Is the personal side of our development hampering SMEs?

 

Life is an experience that everyone goes through at different levels. However, when one zooms out their view, it is recognized that the more things change the more they remain the same. Business is not only comprised of what happens during business hours, but includes what happens on the personal time of the business owner and their team members outside of the said hours. 

At the end of the day, the heartbeat of the business are the individuals who work there. Who provides the information and service so critical to its success. What would be needed to create an atmosphere of support that encourages people to have delightful experiences at work? 

For some, life at home can be hard, and they may not get the appreciation there. 

I remember serving at church, and as we greeted attendees coming to the service, some collapsed and cried when they received a warm greeting from someone who barely knew them and vice versa. 

In his book How to Win Friends and Influence People, Dale Carnegie states that deep down in individuals is the craving to be appreciated. The use of the word craving conveys the level of seriousness that appreciation can play in the lives of others. 

This is not to be done in a manipulative manner. We often call out people when they do things wrong, but when they do things right, we tend to behave as if that's what they are supposed to do and don't provide the accolades that may serve to reinforce positive behaviour. 

In life, our colleagues/workmates will encounter some form of tragedy. Death, divorce, accidents, and robberies are some negatives that come to mind. Others that impact positively also impact our lives and result in changed behaviours. Marriages, birthdays, and promotions, to name a few, also require some changes that others may need help understanding. 

Why would people who would support you in a particular type of business not do so should you leave to begin your own? Can it be some emotion that you would rather not discuss here? 

You have to be perceptive and discerning when you're in business. Keep learning - both formally and informally. There's not everything you need a certificate for, but learning is to fulfil your curiosity. 

Have fun while working. Your work day can take over 1/3 of your life; ensure it is not miserable. With the personal/career aspects of your life in balance. There is nothing to stop you from accelerating towards your goals. 

Too many local companies function like this.

 There are a lot of people who are in business under the guise of entrepreneurship but don't really understand why they have set up their entity the way they did. What do I mean? Let's take a closer look. 

• Many register business names due to the following reasons. It is cheap and easy. They don't have a plan for how their entity should be set up to protect them. 
• Many do unlimited/general partnerships. They want to get into business and figure this is the best way to do it. They know precious little about the exposure they're inviting into their lives. Again there is no plan. 
• Those who incorporate sound more when asked like the popular saying "the devil made me do it". The attorney/accountant says that they should incorporate and give them some overview as to why this is necessary, but there's no strategy. This is clearly reinforced when a deeper dive into the company is taken. 

In all instances, there is insufficient planning and not a comprehensive understanding of why they did it. The sentiments are more emotional than strategically sound and practical. 

Here are some findings based on observations: 

• The investment in setting up the businesses in whatever form is ill recorded. Therefore equity is always questioned/questionable. 
• There is scanty knowledge of the statutory requirements and how the use of the various business formats can benefit/disadvantage the business person.
• Business owners use incorrect terms for identifying elements of their business. For E.g. they speak of partners in an incorporated set-up. 
• There is often no tax planning. The entire aspect of taxation is reactive rather than proactive. 
• Incentives for establishing certain formats for business are little understood. This is clearly apparent when they seek financing and begin to realize the limitations they encounter. 
• Businesses mainly embark on planning when there's a crisis as opposed to being proactive. 
• Business owners can put their funds into the business but are uncertain how to get them back out to facilitate additional investments. 
• They are unclear of/have no understanding nor knowledge of capital gains. 
• They don't understand the use or benefits of using various types of shares. 

Given the number of people who have studied business, isn't it time we become more sophisticated in our approaches to the business establishment? We need to stop taking the easy way out. Implement systems that can save and in some instances earn business owners and investors money. 

There's so much more than can be told. However, it's best to get consultations that are best suited to you. In a climate of growing expenses, isn't it time that we grow our wealth of information and prosperity? I think so. Please stay tuned. 

A new defining moment...

Over the years, black people have been called many degrading names. One, in particular, has many people dancing around in their conversations in order to be politically correct. Recently, I saw a rant by someone who was called this to their face, and I got to thinking.

My thoughts came to how should a conflict be resolved, and one of the techniques is reframing the problem. Looking at the situation from now on, rather than get bitter I will get better. Yes, I'll change the vowel from i to e.

Therefore to the next person that refers to me or my kind as a N-i-G-G-E-R. I'll now take it that they mean:

• Naturally
• Intelligent
• Genre of 
• Genes
• Emitting 
• Radiance

This is how I'll be, whenever anyone calls me by this name. I'll emit the radiance of God that they wish they had. I'll emit the great and charming qualities of my personality and character. No longer will I be lead into expressions of anger. I'll take it that they see the inert outstanding qualities in me they wish they had and step into my season of flowing in them. 

The next time a person refers to me or anyone like me as a nigger, then we'll know that rather than pulling the plug on us, they want us to switch on the power we were born with and flow as the Human Beings The Almighty intended us to be. 

Celebrity Service

Have you ever been somewhere and received service that had you totally delighted? I mean you totally did not expect it, yet the service was such that it created a memorable experience for you rather than just mingle well camouflaged among the thoughts that you would have had for a lifetime. When you talk with your friends and colleagues afterwards you totally rave about how the service made you feel important - you were made to feel like a celebrity.

Would some of these statements describe your service experience?

• I didn't have to ask for anything really, they brought it before I thought it. 
• When they described what the experience would be and then exceeded it, I thought I found my piece of heaven.
• I felt like family there! 
• Have you ever been pampered; having your every need catered to? ....just when you thought that was all, then they catered to your wants? Wow!

You begin to get the picture. The experience that you received made you feel so great, that as you think about it, you realized that you received Celebrity Service.  Sure you can use the term, my only caveat is that you don't try to own it, but to share it thereby raising all the service standards one at a time with everyone that you come into contact with regardless of where in the world you are.

What's celebrity service? You get the opportunity to decide it, since there's no cookie cutter approach. It can be a standard that has application across cultures, races, classes, and creeds. It doesn't matter who you interact with, it matters that you made an extremely positive difference to their lives that they not only feel the gratitude of being on the receiving end of the service, but goes a step further in their wanting to serve whoever they come in contact with in a way that makes the experience most memorable.

• It goes beyond good customer service, since the emphasis is not on whether or not the other person is a customer.  
• It's not about differentiating between the internal / external customer. 
• Class demarcations like first, club, executive cannot define it. 
• It's personal; in that the experience of one person's celebrity service does not define that of another.
• Those with whom you interact must feel special, almost as if they are the only one that mattered at that time. Yet the feeling of celebrity service must extend beyond the interaction that they have had with you.
• Celebrity service is the journey, not a destination to be reached. 
• It is tangible, yet vague and wispy; neither governed by stars nor ratings.
• Celebrity service is when your people skills become you most important marketing asset. Not being governed by if the environment is highly classy or rustic. 
• It is reached by training in standards, where the key elements being developed are better people, not better looking environments. 

Here's the clincher. It's something that the Old Caribbean offered that enabled people to speak about going back to their holiday domiciles before they even left to go back home. Celebrity service is enchanting and enhancing. I love it when I experience it, but I love it more when I give it. 

The secret is that it isn't just something that takes place at work, but goes into the household. It's:

• spousal 
• family oriented 
• colleagues cooperating 
• church related 
• just good hospitality 

Are you ready for celebrity service; willing to experience it and to demonstrate it? I would love to hear / read your stories. Be the celebrity hosting other celebrities. Changing you mindset and behaviors can result in better life experiences! We all owe it to ourselves to have a quality of life that's exemplary. Here's another secret. It's service offered in an environment of love and care.  

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.

Just thinking...about money

How can business be done faster at a slower more methodical pace? Is a question that comes to mind on occasion.  We live in the islands and often times end up so busy that we rarely get to enjoy what's around us.

They are people who have to spend thousands of dollars to get here to have a sea bath, feel the sand sift through their toes, or just feel the salty air against their skin as they sip their favorite drink.

We are surrounded by all the wonderful herbs that can help with the healing of most illnesses. Yet, we are too busy to enjoy them.

Why do we have the internet? In an age of the super highway one would think that by now we can do most things more easily. The banks are still being resistant to PayPal; even though the said PayPal has authorized that citizens within the islands can use their system for receiving payments and not only make them like once before.

How can this help enable the entrepreneurial climate? I would have thought that by now a seminar about using PayPal to enhance your business banking experience would have been introduced to the public. I would have imagined that such a seminar would be speaking to the safety of using such a service and what you should look out for in terms of virtual trading on the internet. We seem to be fearful of what can happen rather than equipping our business people.

I will stop here now. Got to head out for the office and realized that I was just thinking something that can be quite viable. Now I can't wait to get to work.

Have a great day folks. We'll link soon.

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