CIBC FIRSTCARIBBEAN ROAD SHOWS GETS UNDERWAY
Some 40 clients of CIBC FirstCaribbean International Bank were assisted on their ‘Journey to Success‘ recently when they received some valuable advice during the Bank’s inaugural Business Banking Road Show specifically targeted at small and medium sized businesses.
Entitled ‘Accounting Advice for Better Business Management,’ the session was the result of the bank collaborating with international accounting firm BDO, where partner Joseph Ward delivered an intensive 30-minute presentation.
He dealt with such topics as record keeping – the statutory requirements, the importance to good financial management, and the critical component played in a business’ access to capital; accounting systems and software – detailing the range of systems available and the benefits to business operations.
Ward also addressed the role of the accountant or financial advisor and their relevance in advising on matters such selecting the most appropriate organizational structure, business planning, tax planning and advice, and the introduction of management controls.
He also offered some useful hints to participants about reinvesting in their businesses, the merits of conducting annual financial reviews, and the importance of the owners and directors separating their personal and business affairs so as to allow for objective assessment in the pursuit of growth.
The interactive session, which was held at the bank’s new Warrens Branch, also saw Director Retail Banking Channels, Michelle Whitelaw highlight the many new products which have been developed by the bank with the specific needs of small and medium sized business in mind. She further clarified that the area of Business Banking was so named as the bank sought to enhance and renew the entrepreneurial spirit of these businesses.
Her presentation described the research that was undertaken to ascertain what it was that business owners required of their bank, and with that in mind CIBC FirstCaribbean set out to develop both product and advisory solutions to meet the needs of the business person.
She detailed a variety of products that address a business’ transactional and cash management requirements such as internet banking, online wire transfers, and merchant services, foreign exchange solutions, and the wide range of credit product such as the new bizline visa card, merchant services overdraft, and the business banking line of credit.
A number of thoughtful questions followed both presentations from the interested business owners who were highly complementary and expressed appreciation for the session. The formal part of the event was followed by a mix and mingle, where the queries continued one-on-one with the bank’s Relationship Managers, other bank officials, and the local partners of BDO.
This was the first in a series of sessions, intended to highlight the progressive changes to business banking in recent months, which will be rolled out across the region by CIBC FirstCaribbean and BDO. The two organisations already share footprint in nine markets in the region and will be heading next to St. Vincent and St. Maarten this month. Other countries in the region will follow in November and again in January of 2015.
BDO, founded in 1963, is the world’s fifth largest accounting network with over 1200 offices in 144 countries. There are more than 56,000 partners and staff worldwide.