The Tribune

By Ian Ferguson

As we count down to a new year full of opportunities for businesses throughout the Bahamas, we must pause to make the necessary investments and preparation to experience this success. There are some businesses who have committed themselves to doing things differently this year. They have

pledged to do away with happenstance, and have begun the process of deliberately taking steps for a brighter 2013.

Our reflection today comes as a charge to those businesses that have promised to do better this coming year. It is the Chamber Voice’s checklist of pitfalls to avoid for the Bahamian business community. This list is generated from general observation, as well as informal employer and employee surveys conducted throughout the year. Many of the challenges recorded have been lumped together, and are therefore given in five broad categories of shortcomings. It is hoped that this list provides a springboard for action in the coming year.

In no particular order, five of the greatest business pitfalls for 2012 are listed below:

1. Customers have no voice in the range of products, business planning or execution of the services. Most businesses seem to forget that their main constituents, and thus the reason for their existence, is their customers. We see evidence of this in how we are served in our own country.

Hint: Listen to what your customers are saying and ask THEM how you can improve.

1. There seems to be no plan of action for service recovery in the typical business. If, at my favourite fast food restaurant, my expectations are not met, and worse, no one thought to rectify the problem, I am not inclined to return to that place of business.

Hint: Develop a Service Recovery Plan for your business this coming year, outlining what you and your team will do when things go wrong.

1. There seem to be very few routine standards in the average establishment. Standards do not detract from the personality or creativity of a business or their employees. Rather, they set the parameters in which companies can systematically deliver delightful experiences. When I walk into a place of business, like every other customer, I expect consistently superior products and service despite the shift or which employee is on duty.

Hint: Make your January project the documenting of Standard Operating Procedures (SOP’s).

1. Many small and medium-sized enterprises (SMEs) fail to separate their personal and business finances. It is so tempting as a small business owner to think that you have access to, and are at liberty to use, revenue streams coming in as a result of your enterprise. The fundamental rule of Basic Business Accounting is that the prudent business owner pays him or herself a salary, and does no double dipping.

Hint: Contract a bookkeeper or purchase software this year to police and manage your resources wisely.

1. Far too many Bahamian businesses seem stuck in survival mode. We have discussed this strange phenomenon on a number of occasions, and while there are many businesses that truly need to remain in park, there are many others who are on the verge of greatness and unprecedented expansion.

Hint: Create measurable goals that will stretch your business this year, and a plan of action that will bring to fruition these goals.

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.