HSBC/BEDC ‘Planning For Change’ Seminar
On Wednesday, 13th March 2013, the Bermuda Economic Development Corporation [BEDC] and HSBC hosted an informative and interactive seminar entitled “Planning for Change – Ensure your business survives and thrives!”
This two hour seminar was held at HSBC Harbourview Centre on Front Street and began with a welcome from HSBC Bermuda Sr. Relationship Manager, Craig Tucker who encouraged participants to use the time at the seminar to focus on their business strategy. Lester Nelson, HSBC Bermuda Relationship Manager, moderated the seminar and provided attendees with an overview of strategic planning, asking the attendees to consider why they should plan for change.
He reviewed the objectives of the seminar which included helping attendees access the business environment, identify strategies, plan effectively and identify actions and indicators that will help business owners monitor progress.
L-R: Craig Tucker, Lester Nelson, Francine Mason, Tamara Richardson, Ray Jones:
Following Mr. Nelson’s overview, Tamara Richardson, VP of People’s Pharmacy shared the story of changes that her company has undergone over the years. People’s Pharmacy began almost 30 years ago with the vision of President, Donna Pearman. Mrs. Richardson offered that the initial vision started with the desire to be a pharmacy for all people and still holds true today.
Attendees were treated to past and present photos of People’s Pharmacy as it changed over the years. Since its start in 1984, Mrs. Richardson shared that People’s Pharmacy has grown from 5 full time staff to 25 and from 900 square feet of rented space to 6000 square feet of retail and 3000 square feet of warehouse space which the company owns.
To accomplish these goals, Mrs. Richardson stated that they went through a lengthy strategic planning process which began with their vision to be “the premier healthcare facility in Bermuda by providing invaluable products and services to our community.” Out of the Vision Statement, Mrs. Richardson indicated that they developed a Mission and Core Values, which has guided them over the years and has directly contributed to their success.
One attendee remarked that “Tamara’s story of change, vision and innovation is a good one and that more successful local businesses should share their stories so that together we can better Bermudian businesses.”
Mrs. Francine Mason, Partner with Rawlinson & Hunter and Mr. Ray Jones, Finance Director of BEDC engaged attendees in an interactive discussion of the components of the strategic plan. Having been established in the earlier presentation, that Vision Statement, Mission Statement and Core Values have to be developed as part of the strategic planning process, they focused on the need to conduct an analysis of your Strengths, Weaknesses, Opportunities and Threats [SWOT].
Attendees were able to follow along using a workbook that was provided and had the chance to identify their individual issues as it related to their specific companies. Mrs. Mason provided an overview and examples of each of the areas and Mr. Jones complemented her by encouraging participation, asking for examples of various attributes from the audience.
The duo shared that Bermuda is unique because despite the advent of IT and social media, word of mouth still works so it is imperative to guard a business owner’s most valuable possession – their reputation. In the planning process Mrs. Mason offered that one way to guard and protect your reputation is “to be honest in business and about your business.”
Mr. Jones agreed suggesting that “in order to build a strategic plan you have to be willing to ask and answer the hard questions about your business and put in the time to work on developing your business.” Their presentation was concluded with inspiring instructions to: Build your strengths; resolve your weaknesses; exploit any opportunities; and avoid threats.
Mrs. Jamillah Lodge, BEDC Business Development Officer, closed the seminar by thanking attendees for participating and acknowledged the support of the HSBC team for partnering with BEDC to deliver the series of educational seminars. Mrs. Lodge commended the presenters for their willingness to donate their time to share their experience and stories with the view of helping out others, especially during an economic climate when it is most needed.
She offered that “the only constant is change and the businesses that plan for change are those that can weather the storm of a slow economy and come out on the other end with little damage”. Mrs. Lodge advised attendees that the intent was to offer another seminar related to strategic planning in April to delve more into the components needed to further develop the strategic plan, including marketing, financing, research etc.
