Mahfood CARIBBEAN ENTREPRENEURS get high marks for creativity and innovation, but need to pay more attention to providing accurate financial information and to the management of their human resources.
These are some of the findings coming out of the 2003 Ernst & Young Caribbean Entrepreneur of the Year Programme.
The programme, produced by Ernst & Young in conjunction with top sponsor, Republic Bank, received more than 40 nominations from businesspeople around the region. A panel of independent judges selected 15 finalists to vie for awards in five categories based on criteria such as financial performance, employment creation, innovation, human resource development, environmental awareness, and civic & community involvement.
This is the seventh year the awards programme has been held in the Caribbean and according to Angella Persad, director of the Caribbean Entrepreneur of the Year programme, nominees continue to lose points for financial performance because their financial information is not presented in a complete and comprehensive format. It is a point supported by Ronald Harford, chairman and managing director of Republic Bank.
AUDITED ACCOUNTS
"Audited accounts are still the best single measure of a company's performance," Mr. Harford said. "Although considered a snapshot in time, well presented comprehensive financial information provides a fundamental guide for prospective lenders, investors, business partners and customers on the performance of the company."
Clear, unambiguous financial information can provide an excellent guide to the public on the strengths and weaknesses of the company and its management, he said. Unbiased analysis of performance can give the entrepreneur the edge by allowing the fine-tuning of performance.
Human resource development, career development for employees, and succession planning are other areas where there are weaknesses. Persad said that amongst this year's finalists, in many instances it was their attention to HR that gave them edge.
With 15 quality finalists from five countries, Persad said, "It's a well spread group in terms of industry sectors, and they demonstrate that creativity and innovation are alive and well in the Caribbean."
FEWER T&T PARTICIPANTS
However, she noted that there were fewer Trinidadian participants, possibly due to the crime and kidnapping that was plaguing the country when the nominations were being sought a few months ago.
Only two companies from Trinidad and Tobago are amongst the finalists Gregory Noone of Optik Technologies and Brett Lewis of Eye Scream Animation.
Both are in the Emerging Entrepreneur category, which recognises the emerging leaders in Caribbean business. Finalists in this category are not eligible for the overall Caribbean Entrepreneur of the Year award.
Women were also under-represented among the nominees, and only one, Audrey Hinchcliffe of Manpower and Maintenance Services in Jamaica is among the finalists.
Says Persad, "We hope that in the future more women will come forward as Caribbean women need role models, especially those who have been able to commercialise non-traditional business areas such as fashion design, arts and culinary skills".
The Ernst & Young Caribbean Entrepreneur of the Year Conference and Awards Banquet takes place in Jamaica on September 26 and 27. Over the next week, The Gleaner will feature several local finalists.
