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
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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 and effective services to turn our thoughts towards people – those people whose very and innovative solutions to support the continued economic and presence in our lives influences us in profound ways. And so I social development of Barbados. would like to take this moment to personally acknowledge you
6 Barbados Business Catalyst • October - December 2011 CEO’s Desk
“I would like to thank you all for your solid contributions towards our mutual successes this past year. I know that the coming year will bring with it many new opportunities to grow our existing relationships, and to build new ones, and I look forward to working with you in the months ahead.”
Ladies and gentlemen, 2011 has been a remarkable year and next Open Source year looks even more extraordinary. I would like to challenge Open source is about encouraging voluntary collaboration among you in making the exception the rule in 2012. individuals of different disciplines to create flexible, customizable solutions. Perhaps one of the best documented approaches to being exceptional in the corporate arena, is captured in “The Public It was reported that many organizations and governments have Innovator’s Playbook” report. Published by Deloitte Research used the first three of these strategies for some time but have in the U.S. with the Harvard Kennedy School’s Ash Institute for not consistently achieved the best results. The last two strategies, the Democratic Governance and Innovation, it identifies five conversely, are new and underdeveloped. Perhaps in the coming strategies to help the process along: year we can all explore tactics to optimize the first three and make best use of the last two. Cultivate Encourage the organizational culture to be idea-friendly. Institute The best of the season and a blessed New Year to you all! mechanisms designed for the explicit purpose of generating new ideas. For example, create a secure intranet site where employees can submit ideas to improve processes.
Replicate Borrowing ideas that have proven successful elsewhere is a time-honored tradition in government. Steps can be taken to improve an organization’s ability to find and adapt others’ successes.
Partner Work with other organizations to test new ideas and get around institutional barriers that may prevent implementation within the organization.
Network Networking uses the ideas and resources of a diverse set of organizations at all points of the innovation process cycle. A network can be used to implement ideas inside or outside of an organization’s boundaries and gather constituent feedback on how the innovation is working. In short, networks present the opportunity to harness the resources, perspectives and talents of a number of organizations in the pursuit of shared goals.
Barbados Business Catalyst • October - December 2011 7 Aspire FOSTER’S BAKERY RISING TO THE CHALLENGE
The Foster’s staff who all completed the quality training pose with officials of the BIDC and C&G International.
oster’s Bakery is one exceptional small business operation. Andrew Foster receives his certificate on Good Manufacturing Practices from matriarch of the family enterprise, Linda Foster. This third generation Barbadian enterprise has not only conquered a milestone that few in its class are predicted Fto reach, but seems destined for much greater things.
The Barbados Business Catalyst was on hand to celebrate with Foster’s its move into a newly modernized and expanded plant at Rockley, Christ Church. It was the culmination of four years of tremendous effort, meticulous planning, commitment and dedication that has now positioned Foster’s to better compete with multinationals in the baked goods industry and to launch its products into the export market.
Managing Director, Andrew Foster, speaking during the official opening of the new manufacturing facility, traced the origins of the business to his grandmother who some 50 years ago started supplying Goddard Enterprises with freshly baked cakes. That continued with his mother who expanded into longevity is in itself a major accomplishment. And it becomes other supermarkets before Andrew himself took over the even more outstanding when one considers, as Andrew recalled, reins. Given the failure rate of new small businesses, Foster’s that the road to success was not always easy.
8 Barbados Business Catalyst • October - December 2011 Aspire
“Business on a whole is difficult, but for a small business with Fresh baked goodies from Foster’s. limited capital, it is all the more difficult,” he noted.
“There is an abundance of competition and the market is constantly changing. The price of flour, sugar has gone up too, as well as electricity and energy costs and it’s tough to meet those RISING TO THE CHALLENGE challenges and try to be profitable. But with vision, planning and hard work we can still create opportunities,” he added.
The opportunity for Andrew was to tackle the challenges head on and push for a major investment in plant upgrade and conversion of the facility to meet international standards with HAACP compliance. While he undertook the significant capital investment necessary, Andrew engaged the Barbados Investment & Development Corporation (BIDC) to assist with improving the company’s market share and operating efficiency. The BIDC in turn provided Foster’s with vital business development HOW DID THEY DO IT? Andrew Foster has learnt a few basic principles which he said and technical assistance and commissioned the services of have seen the company through the years. In his words: C&G International on enhancing the operational aspects of the business. A comprehensive audit was done which identified the Do it right. need for HACCP compliance, the expansion and upgrade of Have a product that your customer wants. Do it and do it well. facilities and equipment, staff training and rebranding of products and services to meet international standards. Don’t take shortcuts. Find your formula and stick to it. Andrew revealed, “The new plant gives us the opportunity Don’t shortchange your customer. to develop more strategic partnerships. At this point we are not exporting but with a new plant comes greater speed and Don’t run before you can walk. efficiency. Exporting becomes a more viable path and we are Growth takes time and comes gradually. developing a product that has export potential.” Lay a solid foundation first. The expanded facility has created room for one new employee You can’t do it all by yourself. to join Foster’s staff of eight and Andrew said additional staff will Whatever business you’re in, you’re going likely be hired as the company continues to grow. to need somebody to help you. The new operation will be putting the emphasis on quality. Stick together as a family. Andrew said the company will also be keeping in mind the need Loyal staff is important. In a small business you become a family to adapt to respond to market changes. “It may mean doing and we’ve learnt that as a family you don’t desert one another. something completely different. We have already had to find new We stick together, we pray together, we cry together and we market niches we can fill and will continue to. The company is celebrate together. already exploring ways of prolonging the shelf life of its products.
Andrew took specially invited guests on a tour of the facility where he explained key aspects of the operation. Capturing the moment.
Barbados Business Catalyst • October - December 2011 9 Reach COMPANY CASTING WEB ACROSS CARIBBEAN
Andrew Jemmott
Barbadian company aspiring to be one of the region’s Caribbean Webcast Inc., a member of the BIM Ventures family of leading media entities insists the plans aren’t “pie-in- entrepreneurs, capitalizes on the exciting developments in new the-sky illusions”. media by offering rich online content in the form of music videos, concerts and festivals, among other products. InA fact, Andrew Jemmott, managing director of Caribbean Webcast Inc., a Barbados-based, regional technology With the increasing use of the Internet and social media for company, believes the goal is well within his company’s reach entertainment, information and advertising, the Barbadian as it continues to help aspiring Caribbean film-makers and company employs these outlets to unite the Caribbean region videographers with content production and distribution. via a cross-cultural delivery of web content which showcases the best of Caribbean culture to the world. “The Caribbean and in particular, Barbados, is investing significant time, energy and resources to develop the film Jemmott credits its “unique combination of technologies” as and video industry. What has been missing is a major online central to Caribbean Webcast Inc.’s growing success. “We are distribution network .... We are filling this void and expect to constantly innovating,” asserted Jemmott, whose team has become a major player in the rapidly changing marketplace,” said satisfied clients through the building of cameras, computers and an optimistic Jemmott, whose one-year-old company also offers other equipment, skills associated with first world companies. promotion and distribution services to the literary arts and music industries. Caribbean Webcast, which provides content and programming in four languages - English, Spanish, Portuguese and French - “I believe we can assume a leadership position in the region, streams and markets audio and video content, produces live and eventually the world, through hard work, regional and webcasts, and offers artiste licensing and digital distribution international networking, as well as providing the highest quality services. services possible,” contended the young entrepreneur who has been tinkering with computers since he was seven years old.
10 Barbados Business Catalyst • October - December 2011 Accelerate Making Your Business Exceptional
ccelerating the development of competence and competitiveness in your business may require systematic A firm-level support. It may also demand that you put your creative imagination to work. Entrepreneur, Curtis Padmore, is forging his way to the forefront of business success. He offers these tips to others who may be just getting out of the starting blocks:
• If under 35 years old then consider meeting with the Youth Entrepreneurship Scheme to be a part of their marketing % and accounting programme. This programme can provide a marketing consultant and allow you TV airtime on the Living the Dream TV show. This is offered at a very small cost. Their accounting programme can allow for subsidized accounting services to manage finances for businesses. $ • If your service/product is innovative the BIDC’s Innovation Programme can work with you. There may be possibilities to access technical assistance funding for some initiatives. • The Barbados Private Sector Association has a Proposal Hub which offers assistance in grant proposal writing. Grant funding is another funding option and should be pursued where possible by businesses. • Invest in youth through collaboration with youth training programmes such as, those offered by the tertiary institutions and the Barbados Vocational Training Board. There are internship programmes that are open to working with businesses to provide experience to young persons who bring relative skills that can help an organisation develop. • Approved Small Business status can offer a business additional tax incentives to augment its financial structure and better enable its use of financing. Small businesses should plan and build their business to acquire this status. • The BIDC Incubator Programme can provide physical resources for businesses in terms of office environs, internet access and conference rooms at a subsidized cost. • Barter relationships for development are key to gaining additional services and scaling up an organisation with minimal or zero cash expenditure. • Use PR as a strategy to enhance marketing. Smart use of PR integration with mobile devices is becoming more key as can act as a catalyst for social media marketing initiatives and we are further enabled to work while not in office. Be sure improve information dissemination to the public to research and observe software reviews to refine your • Use mentorship as a pillar to building intellectual capacity of selection process of the software tools you choose. your company as different experiences and the knowledge of mentors can help to refine company plans and vision. Curtis Padmore is the CEO of West Learner Inc, specialists in • Information Technology usage is critical for leveraging educational software and animation. He may be contacted at system process efficiency and improving service delivery. [email protected] Utilise open source software and other web based tools that are free or low cost such as Google services for e.g.
Barbados Business Catalyst • October - December 2011 11 Excel
Exceptional Customer Service
xceptional customer service sometimes means making • Giving every customer a memorable experience, ensuring exceptions. they will be pleased to return to you next time E • Treating every customer with respect, satisfying all their needs and exceeding their expectations Customers want businesses to be flexible and while that is not • Putting customers first - prioritising their needs and impossible, figuring out when to bend the rules is a little more delivering a swift, friendly and efficient service difficult, as a business. Here are a few considerations: • Anticipating and exceeding all customers’ expectations • Being there for your customers - to provide a rapid, reliable How much does it cost? If making a policy exception would and unbeatable service to them cost the business a lot of money in lost profits, then it must be • Showing customers you care about them; being professional carefully weighed against the benefits of making the consumer at all times happy. • Adding value to their lives through your dedication, skills and professionalism in satisfying their needs and resolving any Would it set a precedent? If making a “one-time exception” to difficulties a policy would make the rounds, would everyone start to ask for • Making the difference for all your customers so they will it? This concern often surpasses the lost-revenue issue. return to you through choice • Establishing a valuable relationship with your customers Will it build loyalty? Would bending a rule result in more based on trust, reliability, empathy and your ability to deliver loyalty from the customer? Or would the customer, emboldened your promises every time by a company’s acceptance, only ask for more favors? The • Making a commitment to your customer and keeping it conventional wisdom is that if you want to build loyalty, you • Being personable, precise, proactive and professional at all should have a loyalty program. But that isn’t the only way. times and in all your dealings with customers • Showing you care enough to make the difference for every Does it make you lose face? If a business has an earned customer reputation for uniformly and evenly enforcing its rules, would a • Satisfying customers’ needs in a way that shows you one-time exception make it lose face to such a point that it loses genuinely care about them as individuals credibility with customers? • Welcoming and handling well a customer’s enquiries or complaints so that the customer becomes an advocate Exceptional customer service providers according to our very own National Initiative for Service Excellence (NISE), are those Within all of this however, NISE reminds us that service companies that put the emphasis on: excellence is ultimately defined by the customer, since the customer is the ultimate judge of how an organisation delivers its • Delighting the customer, satisfying all their needs and giving products and services. them something extra to remember you by • Making every customer feel special, giving them the impression that they are your No 1 priority
12 Barbados Business Catalyst • October - December 2011 Exceptional Customer Service Differentiate
BOOSTING THE SPIRITS
Dr. Wendy Hollingsworth explains critical elements of developing a GI for Barbados’ rum.
he Barbados Investment & Development Corporation brands. It will also see the roll out of an integrated marketing (BIDC) is embarking on a multifaceted project to communication strategy locally, regionally and internationally, Tdistinguish Barbados’ rum above all others. intended to position Barbados as the premier rum producer in the world. Details of the Rums of Barbados Expansion programme were recently announced during a stakeholder consultation which Barbados currently exports the majority of its rum production sought to uncover solutions to the many challenges confronting in bulk quantities at a fraction of the price of the exported, the rum industry. branded/bottled rums. It is felt therefore that the island stands to benefit significantly more from the export of branded rum. The project, according to BIDC’s Manager of Export Promotion, The success of the project will however require the support of Paul Waithe, is intended to enhance the competitiveness and all industry stakeholders as well as increased collaboration across profitability of Barbados rum producers by assisting in the the manufacturing, agriculture and tourism sectors. transition from the export of bulk rum to the export of high- quality, high-value branded rums. Speaking at the official launch of the initiative, Minister of Industry, Small Business and Rural Development, Denis Kellman, It will see the application of a Geographical Indicator (GI) and gave his full support to the Programme, adding that Barbados the development of a marque for Barbados’ rums, which is to must do all it could to ensure it reaped the full benefits of the be used as a differentiating tool in the marketing of our local rum industry.
14 Barbados Business Catalyst • October - December 2011 Differentiate
Minister Dr. David Estwick and Minister Denis Kellman “Barbados currently exports the majority listen intently during the stakeholders’ forum. of its rum production in bulk quantities at a fraction of the price of the exported, branded/bottled rums. It is felt therefore that the island stands to benefit significantly more from the export of branded rum.”
“I have been told that 80-85 per cent of the rum produced in Barbados is sold as bulk rum. Thus, the real beneficiaries of the prestigious Barbados rum are those persons who purchase our product and merely re-bottle it. Little value is added, if any at all, and it is my firm belief that every effort must be made to safeguard this heritage of ours.
“Therefore, now is the time for us to seize the opportunity to convert the significant throughput of our bulk rum into a branded product. To this end, the Rum Expansion Programme is a step in the right direction, since it provides us with the nuances that will enable us to better exploit the untapped value potential of this vital segment of our export industry,” Mr. Kellman said.
President of the Barbados Rum Producers’ Association, Dr. Frank Ward, highlighting some of the key challenges confronting local rum producers, made it clear that the local industry would not be able to compete without the excise taxes applied domestically It is felt that with the GI, the value, quality, uniqueness, integrity, on imported spirits. At the same time he noted that the cost authenticity and heritage of Barbados’ rum could be leveraged to of the main raw material input, molasses, is one of the chief enhance its competitive market advantage. impediments to the sector’s profitability. And where the other challenges are concerned, Minister of With molasses representing around 40% of the total cost of Agriculture, Dr. David Estwick, said Government is committed to imputs and the bulk of it being imported, Dr. Ward said “this building a viable and sustainable sugar cane industry which should does not lend itself to us being competitive with those who can translate into significant benefits for the rum industry. source theirs domestically”. Dr. Estwick pointed out that the restructuring process could lead to improved sugar cane yields and the production of grade “A” The US billion dollar subsidies offered to the world’s largest molasses, which in turn would have significant benefits for the rum producers which essentially makes it significantly cheaper growth of the Barbadian rum industry. for them to produce, much to the detriment of the smaller producers, is also a major concern. The situation becomes even “Based on a supply of 350,000 tonnes of canes to an upgraded more critical Dr. Ward said, when one considers the multilateral Andrews facility, the potential supply of grade ‘A’ molasses is trade negotiations as well as the Doha Round discussions have 24,500 tonnes. The rum industry, which is a significant foreign stalled on concluding any rum agreement. exchange earner will benefit from increased security of local molasses supply, higher quality molasses input into rum making, Dr. Ward made it clear that “the average consumer in target foreign exchange savings and the ability to boast of our rums markets doesn’t care about Barbados’ rum being the best”. being made from local molasses,” the Minister remarked. According to him, “They just want a product that tastes good and meets their expectations and that is affordable.” Minister Kellman added that Government would lend assistance to the rum industry towards achieving competitiveness by putting The challenge for Barbados then is to give the customers what polices and strategies in place to ensure sustainability of the they want and to convince consumers in the target markets that domestic export sector as a whole. He maintained, “We need to Barbados rum is worth trying and worth a premium price. reposition ourselves to become innovative, more export driven and marketable. We cannot settle on mediocrity. Our rums/ Pointing out that “there is no protection for Barbados’ rum on products must therefore be second to none.” the international market at the moment”, he said there is also the issue of counterfeiting of rum and the sale of ageing rums which Barbados’ exports of rum came in at $57.2 million in 2009 and do not conform to either the CARICOM or EU definitions of $66.7 million in 2010. aged rum”.
Barbados Business Catalyst • October - December 2011 15 Celebrate
TOAST TO INDUSTRY
he Barbados Investment and Development Corporation Participants toured the pre-press and digital press room and got (BIDC) joined the rest of the island in celebrating the a firsthand look at the new UV inkjet digital press, rotary die Tnation’s 45th anniversary of Independence this year. cutting and converting, foil stamping and embossing system.
On Sunday, November 20, the Corporation officially launched This session was of special interest to condiments and food A Toast to Industry – a week of activities intended to highlight producers as well as those involved in the health and wellness various aspects of manufacturing in Barbados and to put the and botanical products sectors. A representative of the BNSI also spotlight on factors critical for success. addressed the issue of label standards.
A series of seminars was organized as part of the week of activities, the first of which took place on Tuesday, November 22, at Suite 202, Building 8, Harbour Industrial Park, St. Michael. At this seminar, Managing Director of G & A Communications Inc., Devin Griffith, and Attorney-at-Law, Tammy Bryan, discussed the fundamentals of brand management, definition of a brand and how branding works. They also discussed the intellectual property/legal issues associated with brand implementation and protection.
On Thursday, November 24, Caribbean Label Crafts Ltd., in Wildey Industrial Park, St. Michael, was the venue for the second seminar. Managing Director of Caribbean Label Crafts, Paul Evelyn, and Technical Officer at the Barbados National Standards Institution, Cheryl Lewis, exposed participants to the mechanics of label production from concept to delivery, as well as, the legal, health and safety requirements of labeling. Participants also had the opportunity to tour the facility and see one of Barbados’ Director of Entrepreneurial Development, Mr. Michael Bynoe (left) makes leading export companies in operation, as Caribbean Label a special presentation of cheque for technical assistance to the Principal of Crafts agreed to put their new state-of-the-art facility on show. the St. James Secondary School Mr. Jefferson Phillips. In the background is Director of Research, Carol Lynch.
16 Barbados Business Catalyst • October - December 2011 Celebrate
Coordinator of the Toast to Industry week of activities, G&A Communications’ Devin Griffith takes seminar participants Michael Piggott, during the kickoff event. through some of the fundamentals of branding.
On Friday, November 25, the session returned to Suite 202, The BIDC also joined with the Small Business Association in for presentations by Food Technologist and Chemical Engineer, hosting a networking forum. This event was aimed at facilitating Nadine Benn; Food Scientist, Crystal Merritt; and Chemist, Carol horizontal and vertical networking among Small and Medium- Griffith. They provided information on food labels and gave an sized Enterprises (SMEs), business support organizations and overview on the importance of microbiological and chemical other stakeholders. It also afforded attendees business to testing. business opportunities and supported the promotion of products and services. As part of the salute to industry, the BIDC also partnered with the Barbados Manufacturers Association (BMA) in hosting a The St. James Secondary School, one of the schools within the road show. Coordinated by Mr. Antoine Williams the show was BIDC’s one year entrepreneurial development programme, was broadcast on the networks of CBC and Starcom and involved singled out for a special visit during the week of activities. visits to selected manufacturers and service providers over a two day period. One of the key stops was the BIDC’s Small Business Centre where Williams featured a number of the centre’s clients in the Incubator Unit.
Some of those who attended the seminar series.
Barbados Business Catalyst • October - December 2011 17 Endeavour
MISSION ACCOMPLISHED
he diplomatic and commercial mission to Panama and Costa Rica undertaken during the period October 17–27, T2011, has resulted in strengthened business linkages.
And it appears that the stage is now set for increased bilateral trade of select niche goods and services between the territories.
According to BIDC Director of Export Development and Promotion, Mrs. Sonja Trotman, “Evaluated on the basis of the objectives which shaped the mission, it was a great success. Not only were the exhibits well received, but there was considerable interest shown in the markets, in engaging in business relations with the delegation.”
“The first-hand knowledge gleaned while there and the multiple contacts established and cemented, will undoubtedly, redound to Barbados’ and the OECS’ long term benefits,” she added.
But while the prospects are good, she did note that the mission L-R Sonja Trotman, Director BIDC, H.E. John Beale, Barbados’ Ambassador to Washington & Costa Rica, Min. Denis Kellman, Minister also brought to the fore key issues which will have to be tackled of Industry, Commerce & Small Business, and P.S. Bentley Gibbs of the to ensure expanded market penetration. Division of Foreign Trade in the Ministry of Foreign Affairs & foreign Trade in discussions with officials of the Ministry of Foreign Trade of Costa Rica. Elaborating on this, Trotman noted “All of us who were instrumental in planning and executing the mission, now need to they are unable to export partially as a result of Barbados’ focus that same level of interest in getting our Sanitary and Phyto outdated legislative framework. This has worked against some Sanitary (SPS) infrastructure established and institutionalized. To exporters as they attempted to grow and diversify their markets. delay any further effectively reduces the portfolio of products, which we can realistically offer to those markets. That visit Addressing further issues on the existence of non-tariff barriers, hopefully, will provide the stimulation for us to reinforce the the Director revealed “In a meeting with the Costa Rican Ministry urgency of implementing the SPS regime.” of Foreign Trade we expressed concern about the number of non-tariff barriers in place in the market which prevent Barbados In the multilateral trading system, the SPS agreement is intended from taking full advantage of the perceived benefits of the trade to address measures designed to protect human, animal and agreement. It was agreed that in consultation with the Ministry plant life and health. In order to successfully penetrate export of Trade (Barbados) we will compile information to be further markets, exporters are required to comply with the importing discussed with Costa Rica.” countries’ health and safety regulations. Lack of a modern legislative framework for monitoring compliance with health and Coming out of the mission, Barbados may now be looking to safety issues is a worrying signal to trade partners that products take advantage of the benefits that may be derived from utilizing originating from the exporting country do not comply with the services of the Panama Free Trade Zone (FTZ). A visit to international standards. In the case of Barbados, while some this zone by some participants ignited a discussion on whether producers may be fully compliant with respective standards set Barbados should follow suit, if our research findings justify that by the International Standards Organisation for their industry, option.”
18 Barbados Business Catalyst • October - December 2011 Endeavour
L-R Minister Sealy, Minister Kellman and L-R Ivonne de Salerno, Noriel Salerno - General Secretary in Ministry of Ambassador John Beale at one of the Expos. Commerce & Industry, Minister Richard Sealy and Minister Denis Kellman
Essentially, the zone functions as a giant warehouse where Commerce and a wide assortment of business entities. In all of diverse products are stored, prior to transshipment to these ventures, the visiting Barbadian and OECS delegates were final destinations. Our interest, particularly in that region, assisted by local facilitators. suggests that we should evaluate the FTZ option. However, before any such discussions can be entertained the necessary Highlighting some of the mission successes, BIDC’ Senior research would have to be conducted in an effort to make a Business Development Officer, Mr. Anderson Cozier who determination. coordinated the manufacturers’ participation revealed that an export facilitation activity, for which a Barbadian based The 39-member delegation, which was led by Hon. Richard manufacturer, had sought, quite unsuccessfully to have executed Sealy, Minister of Tourism, included Hon. Denis Kellman, for a period in excess 5 years was set in train. Minister of Industry, Small Business and Rural Development, senior representatives from the Ministry of Foreign Affairs and And he added, “Fortunately for that manufacturer, both of the Foreign Trade, Invest Barbados, the Barbados Investment and contacts which the event generated were very major players in Development Corporation, the Caribbean Export Development that market and are both ideal partners.” Agency and the OECS Secretariat and private sector. Also included were Barbadian private sector manufacturers and What was even more outstanding, he reported was that another local umbrella agencies including the Barbados Manufacturers manufacturer secured an order for a container load of product Association, the Small Business Association and the Barbados and is hopeful of dispatching that order before year end. Chamber of Commerce and Industry and the Barbados Coalition Cozier noted that during a post-mission session all of the of Service Industries. participants acknowledged the value of being part of the mission and expressed interest in following up. The objectives of the mission were: To increase the number of Barbadian companies which are exporting to those markets, Trotman further stated that “The BIDC is committed to by at least 3 within the next 2 years; To exploit the diasporic monitoring their progress of manufacturers in these markets and connection and make more Barbadian products, inclusive of to wherever possible, with them in their efforts to develop trade music, available therein; To increase tourism traffic from these links. Invitations were issued to our participants to return to a points of origin into Barbados; To promote this domicile, as a major trade fair which is being hosted in Panama next year and viable provider of offshore financial services and other services; several persons promised to attend,” she noted. to identify alternative sources of inputs for agro-processors (already, Costa Rica is a source of raw materials for several of our condiment manufacturers and rum producers); To identify and build relationships with existing distributive networks through which to channel our products into these markets once we understand the norms which obtain there; To increase our annual exports to these markets collectively, by at least 10% and to enhance the status of the diplomatic and cultural relationships between those countries and Barbados.
In pursuit of these goals, the range of “in-market” activities undertaken during the mission included exhibitions, cocktail receptions, participation in presentations by business persons based in those markets, meetings with Ministries, Chambers of Some of those who came out for the discussions.
Barbados Business Catalyst • October - December 2011 19 Just Do It
EASY TO DO BUSINESS WITH COSTA RICA
arbadians are being told it is easy to do business in Costa “But, I believe we can trade in more than that... We have a Rica, but the area of concern may be the cost of getting lot of products that we can share with you, and of course, Bgoods from both destinations. Barbados has a lot that can be shared with us.” This advice has come from Customs, Logistics & International Ms. Libby lamented that some business people here and in Trade Executive Coach, Margarita Libby, who acknowledged Barbados might not be aware of the various treaties, including that freight costs would be a bit higher because there was no the CARICOM-Costa Rica Free Trade Agreement and she direct route from Costa Rica to Barbados. “We would need suggested that there was a need for more communication to be to impress upon the shipping and airline companies that if they established between the two countries. started a route from there to here, they are going to have business,” she suggested. Costa Rica has a population of approximately 4.5 million people and a per capita income of about US $11,300. Its major markets However, Ms. Libby was quick to point out that “we have a are the United States of America, Central America, China, the lot of commerce with Barbados now”. She continued: “Costa Netherlands and Panama. (BGIS) Rica exports pharmaceuticals, [products in the] food industry and plastics to Barbados, while Barbados exports labels, pharmaceuticals and some food to us.
TIME TO GET OUT THE BOX
arbados cannot continue to do business the way it is we can convert it to orders. What it says is that there is interest, currently being done! but we must not just accept the interest at face value, we must B now drive it,” he advised. Mr. Kellman expressed the view that This strong message has come from Minister of Industry, Small even though there was no direct connection between Barbados Business and Rural Development, Denis Kellman, who is of the and Costa Rica, some synergies could be created. “We may opinion that “we cannot continue to operate in the box; we now believe we are doing good things in tourism, they may also have have to get out”. a similar viewpoint, but I believe that if we come together, we can share ideas and see how we can exchange tourists and other Mr. Kellman’s comments came in Costa Rica after a meeting with things,” he stressed. Vice Minister in the Ministry of Economics, Industry and Trade, Luis Alvarez Soto; Director of International Cooperation in that Noting that two-way trade was essential for Barbados, he Ministry, Jorge Rodriguez; Director of the Small and Medium- suggested it could help to reduce the island’s cost of living. “My Sized Companies, Rosa Monge, and several members of the job is to make sure we create the atmosphere in Barbados so we trade mission. can export more and I will be ensuring that the Ministry looks at all possibilities. He underscored that “the world is not waiting on us ... these countries are not waiting, they are not prepared to use old “We have to go back to old economics. There was a time when concepts, they are prepared to break out and we also have to do Government was expected to drive manufacturing. As I see it similarly”. today, we will have to go back to the old concept where we drive manufacturing and then hand it back to the private sector The Minister said he was pleased with how the exhibition was because if we are to achieve the capacities, then it would mean shaping up in Costa Rica, noting that a lot of companies were that Government would have to find a way to create synergies visiting the display booths and the interest was high among the with the private sector... It might [also] mean that some of our private sector. public groups would have to turn to the private ones to get the right synergies,” he surmised. “It seems the private sector here is prepared to drive the invitation [to the exhibition] and I am happy to see what has During the meeting with Vice Minister Soto, the officials also been happening over the past two days of the exhibition. I spoke discussed the education system in both countries and the green to the exhibitors and everybody seems happy with what is economy. Minister Kellman also invited him to visit Barbados. happening... I hope we can build on that, so it is not just talk, but (BGIS)
20 Barbados Business Catalyst • October - December 2011 Just Do It
Off to a Good Start happen in two days... We were able to put our case [forward] big success! That’s how Minister of Tourism, Richard and it is clear that flight connection is certainly going to happen, Sealy, has described the five-day diplomatic and trade sooner rather than later, and we are very happy about that,” he A mission to Panama. reported. Mr. Sealy added that he was “very encouraged” by the large Mr. Sealy said the mission went “extremely well” and it was “a number of Barbadian descendants living in Panama who very productive week for all, not only our government officials attended the diaspora meeting hosted as part of the mission. who were locked in discussions with their counterparts here, but “The best evidence of the necessity of this mission came in the also for our business people who were seeking new markets”. way we saw Panamanians reacting to the local products on display, they could not get enough of the samples,” he noted. Mr. Sealy noted, “Panama is very keen to extend its trade linkages into the Caribbean. The same trade deficit that we in Barbados’ Ambassador to Washington, John Beale, who has Barbados and the Caribbean have with Latin America, Panama responsibility for Panama and Costa Rica, echoed the Minister’s has also seen it in relation to trading with the Caribbean. If views, saying he was astounded at how strong the island’s you look at the majority of business done in the Colon Free link with the descendants was after 100 years. “To see the Trade Zone, the overwhelming majority of it is done with Latin commitment and almost passion that some of the old timers America. had was quite amazing,” he stated.
“When we visited the Ministry of Tourism, we were informed Mr. Beale also observed that the mission was a success, but that 70% of the country’s tourists come from Latin America, advised the business people in the delegation that they would and only 10% come from Europe and Asia. So, they really want have to work hard to follow up on the initial interest shown. to strengthen the linkages with the Caribbean; and, as we have Meanwhile, several of the representatives of the Chambers of been saying all week, historical connections are extremely strong Commerce from the Organisation of Eastern Caribbean States between the two countries and we have to take advantage of praised the initiative, stating that the region needed “to work them.” together to realise tangible trade benefits, and the mission was a good start”. The Minister pointed out that one of the highpoints of the mission for him was “finally having face-to-face” discussions They cautioned that with some economies still struggling with the President and Chief Executive Officer of Copa Airlines, because of the global recession, the time had come for the Pedro Heilbron. “This is something we have been trying to do Caribbean islands to stop competing against each other and for two years, and being a part of this mission, it was able to “cooperate a lot more”. (BGIS)
TAP INTO PANAMA MARKET
usinesses in Barbados and the Caribbean are being “...Our market is 3.4 million people; it is rather small, but strongly advised that there is a market in Panama for their through our logistical platform, you could reach 140 million Bproducts. people in the region which look to Panama as a place to come shopping and ... do their business,” he disclosed. This advice has come from Director of Logistics and Transportation at the Chamber of Commerce, Industry and In the past, Mr. White stated, the Panama Chamber of Agriculture of Panama, Albert White, who suggested that Commerce had hosted business people from across the globe, trading could also be done in commerce and services. including Trinidad, India and Europe and they were encouraged to “look for their niche” that could give them entry into the Mr. White pointed out that about 95 per cent of Panama’s export or import market. economy was based on services, such as banking and insurance, and described the Central American country as “a very open Meanwhile, the President of the Chamber of Commerce, place to do business”. Federico Humbert, has invited Barbados to participate in Panama’s Expo in March 2012. Some 8,000 buyers from He told the Barbados Government Information Service: “We Central and South America, as well as the Caribbean are invite just about everybody in the world who wants to do expected to attend the fair, which will provide companies an business in Panama and through Panama to other countries opportunity to exhibit their products to several hemispheric [to come]. It is a very easy place to establish formal working buyers. (BGIS) relations.
Barbados Business Catalyst • October - December 2011 21 Innovate A SHIFT TO KNOWLEDGE -BASED INDUSTRIES NECESSARY
shift to knowledge-based industries has been described as the concepts of life-long learning, encouraging education and crucial for Barbados by Minister of Commerce and Trade, investing in research and, as a result, had enjoyed strong Gross A Senator Haynesley Benn. Domestic Product growth. His comments came while speaking at the opening ceremony Malta was also given as an example of a nation which had used of the Third Annual Information Society of Barbados (ISB) ICT as a means of development. Keynote speaker, Economist Conference, hosted at the Lloyd Erskine Sandiford Centre. Advisory Partner for KPMG Malta, Mark Bamber, said there were some similarities between his country and Barbados - since The two-day conference, which saw a gathering of specialists they are both small island states, dependent on Europe as a and exhibitors involved in information and communications major source for the tourism market. technology (ICT), was described as “timely” by the Minister, who observed that “we can realise our vision of being a fully “I enthusiastically support your drive to develop the ICT sector developed and prosperous society that is globally competitive as an economic pillar. I have experienced the sector’s ability ... Effective use must be made of any current or emerging to engender economic momentum. I have seen the sector’s technology that can support economic, social and cultural contribution to making the jurisdiction more attractive for foreign development. direct investment. I have seen the stimulus that knowledge industries offer people seeking graduate education,” Mr. Bamber “This will, however, depend on enabling legal, regulatory, undelined. financial, infrastructural, political and social environments and a facilitating culture for extracting from technologies the maximum He observed that e-skills had greatly contributed to the benefits they are capable of providing.” marketability and productivity of his country and shared a quote which he believed embodied the purpose of diversification: The Minister acknowledged that there were challenges, “We did not exit the stone age because we ran out of stone but however, and noted that capacity building, improvement of because we found something better.” infrastructure and efficient marketing and public awareness were key to the growth of ICT in Barbados. He also encouraged President of the ISB, James Corbin, revealed that the Conference practitioners within the field to liaise with the Ministry, to further was just one of many projects streamlined for 2011/2012. Plans push the cause of ICT development on the island. include the launch of an ISB School Essay Competition; an ISB/ private sector partnership to create a Barbados Imagination In reference to the event’s theme ICT: The Catalyst for Centre, which will focus on the development of ICT prototype Economic Development, Senator Benn emphasised that “in order products; an ISB week of activities; and the establishment of to compete in the global economy and maintain and surpass a mentoring programme. Mr. Corbin also disclosed that the our current level of development, Barbados needs to shift to ISB would partner with Government, namely the Ministry of knowledge-based industries”. He pointed out that countries Commerce, to assist in making Barbados “the ICT capital of the such as Canada, Singapore and the United States had embraced Caribbean”.
22 Barbados Business Catalyst • October - December 2011 Executive Coaching Opportunities for Innovation By Cheryl Gittens
“Companies achieve competitive advantage through acts of innovation. They approach innovation in its broadest sense, including both new technologies & new ways of doings things” - Michael Porter
nnovation is about doing things differently and better. It is a • Process changes - in the ways in which they are created and widely shared view that in order to be successful in business, delivered Imanagement must embed in their teams, norms of constant • Position changes - in the context in which the products/ change in response to the ever-changing external environment. services are introduced To accomplish this now and in the future it is thought that each • Paradigm changes - in the underlying mental and business business should be laser-focused about carving out a set of models which frame what the organization does distinctive competencies for itself that positions it to generate ideas, capitalize on opportunities and bring them to market with Nevertheless, innovation is hard, risky and often, regardless of some added value in a way that is unique to that business and of its fashioning among the 4Ps it fails to reach the markets of ideas, course with commercial viability. products or commerce. Thus in order to succeed entrepreneurs need to conjure new mental models for their businesses and for According to Michael Porter, there are five external agents themselves. They need to summon mindsets that build personal that cause change in organizations: new entrants, substitutes, capacity to outwit and out-innovate their competition. That may competitors, suppliers and customers. There are innumerable even include joining the competition. combinations of responses to the threats and opportunities inherent in these driving forces. They range from competency For those who prefer prescriptions, smart ideas may include building, product improvement, business model overhauls, taking advantage of modern technology (e.g. smart phones) to identifying new market niches, graduating from cost minimization include customers in the design of your product; transitioning to revenue generating strategies and reframing the competition, your live training service model to online delivery, reducing customers and the very market model within which we operate. overheads for training spaces and increasing your customer base There is no one best response. by identifying a large Internet niche. We mentioned process, position and product innovations. They, however, equally Entrepreneurs may therefore benefit less from prescriptions and demand new mental business models or paradigms to identify more from a framework for thinking about and implementing and shape the responses to the opportunities they are intended innovative ideas. A framework provides entrepreneurs with to seize. a way of looking at their businesses through lenses they may not have otherwise glanced. Fundamentally, entrepreneurs are While there is no inherent hierarchy among the 4Ps and one innovators. Innovation is the tool they use to challenge existing can be product-inventive without mentally overhauling one’s reality and to improve their ideas, services or products. Among approach to the entire business, you may be willing to agree them are the likes of James Corbin, Colin Hudson, the late that in the final analysis if you can’t change your mind, you can’t Professor Oliver Headley and James Husbands. change the fortune of your business.
The following framework helps managers to see where Cheryl Gittens is a Life Performance Coach to executives innovative opportunities are in their businesses. Oftentimes with Connect With Your Passion Life Coaching Inc. She as business people peddling products or services we limit our lectures at the UWI and is an organizational behaviour scope to improving or changing the product or service, e.g. faster consultant. Contact her at computers, 3G to 4G, watching movies on kindle, et cetera. [email protected]
According to Bessant and Tidd (2005) innovation can take place in a number of ways: • Product changes - in the things (products/services) which an organization offers
Barbados Business Catalyst • October - December 2011 23 Rethink, Retool, Rebuild
BUILDING A NEW ECONOMY The panelists (L-R) David Simpson, John Williams, Roger Arthur (Moderator), Peter Boos, Lalu Vaswani.
The following viewpoints capture the vision of a new Barbadian economy in prescriptions, as outlined by panelists in the 18th annual Institute of Chartered Accountants of Barbados (ICAB) conference, themed Building the New Economy. It was hosted on November 11, 2011 at the Lloyd Erskine Sandiford Centre.
David Simpson, John Williams, Chairman Small Business Association (SBA) Barbados Private Sector Association
Achieve improved competitiveness, where output is maximized Determine what we need to do and do it better and faster and against the value of imputs. what we don’t need to do, just get out of completely.
Develop a level playing field for all. Revisit social support mechanisms.
Encourage innovation and creativity to bring new opportunities Offer the support and concessions necessary to support new for economic growth. growth and encourage investment in new areas.
Ensure greater ease of doing business so that we are able to Relook our sunset industries to ensure that the support offered attract the level of foreign investment necessary. to them does not outweigh the benefits these industries offer to Barbados. Maximise the use of talent within organizations. Aim for concession in government. We can’t have one arm Support educational reform. Nobody should be hearing about arguing for one thing and another not doing anything about it. entrepreneurship and business in fourth form at secondary school for the first time.
24 Barbados Business Catalyst • October - December 2011 Rethink, Retool, Rebuild
Peter Boos, Expand connectivity. The world has gone digital and for Barbados Entrepreneurship Foundation Barbados, it has to be absolutely world class broad band connection on a global basis. Recognise that the days of subsidized industries are long gone. Build an entrepreneurial society. It’s about creating an economy It’s time for real independence. What we did in the last 45 years where entrepreneurship can flourish. Government itself needs is not what we need to do in the next 55 years. We need a new to be entrepreneurial and needs to look at soft skills - strategy vision and new ideas. and execution. Enhance competitiveness. We need better governance and we need to ensure that the structures are in place to make us fly on all cylinders. We need to change our economic structures and Lalu Vaswani, align them with the new vision for Barbados and all aspects of Senior VP Barbados Chamber our national strategy. of Commerce and Industry
Pursue economic diversification and new markets: There are Start with sustainability: If you’re building a home you need to many opportunities out there but there are not advancing. ensure it’s on a solid foundation.
Encourage foreign direct investment. We have to look at Examine the major elements causing social disruption and put immigration policy and globalization and open our economy to strategies in place to mitigate them. take on the world. That’s the way to move forward and create wealth. Our vision has to be externally focused. Place less emphasis on self and more emphasis on being selfless.
Relook land use policy: Let’s decide once and for all whether we Accept that we need to deal with behavioral issues and look at are going to keep a sugar industry or not and move on. building strength of character.
Embrace alternative energy. It’s the way of the future. Recognize that we all have an obligation to give back to society.
Enhance quality of life. We have to take into consideration issues This is an age of transformation. We need to understand each of security, crime, traffic, and quality of roads and infrastructure other better and make the adjustment to building a better in all this. society.
Barbados Business Catalyst •• OctoberOctober -- DecemberDecember 20112011 25 Explore
More Effort Needed For Economic Engagement and Export
ormer Prime Minister and Ambassador of Barbados to “herculean efforts” were needed, in addition to the exploration China, Sir Lloyd Erskine Sandiford, has declared that the of new ideas. He readily identified by-product generation as an Fdays of preferential markets are over, and Barbados must area that was fertile for exploitation. urgently review and revamp its stance and actions as an exporting country. “We must unbind ourselves from old ideas, and hitch ourselves to the wagon of new ideas. Delivering the keynote address, at the December 13th, 2011 seminar on Engaging China: Options, Opportunities and We must seek to extract a greater contribution to output from Strategies at the Lloyd Erskine Sandiford Centre, the Barbadian sugar and its by-products from cotton, and from food crops, envoy encouraged participants to look outside traditional livestock and dairy products, and fisheries. The production of markets and to focus on the Chinese and East Asian markets. cooking oil from a source such as sunflowers comes readily to mind,” he underlined. “From where I am located, I advocate a special focus on the markets of China and East Asia which are the most promising and The Ambassador also called for a deeper engagement in industry resilient in world trade today and into the foreseeable future. and manufacturing and pointed out that the sub-sectors which deserved a “root and branch re-examination” were: textiles America will recover, and a different Europe will emerge. But wearing apparel and the leather industry, electronic equipment, the days of preferential markets are over. We can no longer food and beverages, fabricated metal products, clerical and data hope to hang on to the coattails of those metropolitan centres,” processing industries, non-metallic mineral products, paper Sir Lloyd said. products and printing, handicrafts, and precision instruments and electrical equipment. He called for less talk and “a redoubling of our efforts” towards seeking out investments and engaging the potential of other Sir Lloyd, however, noted that Barbados should continue to economic sectors besides the service industry. place importance on tourism, business and the financial services sectors and suggested that the country needed to invest more in “No longer is it enough to proclaim that we are a service industry its tourism plant, solar energy, water conservation and recycling economy, as though services are all that we are about, and that activities. He said that China was a possible source for such services are the be-all and end-all of our economic thrust...” investments.
“What I am really calling for is a redoubling of our efforts to Stating that the “new approach calls, not for excessive talk or raise significantly the output for the potential of other economic compendious studies, but a pragmatic search for niches”, he sectors, including agriculture and fisheries production, processing proposed the establishment of a private-public sector agency that and manufacturing,” he added. would concentrate on the sale of Barbadian exports, specifically goods, as well as to build expertise in marketing Barbadian Sir Lloyd acknowledged that while those sectors currently faced products overseas. He added that such an agency should challenges, he remarked that for Barbados to move forward collaborate with Barbados’ diplomatic missions abroad. (BGIS)
26 Barbados Business Catalyst • October - December 2011 Network Engaging China
orld Expo Shanghai 2010, touted to be the world’s largest expo in history, was an exchange of culture, Wtechnology, science, and economic activity running from May 1 – October 31, 2010. • Business savvy and the ability to negotiate is important. You must be able to bring something to the table. Approximately 190 of the world’s 196 nations were represented • It takes approximately 6 – 8 weeks, all things being equal, for at the Expo. The BIDC was part of the Barbados/CARICOM shipments to arrive from China, outside of special express contingent, highlighting what Barbados had to offer relative to delivery. Terms appear to be usually 30% - 50% deposit on tourism, culture, lifestyle, and manufactured products through a goods with final payment on receipt of Bill of Lading, but of mix of audio and other multimedia. course negotiation is possible. • There are several money denominations which have the Given BIDC’s mandate to the manufacturing sector, it was same face value but not the same monetary value. As such decided to use the opportunity afforded by the Expo to research one needs to familiarize oneself carefully with the currency various business opportunities in Food & Beverages; Alternative notes and coins. Energy; Craft; Furniture and Fashion. • Chinese do relationship-business. A locally based person is therefore very important to doing business in China. The BIDC’s Senior Business Development Officer, Beverley • Business tools are essential to engage the Chinese client Alleyne, was one of the featured presenters at the seminar on e.g. bilingual company profiles, product profiles and other Engaging China: Options, Opportunities and Strategies. Her business literature, business cards and other tangible means presentation, which focussed on the Lessons Learnt, sought to of communication and connection. Corporate profiles give some insight into doing business with China. She shared a should include importantly the nature of the business, its few points to note: size, level of technology, number of employees, product profile and information on branding. • An Invitation letter from an established business in China • Chinese business processes are still very much evolving and is essential in order for the granting of a Visa to conduct regulatory frameworks can change within a short period of business in China. time. • Every manufacturer does not have an export license and can • Responsiveness is critical to engage Chinese business. only sell within China. It is therefore important to verify a • In general, manufacturing is spread all across China, yet company’s export license if one wants to do international some provinces can be seen as a more major hub of certain business. industrial sectors. For example, much of Guangzhou, the • Generally, businesses within mainland China do not prefer to capital city of the Province Guandong and Shenzhan are trade in anything other than their own currency. However, two areas of significant manufacturing. Guangzhou is well- international transactions can be completed in US currency. known for textiles; electronics is big in north-east China but • Building a network of trusted business contacts and friends more so for mobiles and hand-held electronics. Quindao is is critical to doing business in China. Getting referrals from famous for fashion and there is an annual fashion show held other companies doing business in that market may reduce there. Large appliances are found more so in the north of the risks of entering the market for the first time. China. • Due diligence is even more critical in forming strategic • Several businesses in mainland China have offices in Hong alliances or entering new business transactions in China Kong for two main reasons: because of the vast differences in governmental regimes, • The tax regime in Hong Kong is better than in mainland customs procedures, cultural customs, and language China – e.g. no VAT in Hong Kong. barriers. • An office in Hong Kong affords a company better financial • If one were to approach China as a source of inputs, in control and flexibility. In mainland China government order to do business effectively one will need to appoint a controls are much more stringent relative to foreign coordinator on-the ground to oversee logistics and quality currency transactions and movement of currency out of assurance issues. China.
Barbados Business Catalyst • October - December 2011 27 Engage Employees
EMPLOYEE ENGAGEMENT IS ESSENTIAL TO WORK PLACE EXCELLENCE
omeday, Barbados will be known as a world-class centre converse is that a dissatisfied employee gives the bare minimum,” of excellence through quality customer service, which is Dr. Byer Suckoo added. Ssecond to none. Nonetheless, the Labour Minister declared that more needed to So says Minister of Labour and Social Security, Dr. Esther Byer be done. She explained that discussions tend to focus more on Suckoo, as she addressed a Special Leaders Forum hosted by the what government should do. However, she stressed that even National Initiative for Service Excellence (NISE). It marked the with the best framework in place, government’s efforts would go release of the NISE Employee Engagement Index Results and the in vain, if employees did not feel satisfied or valued. launch of its ‘100 Improvements in 100 Days’ initiative. “Discussions about national competitiveness, productivity, Stressing that Barbados’ economy relied heavily on the provision entrepreneurship and attracting more businesses and investment of services, the Labour Minister lauded the efforts of NISE in to Barbados have not been balanced, but have seemed to centre educating customers and service providers on the expected more around what Government should be doing about a legal standards of service transactions. and policy framework and about the speed of delivery of some Government agencies. Dr. Byer Suckoo lamented that, for some time, there was a concern about worker attitudes, service delivery, productivity “These are indeed valid discussions - I am not denying that - but and service excellence, and she praised NISE for highlighting even with the best frameworks and the most valiant attempts some of the factors that influenced organisational performance at restructuring or rationalisation to have staff positioned to use from the employees’ perspective and also for suggesting solutions their skills optimally will not bear fruit, not if the employees are that both employers and employees could explore. not satisfied, and not convinced that they are seen by the leaders as adding value,” she maintained. The Labour Minister said she was happy that NISE recognised the importance of employee engagement in achieving service Explaining she was referring to all employees and not specifically excellence, adding that this would lead to more efficient Government employees, the Labour Minister stressed that organisations. employee engagement was essential to achieve service excellence. “Engaged employees are proactive and persistent, and make decisions that are consistent with the company’s strategic goals She emphasised that the Ministry of Labour supported decent and objectives. These employees feel a sense of ownership of work and aimed to create satisfied employees through legislation the organisation and, consequently, feel responsible for the such as the Employment Rights Bill, the Sexual Harassment in the organisation’s outputs.” workplace legislation, Anti-discrimination in the workplace and Occupational Safety and Health legislation. (BGIS) “A satisfied employee will, most likely, be willing to go the extra mile to ensure that his or her customers are satisfied...The
28 Barbados Business Catalyst • October - December 2011 News to Note
TOUR OF ESTATES
inister of Industry, Small Business and Rural Development Crown Packaging (Barbados) Ltd. at Six Roads Industrial Park. Denis Kellman, along with Permanent Secretary, During the tour, it was revealed that a group of Barbadian MRuth Blackman, other officials from that Ministry, the furniture manufacturers have made a major breakthrough in Barbados Investment and Development Corporation (BIDC), as the Caribbean market, with at least two countries opening well as the media, recently visited 11 industrial estates across the their doors to local products. The producers, which included island. Workbench, Quality Lamps, Slumber Foam, Earth Works, and Pierce Furniture have not only started to supply the multi-million The delegation made stops at Crucible at the Harbour Industrial dollar Port Louis marina project in Grenada, but appear set to Estate; Matrix Marketing and Furniture Alliance at Grazettes make a resurgence in the once buoyant Trinidad market, where Estates; American University of Barbados School of Medicine at furniture produced here held sway in the early 1980s. Wildey Estates; TTL Electronics at Grantley Adams Estates; and
A BARBADIAN CRAFT EXPERIENCE
Something new is coming to the Pelican Craft Centre. At a cost of $50.00 the project will offer visitors: transportation from their hotel to Pelican Craft Centre and back; a 45min Over the past few weeks, the Barbados Investment and hands-on craft workshop of their choice; a light lunch of Development Corporation’s (BIDC) Pelican Craft Centre was Barbadian Cuisine; and a tour of the Centre and crafts represented on the Ministry of Tourism’s project committee on workshops. the pilot project “A Barbadian Craft Experience”. The 45 minute workshops will be facilitated by artisans from This project is a new tourism offering of the Ministry of Tourism, within Pelican as well as the wider Craft Sector. Visitors may in collaboration with Intimate Hotels and the BIDC. It was chose to experience wood craft, jewellery making, pottery, officially launched to coincide with the 2011-2012 winter tourist flame glass work, basketry, and painting as well broadening their season and is aimed at generating activity at the Centre, while culinary skills making a local dish. offering the visitor an interactive and creative cultural experience.
BUSINESS REGISTRATION FEES DUE
nyone engaging in a profession, trade, business or Based on the categories set out in the said Act, fees are payable calling as set out in the Profession, Trade and Business to the Registrar, Registration Department, Judicial Centre, A Registration Act Cap. 373, is reminded that annual Whitepark Road, St. Michael, or the Chief Labour Officer, registration fees for the year 2012 must be paid during the month Labour Department, 2nd Floor East, Warrens Office Complex, of January. St. Michael, as the case may be.
According to Registrar of the Supreme Court, Marva Clarke: The Registrar has advised that persons failing to pay the “Failure to meet this deadline will result in payment of fees twice fee within the determined period shall be treated as being that which is normally due. In addition, any person who fails, unregistered. neglects or refuses to register and engages in any profession, trade, business or calling, is guilty of an offence and liable to a fine of $500.”
Barbados Business Catalyst • October - December 2011 29 Our environment
NOW ISN’T THAT SMART!
Government has officially launched which has been designated for loans disbursal through EGFL. its Energy Smart Fund. This facility will provide low cost loans at a LIBOR rate to Small and Medium Sized Enterprises (SMEs) to finance viable energy The Bds$20 million facility, which is being managed by the efficiency projects. Homeowners will also be able to access loans. Division of Energy and the Enterprise Growth Fund Limited There will also be a $1 million Technical Assistance Facility which (EGFL), will now make available to households and businesses will provide grants up to a maximum of $40 000 to businesses financing to encourage energy efficiency and renewable energy for prefeasibility studies, including energy efficiency audits and projects. renewable energy studies.
Details of the Fund’s operations were revealed at the official The Pilot Consumer Finance Facility of Component One will launch on November 28, 2011 at the Lloyd Erskine Sandiford provide rebates on the retail prices to select hire purchase Centre. retailers. Eligible technologies include energy efficiency and conservation and distributed scale renewable energy Component One of the Fund, amounting to $18 million, will technologies. This facility aims to pass on the rebates to comprise of five facilities, the largest segment being a $12 million consumers to encourage them to switch to more energy Energy Efficiency Retrofit and Renewable Energy Finance Facility, efficient appliances.
30 Barbados Business Catalyst • October - December 2011 Our environment
With respect to the public sector, the Prime Minister said that Government would be carrying out a systematic energy efficiency programme which would include retrofitting Government buildings to save on energy use. To date, he disclosed, some 15 buildings had been audited. Furthermore, Mr. Stuart said Government would be seeking to enter into strategic partnerships with energy service companies which wanted to lease the space of Government-owned buildings for the generation of electricity from these buildings and the sale of the excess electricity to the national grid. Prime Minister Freundel Stuart
The $1 million Compact Fluorescent Lamp Distribution Facility “The Bds$20 million facility, which is being will provide free compact fluorescent lamps to residential managed by the Division of Energy and the customers of the Barbados Light & Power Co. Ltd through Smart Enterprise Growth Fund Limited (EGFL), will Fund Partners. now make available to households and businesses The fifth facility, a $3 million Air-Conditioning Rebate Trade- financing to encourage energy efficiency and in Facility, will encourage applicants to take their old AC units renewable energy projects.” to a disposal facility where they will be given a voucher. On presentation of the voucher to a Smart Fund Partner they will Other initiatives, he noted included a US$2 million Caribbean be entitled to an instant 50% rebate limited to $2 000 on the Hotel Energy Efficiency Action Programme (CHENACT), of replacement unit. This initiative is intended to encourage home which Barbados contributes US$160,000. The project, Mr. and business owners to switch to more energy efficient and Stuart explained, seeks to promote energy efficiency in the hotel environmentally friendly AC units. industry in the Caribbean. Component Two has one facility, a Discretionary Grant Facility “The CHENACT has generated important results for Barbados, totaling $2 million, which will be managed by the Division of since more than 65 of our hotels were audited. The results Energy. demonstrated a potential energy efficiency savings for the hotel sector in Barbados of up to 32,600-megawatts hours per year; This facility will be used for institutional support, marketing and 36 per cent of total hotel sector electricity consumption, and promotion of the Smart Fund. nine per cent of the total electricity consumption in Barbados. All hotels audited to date have potential savings [of] between 40 to The Smart Fund was conceptualized as part of Government’s 50 per cent in water, and 30 to 50 per cent in energy usage,” he commitment to reducing the island’s dependence on fossil fuels outlined. by 70% over the next 15 years. Financing for the Fund was secured from the Inter-American Development Bank (IDB) The Prime Minister continued: “Part of this expansion of to the tune of US$10 million, as part of an agreement for the CHENACT will assist our hotels to prepare full proposals, to Sustainable Energy Investment Programme. secure investment funds to execute their project, to reduce their use of electricity, as well as to meet some of their own electricity Prime Minister Freundel Stuart, speaking during the official needs through renewable energy installations.” launch of the Fund, said Government is leaving no stone unturned in order to make this country energy efficient. Government is also planning to embark on a National Phase-Out As part of Government’s energy efficiency programme, Mr. Plan for Inefficient Lighting to promote the proper disposal of Stuart announced that 25 homeowners would be provided incandescent lamps, compact fluorescent lamps and other lighting with photovoltaic systems at a quarter of the cost of their devices as part of its energy efficiency programme. procurement and installation. The venture, he said, was being executed with funding from the Global Environmental Project, in Details of the Fund, including qualifying criterion may conjunction with the IDB. be obtained from the Division of Energy at Tel. 246 434 2500 or email [email protected] or Enterprise Growth In addition, he stated 3,000 power monitors and 15,000 energy Fund Limited (EGFL) at Tel. 246 426 1809 or email efficient lights would also be distributed to members of the [email protected] public. “Three thousand households will benefit from the supply of these energy saving devices at a cost of only $10,” he said.
Barbados Business Catalyst • October - December 2011 31 Cultural Etiquette
When in….Venezuela The Cultural Etiquette Critical for Success
odern business is global and demands people travel to foreign countries and mix with foreign clients, colleagues or customers. Each one of those cultures will also have their own etiquette Mrules, many of them unwritten. When two or more different cultures mix, it is easy for small etiquette mistakes to be made that could have negative consequences. Not understanding the etiquette of another culture can and does lead to soured relationships, lost deals and in the end poor business results. The Barbados Business Catalyst explains the etiquette behind business dealings with Venezuela. Language Negotiations In Venezuela the official language is Spanish. English and a variety The pace of business is relaxed, easy-going and informal. of Amerindian dialects are spoken. There is no official religion, Be patient. Focus on long-term relationships. Get to know but the vast majority of people are Roman Catholic (96 %). In your business colleagues personally before attempting to do Venezuela, there are two generations with distinct differences business. Establish a local contact to make introductions at the doing business. The older generation will want to get to know appropriate levels for business and social meetings. Clearly you personally first, rather than your company or firm. The communicate your position and title in your company to make younger generation may have been educated in the US and your status known. The two senior executives should sit facing will typically want to relate more to your business dealings or each other. Small talk before a meeting is minimal. Unlike company, rather than to you personally. other South Americans, Venezuelans will get right to the point. Venezuelans like to be in control. Don’t push the process or Attire try to dominate business meetings. Negotiations may proceed Appearances count. It is important to be neat, clean and properly slowly with many interruptions. Maintain a sense of humor groomed. Your watch and jewelry will be noticed. For business, Have business cards printed in English on one side and Spanish men should wear conservative, dark suits. Women should wear on the other. Businesswomen should be aware that going out feminine business suits, dresses, skirts and blouses. Fashion is alone with Venezuelan businessmen may be misconstrued. very important to Venezuelan women. They are beautiful and Good conversation topics: business, art, literature, history. Bad work hard at looking great. Even professional women “dress to conversation topics: local unrest, inflation, politics. impress.” Women should pack their best business clothes and a nice cocktail dress. Dining For social events, always arrive at least half an hour to an Greetings hour later than the invitation reads. VIPs arrive very late for Handshaking by both sexes is common and customary; shake social occasions in order to “make an entrance.” Meals are for hands on greeting and departing. The handshake is firm. Good socializing. Discuss business only if your host initiates it. You will friends hug and women kiss cheeks. Avoid dominating the normally be served a great deal of food and drink; Venezuelans conversation. Venezuelans like to be in control. People tend enjoy both, but do not abuse either. It is good practice to follow to stand very close together when conversing. Venezuelans up morning appointments with an invitation to lunch. Unlike often touch each other’s arms or jacket during conversation. lunch, dinner is for socializing, not for business. When dining, wait Posture while seated is important; avoid slouching Try to keep until everyone is served before beginning to eat. Guests rarely both feet on the floor, and avoid slouching. Don’t put your feet sit at the head of the table. To indicate you have finished eating on furniture. Casual touching is common among males. Always place your utensils in parallel and diagonally across your plate. maintain eye contact when talking. Be sure your position is clearly indicated and present your card immediately following an Gifts introduction. An appropriate gift for a man is something for the office - such as a good quality pen. Women would appreciate the gift of an Titles orchid – the national flower. Guests may bring or send flowers Titles are important and should be included on business cards. or candy to a hostess. The senior visiting business person may Address a person directly by using his or her title only. A Ph.D give a toast offering good wishes for business negotiations, adding or a physician is called Doctor. Teachers prefer the title Profesor, a memorized Spanish phrase about the pleasure of being with engineers go by Ingeniero, architects are Arquitecto, and lawyers Venezuelans. are Abogado. Persons who do not have professional titles should be addressed as Mr., Mrs., or Miss, plus their surnames. In Things to Note Spanish these are: Mr. = Senor, Mrs. = Senora, Miss = Senorita. The “ch-ch” sound is used to get someone’s attention or to get Most Hispanics have two surnames: one from their father, a bus to stop. The North American “O.K.” sign is extremely which is listed first, followed by one from their mother. Only the rude. Pointing with your index finger can be considered rude. father’s surname is used when addressing someone. Motioning with your entire hand is more polite. Appointments Be punctual for business meetings, but be prepared to wait for your Venezuelan counterparts.
32 Barbados Business Catalyst •• OctoberOctober -- DecemberDecember 20112011 Trading Developments
BARBADOS-CANADA TAX AGREEMENT AMENDED
arbados and Canada amended its 30-year old Double accepted principles of transparency and tax information Taxation Agreement (DTA) to bring it in line with standards exchange to which we have agreed, and to which we Bset by the Organisation for Economic Co-operation and have had several years of practical application.” Development (OECD) and improve the mechanism for the Mr. Hutson said that the Protocol was beneficial for exchange of tax information between the two countries. investors from both countries, and was fully in keeping with “genuine and amiable relations that exist between Barbados This was pointed out during the signing of the Protocol and Canada, and have existed for a very long time.” which occurred at the Parliament Buildings. He further added that it would also allow Barbados to Minister of International Business and International Transport, continue to be an “attractive jurisdiction for Canadian investors George Hutson, signed the agreement on behalf of Barbados, who wish to enhance their global competitiveness”. while the High Commissioner of Canada to Barbados, Ruth Archibald, initialled the document for her country. High Commissioner Archibald noted that the protocol “brings up and modernises the existing agreement to be Speaking on the amendments made to the Canada- in conformity with the OECD standard for the effective Barbados agreement, which was originally signed in January exchange of tax information”. She explained that the updated 1980, Minister Hutson remarked: “Undoubtedly, this agreement will improve tax fairness and better enable the Protocol demonstrates our commitment to internationally respective tax authorities to administer their tax systems.
NEW CARICOM AMBASSADOR
oted historian, educator and veteran trade unionist, skills which I have acquired over the years to any issues that the Hon. Robert “Bobby” Morris was appointed need a negotiated resolution. In the main, I hope to work NAmbassador to CARICOM on December 1, 2011. to build bridges and work with politicians and technocrats to make this region the model for such movements.” Formerly the Deputy General Secretary of the Barbados Workers Union, 64-year old Mr. Morris brings a wealth of Commenting on the appointment, Prime Minister Freundel experience and a wide grasp of regional and international issues Stuart said: “Bobby Morris’ history and parliamentary to his new position. A former history lecturer and currently background should serve him in good stead. He is a lecturer in collective bargaining and disputes resolution, he regionalist at heart; so, that and his commitment to the was Personal Assistant to National Hero, the late Rt. Excellent further development of Barbados would ensure that Frank Walcott; Director of Industrial Relations over the he adequately addresses this country’s interests. past 20 years; and also served two terms as a Member of Parliament in the Lower House. He served as Vice President “Indeed, he is of the generation deeply committed to the of the Caribbean Congress of Labour, and as External regional integration movement, and this was expressly manifest Collaborator with the International Labour Organisation. during his time in Parliament when he spoke eloquently and passionately to these issues. The Ambassador designate is Mr. Morris has pointed out that he expects to advance also well abreast of current affairs, and I am sure he will those regional issues that are central to Barbados’ future, do Barbados proud,” the Prime Minister observed. and stated: “I aim to bring to bear those problem solving Mr. Morris will be based in Bridgetown.
Barbados Business Catalyst • October - December 2011 33 Industry By Numbers
DOMESTIC EXPORTS JANUARY - SEPTEMBER 2010 / 2011
9,831,422 48,212,922 10,472,963 6.53% 53,069,256 10.07%
13,423,617 19,290,901 13,122,966 -2.24% 20,820,711 7.93%
14,041,896 3,502,715 17,612,251 25.43% 4,744,157 35.44%
11,892,150 371,102 13,366,314 12.40% 369,557 -0.42%
25,026,173 5,135,171 17,870,895 -28.59% 3,264,854 -36.42%
319,146 472,412 48.02% 13,711,410 17,577,401 28.20%
4,852,521 6,241,337 28.62% 1,722,161 1,540,781 -10.53%
8,098,602 7,252,823 -10.44% 60,626,829 76,694,154 26.50%
2,208,373 2,729,389 23.59% 4,190,768 4,279,776 2.12%
15,845,305 16,395,852 3.47%
194,799,361 347,698,871 9.86% 214,007,882 7.59% 374,075,549
34 Barbados Business Catalyst • October - December 2011 Industry By Numbers
EMPLOYMENT IN MANUFACTURING SECTOR AT SEPTEMBER 2010/2011 SEPTEMBER 2010 SEPTEMBER 2011 NET CHANGE % CHANGE -6.11% -220 * 8,589 -18.69% 8,169 16 * 1.67% -200 * -3.52% 3,598 3,378 -26 * 14 * -4.04% -0.75% -3 * 2.56% 973 738 957 712 870 -16 * -7.05% 1,070 -17 * 561 4 * 547 -3.45% 2.05% 42 * -5 * 6.82% 24.85% 396 398 401 380 -9 * * 241 224 195 199 211 145 140 169 -420 132 123 -4.89%
DISTRIBUTION OF INVESTMENT IN MANUFACTURING SECTOR AT SEPTEMBER 2010/2011 (BDS$) 66.6% 100.0% -32.8% -94.0% 100.0% 16,284,972 -81.4% 100.0% 18,449,735 -14.8% 1,713,325 100% 138,963 71.4% 133,553 980,630 210,400 1,151,737 27,867 90,106 -90.7% 3,195 83,418 46,569 564,106 23,732 8,000 3,426,282 12,000 210,420 741 20,430 161,353 3,500 7,000 -100% -100.0% 0 0
TOTAL
Barbados Business Catalyst • October - December 2011 35