THE ANNOUNCEMENT THAT local company Preconco has landed a major contract in Bermuda involving the construction of a major international resort is one of the best new year business stories that will gladden the hearts of those interested in wishing Barbadian companies well, as they become more successful in export efforts.
It is very pleasing that our local company was able to beat out several American precast companies competing against them for the contract.
This is a significant achievement and comes on the heels of the disclosure that another local company Doyle Offshore Sails is moving into larger warehousing space at Six Roads industrial estate as it continues its 30-year-old export-oriented sail-making enterprise in a niche market aimed at producing high-quality sails. Preconco and Doyle are testimony to the fact that Barbadian companies can compete successfully in specific areas of the regional and international markets.
These two companies are obviously doing what they think is best for their shareholders and the viability of their enterprises, but at the same time these efforts which have been highlighted are focused on the export of their goods and services, which will also benefit this country as its leaders and policymakers strive to encourage the growth of foreign exchange-earning enterprises in an economic environment that has become increasingly competitive.
The managers of these two companies deserve our applause for their achievements especially at this time when their ongoing plans dovetail so neatly with national aspirations. Notwithstanding the ever present and necessary profit motive, which also benefits the national well-being, the focus on earning foreign exchange is a prime example of one aspect of corporate social responsibility. We urge more of our local enterprises to examine how they might emulate these commendable efforts, even if exporting is not easy business.
The Preconco deal should open all eyes to the modern reality of doing export business even if it gladdens our hearts that Barbadian companies can compete internationally.
The bidding and contractual process took about two years, with Preconco having to satisfy several stringent requirements involving numerous codes and regulations. This is not surprising when one realises that the pre-cast product will be manufactured here and shipped to Bermuda and amounts to more than 7 000 tons of precast product over some six months. Getting the product to Bermuda also involved considerable research, but this is all part of the export effort, given the nature of the product.
Success stories of this kind cannot be the product of the managers alone. Workers are critical to the execution of success, but success also depends on an enabling environment fostered and developed by the Government, whose job it is to encourage the private sector to take advantage of facilities provided by the state to boost such efforts.
Co-owner of Doyles, Mr David Staples, praised the establishment of the now defunct Barbados Development Bank, which he pointed out supported the start-up of Doyles by a loan long since repaid.
That was part of the enabling environment of that time, and while – as he pointed out – there was some abuse of the bank, he would personally invest money in such a new bank to help new businesses get started. His is not the only such recent call; but coming from someone who has walked the walk, it is a view not to be ignored. Successful business always involves a symbiotic relationship with government and society.