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She encouraged members to focus on their core mission in the current climate. Over time, companies, and I am sure your organisations are the same, start to get some mission creep.

You start off doing one sort of thing for your clients and then you morph into doing other things.

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Caroline Foulger, chairwoman of Bermuda Business Development Agency, encouraged the third sector to follow the example of the international business community by undergoing tough measures that could lead to a brighter long-term future.

Ms Foulger told the audience: We have lots of third sector organisations in Bermuda.

In the same way that we have seen consolidations going on in the insurance industry, there is never a perfect overlap, but there is a degree.

Think about what you are best at, what are you better at than anyone else at delivering.

It is very tempting to get sidetracked with other things when you know you can help but you may not be the best person to offer that help.