FRONT & CENTRE 4 Meet the team 6 Investing for Income
START-UP SMART UP 5 Keys to Unlocking Your Business Success 8 Tips & Tricks: Online & Electronic Banking for SMEs
PRIME LENS 10 Calendar 11 Calendar
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Meet the Team
Pamela Douglas Director, Professional Partnerships Pamela is responsible for building and maintaining relationships with professional associations and designing financial solutions for their members. These associations include, the Medical Association of Jamaica, Jamaica Bar Association and Jamaica Institution of Engineers. She has been working in this position since 2011, but has been with Scotiabank throughout her entire career. Pamela joined Scotiabank in 1983 as a teller, and since then, has earned a wealth of experience in areas such as Investments, Credit, Human Resources and Branch Management. Pamela has a Certificate in Banking from the College of Arts, Science and Technology (CAST), a Diploma in Banking from the Chartered Institute of Bankers in London, a first degree in Economics and Management from the University of the West Indies (UWI) and an MBA from the Mona School of Business.
Asquith Brown Manager, Product and Portfolio As Manager of Product and Portfolio, Asquith ensures that the products and services offered by the unit are tailored to meet the specific needs of the small business customer. He also ensures that the sales team is equipped with the adequate knowledge to offer the best advice to our customers. Asquith joined Scotiabank in 2008 with an extensive career in small business financing. He has worked as Manager for a donor funding facility that provided capital to large financial institutions to assist small businesses. He has also headed the Self-Start Fund that financed smaller lending agencies.
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Keys to Unlocking Your Business Success This section is dedicated to Scotiabank customers who have built successful businesses through personal drive and determination. We're proud to be their partners through delivery of our Business Banking services. Nikkisha Russell-Gray founded NRG ElectriCity in December 2010 from her home in Kingston with just one customer. Now in Old Harbour, the electrical distribution business boasts hundreds of customers including electricians, contractors, businesses and homeowners. Nikkisha Russell-Gray Founder NGR ElectriCity
Brian St. Juste Founder Time Code Productions
SMES NEED SUPPORT OF FINANCIAL INSTITUTIONS AND GOVERNMENT SMEs are the engines of growth for any economy. Collateral requirements, high interest rates, and stamping fees are major impediments to the growth of the small business. Scotiabank has been a valuable partner in the growth of my business.
What advice does Russell-Gray have for other business owners? INVEST IN ENTREPRENEURIAL TRAINING DON’T NEGLECT THE ACCOUNTING Small business owners should avail SMEs must invest in proper systems of themselves of entrepreneurial training accounting and record keeping to ef- and development opportunities that ficiently assess and manage finances. will equip them with the requisite skills This is critical to the viability of busi- enabling them to effectively manage nesses. their businesses. The Scotiabank sponsored Action Coach Clinic was a wonderful educational experience which equipped participants with useful entrepreneurial training. The film industry veteran started Time Code Productions in the summer of 2005. St. Juste has paid his dues to the industry working on several live TV events for the IAAF, World Netball Championships and Cricket World Cup 2007 and has served on the board of the Jamaica Film and Video Producers’ Association. Time Code Productions produces television commercials, tv programs, documentaries, and live tv broadcast for its clients. What advice does St. Juste have for other business owners? MANAGING CASH FLOW & EXPENDITURES In my business, keeping expenditure under control is critical. It’s the same for every business. How you manage cash
flow affects the health of your business. Be prepared for the challenges in balancing receivables and payables. IT’S ALL ABOUT PEOPLE Running a successful business begins with the right team. That’s why I’ve done all my personal banking with Scotia since 1978. Now they’re part of my team, Scotia reps understand my business and its challenges. RETRAIN YOUR BUSINESS MIND Courses via Scotia are the cherry on top, I recommend all SME customers take advantage of them. Action Clinic sessions are worth all the time away from your business to get real business solutions that relate to your business rather than the superficial advice.
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Investing for Income
Investing is critical to wealth creation, as it will be difficult for you to amass a large net worth with just your regular savings. However, the financial marketplace in Jamaica is filled with many investment choices, and sometimes it might be difficult to decide where to invest your money. Before making any major investing choices, you first need to think about what you expect to gain from your investments. Do you want your investments to grow significantly over time, or is it more important for you to realise immediate gains from investing your money? While investing is definitely an important route to accumulat wealth for the future, there are several reasons why you may also need to invest towards short-term goals or to satisfy your cash flow requirements. Let’s look at some of the benefits of investing for income:
SUPPLY RETIREMENT INCOME One reason to own investments, which supply income, is to ensure that there is a steady stream of cash to cover your retirement needs. Sometimes your pension payments may not take care of all your expenses when you’re retired, so these investments can help to boost your cash flow. SUPPLEMENT WORKING INCOME You don’t have to wait until you’re retired to benefit from your investment income. Placing a lump sum on a short-term income-generating investment can provide you with regular cash flow to help cover your regular bills, or a periodic amount to take care of expenses such as school fees. REINVEST TO BUILD WEALTH Another reason to invest for income is that you can reinvest the earnings from your investments. Instead of just using your working income or other personal sources of funds to purchase investments, you can utilise your returns to buy additional units or to invest in other options. CHOOSE APPROPRIATE INVESTMENTS To ensure that your objective of receiving an income is met, you have to consider investments, which are designed to provide cash flow. Some options include money market instruments such as government treasury bills, debt instruments such as bonds, and stocks which pay dividends. UNDERSTAND YOUR OPTIONS Money market instruments are ideal for meeting your short-term income needs, while bonds can supply you with a fixed income amount for several years. Stock companies with established dividend payment policies will consistently pay out some of their annual profits to shareholders. GET EXPERT ADVICE When making investment decisions, it’s always best to consult with a professional who can help you to select the types of investments that will suit your needs. Speak with a Scotia Investments advisor who will guide you in creating an investment portfolio that’s perfect for you.
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Online & Mobile Banking for Scotiabank Business Customers Stop spending time waiting in lines, access all your small business banking needs right at your fingertips. It’s time for you to spend more hours growing your business and less deliberating on administrative tasks. Once you have tapped into online and mobile banking you can conveniently automate numerous business functions.
ONLINE BANKING BASICS REGISTER ON YOUR OWN It’s quick and easy. Simply go to the Scotia OnLine “Sign On” page. Click on the “Register Now” button and complete the form to confirm your identity. In just a few minutes, you’ll be banking online. Click here to visit our Online Banking website
PICK A PASSWORD UNIQUE TO YOU Avoid using all numbers, like a birth date, when setting up your online password. Choose a unique combination of 8 to 16 letters and numbers, something easy to remember but hard to guess.
CHANGE YOUR PASSWORD PERIODICALLY You can change your password in Scotia OnLine at any time. After you log in, click the “Preferences” link and select “Change Password.” Scotia OnLine will prompt you to enter your old password and select a new password that you’ll use the next time you log in.
What benefit does Scotiabank Online Banking offer businesses? PAYMENTS – EMPLOYEES, SUPPLIERS AND OR THIRD PARTIES. For users who conduct regular online payments, create a profile and automate schedule payments for banking ease and efficiency. Editing / deleting payments and details are as simple as a matter of clicks. Never miss a bill. DIRECT DEPOSIT Employees griping about cheque clearing every month? Eliminate clearing periods and save time with direct deposit. Deposit employee salaries directly into their accounts. Yes, that’s the power of Scotiabank Online banking. CHEQUE RECONCILIATION Get on your accountants good side by facilitating lower reconciliation errors. Our cheque reconciliation services allow you to match cleared cheques through your Scotiabank business account against your issued clear cheques list. WIRE PAYMENT If you need to get that payment in a hurry to your supplier overseas, then we’ve got you covered. Not matter the minimum or maximum our wire payment service enables you to send wires quickly and easily from your computer to anywhere in the world observing your instruction safely and securely. TELEBANKING Convenience is at the heart of smart banking and our telebanking service is no exception. Whatever it is that we believe can save our clients time is important to us. TeleScotia allows you to perform a variety of transactions 24 hours a day, 7 days a week from any touch-tone phone with much needed privacy. Perform any of the following functions on TeleScotia offers the following functions • • • • • •
Set up and pay regular bills to a wide range of merchants and utility companies that helps to keep your business afloat. Make payments to your Scotiabank accounts: credit cards, small business loan and line of credit. Transfer funds between your Scotiabank same currency company accounts Get up to the minute account balances Hear a list of your business’s last 10 transactions processed against your account Obtain current foreign exchange selling rates
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Scotia Action Clinic
Profits aren’t just everything ...it is the only thing and together Scotiabank and Action Coach Marcia Woon-Choy host a series of clinics to help business owners develop this mindset. “The Action Clinic Series was spawned from the realisation that Scotiabank customers needed assistance in taking their businesses to a higher levels.” says Vice President Small & Medium Enterprise Patsy Latchman-Atterbury. Empowering clients enables the bank to drive benefits to the wider Jamaican society and reaffirm to SME clients that Scotiabank is a reliable partner in their success. Twelve (12) business owners per cohore participating in seven (7), four hour long sessions utilising the world renowned ActionCOACH business coaching method which focuses on three key factors: mindset, strategies and tools. ActionCOACH Marcia Woon-Choy utilizes workbooks and homeFUN assignments to guide and motivate participants, she quips “We don’t just educate. We Edutain!” The clinic culminates with a session that ties all the concepts together in a fun way with ActionCOACH special, the Leverage Board Game. Woon-Choy reports that the group walked away with tools to run “commercially profitable enterprise that can run without them in it”. SMEs can thrive despite challenges in economy if they know their numbers. Intimacy with financials is necessary for gauging the health of any size company and in guiding decision making. Business Clinics are a part of an ongoing educational push by the institution. Scotiabank, in partnership with the Branson Centre, hosts monthly seminars at the Scotiabank Corporate Learning Centre focusing on a range of topics including taxation, business pitching and Cash Flow Management. Seminars are also held for professional partners twice a year targeting Engineers, Attorneys, Doctors, Architects.
Business Calendar
Event
Date/Venue
Oppor tunities for Growth Deposit Branch Seminar ............................................ Scotiabank/Branson Centre Small Business Seminar Make an effective pitch ............................................ Small Business Taxation Seminar ............................................ Expo Jamaica ............................................ JBDC Business Development Training
March 20/Falmouth Branch ............................................ March 22
............................................ March 26 ............................................ April 3-6 ............................................ April 9
Attend. Connect. Grow.