Bermuda College’s StreetWise MBA programme launched this week with 19 students enrolled in the classes.

The programme, which is 95 per cent underwritten by local organisations, is aimed at helping smaller businesses to develop the financial planning and management skills needed to be resilient.

According to the College, the programme attracted the interest of a wide range of small businesses, including philanthropic interests, security, hardware and boutique retail stores.

Tawana Flood, the director of Bermuda College’s Professional and Career Education division, said the programme is timely for Bermuda, noting that several businesses on the Island have failed because of ineffective financial planning and management.

“Local entrepreneurs tend to run their business activities by intuition rather than strong financial discipline,” Ms Flood said. “The StreetWise courses address this gap most effectively.

“Topics are targeted for entrepreneurial success — strategic planning, finance and financial management, access to capital and anchor institution contracting — all tactically designed for achievement.

“There are a high number of unemployed or underemployed workers whose skill level represents a barrier to the world of knowledge-based work. Small business is more likely to be an employer of this specific population, therefore, making these enterprises more successful is a fundamental strength of the Streetwise MBA programme.

“We look forward to other funding partners coming on board with us shortly. This is very, very encouraging as far as tangible help for the local economy,”

As part of the course, students meet for three hours, on two evenings per month. The class features expert guest panellists, CEO mentoring group meetings, and preparation, readings and final growth presentations.

Programme manager and co-ordinator Constance Ridley Smith said that one of the strengths of the programme is that students are immediately able to use the lessons learnt in their own businesses as they go.

“You don’t have to wait until you complete the entire programme before you begin to reap the benefits,” she said. “You can learn something today and begin application the very next day, with an expectation of seeing things continue to develop in the right direction.”