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Managing small business But please remember not to overlook or bypass referrals
Will a talent
and references, especially when seeking out talent over
the Internet. Nonetheless, you are no longer bound to a
limited geographic space. There are many online services, management system
by Global Expert Systems
for graphics and marketing, social media development, IT,
e-commerce, accounting and the list goes on. cost me a lot of
The importance of small businesses in money?
modern economies
According the Trinidad and Tobago Chamber of GES always recommends the “systems-
Industry & Commerce, in the twin-island republic, “small to-scale” approach. In other words, SMEs
FOCUS
and medium sized enterprises have mushroomed over the should implement systems that match their
last decade numbering some 18,000 by the end of 2010, current business needs, medium-term
employing 200,000 persons and contributing nearly 28% to goals and ultimately their pockets. It’s no
GDP”. sense buying a state-of-the-art TV with all
In Barbados, ºsuccessive governments have put a the bells and whistles, if you are just going
number of incentives in place to stimulate the SME sector. to watch the news. The same logic applies
The statistics for advanced economies like the US and to a talent management system. Do not
Japan are even more impressive where SMEs account for over invest!
approximately 50 per cent of the workforce. 1. Ascertain your needs.
Therefore, the question on whether or not we should 2. Map your needs to your current
consider talent management in SMEs becomes unarguable state of affairs and your business objectives
since SMEs play such a pivotal role in today’s economies, for the next 24 months.
both developed and emerging. But here are some of the 3. Research systems that suit your budget. Please
challenges many SMEs face when considering a talent note that expensive does not necessarily mean good.
management system. 4. Do not “over-process” your small business.
• Many small businesses are run by a single person; Do not burden your small business down with
• SMEs are normally started within families or by a unnecessary bureaucratic processes for this will
group of friends; affect your agility and ability to make snap decisions.
• SMEs tend to avoid sophisticated management systems Remember again and again that smallness has its
because of the financial investment that is required. advantages.
Our business is 5. Finally, when you reach that threshold where you have
made up of family to decide on expansion or maintaining your “smallness”,
members and close please do not ignore the critical role of talent management.
friends, how do The decision to expand and grow your business hinges upon
we practise talent hiring and recruiting the right talent.
management? If you are going to invest in expansion, then it’d make
We come across this perfect sense to get the right team on board from the get-
scenario every day in the go. This is where talent management will help you most —
world of small business. hiring the right talent at the point of expansion can save you
Here’s GES’ advice: thousands of dollars.
• Match your family In essence, GES recommends using your smallness to
members or business your advantage!
associates where they Next week we will look at the polemic topic
are best suited, i.e. match “Meritocracy and Talent Management: Is the
them according to their Caribbean Ready?”
true and tested talents.
• Don’t be afraid to • Feel free to visit Global Expert Systems
hire talent if it doesn’t online at http://www.globalexpertsystems.org/
reside within your circle index.php/event/first-caribbean-latin-american-
of family members or associates. conference-on-talent-management/ or email us
Overcoming the challenges: • You can be the owner without being the boss!
• However, if you feel obligated to hire friends and
at info@globalexpertsystems.org
My business is a one-(wo) family, then you will definitely need to invest in training and
developing them to the task.
man show!
The one-(wo)man small business is not uncommon. In
fact, there are thousands of professionals who run what we
call the one-(wo)man-show. The irony is that this is perhaps
the best case study for practising talent management.
Smallness is an advantage. Here’s how! As a single person
operation, you have the opportunity to do the following:
• To outsource for all your needs: marketing and PR,
accounting, IT and other business functions. However, when
considering outsourcing, it is important to find the best
in the market that suits your pockets. GES recommends
always seeking referrals and references as a means to finding
suitable talent.
• To align with other SMEs whenever possible.
GES recommends joining associations of like-minded
professionals as well as a small business associations and/or
clusters. These groupings or gatherings will assist in creating
economies of scale to help to mitigate against the high costs
sometimes associated with more sophisticated management
systems. These associations can also be virtual communities.
• To procure the best talent from a global talent pool
via the Internet. Once more, smallness is an advantage.
Unlike larger operations, the SMEs are not yet tied to
bureaucratic procedures and this gives them much agility
in their decision-making process. As such, seeking out
the best talent via the Internet is a recommended option.