How many micro, small and medium enterprises have you seen in our society opening their doors affluently, then closing down shortly after? Many small businesses today are being established without a proper road map; an essential tool in identifying potential problems and opportunities. This road map, also known as a business bible, is called a Business Plan. (more…)
Are you having conflicts in your business? Here is some general information and quick tips on handling conflicts
Conflict is often thought to be negative such as a disagreement or controversy. However, especially in a business setting, conflict can be positive. Conflict often creates opportunities for growth and new ideas in the business and can lead to improving the business profits and / or efficiency.
Conflict if escalated can often lead to anger. When someone is angry, usually they are focusing on their anger, and not the underlying issue. Therefore, it is best to diffuse the anger before meeting to discuss how to resolve the conflict. Some tips for diffusing anger are: (more…)
Although exporting may seem simple, it requires you to do your homework! A company cannot venture into unfamiliar territory without knowing what to expect, the requirements, market needs and other factors.
In order to commence an export project, previous planning is required to determine the company’s capacity to assume the responsibilities acquired with foreign clients, verify infrastructure, personnel and technical-practical knowledge. The company must obtain a thorough understanding of the export mechanism, including the distribution and logistics procedures to understand and conquer the desired market. (more…)
Foreign Direct Investment (FDI) refers to the flow of capital from one nation (home state) to another (host state). Typically, this is done by acquiring shares in the locally established enterprise or by investing and establishing fresh ventures in the host state. In an era when globalization prevails, countries worldwide are scouting actively to attract FDI. Unlike traditional forms of debt financing, FDI serves as an ideal debt-free approach to economic development that ultimately facilitates trade, jobs creation, transfers of know-how’s and technologies in the host state.
Developing nations such as Belize, have realized the instrumental role that FDI serves in the path toward economic development. According to the Economist Intelligence Unit (2006), it was noted that a rise of one percent in the ratio of the stock of FDI (to Gross Domestic Product), will raise GDP by 0.4%. It is thus well illustrated that for every dollar of FDI attracted, it will contribute about $0.50 toward the overall production of national output – hence raising the economic growth by close to half percent. (more…)
Labels are graphic pieces used to identify objects. Modernly, there is a great variety of formats and materials for labels which create a unique identity from the numerous for products. Good labeling distinguishes the quality and the content of your product. They establish differences among products that are similar in nature, provide information relating to consumer’s interest, and enhance the appearance of the product which will significantly determine its success. In Belize, there is a group of companies exporting and they are obligated to practice proper labeling requirements. The Belize Bureau of Standards mandate is to ensure that companies follow effective labeling guideline. (more…)
