Senior banker outlines strategies to Old Harbour business community

As guest speaker at the South St Catherine Chamber of Commerce Annual General Meeting (AGM), Spencer delivered several strategic tips to the business community that can aid them to overcome the hardships brought on by the health pandemic, the emergence of the monkey pox virus and the ongoing war between Russia and Ukraine.

“As a career banker, I can attest to the ebbs and flows of markets, the rise and fall of interest rates, and the many other rapid changes we experience on an ongoing basis. In spite of this, one thing remains certain: operating in an ever-changing environment such as the one we are experiencing today requires resilience and being adaptable at every turn,” Spencer told the audience inside the Old Harbour Open Bible Church off Darlington Drive on November 30.

He lauded those businesses that have survived the challenges so far by pivoting to the changes as they occurred during a crisis that started in early 2020. However their continued survival, he said, will be determined by the ability to build a business that’s resilient, adjustable to the modern realities of work, chain supply capabilities and cash flow management.

“It is important that we acknowledge and analyze what worked for us and what did not. The lessons from the pandemic will help us to build greater resilience for the next crisis,” said Spencer regarding the importance of building a business capable of responding to external shocks. “One major lesson that stood out from the crisis is that businesses need to plan and prepare for the next inevitable disruption by designating a crisis response team and designing a crisis response plan.”

In response to the pandemic many companies became more flexible, he said by offering employees the opportunity to work remotely. This new paradigm, he noted, has since escalated even after the pandemic peaked, as more people are demanding remote work jobs because of the flexibility it provides balancing work and personal life.

Spencer, who came through the NCB ranks and was at one point manager of the Old Harbour branch, said: “So your employees will develop a sense of purpose and belonging to your company if your business strategy is aligned with these new demands.”

On the future of supply chain capabilities, the senior banker urged entrepreneurs to tap into added value of an e-commerce platform to grow their business as this will give them a better understanding of their customers which can be used to shape strategy.

“To do this, businesses can start by mapping customers’ journeys and creating an ecosystem to support customer interaction,” he said. “This will help to develop deeper insights into customers’ needs and allow businesses to deliver exceptional experiences to them without compromising on cost or responsiveness.”

He further urged business operators to pay “great attention” on the management of its cash flow.

“Talk to suppliers and negotiate terms,” he said. “Avoid using cash flow to make capital expenditures unless you have very good cash reserves. Instead, reach out to your financial partner to help with the financial and cash flow needs.”