Businesses need multiple resources in the same category

Increasingly, there's going to be a need for businesses to work more in clusters. This is even more so since the pandemic crisis. This raises a few questions though in the minds of seemingly successful entities that others will seek to work with:

1. Can we deliver working with the members of this team?
2. How fast can we make shifts to protect, secure and enhance our reputations?
3. What are our legal obligations should we have to make pivotal changes? 
4. How can we ensure the end-user does not waste their investment in using our services? 

We have all been on teams where team members want to share in the rewards but offer as little effort as possible towards the final outcome. Dealing with this type of individual can be quite challenging; especially when seeking to meet and exceed the needs of the client. 

Every time you work your reputation is on the line. Are you reliable? Is your work of a high quality/calibre? Will you work have the impact that encourages others to speak positively of it so that you get referrals as a result of your more recent efforts? 

Legally we should meet all the obligations of our contracts which we would have been a part of the negotiation process. It is necessary that all team members operate with honour in fulfilling their elements of the work. 

The circumstances are even more demanding of accountability regarding money spent. Items once deemed miscellaneous will now have closer attention paid to them. Greater care will be taken when considering expenses and assets expenditure. 

So who's on your team? 

Are they interconnected so that they work as one? Are your accountabilities on point? These are questions that you must ask and answer to ensure that you have the necessary fail/safe's in place. When you really examine your operation, you too will realize why it is important for businesses to have multiple resources in the same category. 

Foreign Direct Investment [FDI] - How practical and accessible is it?

For most who have become frustrated with the available local funding options for one reason or another, there are some who have decided to explore other options. This comes against the backdrop of governments suggesting urging business owners to expand outside of our jurisdictions, export more and seek to expand. 

Foreign Direct Investment (FDI) is often discussed and seems to be seldom understood, even by those within the financial sector. It would appear that the various entities responsible for overseeing these types of transactions seem to be more than apprehensive about such transactions. What do I mean? 

The organizations:

• Don't seem to trust the source of funds and don't really seem to be able to assist in the provision of due diligence/even be able to advise on the process of due diligence that is available. There seems to be a fear of making a mistake permeating the various entities. 
• The entities that are in authority of such transactions don't seem to relate to each other. Why do I say that? Their information isn't synchronized and at times can seem to be conflicting. The organizations don't appear to even have a relationship with each other. This comment is made from the outside looking in. 
• There is no clear methodology to advise the public how to go about seeking and attracting FDI. So that even when entities successfully attract such interests, there's always a catch 22 that frustrates the process. 

Is FDI worth it? 

It seems to be more of a hassle than anything else. Why one has to go through a number of compliance steps in order to become compliant which usually is expensive, only to be told that there's an absurd aspect that prohibits the deal from being completed. This can even happen after getting authorisation from the Central Bank, meeting previous compliance standards, being legally compliant, then you get snagged on a technicality that could have been prohibited if you had the necessary guidance from the outset. It's a hard lesson to learn. 

In many cases, investors ask how come the banks are not jumping at these deals locally. They then decide to fund the transaction(s) completely [100% funding]. With seeming low-interest rates; until the payback is calculated in full. Then you see the hidden elements of the deal. Here's what I mean:

• Investors reserve the right to divest of the investment to other investors, which means you totally lose control of the ownership and who you can do business with. Often these contracts don't seem to have the first right to refusal. 
• You must have the insurance sums to prepay and secure your commitment to show that you're serious about doing business in the first place. This insurance acts as your security to participate in the transaction and can be quite expensive. 
• Defaults in repayment offer little recourse on the part of the investors who ensure that they clearly state what must and must not happen. 

There are other considerations and these examples are not exhausted by any means. If you're going to be in business, you need a strong team in order to build a business confidently and transparently that people can trust. 

Richard Blades functions in business development primarily in Barbados and regionally as we serve to help businesses do it right when planning their strategy. 

Techniques to grow your business

There's good news if you are seeking to grow your own business now. If you are serious about having a successful business, you must be well planned. Regardless of whether you intend to operate post-pandemic or if you were operating from before the pandemic; there are certain processes that would be rudimentary to your success. 

Let's address the big one that keeps people up at night continually. 

• Finances - It may be a bit more difficult to obtain finances in this current environment, at least on the surface. Before the pandemic, it was still "challenging" to obtain funds. It was like getting blood from stone in some cases. Who is on your financial planning team?
• Marketing - Needs to be well thought out and insightful. Your business needs to be going within a direction that will encourage your public to want to interact with you for the products/services you are offering. In the past, many of you tried to do this alone only to fail dismally. Who is on your marketing team? 
• Operations - We have witnessed entities putting programs together that just didn't gel. It seemed like the organization was unprepared for their own efforts. Information wasn't communicated internally and the result was poor execution all around of an effort that was to hopefully bring about positive results. Who is on your operations team?
• Management - There are too many solo operations which result in areas of importance falling through the cracks. Apart from the aforementioned, we must also consider legal, human capital, administration to mention a few others. It begs to question, who is on your management team?

Your teams must add value to your business. They do not need to be employed on a full-time basis, but what you need access to is their knowledge, skills, abilities, and hopefully contacts. You must be willing to pay for these resources. In the past, those who struggled most are those who thought the payment for information was too expensive, they quickly found out the alternative of not paying to access what the business needed was way more expensive. 

There are way too many businesses functioning by hunches rather than having well thought out and practical plans. Be different and don't fall into that category. Seek the help you need. Learn the techniques necessary to grow your business. 

What do we know about our business environment - How can we then plan

Let's address the elephant in the room with what we know:

• There's no vaccine for COVID-19 in the near foreseeable future.
• The ways and methods we used to work in the past are now for the most part obsolete.
• The future will bring waves of disasters of one type or another: Wave 2 of COVID-19; Hurricane Season, as we're facing in a few hours; A historical virus or one that may be brand new that can pose serious world threats if mismanaged as in the case of this one. 
• The need to become self-sufficient as a people since we should realize how few of us can rely on the government machinery to mobilize with needed short turn around times to be really of benefit. Especially since many governments are in a state where they have been mishandled over time. 
• Leadership, going forward, need to be more solution focus and be able to act quickly and decisively in a way that benefits the public served and themselves. It has to be win/win in almost all cases. 

Since we cannot hide for significant amounts of time anymore, it means that we must function with heightened caution in all aspects of our lives. We can never be afforded the opportunity to be caught napping. 

Mentally, we have got to focus on areas of greatest concern and not be misdirected by the areas of the tragedy which causes us to focus on the outcome rather than the cause. 

We have to fortify our minds daily with information that is positive so that we adopt a can-do mindset so that nothing will be looked upon as being impossible. We will need to examine and study new systems of doing things. In some cases, we may even have the responsibility of creating the systems that will emerge. 

Stay tuned as we increase our discussions and share thoughts on our experiences, observations, possible trends and business developments. You may have a thought that I may have overlooked based on your experiences and interactions, I invite you to share so that it can benefit the greater good of mankind. 

Procrastinate your way to success...

So many people want to experience success. They take classes, attend seminars and workshops, have meetings, and in many cases, they obtain valuable information that would be useful in helping them attain their goal. There is a chink in their armour though and it's common to all these groups. Though it may sound more like an opinion than fact, it is something that has been observed repeatedly.

Most people procrastinate to their detriment.

No! That's not true. I'm not one of those people. Really, take a serious look at how you use your time. Honestly, are you really using your time well?

For most, the answer would be No.

Procrastination can make you famous, once you are quoted: [See the following examples]

• “Never put off till tomorrow what may be done day after tomorrow just as well.”
  ― Mark Twain
• “You can't just turn on creativity like a faucet. You have to be in the right mood.
  What mood is that?
  Last-minute panic.”
  ― Bill Watterson
• “Your Life Is Happening Right Now: Don't let procrastination take over your life. Be brave and take risks. Your life is happening right now.”
  ― Roy T. Bennett, The Light in the Heart 

Procrastination seems to go hand in glove with excuses.

There are situations that took place over the years that may prove amusing to the reader.

1. Those who accidentally bump into you. They would never book an appointment with you, however when they see you their conversation invariably turns to their business. They ask if they can pick your brain and launch into the scenarios impacting them. They generally don't want to put the work in that is required but seek a quick fix to whatever challenge they perceive they are facing. That behaviour got curbed when I began walking with an invoice book to set a fee prior to entertaining their problem. They would then decide they will book an appointment for which they never show up. 
2. Those who want you to mentor them. Generally, I didn't charge for mentorship since I have always felt it to be something that is offered pro-bono. Now pro-bono work is only reserved for some charities....and all profit-making entities must clearly understand that fees are involved. In other words, I have qualifications as to who is considered a bonafide client.  
3. Recently, I had a meeting with a group of individuals.  One member of the party decided he wanted me to do the work and be paid afterwards since he had been burned too many times. When it was reiterated that we don't work that way and we too had our share of bad experiences, our meeting came to an end without an agreement on the way forward. His colleagues wanted to work with me. I no longer had the appetite to work with them since I saw the future problems when it came to getting paid from them. The opportunity was declined. 
4.  They are those who attend training workshops. Getting them to participate can be challenging depending on their personality. Nonetheless, they do. They get a lot of practical work which can be immediately applied to their businesses, and they do; at least while within the workshop. Few continue to maintain contact after the workshop to really take their businesses forward. Those who do, see good results in terms of business sustainability and growth. Observation reveals that many would rather complain about lack of opportunities rather than capitalise on available opportunities that present themselves. Opportunities don't necessarily come tailormade. 

Some people would rather wait until the time is right. It's similar until waiting until all the lights are green before leaving home. They wait in vain and then wonder why their success eludes them. 

They are factors that change all the time that people wait for them to evolve in the hopes that then they will achieve ultimate success. These factors are reflected in the following:

• The environment
• The thinking of the people
• The conditions 
• The money
• The right organisations that may influence the rules governing the type of entity

There may be other factors, however, one thing is certain based on repeated observation; you cannot procrastinate your way to success. 

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. 

Online meetings are...something else

Nowadays, with the presence of computers and phones with cameras, one can have meetings almost anywhere. The need to commute to have meetings have been significantly reduced, and if used properly, online meetings can be a real productivity booster.

That being said, there needs to be some other things that can be said about online meetings. Some of these comments may appear to be funny to some, but taken for what they are worth, they are quite serious. In many cases, they can make or break your career as an online service provider.

Here are some situations worthy of consideration when participating in online meetings:

• Get into your role - attending a meeting laying in your bed is just bad news, especially when you're tired from a really cramped schedule. You are unable to competently function and more often than not, the meeting would either be filled with unexplained silences or the buzz of something sounding like a lumberyard in full swing will come over the mic if you are not muted and fell asleep. It is better to get up and go to a chair where you can be upright and alert. 
• This caught a computer techie who was unaware that their camera was on. Their top half was dressed for the meeting, not the bottom part as we found when they got up to retrieve a document. Their camera was still on, and the rest of the participants could not unsee what they witnessed. 
• Choose your neighbourhood carefully - one would expect that you've paid so much for your home that you should be able to at least have a meeting there in the privacy of your dwelling. Consider the time of day and the factors over which you have no control. Children that are not yours can be boisterous, and dogs you don't own can bark incessantly. Both of which are uncomfortable for the other participants to have to endure. Sometimes you may have to consider finding a meeting area outside of your home. 
• Know your technology - it is evolving so quickly that many of us are still learning how to use it. However, the meeting room is not the place to have the tutorial going for yourself to learn. Gain your competence ahead of time, so that you're in control of the environment if you're the host. 
• Be presentable - it comes back to not knowing if your camera is on or not. Be well-groomed and not unkempt. Though others in attendance may be kind not to say anything, beware of the customer that doesn't complain, they don't come back. 
• Govern your language/behaviour - swearing under your breath in unacceptable, especially if your mic is on and you're wearing a headset. This extends to eating/drinking during the call. It will be picked up with these sensitive bits of equipment. 
• Know how to share your screen to demonstrate a point is key. Ensure that all of your open tabs only show content appropriate for the meeting you are in. Sometimes online service providers may work for competing entities especially in this day with so many SMEs. 

So the next time you're planning an online meeting, take note of what was considered above. Ensure you are in a location with great bandwidth. Ensure that your background is suitable to be viewed, and have a great meeting.