The Tribune

By IAN FERGUSON A PARADIGM is defined as a mindset or pattern of behaviour that appears to be the established norm. A paradigm shift, though, is the force driving individuals and organisations out of that prevailing mindset, propelling them towards a brighter, more hopeful existence. The local business community has in many respects been operating in a comfortable state of mediocrity, merely striving to keep their doors open but not taking advantage of the opportunities for immediate and future development that loom even at their doorstep. Albert Einstein was right in his diagnosing the person who does things the same way, expecting a different result each time, as insane. This predicament results in a company leadership psyche that settles for sustaining the organisation, rather than aggressively pursuing growth and expansion. Here's the evidence: Can you name ten (10) Bahamian-owned businesses operating locally over the past 60 years? Now name five of them that have experienced significant growth and expansion, due to the efforts of the principals or their successors (Pause). The Chamber celebrates with those few companies, and would like to highlight their consistency, but even with little knowledge of Bahamian Corporate History, you must admit the great difficulty in providing a quick response to these points raised. While the cause for this dilemma may be multi-faceted, there is no denying that sustaining and growing businesses in this community has proven quite challenging. Biology confirms that growth is a characteristic of living things, and requires specific and deliberate action on the part of the organism. Growth does not happen overnight, and it will not happen without effort on the part of the individual or organisation. Business persons should be questioning themselves often regarding various signs of growth and development. How have my service standards improved? Do we offer more now than we did then? Have we experienced significant infrastructural development? Has our reputation and presence in the community been enhanced? These and many more questions allow business persons the opportunity to keep a finger on the pulse of their organisation. The Bahamian corporate environment has become such a dynamic place that businesses who are comfortable settling to simply exist, will soon find themselves obsolete and irrelevant. To avoid the 'RUT' that many find themselves in, businesses in this environment are encouraged to: 1. PLAN! Without a clear focus on setting targets, goals, objectives and forecasts which demonstrate your expectation of growth, you will not achieve progression. 2. KEEP ACCURATE RECORDS. A constant tracking of clients, financial records, employee files and other relevant documents is crucial to knowing and addressing basic business issues. 3. DELIVER CONSISTENT, WELL-BRANDED AND SUPERIOR GOODS AND SERVICES. Critical to increasing traffic to your business is a product that is well-received and respected. 4. WORK THE ORGANIZATION'S COMPETITIVE ADVANTAGE. Keeping an eye on the competition and ensuring you maintain the competitive edge is critical to your growth. 5. SECURE A PLAN OF SUCCESSION. Successful business persons have an exit plan, and have adequately prepared a successor to move the organisation forward towards expansion. 6. MAINTAIN A FOCUS ON THE CUSTOMER. Businesses fail where there is too much reliance on the superiority of the product. It's the customer that matters most. Satisfy them and your business will grow. 7. REINVENT THEMSELVES. Always seek to be relevant to the needs of customers and the market. * NB: About the author Ian R. Ferguson has 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. He currently serves as manager of the Chamber Institute.