By Ian Ferguson
Ours is an environment that is heavily dependent on government for information and assistance to promote and grow industry. Many have listened, perhaps with critical ears, to the recent Budget debate, hoping to hear nuggets of relief from economic hardships we may be experiencing. We unfairly hold our policymakers to this test, citing them for failing to rescue us when, in many respects,; we have ourselves created or facilitated the dilemma we find ourselves in.
It would be grossly unfair to say the Bahamas is a country ill-fit for legitimate business to occur. While there may be many examples of unnecessary bureaucracy and processes that do not auger well for a climate that promotes ease in establishing and doing business, the Bahamas is still a country where the small business person can make a significant contribution to the economy.
The responsibility of those who instruct and give guidance to the business community must always lean towards self-sufficiency. Self-sufficiency and sustainability will only come as we improve our base business and service competencies, and begin to operate in a global mindset. Time-out for the petty shop, where we expect the 1913 model to yield 2013 returns. As the world evolves, so must our actions and efforts if we are to remain current.
Today, then, our brief conversation guides the small and medium-sized business sector towards self-dependency and independence from government support. Our goal is always to move companies towards greater economic viability.
Just this week, a Bahamian entrepreneur said publicly that he felt insecure about sharing ideas for fear they will be stolen and used without him receiving due credit. While some of these fears are well-founded, many have allowed this to become a debilitating situation. If small
businesses are to survive in this economic climate, there must be a greater degree of networking and contacts, and the formation of associations for the purpose of ensuring we are our brother’s keepers.
I strongly believe that we have not advanced nationally because there are many advantaged persons who are comfortable keeping others at a disadvantage in the same sector. Industry associations help in creating awareness of those things that hinder industry growth. Real advocacy happens as a result of like-minds sharing thoughts and ideas.
We have always heard that there is strength in numbers. Bulk purchasing of products used by small businesses is a simple way of cutting operational costs, yet less than 10 per cent of industry engages in this practice. Again, where there are issues of mistrust, simple contractual agreements can be drafted to ensure there is fair-play in the securing of items necessary for the business to thrive and improve economies of scale.
Most small and medium-sized businesses are unable to hire most of the professional services required to advance their interests. It becomes increasing difficult for small businesses to operate without information technology, training, proper accounting services, marketing etc. The sourcing of talent and services in specialised areas becomes, then, not a luxury but a necessity. The pooling of these resources by smaller businesses proves a great way of identifying these services and using them to advance the business.
Finally, the establishment of partnerships for the purpose of securing larger contracts is a simple, yet profound, way that a smaller company can compete with larger competitors, thus becoming more self-reliant.
Five small onion farmers on Exuma could probably meet the demand from a large resort in New Providence, yielding sizeable returns for the farmer and growth for his business. The concept of cooperatives, despite this quite elementary fact, has not evolved significantly in many years.
If the paradigm is to shift, and if we are to advance as a people after 40 years of independence, there must first be a change of heart and mind. We need each other to grow. We need each other to be sustained. There is power and wealth in our hands, but it requires an elevation in discipline and trust. Pledge today to excel, through love and unity.
NB: Ian R. Ferguson is a talent management and organisational development consultant, having worked in both the public and private sector locally and regionally, providing interventions and solutions for promoting business and service excellence. He was educated at the College of the Bahamas, the University of the West Indies, St. Johns University and holds a Masters of Science Degree from the University of Miami.
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