The Tribune

By D’Arcy Rahming

I am hosting an international Judo tournament and training camp on May 10. This year the draw will be the Cuban Junior programme and some internationally-ranked US team members. It will be the most expensive tournament I have ever hosted because of the incentives that were necessary to bring these teams in. So I am faced with a dilemma like many other businesses: The economic circumstances have eroded who can locally pay for my services. Yet I have to take an increased risk to expand my market.

Bringing the Cuban team here has immediately attracted several US teams. They will have to pay tournament fees, training camp fees and spectator fees for all the persons visiting. Hopefully my tournament will be larger than it ever has been, and a higher quality because of the increased risk. Some business owners are going to bury their heads in the sand and keep doing the same thing they were doing last year.

Unfortunately, business dynamics have clearly changed. Banks have become even more unfriendly, if that were possible. Credit has become tighter. The job market remains extremely tough for new entrants, and if you are over 40, good luck to you. So you have to hold on to your business and think of ways to expand it, survive and thrive. This will probably mean changing all of your underlying assumptions.

This begins with really understanding your numbers and what drives people in your doors. Once you understand this, then you need to devise strategies to hit those numbers. Among them is to not be afraid to look for business in areas that you did not consider before. For example, I found out that some of my Judo satellite schools, which once had 70 people in them, now have 12. So to get my numbers up I had to create community programmes at community centres.

However, I know that there is a great desire for persons to participate in an international tournament. The problem was that only about 20 could participate because it costs $1,600 per person when you add in flights, hotels, fees etc. Many more would go to a high quality tournament if you could lower the cost. So my students, by attending my tournament and training camp, will pay $185 versus $1600. Now every one of them can afford the tournament.

Of course, I am counting on the spectator fees at the Kendal GL Isaacs Gymnasium to make up the difference. So I will have to do a major marketing effort to sensitise the public to the sport of Judo. In my next column I will write about changing the name of the product or service you offer to something that people can relate to, so they will have an immediate familiarity with it.

• NB: D’Arcy Rahming holds an MBA from the prestigious Kellogg School of Management at Northwestern University. A lecturer at the College of the Bahamas (COB), Mr Rahming has clients in general insurance, retail, health and medical fields, sports federations and financial services. He is also treasurer of the Bahamas Olympic Committee. To contact him he can be reached at DArcyRahmingsr@gmail.com