If you’re not keeping track of the landed cost of your imported goods, then chances are you are pricing your products incorrectly and losing out on profits. This article will walk you through the basic landed cost principles you need to know in order to help your business grow.
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We've rounded up seven of our most popular blog articles into an infographic. It gives snippets of money-saving importing tips on everything from building and mapping your supply chains to choosing the right shipping mode and keeping track of your landed costs. It's basically a business owner's logistics tool kit.
Formulating and actioning a good supply chain risk management plan will help identify vulnerabilities in your supply chain and minimize the impact of disruptions. There are four (4) parts to supply chain risk management: identify risks, quantify risks, mitigate risks and respond to risks. But how do we effectively implement and continuously utilize these steps?
Did you know that the UK and nine of the fifteen states comprising the CARIFORUM signed the CARIFORUM-UK Economic Partnership in 2019? Or that in the same year, there was a renewal of the CBERA waiver at the WTO? How about how these major developments will affect trade in the Caribbean region?
After launching on September 9th, Barbados is now in the deep of things with the customs portal ASYCUDA World. There has been a plethora of implementation drawbacks, which have heavily impacted the business community and have been the subject of much discussion in the local media. While tempting, the intention of this article is not to add to the numerous conversations about Barbados’ ASYCUDA World teething issues, rather we will focus on some of the information that has become available so far, which will allow us who interface with customs to move past the issues.
This guide will help you work out a shipping schedule that best suits your needs and will teach you how to minimize your risk of incurring punitive port and shipping line fees.
After Barbados’ September 1st launch of ASYCUDA World, get ready to find out if the business community’s fears and concerns will manifest or if the government’s proposed benefits will be realized. That’s what.
Technology isn’t dismal. It’s useful. But as useful as technology can be, take caution against becoming a bandwagonist, hopping on and off trends for the sake of being current. Instead take time to understand if a particular tech solution will truly be a problem-solving tool for your individual business. Here are five questions you need to ask—and have answers for—before adopting new technology for your supply chain.
Small but frequent doses of knowledge is a great way to combat fear. In this article, we’re going to simplify some recent buzzwords in the field of supply chain management—Big Data, Cloud Computing and the Internet of Things (IoT)—as a starting point. We’ll also touch on the tremendous impact embracing each of these technologies can have on your business.
You ask yourself: should I send my current used vehicle to Barbados or would buying a new one and shipping it in be a better option? Should I just spare myself the hassle and purchase one when I get there, or should I rent a vehicle on island for the period of my stay? And what makes the most financial sense?
Here are five key considerations that you need to incorporate into your thought process when weighing up costs and ultimately making a decision on whether to import a vehicle into Barbados or buy one on the local market.
Confirmed: demurrage is terrible. Guest contributor Wanda Downes, dissects the demurrage plague that is currently sweeping across the island states of the Caribbean and offers suggestions on how we can develop a level of reasonableness for both parties involved—carriers and importers/exporters.
Car lovers, here are the rules governing the importation of vintage, antique and classic cars into Barbados.
If you’re not keeping track of the landed cost of your imported goods, then chances are you are pricing your products incorrectly and losing out on profits. This article will walk you through the basic landed cost principles you need to know in order to help your business grow.
Just as Barbados opens its borders to a multitude of tourists, expats, returning nationals and second home owners who have opted to make its shores their home away from home, the island welcomes cats and dogs from all countries across the globe, provided that they satisfy the stipulated requirements.
So, what exactly are these rules that govern the entry of pets into Barbados and what is required of you the pet owner to ensure that your pet complies with them? Read on.
In the air freight industry, both the weight and the size of your shipment matters when determining the shipping costs you need to pay. This weight and size consideration is reflected in a pricing technique known as volumetric weight. You should have a clear understanding of what it is, how to calculate it and some of the things you can do to minimize its potential impact on your pocket.
When taken at face value, it may be tempting to think that the most cost-effective method of shipping is clearly the cheapest, but this may not necessarily be the case. In fact, this notion is what often leads most to hold firm to the belief that ocean freight is always the most cost-effective of the shipping modalities. However, in some cases it is the cheapest shipping mode that can potentially cost your business the most, and in turn impair your bottom line.
So, you’ve taken the bold step to become a registered manufacturer—kudos to you. The world is now your oyster as you are no longer limited to the standard, cost-driven raw materials available locally but instead can expand your repertoire to include low cost, high-quality inputs sourced on the international market.
Not only will this move translate to a multitude of cost saving opportunities and hence positively impact your bottom line, but exemption from the payment of import duty on equipment and materials used in your manufacturing processes will also give your end products a competitive advantage.
Dear we say, you are well on your way to dominating your market space. Here are three tips to get you going.
If you're a non-national relocating to Barbados, we have you covered. In this article we explain what you need to know about bringing your personal effects and household goods to Barbados.
This article gives a quick explanation of what you should know about import duty and VAT when buying goods overseas and shipping them to Barbados.
Seon McKend is owner of the woodworking business, McKend Enterprise. This article outlines why Seon made the decision to register as a manufacturer, his experience during the registration process and how his resultant manufacturing concession allowed him to grow his business.
We are just back from MODEX 2018 in Atlanta. Dubbed "the greatest supply chain show on earth," it certainly possessed the attributes. It was a show of magnificent proportions with an exhibitor list in excess of 925 logistics and supply chain practitioners and an official attendance of 30,944 persons from across the globe. To say the least, the energy at the show was infectious and inspiring.
Supply Chain Consultant, Collis Williams, delivers an address to a group of entrepreneurs at the Barbados Youth Business Trust's 'Business Over Breakfast' event.
The Caribbean is in itself a very innovative society. Many world-class artisans and a sundry of creative-minded entrepreneurs call our shores home. These individuals often scour the international market in search of innovative raw materials and products that can add value to their offerings. However, the Caribbean’s geographic location and our unique logistics system often makes access a challenge. “How do I get it here?” is a common cry of these individuals.
At RDL Eagle, we are convicted that there is a concession out there for everyone who sincerely wants to invest in our lands and people, and contribute to the development of the Caribbean. We bow at our Caribbean Governments’ mission to open our shores to the world’s creative and innovative investors, to assist in unleashing the world-class potential of these islands we call home.
Can we continue to depend solely on Tax Concessions as a means to attract high quality Foreign Direct Investment to our Caribbean shores? The answer is no.
There is no doubt that the advent of e-commerce is taking a swipe at the in-store retail sales market. What’s even more interesting is the fact that some of these sales are lost to the very suppliers of the same product these retailers are trying to sell. It's a double-edged sword.
A push supply chain is generally defined as a collaboration of events needed to secure products or inventory in anticipation of consumer demand. On the other hand, in a pull system, the supply chain only responds when there is consumer demand. As such, inventory is pulled through the system as a function of the demand rate.
What started from humble beginnings as a need to have cargo purchased in source markets, forwarded and shipped to the islands cost effectively, no longer serves to protect the interests of the serious investor. For the freight forwarder, merely being a warehouse facility to be used to consolidate all of an investor's cargo and using the cheapest method of ocean freight or airfreight does not necessarily equate to growth of the investor's bottom line. While freight forwarding has served its time admirably, survival in today’s commercial jungle tells a different story.
Here are the answers to some of the most common questions about leaving Barbados with your pet (the pet export process) as well as some invaluable, need-to-know tips that will help make your travel prep much easier.