KEYS TO UNLOCKING YOUR BUSINESS SUCCESS Interview with Winston Williams of Pioneer Meat Products Ltd.
SCOTIABANK 125TH ANNIVERSARY LOAN Supporting Jamaican Businesses F.O.C.U.S. YOUR WAY TO WEALTH Scotiabank Business Banking eZine | Issue III November 2014
Contents Pg. 4
WELCOME TO IN THE KNOW Your guide to wealth
Pg. 5
KEYS TO UNLOCKING YOUR BUSINESS SUCCESS Interview with Winston Williams of Pioneer Meat Products Ltd.
Pg. 6
SCOTIABANK 125TH ANNIVERSARY LOAN Supporting Jamaican Businesses
YOU’VE MADE THE LEAP! Pg. 8
Embarking or Expanding on your Business
F.O.C.U.S. Pg. 10 Your Way to Wealth SCOTIABANK Pg. 11 Calendar of Events
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In the Know
Your Guide to Wealth Ask most Jamaicans and they will tell you they are interested in owning their own business. We are a country of ambitious individuals, who dream of our own independence and running our own show. But the most courageous, don’t just speak about it, they actually go out and make it happen. Try or fail they are going to do something. This is what we love about our people. And that is why Scoitabank has established tools to help all small businesses succeed. Running a business is a serious investment of time and finances. So its important you manage it to facilitate growth, constant review of operational procedures, regular retooling and updating of equipment and research and implementation of new strategies; so it’s important you know you are not alone. No matter where you are in the world of business, Scotiabank’s Small and Medium Enterprise (SME) Unit will provide you with financial options. We have put a number of things in place to facilitate small business financing, the most recent being the launch of the Scotiabank 125th SME Loan Fund that offers one of the lowest interest rates (9.5% secured) on the market and specifically targets businesses generating annual revenues of no more than US$4 million. We not only provide financial solutions, the value proposition of Scotiabank SME Unit is “Working together to grow your business.” In addition to the provision of financial solutions there is a strong commitment to ensure the longevity of your business though building the management capabilities of the owners. We help customers by providing practical advice and relevant financial solutions. We even offer capacity building seminars to ensure you are best equipped to move your business to the next level.
Additionally, on our small business website there are a number of articles that can assist you in managing your business. There are also tools such as our business plan writer, which is easy to use and very interactive. The business plan writer will help you to develop or update your business plan which is the roadmap to your business. We would love to hear your story to see how we can help you ‘discover the possibilities’. We are looking forward to working with you.
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In the Know
Keys to Unlocking Your Business Success Dedicated to the customers who have built successful businesses through personal drive and determination. We’re proud to be their partners through the delivery of our Business Banking Services. Scotia Business Banking is privileged to serve thousands of dynamic business owners who are making a difference to the Jamaican economy. Here, we highlight these individuals, and share some of their experiences with you:
Scotia Smart SME’s Pioneer Meat Products Limited A strong business conducts regular self examinations and respects the importance of customer care. Winston Williams of Pioneer Meat Products Ltd. uses integrity to ensure quality customer care and staff/management relations to keep his business in tip-top shape.
Let Your Reputation Be Your Advertisement Pioneer Meat Products, now a thriving business, began from humble beginnings in the 1980’s with only three employees which included his wife, Lurline Williams. After officially establishing the business in 1990, Williams continued his efforts to communicate directly with his customers and so saved on certain costs like advertising in the early days. “Advertising is pretty expensive, so not having that sort of capital to do commercials, you just have to do it in your own positive way and meet the customers directly; talk to them,” he said.
Build A Strong Team Williams not only performs regular check-ins with customers but also with employees and makes quite an effort to build company morale. “Running a business, regardless of how involved you are, is not easy for you alone to do. So you employ and you train and you not only talk, but do it [along with them] physically,” he said. “You don’t let them feel like you’re just the boss, you go on the production floor and work side by side with them. Really be there with them and give them that sort of feeling that we’re all a part of this thing.”
Customer Service vs. Customer Care The difference between customer service and customer care is very clear in Williams’ opinion. Customer service requires that a product or service is provided upon request, while customer care involves the execution of friendliness and the positive feeling a customer gets when they are welcomed. “I am a hands on person and my customers can call me at any time, they give compliments or genuine complaints … I have been able to deal with them in a personalized way and give them the assurance that what they’re getting is quality products,” said Williams.
Scotia has been a good partner to me, they’ve stood by me over the years and haven’t let me down. If you follow their guidance, by all means you can be successful.”
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In the Know
Scotiabank 125th Anniversary Loan Supporting Jamaican Businesses Small and medium enterprises play a vital role in Jamaica, as they serve to create employment and stimulate economic growth. A strong small business sector can encourage more persons to develop new products and services which can boost our country’s ability to be self sufficient. For some business owners, however, operating an enterprise can seem like a thankless task at times. Persons who are not in charge of their own businesses may not appreciate the stresses and setbacks faced by entrepreneurs as they try to keep their operations afloat and make profit.
Business challenges abound Some issues that may burden businesses include the high cost of utilities, inadequately trained staff, untimely payment by creditors and difficulty obtaining financing for start-ups or expansion. These problems affect both the enterprises’ daily operations and their long-term viability.
Scotiabank assists business In recognition of the determined efforts being made by Jamaica’s small and medium businesses, Scotiabank has established the 125th Anniversary SME Loan Fund to support the work of this sector. This fund is part of our wider program to encourage the development of local enterprises.
Lower lending rates provided The SME Loan Fund provides some J$500 million in financing to businesses involved in the creative industries, manufacturing, agro-processing and tourism. We have created specially discounted rates of 9.5% p.a. for secured loans and 11.5% for unsecured loans. All business loans are eligible for a discount on commitment fees. Once certain conditions are met, businesses may also be eligible for a waiver on annual review fees.
Flexible terms offered Understanding the myriad challenges that face local business owners, the SME loan has also been designed to accommodate the cash flow situation of different enterprises, by providing monthly or quarterly repayment options. The maximum tenor of the loan is five years, with any principal moratorium not exceeding one year.
Efficient operation has rewards For business owners who have streamlined their accounting procedures and obtained the required regulatory approvals for their operations, who also possess solid credit references and are compliant with tax obligations, our anniversary loan fund can provide a solution to some of their financing requirements.
Does your project qualify? If you operate a private sector business in Jamaica which earns no more than US$4 million in annual revenues, then our 125th SME Loan Fund may be the answer to your financing needs. Prepare a proposal including information to support the commercial viability of your project, and speak to your Scotiabank representative to get more details on the application process.
We want to partner with you Scotiabank is dedicated to the development of Jamaica’s SME sector, and we are looking for business owners that are serious about getting to the next level in their operations. We look forward to helping you strengthen your enterprise!
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In the Know
You’ve Made the Leap!
Embarking or Expanding on your Business If you are ready, then we’re here to help you.
Step One: Open a physical location This one is a frightening option for some in Jamaica’s economic climate. Taking the time to really weigh your options is important. You must review your bottom-line if you’re looking to expand, and if it’s showing steady growth. If you’re just starting up, look for the consumer and economic trends for indications of your staying power.
• Make sure your management skills, or your management team is better than “up to par”. They must be outstanding.
• Have a complete business plan available for your new location
• Review your financing options • Choose the best location, not one based on your wallet, but on your business.
Step Two: Expand or start up online The internet has proven itself as a fantastic medium for starting or expanding business. People want to shop online; it’s fast and convenient. Get your products online to attract a wider audience, additionally its a great way to save on or add to an already established location.
Congratulations! You’ve made the leap from employee to entrepreneur. You have done your research and you’re ready for lift off. The big question remaining is “How do you really build your business and go on to expand it?” Whether you are just starting out on your own or you have made it out of the start-up phase, you’re looking for sustenance and success.
Step Three: Diversify Develop new products or activities in addition to the ones that you already provide. Create synergy in your business by selling complementary products and services. Form an alliance with other business by aligning your services to broaden your customer base.
Step Four: Expand your target market See what other demographics can benefit from the products and services you diversified. Remove the boundaries from your vision and broaden your horizons for profit.
In reality, the next steps all depend on you, and the answers to the following questions.
Step Five: Go Global
• How many resources do you have available? • How much sweat equity are you willing to invest? • Are you really ready to build and grow?
Take the international market by storm. There’s no reason to limit yourself or your business. Doing this not only benefits your company/business, but also catapults brand Jamaica and accumulates International currency.
Review and update your Account Information on Scotia OnLine.
HOW TO START? • Sign on to your Scotia OnLine account. • Click on the Preferences Tab. • Click on the “My Profile” sub-tab.
Scotiabank now gives you more options when banking online. Now you can change your information that relates to your Scotiabank profile. Information that can be updated includes primary address, secondary address, home phone, business phone, mobile phone and email addresses. Profiles can only be completed through Scotia OnLine Banking and will be updated in real-time upon the submission of a request. Only accounts in which you are the sole account holder will reflect changes in Customer Contact Information. Updates to Joint accounts must be completed in branch.
Frequently asked questions (FAQ) Q: How quickly will my Scotiabank Profile be updated? A: Your Scotiabank Profile will be updated in real-time upon the submission of your request. Q: Can I make changes to my international address or phone number? A: Changes to international addresses or phone numbers are not available. You can only make changes to your local country address and phone number. Q: Can I update my Scotiabank Profile through Scotia Mobile Banking? A: Changes to your Scotiabank Profile can only be completed through Scotia OnLine Banking. Q: When I update my personal information will this also update my information in jointly held accounts? A: Personal information updates are applied only to accounts in which you are the sole account holder. Updates to joint accounts must be completed at the branch. For more details contact us at
1-888-4-SCOTIA
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In the Know
F.O.C.U.S. Your Way to Wealth If you want to be successful in accomplishing your financial goals, it’s important to start out on the right footing. One of the key attitudes required for building wealth is the willingness to defer immediate gratification to put aside some of your funds for the long-term. It will be difficult to attain a large net worth if you don’t begin with a strong foundation of saving and investing for the future. Achieving your objectives will take thoughtful planning, precise execution and single-minded persistence. You will have to concentrate on carrying out the steps that will lead you to your wealth destination. Here are some strategies that can help you to focus your way to wealth:
F - Fixate To accomplish any endeavour in life, you have to put a lot of attention into it. To win with your wealth objectives, you need to be clear about what you want to achieve, write down your goals, focus on them constantly, and become resolute in doing what’s required for success.
O - Organise With so many demands on your money, you need to manage your finances by making and following a firm budget. You can’t afford to waste money on unnecessary spending, as you need to channel as much of your disposable income as possible into your savings and investments.
C - Consult It’s easier to maintain your wealth focus with the help of financial professionals who can steer you in the right direction and motivate you along the way. Consult with Scotia Insurance and Scotia Investment advisors to select the right savings and investment plans for your needs.
U - Understand As the saying goes, “Knowledge is power;” and the more you learn about the process of building wealth, the better you will become at the task. Think of wealth creation as your side business, and make it your job to study the principles and techniques that will help you to succeed.
S - Sacrifice Author James Allen noted, “There can be no progress or achievement without sacrifice.” It will take supreme effort
on your part to resist the temptation to spend on consumer items, devote your leisure time to financial education and stick to your wealth accumulation plan.
Remember, the money choices you make today will determine how long it will take for you to accomplish your wealth goals. With time and an unwavering focus, your sacrifices will eventually reap rich rewards; then you will be able to enjoy all the benefits of your wealth.
In the Know
Scotiabank Calendar of Events
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Find out more today
Call 1.888.4.SCOTIA (472.6842) or go to www.jamaica.scotiabank.com