IT is impossible to succeed in the global marketplace without a robust digital strategy.
This is the view of Executive Director of the Barbados Coalition of Service Industries (BCSI), Graham Clarke, as he addressed the official launch of the rebranded BCSI week of activities to Services Weekend Barbados, which will take place next month with three major events.
Clarke’s comments came as he expressed concern about the low penetration rate of service providers across regional and international markets. “So going digital is not going simply about having an online presence. I think you need to build an online community,” he stated.
The executive director noted that this is one of the issues that will be tackled during the first event, a Digital Strategy Forum, to be held on Friday, November 10 at the Radisson Aquatica Resort.
“The Digital Forum will seek to answer the question of not only what needs to be done to improve exports, but how in fact it can be done.
This is a forum for all service providers and entrepreneurs.”
Clarke revealed that next year as part of the BCSI’s work programme, plans are in place to develop a tracking mechanism for the export of services. “Because we know there is a paucity of information, there is a dearth of information on services and how they actually performing internationally. We have to look at the volume of trade and some of these things are very hard to come by.”
“So we are trying to create a mechanism and with the help our partners, create a tracking mechanism for the export of services and this will assist in providing more accurate statistics on the volume of trade and services in Barbados.”
The second event to be held during Services Week will be an Entrepreneurship Workshop on November 11. According to Clarke, “Access to affordable financing is a key factor affecting competitive of local service firms. This is being raised again and again. So service providers indicate that commercial banks will not lend in areas where the risk is perceived to be high and where there are no tangible assets that can be held as collateral.”
“We are fortunate in Barbados to have a fairly broad footprint of business support organisations that provide many financing options and credit guarantee schemes for entrepreneurs.”
The executive director lamented however that in many cases the entrepreneur is unaware of these outlets or fail to explore these options for one reason or another. “So we plan to showcase this ecosystem to our young entrepreneurs from our villages and communities across the island.”
The third event on Sunday November 12 will be a Cultural Showcase at the historic George Washington House which according to Clarke is intended to move young artistes from obscurity into the limelight. “The Cultural and creative industries are among the fastest growing sectors in our regional economies and therefore to me they represent the best opportunity for turning around the Barbados economy in the shortest possible time.”
“So this year at the best of the Association of Music Entrepreneurs we at the BCSI are committing to supporting these artistes through the provision of electronic press kits which will assist them in their market readiness efforts. Hopefully this will go a long way towards building recognising of their products and services in the international marketplaces.”
He told the media that this initiative is also being held in support of the Regional Coalition of Service Industries to help the Dominica Coalition of Service Industries get back on its feet. Half of the net proceeds from the event will be donated to the cause, which is free, but to which patrons are asked to contribute.
The fourth edition of BCSI’s magazine the Exporter will be ready to coincide with Services Weekend activities.