Scotiabank empowers SMEs
Published:Tuesday | March 22, 2022 | 12:07 AMAsha Wilks/Gleaner Writer
Scotiabank Jamaica has embarked on another year of empowering and developing small and medium-sized enterprises (SMEs) across Jamaica.
Through its Scotiabank Vision Achiever programme, another 25 SMEs will participate in the 17-week transformational journey that has benefited over 200 enterprises since its inception in 2011.
This was announced at last Wednesday’s launch of the 2022 edition of the programme, which marked its 11th anniversary.
The programme, led by Marcia Woon Choy, chief executive officer of ActionCOACH Jamaica Limited, will guide the vision achievers through an intensive, seven-module coaching plan designed to achieve the core competencies for running a business.
The entrepreneurs will be trained in sales, systemizing business processes, marketing, and understanding business financials.
Woon Choy charged the new cohort of business owners to pay keen attention to their specific visions for their business, placing it at the forefront of their minds as they journey along in the programme.
Though there will be instances where they may feel to give up, Woon Choy reminded them that “ambition starts the spark, attention fans the flame, but it is your attitude that will build [your vision] to that bonfire,” she said.
She urged the entrepreneurs to put in maximum effort while making the best use of the time allotted to them, so that they can absorb as much of the information imparted to them that will help in the advancement of their businesses.
“I want to say, ‘Congratulations to you all ... you made it, you survived through COVID and demonstrated absolute resilience and determination and perseverance, because there are many who closed their doors. They just didn’t have it, but you survived,’” Woon Choy said.
According to Perrin Gayle, head of retail banking and small business for Scotiabank Caribbean North and Central, the pandemic had made it difficult for both individuals and businesses to make their way through this period in human history as the “the impact of the pandemic has been especially significant for small business operators who have fought to maintain viability during a period of crippled economic activity”.
As such, Gayle hopes to see business operators sharpen their focus as they move ahead to the “post-pandemic” period. He also expressed pleasure in welcoming the 25 new business owners from across various business sectors such as education, healthcare, retail, distribution, law, technology and manufacturing to the programme.
“On behalf of the Scotiabank team, I extend a hearty welcome and congratulations ... for taking this bold decision to invest in your business by developing yourself. Here, you will find a support system inclusive of your peers, experts in industry and finance – mentors,” Gayle said.
Marlene Street Forrest, managing director of the Jamaica Stock Exchange, in delivering the keynote address, said Jamaica needs SMEs and that a programme such as this “complements what the stock exchange is doing,” because the JSE will be asking “tough questions”, for which business owners must be prepared to stand accountable.
As a result, she added, the programme will teach the required skills to keep firms viable, allowing SMEs to thrive and take advantage of an ever-changing global economy.
“Vision must be followed by venture, and venture must include the skill, knowledge, or access to knowledge, and planning,” she added.
Kerith Foster, one of the 2022 vision schievers, told The Gleaner last Wednesday that after going through the 17-week programme, he expects to gain and achieve a greater sense of digital marketing and to become more “future-proof” in his practice.
The physical therapist also noted that given that his degree does not equip him in the know-how of becoming an entrepreneur, when he decided to start his private practice five years ago, he encountered several challenges that he could not manage on his own. One such hurdle was effective advertising and marketing to attract more patients.
The Scotiabank Vision Achievers programme, he said, will be a valuable asset in helping him and his company grow.
Foster also noted that he wishes to see more of these types of programmes in Jamaica, “especially because it is not introduced in the educational system that we have right now,” as entrepreneurship and mentorship can help to drive the economy.
This year, the top three vision achievers will share over $4 million in prizes.