Small business owners were hosted to the recent Nassau edition of CIBC FirstCaribbean’s regional “Business Banking Roadshow” series on good business practices.
More than 85 entrepreneurs attended the hour-long seminar at the Atlantis Resort’s Conference Center. The bank collaborated with international accounting firm BDO, whose Director of Advisory Services, Myles Culmer, gave an instructional presentation entitled “Accounting Advice for Better Business Management.”
Mr. Culmer walked attendees through pertinent topics such as the statutory requirements of record keeping, the importance of good financial planning and control, accessing capital and choosing appropriate accounting systems/software. He also offered useful tips to participants about reinvesting in their businesses, the merits of conducting annual financial reviews, and the importance of owners separating their personal and business affairs to allow for accurate fiscal assessment. However, most popular amongst the topics was Mr. Culmer’s guidance for small businesses navigating the newly implemented Value Added Tax.
The entrepreneurs were also briefed on the many new changes and products CIBC FirstCaribbean has developed to meet the specific needs of small and medium sized business in the Bahamas. Gezel Farrington, CIBC FirstCaribbean’s Director of Retail Banking, highlighted the suite of tailored solutions which include Business Banking line of Credit, Merchant Services Overdraft, the Foreign Currency Account and informational literature such as a new business planning guide to help start-ups plan, analyse and represent their businesses.
Mrs. Farrington also described the many ways that CIBC’s Business Banking Officers had been retrained and upskilled to meet both personal and commercial financial needs. Currently, CIBC FirstCaribbean officers across the region are completing an international accreditation program through the Canadian Securities Institute focused on lending in the Caribbean. “We find that in order to be prepared to help small businesses, we must grow as they grow and must be informed, up-to-date, and skilled enough to advise them accordingly,” Mrs. Farrington said.
She went on to detail a variety of products that address businesses’ transactional and cash management requirements such as Internet Banking, Online Wire Transfers, Merchant Services and Foreign Exchange solutions. Prompted in the Q&A section, Mrs. Farrington also revealed that due to a recent meeting between CIBC FirstCaribbean and representatives from the fuel station industry, the Bank has now committed to same day deposits for its clients from that sector. –
The interactive sessions were followed by a mix and mingle, where business owners received one-on-one access to Relationship Managers, bank executives, and local BDO advisors.
The Nassau seminar was the latest in a series of sessions intended to bring expertise to CIBC FirstCaribbean business clients and to highlight the progressive changes to Business Banking in recent months. The Roadshow is being rolled out across the region by CIBC FirstCaribbean in conjunction with BDO. The bank chose to team up with BDO as the firm has a presence in 9 of the 17 markets CIBC Operates in and carries a reputation for trusted advice, strong technical capabilities, and an impeccable track-record for servicing entrepreneurs in markets around the world.
Roadshows have already been held in Barbados, St. Maarten, and St. Vincent and the Grenadines.
