BASSETERRE, St. Kitts – Chief Executive Officers (CEOs) and entrepreneurs throughout the Eastern Caribbean Currency Union (ECCU) were yesterday (Oct. 18), given a boost of knowledge in business strengthening and competitiveness.
A Regional Business Symposium was held at the Sir Cecil Jacobs Auditorium at the Eastern Caribbean Central Bank (ECCB), and it focused on fortifying businesses and building competitiveness during an economic downturn.
Under the theme, “Revitalising and rejuvenating business enterprises:
Strategic responses to current economic and business challenges”, the Symposium exposed the business owners to concepts and techniques for reinforcing their businesses and being ready for action during the current recession.
Three experienced business executives from the United States of America and St Kitts and Nevis conducted the sessions.
Clare Doyle, Global Marketing Director of Elements Specialties in the USA, exposed the participants to the key concepts of Market Segmentation and Marketing Metrics.
She spoke on the topic: “Linking Marketing to Financial Results”. Her presentation covered the basics of market segmentation and introduced a marketing metric dashboard to guide the business leaders.
She explained the goal of marketing, and why segmentation is important when marketing a product type. She also explained the different types of segmentation, as well as the mind frame entrepreneurs must have when considering marketing a product or their business.
Edwin Zephrin, Managing Director of Edwin Zephrin and Associates in the US, examined talent identification and management through competency modelling and targeted learning.
He spoke on the topic “Linking Human Resource Management to Business Results”. His presentation was based on the new age for Human Resources.
He spoke about the culture businesses are creating, or want to create, and how it will differ to the culture presented in the coming years.
Zephrin stressed the role that Human Resource Management plays in the business realm. He also stressed the difference between a person being ‘trained’ and a person being ‘educated’ about a specific field of work, as well as a person having a talent to do a specific skill versus a person motivated to do that specific skill.
Rawlinson Isaac, a Financial Consultant from St Kitts and Nevis, provided guidance on maximising the potential of the ECCU businesses amidst an uncertain business environment.
His topic was: “Business Strategy and Caribbean Businesses”. He spoke of the changes that are necessary to move forward in the ECCU.
He spoke of the importance of corporatizing, and changing the mindset of the structures of businesses. He explained the difference between management and leadership, and between change and transformation.
He also pointed out the importance of linking schools with businesses as it would give the students a better sense and knowledge of the business world, as well as a sense professionalism.
Each presenter made suggestions and provided solutions on how to make the business world in the ECCU stronger and more competitive.
The Symposium was held as part of the activities for the 10th celebration of Financial Information Month.
The major sponsors of the FIM Regional Business Symposium were American Airlines/American Eagle, the Eastern Caribbean Central Bank and the St Kitts Royal Beach Casino.
