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. Continue reading “Discovering Your Roadmap to Success?”
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: Continue reading “How to Turn Conflicts into a Positive for your Business”
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. Continue reading “The Decision to Export!”
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. Continue reading “The Importance of Attracting Foreign Direct Investment”
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. Continue reading “The Significance of Label Designing”
According to the Statistical Institute of Belize, the Agricultural sector, which is the backbone for our country’s revenues, had once again reduced its contribution to Belize’s Gross Domestic Product. This time, it was a much more significant decrease of 3.4%, from 2010 to 2011. One is left to plunder, how can we now address such dilemma?
With this sector being one of utmost importance to our country, necessary attention must be given particularly, by the primary stakeholders. Whether we are talking about the producers, processors, health authority, NGO’s, policy makers, or just the everyday consumer, we must ensure a quick rebound of this sector. Continue reading “How Can Belize Reap The Best Fruits From Our Agricultural Sector?”
Often times the macro-environment of an industry is based on it being demand dependent and it being dynamically adjustable. This implies that often times, you might need to design and re-design your products and services to meet the needs and wants of your clientele. Most importantly, the ability to be dynamically adjustable indicates that you have the potential to differentiate your products/services from your competitors, and be successful in your industry.
There are many marketing strategies that provide fruitful experiences and exposure for your products and services, one being, Trade Fairs. Trade fairs often involve a considerable marketing investment by participating companies. Costs include space rental, design and construction of trade show displays (where applicable), telecommunications and networking, travel, accommodations, and promotional literature and items to give to attendees. In addition, costs are incurred at the show for services such as electrical, booth cleaning, internet services, among others. Continue reading “Techniques for Participating in Trade Fairs- Part 1”
Previously we had discussed the importance and the benefits that participating in trade shows can generate. When making a decision to form part of a trade show, there are three important stages that you must include in your plan of action: a pre-fair stage, during the fair stage, and a post fair stage.
Pre Fair Stage: You must start by defining very clearly which business you are looking for, how much, how and when do you want it. Concurrently, you need to define the profile of the clients you are seeking, what their needs are, and what adds value to them. This will help you define what you require from your clients in order to make it worth your while to offer what you have. One key factor is considering your USP-Unique Selling Proposition. Make sure to calculate your break-even point with which you can cover the expenses of participating in the fair or in the promotional event. Additionally, define how many follow up processes you are willing to carry out afterwards, meaning, you need to define the follow up and resources required for each contact you make during the trade show. Continue reading “Techniques for participating in trade shows (part 2)- Guide for preparing for and participating in fairs”
The Belize Trade and Investment Development Service (BELTRAIDE) conducted the first module training on Foreign Direct Investment (FDI) in July 2012 with its staff and other relevant stakeholders such as the Belize Chamber of Commerce and Industry, Directorate of Foreign Trade, Ministry of Education, Belmopan and Belize City Council etc. The facilitator of the training was Mr. Noel Kelly, Associate at the Communiqué International in Ireland. He has extensive experience in promoting economic investment in Ireland and a number of other countries.