I would like to thank KCN for the meal this evening, which I am sure, you would agree, was quite a treat. As a speaker once said “I have already partaken of the meal so if after I have spoken my remarks do not live up to your expectations there is very little you can do about it.”

I received two bits of correspondence from KCN regarding this 6th Annual dinner at the same time. I opened the first bit and was pleasantly surprised and delighted by its contents, the nature of which I will not disclose at this point. I then opened the other and there was this invitation to give remarks. Not so bad!!!! But then I went on to read that those remarks were to last fifteen to twenty minutes and the topic was “Maintaining your corporate image during economic downturns.” Interesting!!! Was the topic designed as a poke at businesses on Anguilla, or to help businesses better manage their operations in these times. I thought about it and decided that whoever had selected it had done so in order for enlightenment and so I was flattered to think that I had been selected to deliver the remarks. Maybe I fool myself easily. No!!! But it is a serious matter.

I am sure many of you follow tennis and know who Andre Agassi is. You may also recall an advertisement Andre did which said, “Image is everything.” Now as far as I am concerned that was a major admission on Andre’s part that he was not as good as Pete Sampras although he was more popular. But then again, I am not completely unbiased as I am a huge Pete Sampras fan. My support for Pete against Andre when they play is intense and unbridled. Mitch Lake and Shawn Romney our top tennis players refer to me as “Uncle Pete” when we play.
But back to the ad “Image is Everything.” By developing a positive image of a person, an event, a business etc, support and patronage can be gained which can be of great benefit. One should always remember however that perception is often times greater than reality and not all positive images are accurate and therefore only the test of time reveals the reality.
So that brings us to the topic of my remarks this evening, - “Maintaining your Corporate Image during Economic Downturns.” Just for clarity, I would like to substitute business image for corporate image as in Anguilla there are only a few corporations which actually do business locally and I would not want our family owned businesses to think that they do not have a responsibility to the public and their staff during economic downturns.
I am sure that in selecting the topic there was the recognition that the island, indeed most of the world, is going through an economic downturn. It must also have been observed that businesses were reacting in different ways to the downturn.
I believe to adequately talk to you on this subject is important to give a short backdrop on how a positive image can be achieved. I can also only speak to you best from personal experience I have had and can use everyday instances around us which demonstrate how an image is formed and what results can be achieved by having a positive image.

Two local examples of creating a positive image are Mr. Albert Lake and if I may say so myself, the National Bank of Anguilla Ltd. Many of you in the audience may not know how the places we now know by the names Lakes’ Hardware and Albert’s Market Place started. Well in the early sixties, a visionary of exceptional natural business acumen by the name of Albert Lake saw an opportunity to serve Anguilla after hurricane Donna. Lake recognized that Anguillians needed to rebuild their homes; he also knew that they lived in very precarious personal circumstances. He, however, saw a business opportunity and took it upon himself to aggressively provide the materials, which the island needed.
In those days, there were no banks on the Island as there was little economic activity to attract them. Loans were therefore difficult to come by. Also only a fortunate few had steady employment. Lake nevertheless granted credit to those who were not even sure where the next dollar was coming from. He knew his customers and the market in which he operated and that knowledge allowed him to benefit greatly. From the early sixties to this day, Albert Lake has been an Icon. His name is synonymous with hard work, success and prosperity. I believe that if Anguilla were ever to have its own Dollar one day, the face of Albert Lake’s should adorn one of the denominations. Let’s say the $100.00 bill. That is image!!!
In terms of the National Bank of Anguilla, it started in 1985 as the smallest Bank on the island with assets of $15.0 million. Today, 18 years later, its assets amount to over $425.0 million making it by far the largest bank on the island.
NBA has achieved preeminence on the island because, firstly, its image is one of being owned by all Anguillians; and secondly because it determined that its role was to positively change the lives of Anguillians.

The three basic needs of human beings are for food, clothing and shelter. NBA has built itself an image of providing shelter through the ownership by Anguillians. In 1985, when the bank was started, home loans were granted by banks on the island only to the privileged few who were either wealthy enough to meet the stringent criteria set down by Head Offices in London and San Francisco or were senior civil servants whose borrowings the Government would guarantee. NBA saw a business opportunity that involved easing the criteria and thereby allowing every Anguillian to realistically aspire to the ownership of a home. As a result of NBA’s efforts, it is now regarded as the bank to go if you wish to build a home. That IMAGE of the bank as “helpful and caring” has resulted in its now holding over 60% of the home mortgages in Anguilla at last checking.

It is said that it is easier to reach the top than to stay there and this is the same with having a great IMAGE. In order for an institution to maintain a good image, it must continue to wok hard to provide its customers with the services and products they want. Please note that I did not say need. As business managers, we at time seek to provide customers with the things we believe they need, however what they want whether it is irrelevant, unnecessary, too big, too small, or ugly is what we should provide if we are to be successful.

If we are to maintain our image gained through years of great service to our customers we have to meet their wants. Empty promises, lame excuses, tricks, and cheap gimmicks will not fly for long with today’s discerning customers.

Today with radio and cable TV in every home, the AD campaigns of our businesses here in Anguilla bring us the latest in everything from equipment to technology, to services. Those advertisements however are competing with slick AD campaigns created by the best marketing minds on Madison Avenue, New York City. The ability to buy goods and services via the Internet does not help either as our customers can fill virtual shopping baskets anywhere in the world through it.

If we look at the ADS on TV for long distance telephone services we can appreciate why there is so much criticism of Cable and Wireless. Its customers want what they see on TV here and now. The world is becoming one single market place and the businesses, which can deliver while creating the best image whether real or imagined, will control markets for goods and services.

So where does all of this take us when it comes to economic downturns. If you have a business with a good IMAGE you will have to work hard to maintain it in such times. Here are a few things you can do to maintain your IMAGE:

· Sit with your management and decide on a plan to deal with the changed environment.
· Seek feedback from all your staff on the plan and ensure that they fully understand any steps you do decide on taking.
· Contact any suppliers you may have very early in order to work out terms for settlement of accounts or invoices so your supply chain is maintained for your customers benefit.
· Wherever possible continue to provide the goods and services demanded by your customers.
· If at all possible, show that you recognize that times are hard by making adjustments to the cost of goods and services to your customers.
· Be patient with those who owe you if you are well secured and you realize that they are really making an effort to repay their obligations to you. Do not ever be seen to be bullying them.
· Continue to support the community on which you depend for business.
· Keep your place of business clean, well organized and well lit so that it never appears that you are sacrificing customer comfort to save costs. Often the negative effect on your customers of such cost cutting is greater than the benefit received on the bottom line.
· If you have to let staff go do so by attrition first and only after that make necessary separations as amicably as possible.

The Chairman of NBA often chides that “the bank must never be viewed as extending an umbrella to its customers when the sun is shining only to take it back as soon as it starts to rain.” I believe that is the ideology, which all businesses should espouse.

In conclusion, I must say that I believe that the thoughts expressed earlier can certainly help businesses to maintain their image through difficult times as they have been tried and tested. I am happy for the opportunity granted me by KCN to make these remarks on this its special occasion. I wish the company continued success in delivering relevant programming to the people of Anguilla. KCN is worthy of high commendation for its work.

I thank you for your attention.

Mr. E. Valentine Banks (The following Address was delivered by Mr. Banks on January 25th at the House of Chandeliers)

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