Minister in the Ministry of Finance, Ryan Straughn, speaking at the official renaming ceremony of Cooperators General Insurance Building to the Patrick E. McDonald Building recently. (C. Pitt/BGIS)

A government minister is encouraging all businesses and entrepreneurs to pay attention to governance as they work towards building up their enterprises and success stories.

Minister in the Ministry of Finance, Ryan Straughn, is also suggesting that appropriate policies be adhered to, and the mechanism for implementing and ensuring policies are followed must be in place.

Speaking during the official renaming ceremony of Cooperators General Insurance Building to the Patrick E. McDonald Building recently, he said a delicate mix of macro-prudential management, backed by strong corporate governance must be adopted by all entities, and when breaches occurred, there should be consequences.

“Where there are breaches, then the relevant consequences must be imposed.  It may appear harsh at the onset, but it is necessary to ensure eradication of corruption and other untoward business practices. I am sure that you too are committed to operating at the highest levels of governance and transparency,” Minister Straughn underlined.

The Minister added that Government had already laid the framework for a new way of conducting business that involved the use of modern technologies, and he suggested that businesses should employ them to meet the ever-changing needs of their customers.

“You, therefore, have to anticipate the needs of your public and quickly deliver programmes to meet those needs. You have to quickly react to trends and market needs; define the need; optimise resources; and execute the solution. Persons can mistakenly think that innovation automatically means “new and improved” or disruptive.”

Mr. Straughn continued: “It is not always necessary to formulate some grandiose idea, but one can also take an existing product and make a few tweaks, thereby helping to reshape an existing product, or create a new digital product for an existing market, which leads to the creation of a product which is more tailored to the needs of the consumer, depending on their preferences and behaviour.”

He noted that the 21st Century customer no longer had the tolerance to stand in long lines waiting to be served, and they expect their interactions with service providers to be speedy and accurate.

julie.carrington@barbados.gov.bb

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