BOSVG holds ‘Ideas and Opportunities’ workshop series

The Bank of St Vincent and the Grenadines recently hosted a series of workshops, in collaboration with the St Vincent and the Grenadines Hotel and Tourism Authority (SVGHTA), under the theme “Ideas and Opportunities”.{{more}}

The workshop focused mainly on the efficiencies and competitive advantages to be derived from the various products and services available to businesses today. This was without a doubt the realization of many of its participants.

Omari France, the senior marketing officer, in his presentation, stated “that according to the world payment report, global non-cash payments has continue to grow, and payments have proved resilient to the effects of the financial crisis. Although there was a decrease in the growth rate in non-cash payment volumes in 2008-09, volumes resumed a higher growth rate by 2010 and have continued to do so. This is the business environment in which we live today”.

He further observed that the tremendous benefits to be gained by the ability to operate their businesses virtually anywhere cannot be overlooked; during a time of fierce competition and high expectations of the influx of tourists whose main method of payment is via plastic (Cards) “cash is no longer king”, with technology playing a major part in the success of most businesses, being able to readily accept such payments at any given time or place could determine the competitive edge your business has in the market.

Also addressing the group was senior supervisor of Card Services Alana McMaster who reiterated that “Although all methods of payments can be risky, debit or credit cards is the only sure method of payment, once proper procedure has been followed, as opposed to the use of counterfeit notes and bounced checks which are not guaranteed methods of payments and can cause great loss to a business”.

Focus was also centered on the financing options available to entrepreneurs in the tourism industry, as well as the investment options available through the Bank of St Vincent and the Grenadines wealth management. Senior manager Business and Operations Cerlian Russell pointed out that “There needs to be more collaboration between the members of the SVGTHA, engaging in strategic partnerships. Through the combination risk management skills, experience and wealth, businesses can be more beneficial and profitable.”

The workshops consisted of two phases, which saw approximately 60 participants from across St Vincent and the Grenadines, and included hoteliers, taxi drivers, tour operators, restaurant owners and many more entrepreneurs from the hospitality industry. The first phase was held in the Bank of St Vincent and the Grenadines training room and the second at the Union Island tourism bureau.

At the end of the workshop, many of its participants opined that there needs to be more workshops of this nature across St Vincent and the Grenadines.

The Bank of St Vincent and the Grenadines continues to live up to its value proposition as “the bank that gives me more,” through its own strategic partnerships and its corporate social responsibilities.