A large number of entrepreneurs, in various fields of industry and commerce, filled to capacity the customer service area at Scotiabank Anguilla, where the institution held its first Small Business Seminar on the island.
Managing Director of the Bank, Pamela Herbert-Daniel, in welcoming the business persons on Friday, October 5, to the afternoon seminar, said that over the years Scotiabank had enjoyed a partnership with the small business sector. “Our vision then, as now, has been to create opportunities, through a range of banking solutions…especially to build and deepen relationships within the sector,” she said.
“That objective has led to a platform of Scotiabank support through product and service innovation as well as education. We anticipate that there will be keen interest and, with that in mind, we are working on a calendar of similarly free seminars. These will deliver tremendous value to you as entrepreneurs, particularly as they allow you to strengthen your bases of operation.”
The General Manager said that relevant solutions were a key driver of the Bank’s differentiated product strategy, and that it was constantly seeking ways to improve its range of options and efficiency in the delivery of service. “We aim to make your solution our passion,” she stressed.
Commercial Banking Services Officer, Valdez Johnson, gave a presentation on Cash Flow Management. He defined that as being the movement of money in and out of a business. “Managing the cash flow in your business is one of your most important duties,” he advised the seminar participants. “You can have a very profitable business but still have a major cash flow problem. Lack of cash flow is one of the main causes of small business failure.”
Mr. Johnson went on to speak on such matters as the main causes of cash flow problems and how they can be properly managed and reduced. He also spoke about acquiring financial assistance from lending institutions for business development and other related matters.
Evan Webster, the Commercial Banking Manager, spoke on “The Key to a successful business”. He advised the seminar participants to take 100% responsibility for their success; to pursue their business with passion in order to be successful; to aim high and work hard to build their business which was not an easy task; to boost their self-confidence; to develop their expertise as entrepreneurs; to maintain their motivation; develop a plan; consult with others and to persevere.
The Guest Speaker was Franklyn Rogers, Managing Director of JTR Advanced Security, and a partnerat Scotiabank. He described the Bank as “a reliable business partner” which assisted him in the development of his enterprise.
Mr. Rogers outlined a number of ideas which he said had worked for him in starting up his business and which he thought could also assist other entrepreneurs.These were: “Learn every aspect of your business. Think positive and stay away from negative criticism. This is your idea/dream – don’t be afraid to adjust. Be responsible where spending is concerned. Buy what you need, not what you want. Don’t use money coming into your company as your pay cheque and then be unable to meet you obligations; If you need finance, find an institution you can rely on.”
The Keynote Speaker was Carlton Pickering, Vice President of the Anguilla Chamber of Commerce and Industry. His presentation was mainly in relation to business planning, development and bench-marketing. Noting that small businesses were in need of assistance, he stated: “I call on the financial institutions on the island, to come up with a sustainable stimulus package to help small and medium-size businesses to access finance and further stimulate entrepreneurship at all levels.”
Mr. Pickering continued: “I call on the present administration of Government to establish a National Tripartite Forum to effect social dialogue on the economy, [other] national issues, labour and industrial matters.
“I call on all members of the House of Assembly to pass the Education Act (it is long overdue) so that the TVET Council can put in place the National Qualification Framework, and [for] the Anguilla Community College to function efficiently as our highest institution of learning.
“These issues all have an effect on marketing your business.”
The opening session and presentations were moderated by Andrew Niles, Manager Personal Banking. In his remarks he expressed thanks to the business representatives who participated in the seminar, and a number of business partners who assisted with the event.
Earlier during the seminar a number of participants won awards, including gift certificates, sponsored by some of Scotiabank’s business partners.
