You Are ReadingVol. 01 Issue. 09

June 21, 2013 Edition

In Focus

Preparing for the worstRead more, pg 3

The Business of Mentorship

WALK THE TALK -STEP TO THE CHALLENGE JUNE 30

BACK TO BASICS HEALTH FAIR

JUNE 30

BRAZIL TRADE MISSION

SEPTEMBER 14 - 21, 2013.

IMPORTANT DATES ADVERTISING OPTIONS UPCOMINGCALL 228-0162 TO BOOK YOUR ADVERTISEMENT

SPACE IN

1. THE BUSINESS LEAD,

2. ww.sba.org.bb

3. Be SME Smart Discount Booklet.

SPECIAL RATES FOR MEMBERS

REACH THE SBAHEAD OFFICE

1 Pelican Industrial Park,

Bridgetown, Barbados

Phone: (246) 228-0162

Fax: (246) 228-0613

Email: theoffice@sba.org.bbWebsite: www.sba.org.bb

The Cave Hill School of Business in association with Higher Education for Development (HED), the Unites States Agency for International Development (USAID) and the Kelley School of Business recently hosted a JOBS Business Mentorship Symposium. The symposium drew from a cross section of persons whose mentoring experience ranged from less than one year to over ten years and featured a panel of young entrepreneurs.

One interesting feature of the symposium, was a discussion of the results of the Model of Emotional Intelligence EQ-i 2.0 assessment. Participants who had previously completed the assessment got a chance to understand exactly what character traits they needed to bear in mind as they interacted with potential mentees. Kirk Mason of KOJM Enterprises and Nadaline Cummins of Caribbean E-Waste Management two young entrepreneurs led the panel discussion which focused on their experiences with mentors. Mr. Mason noted that “owner does not always mean good manager” and sometimes entrepreneurs overlook certain critical aspects of their businesses because they are too close to them. He felt that having a mentor

allowed him to pay more attention to those areas. For him, he saw administration, finances and management as critical areas mentors could offer assistance. Ms. Cummins highlighted the close relationship she had developed with her mentor and noted that this relationship allowed her mentor to open up her network of persons and resources to her. Her advice to prospective mentors was to “do the research”. She went on to say that mentors, even if they did not know about the particular type of business should do the necessary research to bring them up to speed and put them in a better position to offer advice. Both panelist underscored the need for trust and openness in a mentor-mentee relationship, the investment in time and the willingness to be open to accepting criticism and feed back even if it was not what you wanted to hear. The symposium concluded with participants being guided through a series of scenarios designed to explore the mentorship role and scope. This session was conducted by Mr. Patrick Smith, Executive Director in the Office of Mentoring Services and Leadership Development with the Indiana University.

Get your walking gear ready as WALK THE TALK presents Step to the Challenge.

The Walk the Talk Committee has teamed up with SBA member Caribbean Institute of Nutrition and Dietetics to stage a 5 kilometer walk from Pelican Village to the NUPW headquarters in Dalkeith on Sunday June 30, 2013. The proposed route leaves SBA and heads up Hincks Street, left at the top to lower Broad Street and proceed up Broad Street, right above Inland Revenue building across the bridge to Bay Street, along Bay Street, passing Paragon and left around the Garrison Savannah and continue

in a northerly direction to finish at the NUPW. One of the prizes to be won include a prize for the largest group.

Participants can pay a registration fee of just $10 which includes water along the route and a healthy OLD TIME BREAKFAST at the finish. Persons can register by downloading the registration form from facebook.com/small -business-associat ion or facebook.com/Caribbean institute of Nutrition & Dietetics. There will be no registration on the day of the walk, so register your group early.

WALK THE TALK

STEP TO THE CHALLENGE

Past President of the Small Business Association(SBA) Ms. Celeste Foster, making a point to the participants

during the JOBS Business Mentorship Symposium

SBA Outlook Newsletter May 31, 2013

The SBA’s SME Smart Discount Booklet gives advertisers value for money. Every ad in the booklet is automatically placed on the SBA’s website at no extra cost. Advertisers can also link their ads to their websites to increase their reach.

You can update your ad free of cost once during the contract period. Call us today at 228-0162

to book your advertising before the deadline passes.

Double the Value

Fitzgerald Consulting Inc. is a newly incorporated firm with expertise in all facets of financial management, including taxes, accounting, bookkeeping, QuickBooks, business consulting, and much more catering specifically to small and medium sized entities.(SMEs) We’re noted for our strong commitment to our clients along with the follow through to help them succeed.

Our value proposition is in our expertise and fee base. Unlike most firms we operate under flat fee structures so you know what our services will cost you up front. Giving you the ability to assess the cost and benefit of the services we offer.

Adrian A.F. Hurley Bsc. FCCA, CA, brings over 20 years of diversified experience specializing in the manufacturing, engineering and professional services industries as well as individuals. Adrian started his career with an international professional services firm and then entered industry rising as far as Financial Director with a local manufacturing firm, until he formed his own consulting firm in 2012. Since then he has been applying his experience to assist clients in all aspects of their business and financial lives with value added service.

SBA MEMBER SPOTLIGHT

A Premium ProductThe Business Lead is the premier publication of the SBA and is the powerhouse magazine among non-governmental organisations. The magazine profiles SBA members and their goods to business executives particularly those involved in procurement, international donors and of course the discerning consuming public. The magazine will be available online to all of our members and readers in a

format that can be easily read on any laptop or smart phone.

SBA members should take note that the National Innovation Competition was recently launched by the Ministry of Education, Science, Technology and Innovation. In his address to the audience at the launch Minister Ronald Jones pointed out that there were opportunities in medicine to utilise local plants . He noted that many

international organisations were now doing this and more research needed to be done at the local level to determine what entrepreneurial activities could be developed. Minister Jones noted that we need to get back to what the older generation already knows and add value to it.

The National Innovation Competition will fall under the National Council on Science and Technology and interested persons can contact Director Charles Cyrus at 427-1820, 427-5270 or 427-5276.

Innovation Award

SBA Outlook Newsletter May 31, 2013

How quickly can you get your business back up and running should a disaster strike? With the start of the hurricane season and experts heralding a busy season we need to turn our attention to protecting what we leap out of bed every day for - our businesses. Business Continuity and disaster planning is not usually high up on the agenda of many entrepreneurs. More so we see disasters only in the sense of hurricanes. History however has shown that apart from the other issues that may affect our relatively tranquil environment such as fire and flood, the country is still susceptible to hurricanes, waterspouts which make their way to land) and earthquakes. The SBA wants to encourage members and business owners alike to start putting plans in place to protect their investments. Disasters could include natural disasters such as tornadoes, floods, earthquakes and fire, accidents, sabotage, power and energy disruptions, communications, transportation, safety and service sector failure, environmental disasters including pollution and hazardous materials spills and increasingly cyber attacks and

hacker activity. All of these can disrupt your business operations. At its broadest sense a Business Continuity Plan focuses on what has to be done and most importantly who will do what. As a sole trader you may be required to perform all roles, or invest in support from organisations who can assist in securing your important business assets and getting you back in operation in the shortest possible time. Once you have started your business try to perform a few “what if” scenarios. This will form the basis of your Business Impact Analysis which will identify the organisation’s critical services and products; perform a ranking in the order of priority of services or products for continuous delivery or rapid recovery; and identify internal and external impacts of disruptions. Any disaster can be handled in the following manner

1. Response 2. Continuation of critical services 3. Recovery and restoration

As a business owner, or manager in business, you should always be thinking of what could possibly go wrong and seek

to mitigate the impact on your business, employees and revenue. Part of your disaster plan should also include your employees. Business owners have a responsibility to, where possible, assess the vulnerable among their employees and see how they can offer assistance. Employees are the back bone of most organisations and sometimes are left out in the planning stages. Ask yourself, once your business is up and running, who will you get to actually run it if your employees have been negatively impacted by a disaster. It is such foresight that allows businesses to create very solid plans that can in most cases guarantee that the disruption of operations will be kept to a minimum. If you provide a good or service that is critical to the general populace or that is in itself critical to other highly necessary services then you have a duty to make disaster planning your top priority.

To obtain more information on disaster management consult the Caribbean Disaster Emergency Management Agency or go to http://www.cdema.org/ .

The Small Business Association (SBA) is the island’s non-governmental, non-profit representative body for micro, small and medium enterprises. The SBA seeks to expand business opportunities for its members, provide educational and developmental services and lobby to ensure an enabling environment

for the growth and sustainability of the SME sector. For more information on the work of the Small Business Association, please visit our website: http://www.sba.org.bb

Disaster Mitigation: What you need to know

I grew up hearing that God is a Bajan. If you hear it often enough you tend to think so as well, especially in light of the fact that our beautiful island has largely been spared from the ravages of a major natural disaster in the last fifty years. I say major natural disaster because we have been impacted by relatively minor disasters and it has been our reaction to these events that causes me the most concern. Tropical storm Tomas which impacted this island in 2010 in my opinion was taken less seriously by the general populace simply because the nomenclature of STORM was used instead of HURRICANE. We all hear stories of hurricane Janet. Its a

Barbadian folklore of sorts. Tomas’ impact however, showed that regardless of the title, these systems have the potential to seriously affect

the way we live and how quickly we can recover afterwards.

I have been recently seeing stories appearing in the local media of persons who are still almost three years later dealing with Tomas’ battering. Yes we are fortunate not to have to deal - thus far- with the awesome might of God we continue to witness in other countries. The USA reports one disaster after the other, fertilizer plants exploding, off the scale F5 tornadoes, severe flooding, crippling blizzards and incredible instances of sabotage which spares neither government, nor general citizen. The rich and the poor are

reduced in some cases to a state of helplessness. The loss of life is sad. Closer to home, we have seen disasters in the Caribbean. Our susceptibility to major flooding and earthquakes which seemingly reverberate throughout the archipelago. The UWI Seismic Centre has told us emphatically that we should prepare for a major quake in the Caribbean, because we are over due. We have also been warned to prepare for tsunamis. Recently we have been advised to get our house in order because the huricane season has begun. Insurance is just one aspect of the preparation. Given what we have witnessed with Workbench Furniture and their provider we can see that our disaster planning and business continuity plans have to go much further than simply insurance. Get ready comrades, God may be a Bajan but he helps those who help themselves.

When God is not a Bajan

LAST WORD FROM THE CEO