The Tribune

By IAN FERGUSON

THERE are many small, medium and large businesses in the Bahamas who, on their own admission, would love to enter the global arena by exporting their goods and services throughout the region and world.

Our current reality, though, is that less than 5 per cent of licensed Bahamian companies are engaged in the export market. Businesses seem comfortable or wedged in the rut of importing goods and services, whether raw material, semi-finished or finished goods, then processing and selling those items on the local market.

We all agree that Bahamian artisans and service providers can, and should, be given the opportunity to compete on the world stage, but the question that always arises when we enter this conversation is whether or not we are prepared to pay the price to play with the ‘big boys’. Are we prepared to spend the extra million marketing dollars in branding the product? Are we prepared to source and engage professional packaging and labelling companies to meet the basic standards? Are we prepared to invest in training and preparing our staff to deliver service comparable with organisations around the world that are known for exceptional service delivery?

What we have said, and the message we have conveyed thus far, is simple: There are international standards that we must be aware of and adhere to even as we begin to think global and lean towards exporting the treasures of the Bahamas. International standards are developed by international organisations such as the International Organisation for Standardisation (ISO), which helps to alleviate technical barriers in international trade caused by differences among technical regulations and standards developed independently and separately by each nation, a national standards organisation, or company. They provide organisations with a basic outline for how to present their products in the global marketplace, improving their chances to compete and be sustained.

Here is a short list of benefits for the small and medium-sized businesses requiring international standards (according to the ISO):

• Cost savings - International standards help optimise operations and therefore improve the bottom line.

• Enhanced customer satisfaction - International Standards help improve quality, enhance customer satisfaction and increase sales.

• Access to new markets - International standards help prevent trade barriers and open up global markets.

• Increased market share - International standards help increase productivity and competitive advantages.

• Environmental benefits - International standards help reduce negative impacts on the environment.

The message to Bahamian business operators is that despite how we feel about the superiority of our goods and services, there is a more widely-recognised system of measurement that will ultimately determine whether we are ready or not to export. The old Proverb says: “No fisherman calls his own fish stink”, and a certain degree of confidence in your products is required if you are to be successful. But what must be seriously considered is how aligned you are with what others expect as a basic standard. We encourage all businesses to pursue exports as a means of expanding our nation’s revenue portfolio, but seriously discourage those not quite ready to conform to global standards.