St. Lucia Simply Beautiful

I grew up in the management consulting profession with the business planning culture that “If you fail to plan, you are planning to fail” (Winston Churchill) and “If you do not know where you are going, any road will take you there” (Lewis Caroll, Alice in Wonderland). I have had my experiences preparing many business plans in the Caribbean over the years – thick documents which comprised a marketing plan, an operational plan and a financial investment plan (financial forecasts and all). After all that trouble, I would tell my clients that the only thing that is predictable about the business plan is that the forecast would not be right because it was based on a number of assumptions over which we have no control. This then led to the question “why prepare these massive business plans in the first place?” The answer, of course, is that it was part of the culture. It was what was taught in the formal business courses.

I am so passionate about this that I am now promoting the concept that “Nothing Beats Business Success”. We must remember that there is a formula for successful enterprise development which consists of three components. The identification and selection of “DNA of an Elephant” ideas out of which evolve innovative products and services – observation and experience has shown that there is no shortage of these ideas in the Caribbean. The Caribbean Institute for Certified Management Consultants is mobilising the shepherding (life coaching and business mentoring) resources needed to provide the necessary business management support. The third component, the quick response composite seed/equity capital fund(s), which is needed for timely investment in enterprise development, is sadly lacking.

My mission was to set up, as a pioneer in the Caribbean, my own management consultancy practice SINCOS Consultants Limited in Barbados, but serving the Caribbean. SINCOS is an acronym for Statistical, Information and Computing Systems and was later to become Systems Caribbean Limited (SCL). Why did I make this change? Because I wanted out of the sheltered environment and closer to the real world.

Another observation is that access to quick response investment capital is the biggest single constraint to enterprise development, even though Trinidad and Tobago is blessed with one of the strongest financial sectors in the Caribbean.

There is need for a single national quick response seed/equity fund which can be painlessly, prolifically and profitably funded by the private sector, with incentives from government, to the benefit of all.

The Caribbean has the potential to be a unique attractive region of the world not only for its residents but also as a tourist destination and an investment haven for diverse legal business activities. Yet, there is growing evidence that there is a challenge in realising this full potential. Only this last week it was brought to my attention that the Trinidad Express Newspapers published an article on June 18, 2013 by Dr. Rolph Balgobin, an Independent Senator in the Trinidadian Parliament, entitled “The Gathering Storm”. The article concluded that “there is something dangerous rising in our midst that demands our attention. If we do not act now to address the threat, it will soon confront us”.

We must be innovative in accessing the money that is available not only from Foreign Direct Investment and Diaspora sources but we must also unleash the sources of funds in the private sector for use in the development of the country for everybody to benefit. If Barbados wins we all win!

My time each day is classified in three categories: (1) sleep and exercise; (2) work related activities; and (3) private (personal, family and recreational) and community service activities. Historically, I aimed to average eight hours per day per category, but there is evidence to show that the average for category 2 has diminished with the passage of time. Each individual is obviously in control of the management of his/her own time and we should effect a distribution over the three categories to create maximum happiness for us and those with whom we are in constant contact. I shall have to make a paradigm shift to manage my time to include my expanded interests alluded to above.

Given this background, the Government, in collaboration with the private sector in each Caribbean country, needs to create the right environment for enterprise development to make a significant contribution to growth in the Caribbean. The retrenched staff in Barbados will then be able to access an enabling environment to foster their interest in becoming entrepreneurs.

Melissa Marchand, publisher of Global News Matters which produces the fortnightly Market Dynamics Caribbean newsletter, observed that: “This is the second time in four months S&P has lowered Barbados’ rating, this time from BB-plus to BB-minus, which is not a horrendous reduction, but we want to keep watching to see how the government responds to their new ratings and how their moves might affect business and individuals in the country and beyond.”

When this global trend is set then the foundation of entrepreneurship, the youth, economic empowerment and recognition, as exemplified by the following events, will have been nurtured to bring peace to us all. The 38th annual Sir Winston Scott Memorial Lecture by Dr. Victor Gooding at the Frank Collymore Hall, Central Bank of Barbados on Monday, November 25 at 8.00 p.m. on the topic “View from 45 years North – A Barbadian Living in Canada” will explore entrepreneurship.