The Tribune

By IAN FERGUSON KNOWLEDGE is power. For the small and medium-sized business, this statement proves true every time. Having information about your business, customers, the economy and your competitors is crucial to your success and growth. Perhaps in the Bahamian context, our small and medium-sized enterprise community is challenged, since many of these businesses have been birthed from sheer happenstance. Individuals who have challenges seeking gainful employment or difficulties keeping a stable job often find themselves seeking to establish a small business. Other individuals who have received salary severance packages for years of gainful employment are thrilled with the idea of investing their money in some business venture. The records are clear that hundreds of new businesses are established in the Bahamas each year. The records will also reflect that hundreds of small and medium-sized businesses close their doors in the Bahamas each year; to the tune of over 1,700 in 2010. There are certainly many reasons for this unfortunate reality, but The Chamber Voice chooses to provide and offer solutions to these issues. A small business can no long be immersed in survival mode, trying to get the business on to a firm foundation. As times change, as consumer tastes and preferences change, as the stability of the economy shifts, small and medium-sized businesses become more susceptible to economic peril. It has been our experience that small businesses who isolate themselves and refuse to remain current with new information, seek to interact with the marketplace and engage in networking, eventually become extinct. For those established small and medium-sized enterprises, and for those budding entrepreneurs, we offer these suggestions: 1. Document. No matter how small, it is important to have good recordkeeping and documentation for every business process. It is difficult to track and measure what you have not documented. 2. Keep your expenses at a bare minimum. Once a reduction in expenses does not damage the brand image you are attempting to project, you should always go smaller in cost. Don't attempt to 'Keep up with the Joneses'. Manage your finances well and cut the extra. 3. Get hungry for information. Listen for programs and seminars that offer solutions to issues you may face in business. We know that students who do not apply themselves have far less chance of experiencing success in life. The same is true in business. 4. Get the exposure. Network, Network, Network... Find opportunities to barter services, but by all means find other small and larger businesses with whom you can share and relate. Join associations such as the Chamber of Commerce that will provide information, advocacy and other important business development services. 5. Know your customers. Do everything in your power to become more intimately involved with your existing customers and your potential customers. They are crucial to your survival and growth. 6. Get the word out there. Find inexpensive but impactful ways to market your products and services. If you are still thinking that marketing in the Bahamas is an unnecessary expense, you are sadly mistaken. Direct your marketing dollars well, though. 7. Use technology and anything else that adds to your level of proficiency. The more efficient your business, the greater the chance for sustainability. Make a decision today to attend a special SME Empowerment Workshop on March 14th, from 8:30am to 1pm, at the British Colonial Hilton. This workshop is sponsored by the Bahamas Chamber of Commerce and Employers Confederation, the Bahamas Institute of Chartered Accountants and the Association of Certified Chartered Accountants. This opportunity allows you to network with over 100 local business owners, hear great success testimonials, receive information from the experts on access to finance and practical tips for operating with a higher degree of business and service excellence. Register today with Latoya Swain at lswain@thebahamaschamber.com or call 322.2145. 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.