this article alone. If you're serious, you'll know what to do. 

• You need to know where to find information that will ensure the success of your business. You need to know your business inside-out. You need to surround yourselves with professionals. They are:
• accountants to calculate the feasibility of your idea in a numerical format - it's been my experience they don't do great business plans but can offer fantastic insights into the planning process 
• attorneys-at-law [yes a few of them - law is a vast area, you can't be all things to all people] 
• business advisory services [someone who knows a little bit about a lot of the different aspects of business, and who can find the specialist - those who know a lot about a little bit] 
• bankers, financiers, investors, friends and family - you will need money to begin a business is about as gentle as I can say it. the aforementioned support is not always free
• Marketing and Operations are key and vital functions for any business. Again these areas receive too little respect and are so critical to a business 
• Human resources will be offered separately since this area is evolving with the rise of so many small businesses, yet it is so vital with labour laws and employee rights being a major cause for concern in business 
• Your friends in government are a great source of information and are readily available to assist you. Do not believe the hype about civil servants. They are wonderful if you're respectful. 
• You need to bring the following to the table
• Commitment, Trust, Loyalty where necessary, Competence, Willingness to Work
• You need to show that you're organized
• You need skills in negotiation - however don't be ridiculous thinking that everything comes for free because you have a great idea that will be profitable. Expect that you will not get everyone willing to work and wait until the back end to receive their payment. Often they will not know you unless they are a part of your develop team. 
• Money - there's no gentle way of saying it so I won't try, but money needs to be present at the event of your business. 
• You'll need a working knowledge of how to utilize the skills and abilities of your professional "team". 

 There you have a place to start, and be assured that this information though is on the surface will help you to be a bit more prepared on embarking on your next business venture. 

Richie B. is responsible for Business Development with Blades & Blades Consultancy Services LP. He has experienced many successes for his clients over time and enables them to realize their business dreams. The above information will help you fast track your business to success; saving you time and earning you money. 

Where did the time go?

Wow! This has been a fast year. Lots happened and lots didn't happen. It seemed like throughout the entire world everything went topsy-turvy.

Can you relate?

Like everyone, I have heard the doom and gloom about how bad everything is going to be currently and within the unforeseeable future. Then I got to thinking, that all of this news is coming from other people. Many of these people didn't know my skills nor abilities. They didn't know my circumstances. Yet they are looking at whatever was in their line of sight and making broad sweeping comments about my future.

The resulting thoughts from their predictions were uncertainty, fear, over caution, and many other negative thoughts and emotions. We were careening for edge of many precipices of ideologies - fiscal cliffs, moral chasms, and seemingly many other challenges.

What are you saying about your future? What is your God-given entitlement?

Remember, "In the beginning was the word" John 1:1, How easy it is for us to forget about the power of the spoken word.

Daily:

• Speak positive, affirmative, faith grounded words in to all of your situations. 
• Think about possibilities for success rather than reality of failure. 
• Keep your mind searching for solutions rather than dwelling on the problem longer than necessary .
• Feed your mind positive books, tapes, CDs. 
• Keep grounded in your creator, remembering all things are possible if you only believe.
• Plan your outcomes 

Do this for 30 days and tell me what the outcomes are for your situations. Take control of the time you have available to you so that you don't have to be asking "where did the time go". 

Here's my Money - Why should I give it to you?

Daily, I manage to have numerous business plans come across my desk with requests to review them. It's been years that this has been happening and this is a process that's paid for by the clients. Often though, my feedback may not be what they want to hear, but it definitely needs to be told if they are going to meet any measure of success in their attempt to get funding.

Here are some findings:

Based on many of the plans that have been presented, here are some common threads that go through most of them. The reason I'm putting them out here is so that they can be addressed before your next wave of funding is being sought. Hope this helps the entrepreneurs / small businesses.

Businesses are not well researched

• Too many feel good statements are made. One that sticks out in particular was one which under the title of Research and Development, the document said, "Research and Development will be ongoing". Tell me would you part with your hard earned dollars for a plan with this in it?
• Many of these business plans use assumptions that are filled with errors and overly simplistic with these kind of results - "Earnings should reach $1 million dollars within 12 months and then grow by x% per month for the next year". Many start ups span years of operating without seeing a million dollars pass through it. It depends on too many factors which are often not addressed within the confines of the document. 
• Benchmarks are used which originate in markets dissimilar to the one within which the business has to function. 

The request for capital are hugely unrealistic 

• "Did you really just ask me for that much money?"  How did you arrive a such a figure and; what will you do with that much money? These questions are often asked and seldom answered adequately when presentation time comes up. 
• Capital requirements are often not recorded or given in lump sum in the hopes of the reader glossing over them.
• If you were presenting to someone like you, would you part with that much money for so little benefits? That's a question that needs address. 
• How will you pay it back? Investors are not only looking for ROI (Return on Investment), they are also seeking Return of Investment.
• WAIT A MINUTE?!?! What are you putting into this business other than an idea?

The operations elements of the business are at best weak

• How does this business operate? Truly! The vague information that you put up here does not suggest that you've done your research. Matter of fact, it doesn't even seem like you know what you're doing in this business. Sure I understand that you want to say what you do, without saying how you do it; but clue me in - that you know what you're doing!
• This document does not show that you've even considered the elements of the business that you need to at planning stages. DO NOT WASTE THE TIME OF THE INVESTORS / FINANCIERS!
• Who is your team? What will they be doing? What examples do you have for success in other ventures with which you were involved?

The marketing addresses mostly all elements except sales 

• The demographics and psycho-graphics look great! So does the industry information that you pulled from the internet. But....how does it related to what's happening in this area where you want to set up business?
• You've sort of addressed advertising - newspaper, radio, television. Your budget looks more than a little low. Do you know how many times you must run the advertising before people even hear about you, let alone purchase what you're offering? Blank look / dead silence comes back.
• Then you say, but we're going to use Social Media - you know Twitter, Pinterest, Facebook, LinkedIn, and a host of others. Once we throw enough mud at the wall, something's got to stick, right? Do you have a network that we can have access to? 
• What are you going to say to them? Based on what you've presented, quite frankly - NO! 
• Learning to use Social Networks has a learning curve that is steep for some. Most don't manage to develop a following as quickly as some may presume. 
• But all this marketing is expensive. Putting together ads before they even get to go out costs - no kidding. Are you going into business to give things for free? Why then are you trying to get everything for free? 
• Where are you sales strategies? Is often met with, "I don't like selling". That's why I'm doing marketing. Well, you tell me what's wrong here. Yes sales is an element of marketing, and it is the only one that brings in the money. All the others are cost centers. 

Things that you should consider   

• Often, there is a need to get have sound business planning documentation prepared
• When you intend to go into business you need to have money for a variety of reason
• You will need
• Business start up funds - registration / incorporation, bank account
• Professional fees - legal, accounting, business advisory, real estate 
• Meeting costs, research for your business may be time consuming / costly
• Remember, excess greed will not make you money. As you wish to be paid when you are in business, those whom you contract their products / services will also want to be paid in a timely manner. 
• If you still decide to get into business, and do it well, chances are you will be successful. Here's wishing you every success. 

Richie B. is a Business Consultant & Trainer located in Barbados. He's well versed in business development for start ups, expansions, and turn-around projects. Richie's also capable of training to implement the plans that have been developed. For more information, see Blades & Blades Consultancy Services.

Starting a business....are you serious?

Entrepreneurship is a word that's touted about a lot these days. Everyone seems to want to begin a business of their own, and who can blame them. There are certainly better educated, greater connected, and have more resources. However, you can imagine the questions that come to mind when we look at todays businesses. Let's look at a few.

• Why do so many of them fail?
• Do we really know why we want to be in business?
• Have you thought out the process well?

Let's stop at these three. Since these alone can take quite a bit of time. Let's look at them succinctly.

Businesses fail due to:

• Being under capitalized
• Poor operating systems 
• Weak marketing & sales 
• Poor accounting & cashflow management
• Weaknesses in human resources - training deficiencies
• Lack of discipline and planning
• This list is not exhausted

We want to be in business for a variety of reason

• Some don't want to work for someone else
• Others just want to be their own boss
• There are still others who just want to be creative and can't be bothered with much else
• Many want to make money that they can spend as they wish
• They saw someone do it and it looked easy
• Many don't like their current bosses 
• Some want to genuinely make a difference in the lives of others with their product / service
• The reasons are endless 

We thought

• This would be a walk in the park
• This much strategy was not required
• We could do it ourselves without much expenses or help as we know our field
• Why did we leave our jobs, we had it made when we got our payment from where we were employed (and, we didn't have to work as hard)
• We didn't want this much work, just more money. 
• We didn't have a vacation since leaving our last jobs and we don't have money to go on vacations either 
• If I had only known better, I wouldn't have left 
• Well, we're too committed to turn back now. 
• If I could do this all over again, I would do this so much differently

Business is never easy. As one friend put it, you have money problems either-way - too little / too much. There are many who believe that they wouldn't mind having too much money. It is often heard said, I know exactly what I would do with that money if I had it. 

So are you serious about starting a business? If not, please don't. It would be more trouble than profit. However, if you are, then you need to make contact with someone like me in your area. There are plenty great consulting resources out there, and they are some that aren't so great. You must do your due diligence. 

So starting and expanding a business, especially when you are serious can be quite rewarding. Surround yourselves with others who have achieved some of the things you desire - learn from them taking the good and leaving the bad behind. Yes you'll find many have flaws that make it difficult to work with them. Be prepared to endure, so that you can enjoy. 

The Best Advice Ever....a true story

I've been consulting & training for many years and daily I come up against some situations that are "new" not only to me but to many others. I love what I do since boredom is seldom my reality and for my clients, the solutions seem endless since we've had some seemly impossible situations that we've had to deal without any of them being something from which I could draw from a template.

There have been times, more often than I care to remember, when I have had challenges within my own work environment that I literally did not know how I was going to survive each one. Depending on who you ask, seeking help was a sign of weakness / strength. The thing is, those who offered help most willingly were those who were off island and knew nothing about me - The offices of Zig Ziglar, Les Brown and others were really great with their assistance.

My clients enjoy a high percentage of success when working with us. They have:

• received significant "impossible" funding through preparations of documents 
• turned around their entities from a losing position to start earning revenues and profits within short time frames
• streamlined their operations after completing audits 
• seen results of training programs in as little as 24 hours / shortly afterwards 
• made significant strategic contacts, programs, and moves that encouraged them to have sustainable entities

There are more benefits that I would not elaborate on here, but here's the thing. 

In many instances, I did not know where to begin. Sure we have the formal education, the degrees, the courses, but even when internships are involved it does precious little to prepare you for the actual situation. 

No one that I knew of, and my network's huge, had experiences in many of the challenges my clients had so that I could even subcontract their services. (Subcontracting's not a problem for me, since I believe that it's better to make 1% of a million dollars, than 100% of $1,000). So I did what I have always done, which has worked 100% of the time. I put the entire set of situations before God. 

Yes, I have been working bonafide in consulting and training since 1995, but God has way more experience than I will ever have. The results were / are always phenomenal! Often happening at speeds that I did not fathom before. It has gotten to the stage now that because of this expectancy from having walked the path before with God, I can now offer solutions quicker than most. It is like being able to think multidimensional, seeing action and outcome almost at once. Daily I give God thanks for this gift and the help that others receive through it. It is humbling to see situations that were really challenging being solved.

Am I living on purpose? I really feel so. 

If you ever get to use our services and think to yourselves - This is The Best Advice Ever - then give God thanks for granting me the necessary insight and oftentimes experiences.

About me

Richard Blades is a Business Consultant & Trainer with Blades & Blades Consultancy Services.  As a Senior Founding Partner, he remains committed to high standards and being well researched. He loves to have a fun time while working since work occupies a great percentage of your life. Known in most circles as Richie B. he has a wealth of experience in consulting and training which he candidly shares. Find our more about our services and if you require them fill out our surveys for business advisory services and training. 

Sink, Swim, or Float...The Business Lessons

Entrepreneurship is an area of business unlike any other. Why do I say that?

No resume, CV or whatever you chose to call it is going to prepare you for what lies ahead when you decide to embark on business. No government support / lack of it is going to ensure / deny you success. When it comes down to it, it is how you take the "limes" life gives you and make it into something more palatable.

This economic environment is quite dynamic - forcing you to draw on creativity that you previous may not have known to even exist. Experience gained comes daily, since it is on these occasions that we are constantly faced with challenges which we've never really confronted before; and they are not going anywhere soon unless addressed by us.

So what do we do when faced with these challenges. Our approaches will determine if our business ventures survive or perish, whether we remain stagnant or gain traction. In short, what progress will we make?

Will we sink, swim, or float?

Guess what? Your attitude makes all the difference. It determines if you'll just "tread water" or succeed / fail. So how are you going to look at the situations you face? Will you seek solutions or dwell on the problems? Will you be negative / positive about the challenges you face?

You may believe that you have to face your challenges yourselves; while you are responsible, remember you are not alone.

Richie B. is a Business Consultant & Trainer with Blades & Blades Consultancy Services.