The Tribune

By Ian Ferguson

Most local economists have projected that 2014 is expected to be the best year for the Bahamas since the recession hit in 2007-2008. Globally, the recovery has been slow, but recent strategic initiatives in tourism, agriculture, tax reform and foreign and local investments are anticipated to boost our economy.

While growth is expected, sadly many in the Bahamian corporate environment will not benefit from the projected economic recovery. Far too many persons in industry have decided to remain on the sidelines, blaming various forces (political, social and economic) and failing to take the necessary steps to profit. As bystanders they do not engage themselves in the process of planning for success. The old adage remains true; those who fail to plan have essentially planned to fail.

This serves as a warning to small and medium-sized businesses to begin preparation for a successful 2014 through these five stages of planning:

• Financial planning and accounting reform

With tax reform loaming, it would be wise for every business person to establish a more structured financial recording system, and start the practice of accounting for every dollar spent.

It may also be wise to avoid the mistake of combining personal and business expense accounts, which has proven to be a common accounting error challenging the average small business entrepreneur.

• Marketing

How will you let customers know this coming year that your products and services exist? What is your plan to strengthen the company brand?

Calculate the marketing and advertising dollars you will spend this coming year, and ensure it is directed towards the target audience you desire. The average company invests as much as 20 per cent of their net profits towards marketing efforts.

• Goal setting and strategic planning

SMART goals that are specific, measurable, attainable, realistic and time framed are essential in following a path towards achieving company objectives.

An optimistic look into the future, and documentation of those intentions, will prove valuable in holding the business person accountable for what has been written.

• Operational planning

Far too many businesses are run haphazardly, where the owner and employees do as they wish, ignoring standards and globally acceptable patterns of behaviour for the sectors they represent.

The etablishment of standard operating procedures, job descriptions and a daily code for serving both internal and external customers with distinction is vital for company success.

A comprehensive training plan must not be excluded from the operational plan. Consistent development of staff must become the order of the day in all Bahamian businesses.

• Succession planning

Our corporate culture of politics first sometimes interferes with the common sense idea of planning for succession. It is sheer wisdom to protect your small and medium-sized business, in particular, with a comprehensive succession plan for key roles in the organisation.

This goes well beyond identifying a successor, but incorporates the justification of that decision, the assessment of the talent pool in the company, the development plans attached to those identified, and the actual talent development programmess implemented .

The final list of instructions to the business community engaged in planning for a successful 2014 is:

• DO it now…no more procrastinating

• Get help…contract a local consultant and negotiate a reasonable cost to create a plan that is comprehensive

• Once the plans are written, be sure to communicate those plans to the key stakeholders in the business. Do not allow them to catch dust and allow others to hold you accountable for what you hope to accomplish.

For immediate assistance and answers in this regard, contact Transformation Catalyst Consultants Group at tcconsultants@coralwave.com or 4555208.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.