Government experts warned on Friday.

And the longer a business stays in the dark the more money they will miss out on as more efficient on-line competitors expand their markets to win a slice of the trillion dollar e-commerce boom.

Finance Ministry assistant financial secretary (international business) Ifor Hughes and economic advisor Ron Holberton told The Royal Gazette that marketing local opportunities was important as drawing up the legislation.

They insisted this "local small business pillar'' was as valuable and important for Bermuda as attracting new e-commerce businesses to the Island or even servicing the online wishes of international businesses already here.

Mr. Holberton said some experts insisted there was no such thing as a business which would not benefit from going online.

"There is a need for local businesses to really embrace this new technology because of the increasingly competitive nature of retailing and other sectors due to changes brought on by e-commerce,'' he said.

"First they must understand that e-commerce is not a business in itself, it's a process, a way of doing business that dissolves the power of traditional borders.

"So as the world reforms its business practises along the ideas of e-commerce, Bermuda and Bermuda's businesses are going to have to adopt the new technology as well or get left behind.'' He said "ready or not'' every business would be impacted by e-commerce and had to deal with it.

"A look at those businesses which have tackled the issue shows that the changes they undergo in taking business on-line, radically improves the efficiency of their operation,'' he said.

"They have a much better understanding of how their business is performing and what their opportunities are.

"So as Bermuda's local businesses adjust and go into the e-commerce world, they have a much better chance of being profitable, expanding, servicing the world and even just staying alive.'' "In many ways how Bermuda's businesses adopt this technology is every bit as important as whether or not we help one of our international businesses use e-commerce.'' See E-commerce, Page 15 and related story, Page 16 E-commerce is key to prosperity for small, Island entreprenuers Mr. Hughes said the Bermuda Perfumery was a perfect example of a small business that had successfully grappled with the new technology -- and now sold a large portion of its products online.

And the Government kept this issue in mind in its work with UK law firm Linklaters & Paines and local firm Appleby Spurling & Kempe to draw up a set of detailed drafting instructions for the new e-commerce legislation.

It was planned the new laws would go before the House of Assembly when it rises for the Summer.

And while the drafting of the bill was a strictly legislative process, it was vital local businesses got involved in Bermuda's "business plan'' to attract e-commerce.

"What does all this mean to Bermudians? What education will be supplied? How can we help local firms adopt the new technology? What assistance will there be? These are the questions that will affect all Bermudians.''