The Tribune

By IAN FERGUSON

WHILE registered voters in the Bahamas make their way to the polls today to decide whether or not to accept, and support, local gambling, businesses make similar decisions daily. Companies are always looking for what will give them great returns on their investments. They are confronted by propositions constantly as they vie for profits, and look towards expansion and further organisational development.

Most persons will agree that if resources are scarce, to gamble with those resources may not be the wisest choice. Taking calculated risks in the form of tried and tested investment opportunities seems the more logical response. To sit and not make any investment, hoping that by chance something miraculous will take place, is too risky a gamble on your company’s future.

A familiar parable in sacred scripture makes reference to three business persons who were each given a measure of resources. One of the entrepreneurs was given five, another two, and the last, one. Perhaps here is the first lesson in the business of making sound investments. Not everyone is at the same level or has the same breadth of resources, skills, competencies, networking and net-worth as others. The expectation, still, is to ‘make it work’.

According to the parable, the first two - entrusted with five and two, respectively - surveyed the state of the economy, researched opportunities in their marketplace and were able to secure twice the amount of resources initially entrusted to them. With expanded enterprises they were greatly rewarded for their contributions in being good stewards.

The final individual, perhaps feeling depressed and slighted by only having received a small portion of what had been distributed, opted to allow the resource to sit dormant. He made no attempts to use his inheritance towards a meaningful turnover. He was duly taxed and punished for his failure to invest what he had received. This story has great significance for everyone in business, and people in general.

Punishment will come to those who do not exercise wisdom with the resources with which they are blessed. The question, then, for the small, medium or large business owner is what constitutes a judicious investment? Our response to this question is simply that each business must develop a plan of action this year for developing employees, their brand through marketing-driven efforts, and their product and service offerings.

Investing in your employees increases productivity, reduces employee turnover, boosts customer satisfaction and loyalty,and increases job satisfaction and morale. It decreases the need for supervision and enhances your company’s image in the business community. Investing in marketing establishes brand recognition, helps in retaining and gaining new customers, assists in identifying who the company’s real customers are, provides valuable research information for key business decisions, and establishes trust in the marketplace and referrals for your business.

Investing in your product improves the perception of your business in the marketplace, increases the word of mouth advertisement for your business, increases your chances of operating on a global scale and makes your business more competitive, thus increasing your market share.

NB: Ian R. Ferguson was educated locally, regionally and internationally, having earned a Master’s Degree in Education from the University of Miami. During the course of his nearly 20 years in education, talent management and human resources, he has served both the public and private sector in senior management roles. He currently serves as manager of the Chamber Institute, and as a local consultant in the field, having assisted hundreds of local and regional businesses in improving business and service excellence through their human capital.