There are more factors than “passion” required to succeed in business.

 

This comes from Managing Director & Chief Executive Officer of Republic Bank (Barbados) Ltd., Ian De Souza, who explained that even with small and medium size businesses, it is absolutely critical that in addition to the passion and commitment one brings to their business – that all other components are in place.

 

He said this includes having an advisory committee or a group of people that would steer policy and direction and see to governance structures; managing risk within the organisation, management; workers within the organisation; IT systems; and strategic planning. And the 4 P’s – price, product, promotion and place must be carefully thought through.

 

“A business is almost like an organism where every single part of it has to be in good health, and if any part of it is not in good health, that organism will suffer,” he shared with participants of Republic Bank Commercial Customer Business Programme, which got under way at the Cave Hill School of Business, Cave Hill Campus, University of the West Indies, yesterday.

 

“I see it even in the bank. Yes, the bank is a big organisation, but the way we have to manage the bank is to ensure that every single aspect of the business is well thought out and running smoothly.”

 

During the opening ceremony, General Manager of Corporate & Commercial Credit at Republic Bank, Sean Husain told participants that the Program is structured to expose them to information to enhance their skills in key management areas. He said topics will include: understanding the business environment, managing the sales process, managing people, effective communication, financial management and customer care excellence.

 

“One of the objectives of the Republic Bank Group is to assist in the development of the economies where we operate. Therefore, to the extent that programmes like these assist in growing your businesses, the SME sector will expand leading to expansion of the economy and by extension the Bank meeting its objective,” he pointed out.

 

“You are therefore our partners in contributing to economic growth in Barbados. On a more micro-level but no less significant,  as partners, Republic Bank is invested in the success of your business … the more successful you become, the stronger are your enterprises. Republic Bank therefore takes its responsibilities seriously in this regard, for the development of successful businesses.”