BIM | Crisis: manage change to deal with the new environment
Fernando Sánchez, BIM’s CEO, was invited by the National Chamber of Industries of Bolivia to give a talk along Marcelo Trigo, representative of The Private Banks Association of Bolivia. The conversation focused in the crisis caused by the COVID-19 pandemic and the decisions that businesses must take to deal with a changing and sometimes even unpredictable environment.
Each sector has its own qualities, commented Fernando in this occasion, and every business is different, which is why the analysis must adapt to each case, however, there’s an aspect that should be considered every time. It's about the importance to being creative enough to propose, to creditors as well as investors, something key: alternative solutions. Another criteria is not interrupting the payment chain under any concept, since that will go against the business that needs to be maintained. “Looking for creative solutions before the imminent change of the market’s behavior, taking care of the relationships with the clients and using technological solutions, are also part of this new search for exits to the crisis”, he commented.
Likewise, BIM’s CEO highlighted that the CFO’s role in businesses has changed as well. In practice, a financial manager must fully understand the business, as well as the capital’s markets. They must also interact with the shareholders, with the creditors and be a link between capital’s markets and the rest of the stakeholders.
In his turn, Marcelo Trigo, explained the measures that the banking assumed to deal with the quarantine’s consequences and commented that actually one of their responsibilities is to canalize the resources that will be delivered from the government, to reactivate the productive sector. The event was attended by directors of the National Chamber of Industries, representatives of departamental Chambers and over 200 assistants.