Saturday, 27 August 2016

Job Training Programs in The Bahamas







Mark A. Turnquest, MBA - President 
Outreach Sales & Marketing Management
Business Trainer / Consultant
Caribbean Management & Marketing Consultant
326-6748 / 427-3640
Email: 
markaturnquest@gmail.com
Web Site: http://www.markturnquestconsulting.com


Friday, 22 May 2015

BAHAMAS MANAGEMENT CONSULTANCY INDUSTRY 2010 REPORT





BAHAMAS
MANAGEMENT CONSULTANCY INDUSTRY
2010 REPORT





Prepared by:

Mark A. Turnquest
Outreach Sales & Marketing Management Ltd


July 21, 2010






1.0 Introduction

Outreach Sales & Marketing Management Ltd. is appreciative to Caribbean Export` (CEDA) and The Caribbean Institute of Certified Management Consultants (CICMC) for extending the opportunity to conduct a research on the Management Consultancy Industry in The Bahamas.


2.0 Purpose of Research

The main purpose of the research was to determine the necessary   strategies required to develop the management consultancy industries in The Bahamas and other Caribbean countries: Barbados, Dominican Republic, Jamaica, Martinique, St Lucia and Trinidad and Tobago.

Nathan Associates Inc. developed the final report consisting of all individual researches of countries that participated in the Caribbean. The report entitled: “Strategy for development of the Caribbean Management Consultancy Industry” can be viewed online at:



3.0 Research Sample Unit & Size

There were 25 respondents who fully completed the survey. The breakdown is as follows:

  • 14 Management Consultants (“Firms”)

  • 11 Businesses /Organizations (“Markets”)

The identity of participants will not be disclosed because of a confidentially agreement.  

4.0 Research Time Period

Respondents completed the survey during the following periods:

·         There have been 9 completed questionnaires from management consultancy firms (“Firms”) and 3 completed questionnaires from businesses /organizations (“Markets”) from March 30th, 2009 – June 19th, 2009. 

·         There have been 5 completed surveys from management consultancy firms (“Firms”) and 8 completed questionnaires from client organizations (“Markets”) from June 20th, 2009 - July 20th, 2009.  

5.0 Research Data Collection Methods

The questionnaires were completed in the following manner:

  1. Email
  2. One - on – one interviews (the majority)
  3. Drop – off /Pick-up

6.0 Research Data Analysis

Please note that the operational definition for:

  • “Most” is  60% - 79%

  • “Majority” is 80% & above.


6.1 Data Analysis- Management Consultants (“Firms”):

§  The majority of management consultants surveyed were business strategists


§  The majority of management consultants operate in a  “company” business structure

§  The majority of the management consultants only operate in The Bahamas

§  None of  the management  consultants have a branch outside The Bahamas

§  The majority of the management consultants have direct access to other professionals (for employment and strategic partnership purposes)

§  The most important client base to management consultants who were surveyed were micro, small & medium sized enterprises

§  Most management consultants have agreed that the Bahamas is too small and they must seek growth opportunities in The Caribbean and especially in Europe, USA and Asia

§  The majority of management consultants were very reluctant to give their income and pricing



§  The majority of management consultants have difficulties to obtain debt financing and access to 3rd party finance


6.2 Data Analysis: Client Organizations (“Markets”):

§  The majority of client organizations were micro, small and medium sized enterprises(SMEs)
                                                                                                              
§  Most of SMEs sold products

§  The majority of SMEs hired 1-4 employees

§   Most of  SMEs procure business planning and marketing  services within the last three years and would need some type of planning, finance and marketing services in the future

§  The majority of  SMEs in the past spent less than $50,000        (US Dollar) a year on external consulting services and  there were indications that it would either remain the same or decrease in 2010 and 2011 (mainly due to the recession)

§  Most of SMEs do not procure more than 2 external consulting assignments annually

§  Most of  SMEs use local consultants and indicated that  Regional (Caribbean)  and Extra-Regional Consultants services were never procured

§   The Majority of SMEs have indicated that consultants either did a good (satisfied) or excellent (very satisfied) job when they were hired

§  Most SMEs indicated that  local consultants would be used more if their services were fast, cheap and have “competency in areas of demand”

§  Most SMEs think that having a Bachelors Degree and beyond is “not/somewhat important” when procuring consulting services, however, having past experience performing the assignment, will almost guarantee the job

§  Most SMEs want to select consultants based on past engagements and will procure their services only when needed

§  The majority of SMEs would select consultants based on previous experience, quality of personal available for assignment, competitive costing and if they had an established tract record

§  Most SMEs would rather work with consultants that they had procured in the past

§  Most SMEs would hire new consultants based on competency in areas of demand, faster service, better quality of service and cheaper service.

§  The Majority of SMEs have indicated that technical expertise, achievement of objectives, knowledge transfer , effective communication,  adherence to budget, on-time completion, accountability and professionalism are very important (3-5 rating) factors to the success of a consulting assignment.


7.0 Conclusion and Recommendations


7.1 Conclusion

The research was properly marketed. Over 150 management consultants where identified in The Bahamas, However, only 14 participated in the survey. The researcher has no conclusive reasons why they wish not to participate in the survey.

However, the majority of management consultants have indicated that they did not want to participate in the research for the following reasons:

§  did not want to give secretive information
§  felt that the survey was too long
§  had “confidentially” concerns
§  cannot benefit from the research
§  felt that a local firm should have conducted the entire research
§  information might be used for “competitive reasons”

On the other hand, the main reasons why many owners of client organizations indicated that they wish not to participate in the survey are as follows:

§  could not see how this survey could benefit their businesses
§  had participated in past surveys and did not receive a report on “findings”
§  do not have the time to fill out the survey and do not want to give the information over the telephone or in person


There were little / no support from the following organizations: Large National Companies, Multinationals, Government, Utilities / Infrastructure Firms/Non-Profits, Academic Institutions, Donor Agents and Commercial Banks, Therefore, it was difficult to submit an analysis on these market sectors.


7.2 Recommendations

The Researcher would like for the information that was submitted to be used to address the following:

§  Establish a grant to be awarded to Management Consultancy Firms to assist them in reducing prices on necessary business services: e.g. Entrepreneurship Training (for start-ups), Marketing Plans, Business Plans, QuickBooks Accounting Set-up.

§  Develop programs to change the uncooperative behavior of Management Consultants when it comes to participating in valuable research/other initiatives to improve the conditions of their industry.


8.0 Limitation and Future Research


8.1 Limitation

The obvious limitation of the research was the small sample size. The researcher had hoped to survey 150 management consultants and 250 client organizations. The Researcher assured both consultants and client organizations that the research’s overarching focus was to develop the Caribbean management and marketing consultancy industry, but it was still not well received.

 As a result of the negative perception of the purpose of the survey only 14 (9%) management consultant and 11 (4%) client organizations in The Bahamas participated in the Survey.


8.2 Future Research

Both qualitative and quantitative research approaches should be performed in the future because the management consultancy industry in The Bahamas need. more quality information so that  growth initiatives be properly formulated and implemented.

However, in order for the research to be significant there must be more participation from both management consultants and client organizations.  


9.0 Appendix (pages 8-10)


  • Summary of Management Consultancy Industry Research in The Bahamas 


  • Summary of Management Consultancy Industry Research in The Caribbean


  • Summary of Management Consultancy Industry Research in The Bahamas  and Caribbean (combined)



SUMMARY OF MANAGEMENT CONSULTANCY INDUSTRY
RESEARCH IN THE BAHAMAS 

Bahamas Sample Size:
14 Consultancy Firms (Industry) 11 Client Organizations (Market)
Particular
Bahamas Survey Results
(Value In US Dollars)
Client Organizations Expenditure on Consulting Services
85 % of Respondents: $10,000 - $49,999   
15 % of Respondents: $50,000 - $499,999
Management Consulting Firms’ Employee Level
1-19: 100 %

Top 3 Consulting Services Client Organizations Procured by segments  between 2006- 2008

1. Business Strategy
2. Human Resources
3. Information Technology

Selection Factors by Client Organizations in order of importance
1. Previous Experience        
2, Good Tract Record
3, Personal Qualities
4. Cost Competitiveness

Credentials Importance by Client Organizations in order of importance
1 Previous Experience
2. Professional Accreditations
3. Master of Business Administration
4. PhD

Annual Consulting Spending by Client Organizations based on Consultant Location
1. Local ( National)
2. Extra-Regional (Out side Caribbean / international )
3. Regional (The Caribbean)

Client Organizations Satisfaction of Consultant based on Consultant Location

1. Local:
2.  Extra- Regional     
3. Regional

Consultant ‘s Average Hourly Rate of Pay

$156.00 Hourly Rate


SUMMARY OF MANAGEMENT CONSULTANCY INDUSTRY
RESEARCH IN THE CARIBBEAN


Caribbean Sample Size:          
 155 Consultancy Firms (Industry), 100 Client Organizations (Market)
Particular
Caribbean Survey Results
(Value In US Dollars)
Client Organizations Expenditure on Consulting Services
51% of Respondents : $10,000 - $49,999   
36% of Respondents:  $50,000 - $499,999
13% of Respondents:  $500,000 & over
Management Consulting Firms’ Employee Level
1-19:                 86%
20 or more:      14%

Top 3 Consulting Services Client Organizations Procured by segments  between 2006- 2008

1. Human Resources
2. Organizational Development:
3. Information Technology

Selection Factors by Client Organizations in order of importance
1.    Previous Experience     
2.    Good Tract Record
3.    Personal Qualities
4.    Cost Competitiveness

Credentials Importance by Client Organizations in order of importance
1. Previous Experience
2. Professional Accreditations
3. Master of Business Administration
4. PhD

Annual Consulting Spending by Client Organizations based on Consultant Location
1.    Regional (The Caribbean)
2.    Extra-Regional ( Out side Caribbean / international )
3.    Local (National)

Client Organizations Satisfaction of Consultant based on Consultant Location

1.    Extra- Regional     
2.    Local:
3.    Regional

Consultant ‘s Average Hourly Rate of Pay

$125.00   Hourly Rate





SUMMARY OF MANAGEMENT CONSULTANCY INDUSTRY
RESEARCH IN THE BAHAMAS & CARIBBEAN

The Caribbean Sample Size:           
155 Consultancy Firms (Industry), 100 Client Organizations (Market)
The Bahamas Sample Size:              
   14 Consultancy Firms (Industry), 11 Client Organizations (Market)
Particular
Caribbean Survey Results
(Value In US Dollars)
Bahamas Survey Results
(Value In US Dollars)
Client Organizations Expenditure on Consulting Services
51% of Respondents : $10,000 - $49,999   
36% of Respondents:  $50,000 - $499,999
13% of Respondents:  $500,000 & over

85 % of Respondents: $10,000 - $49,999   
15 % of Respondents: $50,000 - $499,999
Management Consulting Firms’ Employee Level
1-19:                 86%
20 or more:      14%

1-19: 100 %

Top 3 Consulting Services Client Organizations Procured by segments  between 2006- 2008

1. Human Resources
2. Organizational Development:
3. Information Technology

1. Business Strategy
2. Human Resources
3. Information Technology
Selection Factors by Client Organizations in order of importance
5.     Previous Experience     
6.     Good Tract Record
7.     Personal Qualities
8.     Cost Competitiveness

1. Previous Experience        
2, Good Tract Record
3, Personal Qualities
4. Cost Competitiveness

Credentials Importance by Client Organizations in order of importance
1. Previous Experience
2. Professional Accreditation
3. Master of Business Administration
4. PhD

1 Previous Experience
2. Professional Accreditation
3. Master of Business Administration
4. PhD
Annual Consulting Spending by Client Organizations based on Consultant Location
4.     Regional (The Caribbean)
5.     Extra-Regional ( Out side Caribbean / international )
6.     Local (National)

1. Local ( National)
2. Extra-Regional (Out side Caribbean / international )
3. Regional (The Caribbean)

Client Organizations Satisfaction of Consultant based on Consultant Location

4.     Extra- Regional     
5.     Local:
6.     Regional

1. Local:
2.  Extra- Regional     
3. Regional

Consultant ‘s Average Hourly Rate of Pay

$125.00   Hourly Rate
$156.00 Hourly Rate