More than 50 entrepreneurs a week consult the Bermuda Small Business Development Corporation (BSBDC) for advice on starting their own business.

And as General Manager of the BSBDC Mr. William Spriggs told Hamilton Rotarians at their weekly lunch meeting yesterday, the key to success is by partnering and developing alliances with like minded individuals and businesses. Highlighting the work of the BSBDC in helping some of the Island's 2,000 small businesses, Mr. Spriggs said that more than 1,000 small businesses are listed in the organisation's database, and receive regular communications and advice.

Mr. Spriggs also explained that the BSBDC helps entrepreneurs by guaranteeing 50 percent of bank loans up to $100,000 and said since April 2001, the BSBDC has guaranteed more than $500,000 in loans and another $75,000 in guarantees was waiting approval. He added: "In the marketplace today we have some $1.7 million in guarantees ranging from $5,000 to our maximum $100,000."

Mr. Spriggs quoted a business owner as saying recently: "It's extremely tough for small business in Bermuda at the moment." However, Mr. Spriggs commented: "I would have to slightly disagree with the owner and say that it is extremely tough for small business, period."

He continued: "It is even harder for a small-business owner captaining his ship without the solid backing of a power partnership and professionals to assist him in achieving his goals and objectives."

Speaking about the power of partnerships, Mr. Spriggs said: "To do business in this day and time without your banker, accountant, advisory board and the Small Business Development Corporation as partners is like driving down the windy, rocky road without a steering wheel."

Mr. Spriggs explained how each partnership could help the small business owner, saying: "With your bank as a partner on a foundation of trust and common business goals... your banker can be a strong business cheerleader with ready financial resources to help you deal with unforeseen challenges and embrace quick opportunities.

He continued: "Next, a good accountant is usually worth their weight in platinum to a small business, especially if the business is in need of restructuring for continued survival. Juggling the planning, staffing, marketing and customer orientated decisions through a financial lens can be daunting and if you lack a numbers background, it can be just plain mind-boggling."

The prerequisite for business start up these days, Mr. Spriggs explained is a business plan with a plan for the regular generation of business accounts, and said small business owners should meet with their accountant to discuss statements so they fully understand the numbers and what they mean for the business.

Often entrepreneurs suffer from a "God complex" said Mr. Spriggs who added: "By surrounding ourselves with trusted advisors, we protect ourselves from skipping down the primrose path of loss and destruction."

Mr. Spriggs explained: "The BSBDC, besides providing free advice and consultation, financially services its small business clients by way of its loan guarantee program with the Island's banks."

Mr. Spriggs said that the BSBDC could help people who were looking to sell their business and do not know where to start, as well as those buying a business and wonder what they need from the owner, or those wishing to close their business and restructure their debt into something they can afford.

Mr. Spriggs concluded: "Yes, I would suggest small business in Bermuda is tough, but it is vibrant and coloured with a dynamic mixture of individuals possessing guts enough to tread onwards the glory of creating their own destiny. And we at the Bermuda Small Business Development Corporation are committed to their success."