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Making the Exception the Rule Volume 7 #4 Quarterly Magazine of the Barbados Investment & Development Corporation October - December 2011ISSN 2077-3382 MAKING THE EXCEPTION THE RULE Rising to the Challenge Building a New Economy Boosting the Spirits Also inside: PG. 06 PG. 19 PG. 26 Season To Mission More Effort Needed Reason And Accomplished For Economic Reflect Engagement and Export GET YOUR FINANCE ,QWRGD\·VFKDOOHQJLQJ EXVLQHVVHQYLURQPHQW\RX DEPARTMENT QHHGWREHFHUWDLQ\RXU ILQDQFHGHSDUWPHQWLVLQ JRRGVKDSH$WDOOOHYHOV IN SHAPE 7KDW·VZK\$&&$KDV LQWURGXFHG)RXQGDWLRQVLQ $FFRXQWDQF\$QHZVXLWH RITXDOLILFDWLRQVZKLFKFDQ SURYLGHWKHMXQLRUPHPEHUV RI\RXUWHDPZLWKDKHDG VWDUWLQDFFRXQWLQJDQG ILQDQFH+HOSLQJWKHPWR GHYHORS(QVXULQJWKH\DUH ILWIRUEXVLQHVV6RWKH\ FDQHIIHFWLYHO\FRQWULEXWH WRDVXFFHVVIXOWHDP FIND OUT MORE ABOUT THE GLOBAL BODY PROFESSIONAL ACCOUNTANTS FOR LQIR#ZLDFFDJOREDOFRP FDULEEHDQDFFDJOREDOFRP October - December 2011 Contents Volume 7 #4 Editor’s Desk - Trade Shows, Expos & Conferences 5 CEO’s Desk 6 - 7 Fosters Bakery Rising to the Challenge 8 - 9 Company Casting Web Across Caribbean 10 Making Your Business Exceptional 11 Exceptional Customer Service 12 Boosting the Spirits 14 - 15 Toast to Industry 16 - 17 Mission Accomplished 18 - 19 Easy Doing Business With Costa Rica 20 - 21 A Shift to Knowledge-based Industries Necessary 22 Opportunities for Innovation 23 Building the New Economy 24 - 25 Employee Engagement Essential 28 BBC Notebook 29 EcoScope 30 - 31 When In...Venezuela 32 TradeScope 33 Manufacts 34 - 35 PG. 15 Boosting the Spirits The BARBADOS BUSINESS CATALYST is published quarterly by the Research, Information and Design Services Division of the Barbados V o lume 7 #4 Investment & Development Corporation. Quarterly Magazine of the Barbados Investment & Development Corporation October - December 2011ISSN 2077-3382 It offers information and advice on trade and commercial issues to the business community. MAKING THE EXCEPTION Information contained herein may be reproduced THE RULE if accredited to the BIDC. Items of interest to local manufacturers, exporters, entrepreneurs and potential investors are welcome. Rising to the Challenge Editor: Building a New Economy Jane Brome, Email: [email protected] Boosting the Spirits PG. 09 PG. 16 Celebrate Also inside: Editorial Team: Aspire PG. 06 PG. 19 PG. 26 Season To Mission More Effort Needed Reason And Accomplished For Economic Reflect Engagement and Fern Lewis, Email: [email protected] Export Design & Layout: G&A Communications Inc. Cnr. Harts Gaps & Hastings Main Road, Christ Church. Tel: (246) 437-2214; Fax: (246) 228-5204; E-mail: [email protected] Disclaimer: Some of the views expressed in this publication are the views of the writers and not necessarily those of the BIDC. © 2011 BIDC. Printed By: COT Caribbean Graphics, #16 Newton Industrial Estate, Christ Church. PG. 18 PG. 34 Tel (246) 420 8550 • Fax (246) 420 8555 Email: [email protected] Endeavour Rethink, Retool, Rebuild 4 Barbados Business Catalyst • October - December 2011 Editor’s Desk By Jane L. Brome alking about changing This edition places particular emphasis on highlighting efforts to modes or sparking a shift encourage innovation, new product development and export Tin corporate culture is expansion. It puts the spotlight on some of our movers and shakers admittedly not nearly as captivating as like Foster’s Bakery. Their story is truly inspiring for would-be the latest office gossip. entrepreneurs. Another entrepreneur, Curtis Padmore , CEO of West Learner Inc, specialists in educational software and animation, But it’s only by changing the written and unwritten rules that we shares a few lessons on putting your creative imagination in forging are going to get close to where we need to be. In this our final your way to success. Executive Coach Cheryl Gittens, meanwhile issue for 2011, we’re urging our readers to embrace the idea of focuses on innovation as a tool used by entrepreneurs to challenge making the exception the rule. It’s a task that will be much more existing reality and to improve ideas, services or products. Within difficult than the story lets on. these pages, you will also find useful tips on making your business standout through exceptional customer service. Barbados’ economic future will be shaped largely by the movers and shakers willing to put their creative imagination to work, The BIDC’s efforts to boost export development are noted in reports willing to take a risk and daring to stand out in the crowd. Much on opportunities within Costa Rica and Panama. The Corporation’s of our focus within the last year has therefore been on efforts drive to push Barbadian rums in external markets is also featured to make entrepreneurial and export successes more the rule with details on a major project initiative. We have also included than the exception. The BIDC is expected to serve as a catalyst prescriptions from key persons within the corporate community on and an enabler in accelerating the development of competence building a new economy. and competitiveness among Barbadian companies. It is also expected to accelerate export growth in today’s fast-changing So this issue really covers a little bit of everything and hopefully trade environment by investing in and building high potential provides you with food for thought as we move into 2012. We at the entrepreneurial ventures, with firm-level support aimed at BIDC thank you for your support this past year and wish you the very enhancing competitiveness. best of the season and a blessed new year. Trade Shows, Expos and Conferences IBFS 2012, February 3-5, 2012 commerce, industry, the public sector, education and the not for profit sector; The third annual International Business & Finance Summit (IBFS) will take business leaders; development practitioners; environmentalists and other interested place February 3-5, 2012 at the Abaco Beach Resort at Boat Harbour in Marsh individuals. Harbour, Abaco, The Bahamas. IBFS brings together thought leaders in wealth Contact: http://www.cga-caribbean.org/seminars_events/ and asset management to discuss industry trends and requirements, and their impact on international financial centres and industry professionals. IBFS 2012 Caribbean Small Island Developing States 2nd Conference, March 7th, 2012 promises high level discussion and networking, with the Bahamas Financial The 2nd international conference on governance for sustainable development of Services Board (BFSB) committed to bringing together a large and broad cross Caribbean small island developing states will be held in Curacao. section of business leaders and speakers to discuss issues and topics reflective Further details are pending. of today’s business environment. Contact: http://sidsgg.webs.com/2ndconference2012.htm Contact: http://www.ibfs-bahamas.com The Good Food Festival Show, May 04-06, 2012 International Sustainability Conference 2012, February 9-10, 2012 Explore what’s new in the world of ethnic cuisine, gourmet fare, natural foods, Given the current global concerns about climate change, poverty reduction and cooking ingredients, and expert advice at the 2012 Good Food Festival 2012 in the movement toward the creation of a “Green Economy” this Conference Toronto, Canada. This food show is as an excellent opportunity to display and is of great importance and relevance to the people of the Caribbean and the market Barbadian products to a wide audience of over 29,000 consumers. World at this time. Hosted by CGA Caribbean, this seminar scheduled for the Contact: http://www.goodfoodfestival.com/ Hilton Barbados, is aimed at attracting professional accountants working in Barbados Business Catalyst •• OctoberOctober -- DecemberDecember 20112011 5 CEO’s Desk SEASON TO REASON AND REFLECT t is amazing to think that another year is almost over, and what our readers, contributors and producers and friends of the BIDC. a year it has been! You represent that diverse group of individuals who have been I our supporters and whose unwavering faith in this company’s The speed at which this year has passed serves as a great present and future inspires us all to live up to that trust. Without motivator for me and hopefully for all of us to make the most of you, the magazine could not be the success it has become. every day and not waste a single moment. I would like to thank you all for your solid contributions towards The past year has been quite intriguing for the BIDC. The our mutual successes this past year. I know that the coming year Corporation was forced to confront several challenges not only will bring with it many new opportunities to grow our existing on the local scene but also in the international arena. Much of relationships, and to build new ones, and I look forward to our attention was focused on the manufacturing sector as it working with you in the months ahead. continued its uphill battle against increasing competition and declining profits. Whilst fashioning and delivering packages of Finally, I want to acknowledge and show a special appreciation assistance to the sector, we also had to be mindful of efforts to all BIDC’s clients, for the confidence they have placed in to refashion our own corporate structures to better serve the us. By choosing the BIDC as their service provider, they have needs of our clients and the country as a whole. exhibited their faith in our ability to deliver the best possible solutions. We assure them that in return, we will continue in The December holiday season therefore seems the ideal time our mission to provide the most efficient
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