A Note From Our
Executive Director
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What can I say? These are clearly uncertain times that we all are trying to navigate through. When you think of business planning, you typically don’t consider a global and deadly pandemic but, here we are. I know that many of you may not have full-fledged disaster plans in place. Shoot, we didn’t either. But what we do have is fortitude, ingenuity and community. Your BEDC team has banned together in the wake of this crisis to create solutions to support and help you.
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Like us, I know that you are working with your teams to identify ways to work through these uncertain times. Many of you may have already seen the products that we have amended to be able to provide you with financial support. While what we are offering is by no means an answer to all the problems, it is a start. We are actively working with other Government departments and reaching out to the private sector to extend our support beyond what we can do alone. Now is the time for working together, relying on community and for establishing partnerships. It’s also the time to embrace disruption and to think about how your business can disrupt the status quo right now.
Can you reposition your business to offer a new type of service based on what residents need right now? Can you leverage the physical and virtual assets your business currently has in new ways to solve residents or other businesses immediate problems? If pre-Covid-19 you only offered products, could you now odder related services and vice-versa? Despite the horrible impact that the Covid-19 virus is having on the world, I still have hope. Hope that we will come out on the other side of this more resilient, with new innovative businesses and processes that streamline the way we do business for the better. And hope that entrepreneurs and entrepreneurship will play a key role in helping Bermuda and World move past Covid-19!
This Newsletter is going to focus on providing tips and tools that can assist you to navigate through these changing and turbulent waters. Remember, you are not alone - we are here to help and support you.
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This Month at BEDC / The Highlights
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BEDC with the support of its Board of Directors have reallocated funds from its budget and modified its existing products and services for the next 9 months, to be able to provide local business owners with support during these uncertain times in the wake of Covid-19. Funds will be allocated to
provide support to general business owners, existing clients who have BEDC products, and new entrepreneurs seeking financial support.
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The BEDC is adapting and up and running! All BEDC staff are working at home and are contactable through email, telephone, or web conferencing via GoToMeeting. All BEDC operations are functional with regards to receiving and processing applications and providing business advice.
We are proactively working on solutions for delivering content and educational programmes via video conferencing. Once we have confirmed the best solutions, we will be following up with you to provide an update.
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Bermuda SME Covid-19 Business Survey.
Contribute to the Conversation!
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The Covid-19 Pandemic has started to affect our business community in Bermuda. We would like to explore how we can best assist you during this challenging time to ensure we come out on the other side more resilient. Please take a few mins to fill out the survey. Your feedback is greatly appreciated.
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Blueprint for Managing Your Business Through an Economic Downturn
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By Jamillah Lodge, BEDC Director of Communication & Development
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What do you do as a business owner when due to an unplanned pandemic the economy looks as if it’s headed south? There is measurable action that you can take to get through an economic downturn – just follow the...
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Conversations Entrepreneurs Must Have ASAP
Offices are closed. Production is halted. Billings for your products or services are frozen. Clients/customers have been lost, and crucial past receivables aren't coming in. While things will eventually turn around, no one knows when that will be...
Read more
www.entrepreneur.com
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BEDC Support & Stimulus Package
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BEDC with the support of its Board of Directors have reallocated funds from its budget and modified its existing products and services for the next 9 months, to be able to provide local business owners with support during these uncertain times in the wake of Covid-19.
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BEDC offers a wide range of products to support Bermuda's entrepreneurs. Our products support the organisation’s key objective to assist the Government in encouraging economic growth for Bermuda’s local small and medium sized businesses.
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BEDC Small Business Tool Box
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The BEDC Small Business Tool Kit is a great source of information, applications, and resources needed throughout the entrepreneurial journey.
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COVID-19 Relief from Government
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This document is a compilation of Government Departments
that have offered deferral and relief to businesses that are experiencing economic hardship due to the impact of Covid-19.
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COVID-19 Relief from Banks
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In light of local business impact of the Covid-19 pandemic, Bermuda’s local banks have offered support for their respective clients. This document is an overview of those initiatives.
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Immigration Fee Increases - May 1, 2020
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Given that Government Offices are not due to officially re-open until April 6, 2020 and with the gap in services since March 19, 2020, Immigration’s fees will increase at
May 1, 2020
(not at April 1, as is the norm). Note, the fees will increase by 5% and no new fees have been added. Please review this the Bill that was tabled in the House of Assembly earlier this month; once the formal listing is available from the Ministry of Finance, the fees will be posted at
www.bermudalaws.bm
and
www.gov.bm
.
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Need Further Assistance? Interested in how BEDC can
help you in these challenging times? Want to apply for one
of our products?
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Industry Resilience Roundtable
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Bermuda Tourism Authority is hosting this virtual event to support industry partners through difficult times. Discussion will focus on the impact of COVID-19 on global travel trends, with related data, and offer expert advice on how tourism businesses can stem losses and leverage opportunities to survive and recover.
The roundtable will be moderated by BTA Interim CEO Glenn Jones and Chief Information Officer Erin Smith, and feature a panel of industry experts, including:
• Philip Barnett, Director & President, Island Restaurant Group and a BTA Director
• Chris Furbert, President, Bermuda Industrial Union (BIU)
• Stephen Gould, SVP, Head of Corporate Banking, Butterfield Bank
• Craig Simmons, Senior Lecturer, Economics, Bermuda College
• Erica Smith, Executive Director, Bermuda Economic Development Corporation (BEDC)
• Kristin White, writer, retailer, tour operator, entrepreneur
Register here to join this Webinar on Thursday, April 2nd, 3pm - 4:30pm!
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Making Sense of Covid-19 and it’s Impact on Your Business
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Abacus would like to invite you to join our FREE webinar "Making Sense of Covid-19 and it’s Impact on Your Business" to help you respond and recover in this current crisis.
We will be sharing information gathered to date from the Bermuda Government, employment legislation and respective employment organizations and discuss the decisions businesses are faced with today. During the webinar we will discuss the following:
- Employer Rights and Obligations
- Employee Rights and Obligations
- Layoffs vs Redundancies
- Vacation and Sick Pay
- Impact of layoffs on Health Insurance, Social Insurance, Pension and Payroll Tax
- Assistance available – Unemployment Benefit, BEDC support
- Questions & Answers
Join this Webinar on Wednesday, April 1st, 12pm - 2pm !
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How to Stay Connected, Find New Clients, and Leverage Your Network During The Covid-19 Crisis
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One of our international partners, Jared Kleinert (Founder of Meeting of the Minds, co-host of the Bermuda Entrepreneurship Summit) is a TED speaker, award-winning author, and USA Today's "Most Connected Millennial". He's consulted New York Times bestselling authors, Fortune 1000 global marketing teams, and even the United Nations, and has offered to host a free webinar for anyone who is struggling to generate new business right now, take advantage of opportunities that Covid-19 has presented, and leveraged their networks to stay solvent or perhaps even get ahead!
Register here to join us on Tuesday, April 6 for this one-time webinar!
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You can also dial in using your phone.
Access Code:
702-759-597
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Covid-19 Tips & Support Articles
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Naturally Inclined by Bermy Distributors to Donate $15K in
Electrolyte Beverages
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Naturally Inclined, a division of Bermy Distributors will be donating approximately $15,000 in GLOW Electrolyte Beverages to various outlets throughout the Island. “We will be donating up to 33 cases of each of the flavours of GLOW Electrolyte Hydration and Energy Drinks.”
Their focus will be getting the products to those who need them most: Individuals and groups that are working long hours; the various constabularies; and especially those that need the beverages but are unable to afford them in these economic times.
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Managing Work-From-Home Efficiently During COVID-19
3 min read Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. With COVID-19 reaching pandemic status, new challenges have cropped up in all...
Read more
www.entrepreneur.com
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Evolving Employee Relationships in Today's Flexible Work ...
Work is becoming more flexible by the minute - be it long-term and part-time, or full-time but temporarily in the name of safety. As employees shift to more flexible hours, many companies are also evolving their perspective on Paid Time Off (PTO) ...
Read more
blog.gotomeeting.com
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8 Tricks for First-Time Remote Workers - GotoMeeting
Break up the monotony of remote work! Read these eight tips to keep you motivated and productive when you're working from the comforts of home.
Read more
blog.gotomeeting.com
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How Your Small Business Can Survive The COVID-19 Pandemic
5 min read Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. There's no doubt that small businesses will be the hardest hit from the current...
Read more
www.entrepreneur.com
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www.bedc.bm • (441) 292 - 5570 • info@bedc.bm
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