Wealth mag i27 by Wealth Magazine Ja #1 Business Publication

Publisher

The Editor’s Survey

he Wealth brand has once again expanded. In this issue we mark another milestone which is indicative of our drive to innovate and our commitment to our pronouncement to educate, inspire and empower. In this issue we officially announce, through our flagship publication, the birth of Business Access TV. We crave your support of our newest venture which will feature local and international businesses, the Jamaican economy as well as deliver lifestyle content. In line with our cover story “Access Granted”, we continue to feature stories about people with ambition who have inspired others and pushed themselves. We tell you when is the best time to expand and how to stay afloat by managing your businesses’ cash flow. We continue to tell stories of entrepreneurs, who like the four featured on our cover, have succeeded in a challenging economy. We pray, as always, that our publication and our TV station will be a mainstay in your business experience. Blessings.

Managing Editors Garth Walker & Leighton Davis

General Manager Simone Riley Sales Executives Geoffery Wilson Photography Tricia Bent Designer Conroy Green Howard Hamilton Cover Design Conroy Green Cover Photography Tricia Bent

Monique Grange Editor-in-Chief

Printed in Jamaica By The Herald Printers Styled By Spokes Apparel

Copyright © 2015 Wealth Magazine Volume 5 Issue 1 All rights reserved. Wealth Magazine accepts no responsibility for unsolicited material. This material may not be reproduced, displayed, modified or distributed without the express prior written permission from the publishers. For further information on Wealth Magazine, contact: Creative Media and Events 15b Trinidad Terrace, Kingston 5, Jamaica W.I. Tel: (876) 754-2075 Fax: (876)-754-2070 Cell: (876)-579-7381 info@cmeja.com /wealthmagja

www.wealthmagja.com

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/wealthmagazinejamaica

Special thanks to: Our writers, advertisers, readers, partners, family, friends and the CME Team.

Publishers’ Note

ith each new day we learn even more that the choices we make will determine the path which lies ahead.

In 2012 Leighton and I conceived the idea of revolutionising the way business is treated in broadcast media. This, we thought, could be achieved by creating a local television station dedicated to showcasing business matters from a variety of attractive angles. My how time flies! The choice we made three years ago has led us along an unchartered path into local broadcasting. We are pleased to be featured on the cover of this edition of Wealth Magazine as we expose Business Access TV to the nation. For those of you who are parents or educators, there is a certain overwhelming emotion which stirs in you when your children/students achieve great things or hit particular milestones. This is the high level of elation shared among myself, Leighton, Oliver Holmes and Delano Forbes as we embark on this journey with the team at Business Access TV. I really enjoy my profession, mostly because of all the interesting and inspiring people I cross paths with daily and the opportunity I have to share their stories with you.

s you read this issue of Wealth Magazine I want you to read between the lines of the journey that has been taken up to this point. The life of an entrepreneur is not one a lot of people care to embark on because of the fear or failure that goes along with it. We read in books and see interviews on TV with successful people who have made it, but many times we don't hear about the ones that fell by the way. It’s not something we like talking about because the world only loves a winner. Many times, however, it is the failure of others and of entrepreneurs themselves that have given them the attitude and character to push through until they become winners. That is what we have done with Business Access TV; we have pushed through with our concept which has now become a reality. Business Access TV has been a long time coming. Its result is the culmination of the Wealth brand forming a trilogy of print, television and events that ‘Educate, Inspire and Empower’ Jamaicans and the world about entrepreneurship. It also provides a platform for businesses to showcase their products and services.

Who knows what's next? I am proud to be associated with a brand that It amazes me how many times people approach me with has the mandate of contributing comments about their appreciation for Wealth Magazine and to nation building. what we are bringing to the nation in print and on television. Over the years, we have consistently received letters and God bless. phone calls thanking us for providing a positive and informative publication and television programme which have remained Managing Editor consistent despite the tight fiscal space. I am truly grateful for the support and encouragement from everyone knowing that our magazine is truly making a positive difference in our community. Thank you!

Leighton Davis

We anticipate a similar positive response upon the official broadcast launch of Business Access TV this coming summer. My opening statement mentioned “choices”. My hope is that most of your choices will be good ones. Remember, how we react to our own choices or the choices of others will impact our direction, so choose wisely. Until next time, see you in print, online and on Business Access TV..

Garth Walker Managing Editor

Contributors

Dennis Brooks has been a respected journalist and sociology teacher for over a decade. He has produced and presented several of the country’s top radio programmes, namely The Breakfast Club, The Corner, This Morning, Nationwide at Five, The Ballot Box, and Left Right & Centre, to name a few.

Laura Tanna author of the books Baugh: Jamaica’s Master Potter and Folk Tales and Oral Histories with DVD and CD versions as well as the CD Maroon Storyteller. She does interviews and writes on art, culture and travel for various publications.

He has served as a communications adviser to government ministers.

Hodine Williamss has mastered the technical disciplines of economics, management and law, yet maintains his creative bent with process reengineering, painting, and karate. He holds degrees in management and economics, and law. Former Assistant to the Auditor General, he is now applying his juristic skills as Legal Officer for the Government. Hodine has worked in the financial sector and has pursued his own private business ventures. He is best characterised as a critical thinking optimist.

Sancia Campbell is a PR practitioner in the business and hospitality sectors with more than 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading and events planning. She is currently the PR & events coordinator at the Jamaica Business Development Corporation.

Vol5 Issue 1 | 2015

Latoya West-Blackwood is an independent publishing consultant with a particular interest in merging traditional publishing with digital and new media. She is a member of the Book Industry Association of Jamaica’s Board of Directors (Director - Development Initiatives) and also a member of the Jamaica Cultural Development Commission’s Creative Writing Advisory Committee.

Nick Abbott is the principal of FrontLine Evolution, a boutique consulting firms which helps organisations increase profits and improve effectiveness by creating long-term, sustainable change to the behaviours of their front-line, customer facing staff.

Ryan Strachan is the manager, corporate solutions & wealth management at Stocks & Securities Limited.

Alicea James is a full time editor at a popular publishing house in Kingston Jamaica. She has been a freelance writer for several years on sites such as Odesk and freelancer.com. Her passions include writing, traveling and shopping.

Contents Table of

Volume 5 Issue 1 | 2015

Lady

Premier

Innovation 14

Is It Time To Expand?

4 Ways To Generate Content For Your Marketing Material

Emotional Intelligence: The Key to Success

Technology 24

The Business Of Mobile Money

Why You Cannot Ignore Big Data

Feature 32 34

Yellow Pages:The Paradigm for Corporate Social Responsibility #Digital Cool

BCIC Online

Entrepreneurship All The Way

Finance 54

How To Attract Venture Capitalists

How To Manage Yoiur Cash Flow

Legal Tibits: The Importance of a will

Health & Wellness 80

BusinessWomen: - Here’s to a healthy 2015!

Lifestyle 82

Santa Monica Flourishing Again

Style Me Chic

Career 92

Take It To Them Jamaica

2015 EXPECTATIONS: Global Meet

Denzie

Stephenson-Miller

Business Access TV’s New General Manager

88 Start-Up considerations

Cover Story

INNOVATION

Is It Time To Expand? By Hodine Williams

he purpose of any business venture is to capitalise on the resources and opportunities to benefit one’s self. The driving desire is an innately selfish one. We enter business to make a profit and that’s the matter or primacy.

If you are a business owner, do you remember the initial stages when you took that bold decision to become an entrepreneur? You probably consulted a few trusted friends, colleagues and business professionals, and did some amount of research on the niche and the general market such as: raw material availability, competitors, transportation, cost of marketing, cost of rental space, labour et cetera. The plain truth is, a significant amount of energy and money went into the planning and execution of your private venture. The next step in the logical scheme of things is to consider “Well, what’s next?” I mean, now that my business is up and running what should I do now?

There exists a view that a business is already expanding from the very day it opened its doors and ‘expansion’ as we know it, is the point when change becomes necessary in order to enable continued profit earnings. The difficulty for the most part is determining when this opportunity becomes ripe. However, there are some tell-tale signs that will signal that your business is ready to expand: • Your competitors have and continue to expand their businesses; • Lag in customer service times – customers may complain that they have to wait long periods to get their products, or there are complaints that orders are rushed and the quality of personalised service has decreased; • New trends have emerged in the marketplace – possibly technological advancements;

• Your employees are overworked and complain that they cannot keep up with the high volume demands. There are also many ways to expand a business – there is no novelty here and these options have been around since the flood. I suppose the most common sense approach is to capitalise on increased demand; if there is such a situation. I remember as a child spending my summers in the country, my neighbor and I would make toy trucks from empty drink boxes. This apparently was novel in that side of Jamaica and of course, our other friends all wanted one. But knowing us – it obviously came at a price. My neighbor, “Chineyman” said to me: I guess you understand my point here. You must respond

"If we had more boxes to build trucks, we wouldn’t have hands to sell them".

to customer demands and as a consequence, you must be prepared also to adapt your business' offerings to suit your customers' changing needs. You should also note that the options you utilise to expand your business, should be done bearing in mind the industry and other intricacies of the trade; so be careful. I would suggest that proper research be done to determine what will work and the potential pitfalls you might encounter. You have to also consider your limitations such as your resources (human and financial ones). Be circumspect and decisive - from the onset, just rule out options you know aren’t suited for your business or those that you cannot afford nor have the desire to pursue. In retrospect however, a prudent entrepreneur would not wait until he/she sees these tell-tale signs, but plan for them far in advance. That is, plan for the expansion of your business and establish pragmatic milestones. Also, ask yourself this question: Can I really afford an expansion? This should be the first question on your mind. I cannot think of any cost-neutral option that will facilitate expansion, and in this economy, this concern is of even greater importance. Small and Medium-sized Enterprises (SME) financing is a stretch. Banks are risk averse and their collateral requirements are onerous. Thus, obtaining an affordable loan might prove more difficult than anticipated. Some persons might choose to utilise personal assets to secure loans or even take unsecured loans.

This opens you up to significant risks which might affect your personal property. Can you imagine losing your home? After you’ve answered that question about affordability you may also want to: • Keep abreast of changes- there are always new and different ways to do things. Find those ways that are ‘edgy’ and efficient, and stay current on trends and consumer tastes. • Get formally trained – there is value in studying management; you can become verse in financing, marketing, operations, and even sales. This will add value to the business by making you more efficient at executing your tasks. • Keep employees happy – your greatest resource is your staff. They are the ones you will call on to train new and additional staff to build your business. Get to know them, find out what motivates them and encourage them to operate at optimal levels. Treat people like people. • Take risks – I am not telling you to make erratic decisions, but I am suggesting that you step out of your comfort zone for a bit. Try something new or unconventional – give technology a chance. Here are 10 possible ways to expand your business: 1. Open another location- If you are in a profitable location, then seek out other similar spots. If demand for your product is stable and/or increasing, then you may choose to offer your products and services at other locations. The caveat is this; be sure to consider rent, capital financing, consumer preferences and your current staffing arrangements. Are your employees willing and able to lend support to your new location? 2. Form Alliances - Engaging competitors can be risky but may offer valuable insights and might be able to facilitate expansion fairly quickly. Talk, for the most part, is cheap and usually free. 3. Diversify - Look into possibly adding convenience at your location. Are you in retail? Then try to sell complementary products or services; make your location a one-stop shop. You might also diversify by going across geographical boundaries – consider exporting. When you diversify, it gives you the opportunity to have income from multiple sources. If you operate in an industry with ‘low or slow periods’ then the new offerings might be able to maintain a steady income stream and may sometimes increase profits significantly. 4. Access new markets - Why stay where you started? Yesyou are doing well in your present market but maybe you are overheating or not hot at all. Have you considered whether there are other markets? Branch out in other fields and territories.

5. Tender for government contracts - Most people will say Government takes long to pay and they just cannot deal with the bureaucracy. My take is to disabuse yourself of the very thought. The Government is the largest business in the country. When these guys buy they buy big! So get your house in order to satisfy the requirements. If it means you have to register with the National Contracts Committee don’t waste time. You might have to exercise a reasonable amount of patience but it’s worth it! It’s far too competitive now to be constrained by such flippant thinking. 6. Merge with or acquire other businesses - You should not be scared of this. This should always be a business decision and not an emotional one. It may suit you to capitalise on a good opportunity. Maybe the potential business has a solid customer base or many potential clients; maybe it is your biggest competitor. Sometimes it’s better to pool resources and strengths so that everyone will benefit. 7. Utilise the Internet - Advertising or creating a virtual shop is a great way to expand. People are becoming more adept in e-commerce and the adoption rate is astounding. Consumers too, are utilising less cash and if you offer a unique product then this is even a bigger reason why you should take your business to the online marketplace. You might want to make your online presence more robust

with social media. It's free marketing. Don’t forget to build a website – web developers are a dime a dozen and most will make a website for a very reasonable cost. But mix it up a bit…never stick to one option. 8. Get the right people – Keep your old employees. They might not have the technical professional qualifications you desire for new posts, but they know what they are doing and they are great at it. Get the new employees with formal technical competences especially when you intend to expand and utilise modern approaches. You might also opt to vary between having contractual workers and ‘temps’ depending on your project. Utilise seasonal employees if you have peak periods but get the right people for the job. 9. Take Counsel – Talk to people (not everyone though) and learn from past experiences and have discussions with those who have done it before – you don’t need to reinvent the wheel. Sometimes you won’t be able to get advice on ‘what to do’ but it might suit you to settle for ‘what not to do’. And Finally! 10. Don't give up – you have to remember that for the most part, you will be entering uncharted territory. Be vigilant and as with anything new or innovative, you might have to work out a few kinks. But press on.

Lady

Premier Janelle Pantry Chief Executive Officer, Spaces

1. What inspires you? As an interior decorator I am entrusted with a great responsibility to transform a person's personal space. When I get a blank canvas I'm always excited to create a home someone would look forward to going home to. 2. What was the last piece of good advice you received? I recently enrolled in a business coaching in seminar and one of the most impactful statements I have heard recently is "Leaders have to lead with passion and vision." Passion without a vision will not get you anywhere. 3. Growing up, what did you envision as your dream job? As a child I always had a creative spirit. At one point in time I wanted to have be a hair stylist, then it was an event planner. I think I'm pretty fortunate in that the job that I have now is my dream job. 4. What's your dream car? My dream car would have to be a Volkswagen Touareg, as it has an understated luxury appeal. Plus it's spacious enough to handle the many Spaces items I'm always transporting. 5. After a tough day what relaxes you? After a tough day at work there is nothing I want more than to curl up in bed and watch a marathon of my favorite TV show. 6. What current projects are you working on? I recently launched a line of made in Jamaica furniture which was well received and I'm currently working on expanding the offerings. 7. What does wealth mean to you? I interpret wealth to mean a fulfilled life. A life filled with loved ones, good health, a job I am passionate about and freedom to chart my own path.

INNOVATION

4 W

ways

to generate content for your marketing material By Sancia Campbell

hatever your business, marketing materials are an important tool in speaking to your target market about your company. Your target market needs to know who you are, what business you are in, what you offer and how your offerings differ from that of your competitors. Another critical reason why businesses need marketing material is that things change, businesses expand and new trends emerge. Again, customers as well as prospects will require this information to assist in their buying process. Marketing materials are defined as the printed pieces such as brochures, letterheads and business cards that entrepreneurs use to market their business. Other types of marketing materials include flyers, printed advertisements, banners, catalogs, newsletters, product sheets, presentation folders, specification sheets, application sheets, special event brochures, annual reports, manuals, technical bulletins, posters, product insert sheets, labeling and recruitment materials. A company’s marketing material serves the significant purpose of reinforcing the business’ message and image; therefore the materials should look like they come from the same company. Every piece of literature does not have to look identical, but there should be some level of consistency in the look. Content for your company’s marketing material is now more important than ever. As so many products of the same type are now available, companies can no longer ‘sell’ a product to a customer but must sell some special

feature or benefit of that product. Content is therefore the bridge between the company and its customers. Importantly, before any content is created, you must clearly define and identify who your target market is, where they are located and what methods of communication they use. Note that the point of creating this content is for your company to reach out to and cater to the needs of your target audience. With this target audience clearly defined, you can now customise the content specifically with your audience as your focus of concentration. The following are four ways that your business can generate content for your marketing materials: 1. Figure out what your audience wants: If you are going to spend the time, money, and resources on developing content for your marketing material, you want to make sure that it engages the audience thereby providing a return on your investment. The information does not have to be very in-depth or complicated but it must be information that your audience wants to hear more about. Get their views by asking for feedback in blog articles and blog comments as well as through your social media platforms. You may also ask your customer service or sales department which questions they get asked most often and expand on the responses to generate even more precise content. 2. Research your industry/product: Conducting research is a key component in generating accurate content for your marketing material. You may use existing industry data to give you general information about the product or service that you are offering. For company/product specific information however, conduct one-to-one surveys or use questionnaires with a sample of your target market to assist in defining the specific features, attributes and benefits of your company’s products. Research also helps to identify what is different about your offerings versus that of your competitors’. 3. Make content easy to digest and engaging: Ensure that your content is easy to digest. Just as the Business 2 Business buying process has changed, so have the ways that customers interact with your company’s content; in a world where so much content about so many different products exists, you are lucky if they look at your content. Make it engaging; which means it must be short, sweet and to the point. Visual content is also a great way to get your audience’s attention in a quick and engaging way. 4. Make content valuable, not self-promotional: The number one rule of thumb when creating content is that, it is less about you and more about the customer. Your target audience’s interests must come first. Generally, people understand that if they are reading a vendor-sponsored or vendor-written resource, the material probably alludes to what the vendor’s product or service can do, but content which provides useful information to the customer will also go a long way in extending the life span of your marketing material. The information used for your marketing material does not necessarily have to be new or profound; however, it must take an uncommon angle to ensure differentiation. Ultimately, your ideal marketing content will address gaps in existing content, your audience’s interests, and your interests as a business.

INNOVATION

Emotional

Intelligence The Key To Success

hat do Jack Welch, Warren Buffet and our own Thalia Lyn have in common apart from being incredibly successful business leaders? Each has stated that Emotional Intelligence (EI) has more impact on success than conventional intelligence and/or technical ability.

The data behind this is huge:

One study of 186 CEOs showed a clear link between corporate profits and the EI of the leader; the higher the CEO’s EQ score, the greater the likelihood of higher profits. British leisure chain Whitbread discovered that restaurants with high EQ managers reported higher customer satisfaction, lower staff turnover and 34% greater profit growth. Motorola provided EI training at a large manufacturing facility and 93% of employees increased productivity. The list could go on and on, but I am sure that you get the point: the single most effective thing that you can do to improve the productivity and performance of your company,

By Nick Abbott department or team is to boost your EI. After that make a high EQ a key requirement for all your new hires and invest in EI training for your team; these are even more important for those in management and supervisory positions.

What is EI and why is it important?

My favourite definition of Emotional Intelligence is:

“How well a person understands and deals with both his/her own emotions and the emotions of others.”

EI is very critical because of one massive factor: people. People are wonderfully irrational, driven

by desire, ego, fear and a host of other emotions in varying amounts. I have interviewed thousands of job candidates over the years and in that time at least half have described themselves as a “people person” or they state that they “like working with people”. I must confess that in my low EI moments I sometimes respond rather sarcastically that this is a good thing as we are not hiring zoo keepers!

We spend enormous time at work dealing with people: customers, co-workers, suppliers, bosses and subordinates; whether we like it or not, and however good we may be at our jobs, we will be more effective and productive if we can communicate effectively with and build decent relationships with all these different people.

If you are anything like me, your initial gut reaction may be that this all sounds like the sort of “touchy, feely” nonsense which is so beloved by our friends in human resources, but which is of little value in the “real world” where we have to meet targets and are constantly being ridden by customers and bosses. Of course I was wrong. I mean, the US military has become a major investor in EI training and assessment. In one year the US Air Force saved $2,760,000 in recruitment by investing just $10,000 in EQ testing. A manufacturing company trained supervisors at one of its plants in EI and saw lost-time accidents reduce by more than 50%. Does this sound “touchy, feely?” Not only is EQ a bigger contributor to your success than IQ, but unlike IQ which is largely fixed, once we reach adulthood, we can improve our EQ. This is great news as it means that we can improve the effectiveness and productivity of ourselves and our teams by increasing EI.

The Four Constituents of Emotional Intelligence

There are four components of EI and those with great EQs have high levels of all four. While they are not specifically interdependent in any particular order, from a practical perspective, it can be useful to think of our EI improvement as a journey which starts with self-awareness and culminates in relationship management. 1.Self-Awareness. This is probably the single most important component as without it the remaining three won’t matter very much. Self-awareness is simply an honest understanding of our own emotions and how they impact our behaviours and communication styles. 2.Self-Management. Self –management is how effectively we control our emotions; specifically how these emotions affect how we behave and communicate. Many say that the key is learning to respond, which requires control, rather than simply reacting. 3.Social-Awareness. How well we understand the emotions, needs, and concerns of other people, pick up on emotional cues, feel comfortable socially, and recognise the power dynamics in a group or organisation. In many ways this can be simply described as empathy. 4.Relationship Management. This is when the other three parts all come together. When we get it right we know how to develop and maintain good relationships, communicate clearly, inspire and influence others, work well in a team and manage conflict.

Emotional Intelligence and DISC

There is no silver bullet when it comes to improving EI; it is unlikely that even the best training will help an individual with 0% EI improve to 100%, while different people respond differently to the same EI training. That said, effective training should improve the EQ, and hence productivity and effectiveness. Just as with customer service and sales workshops, EI teaching which focuses on theory and discussions about attitudes is pretty worthless. Look for training which provides specific and actionable advice; that gives you things to actually do. For me the core of my specific and actionable advice is DISC. DISC is a behavioural assessment tool which is simple to understand by breaking people down into four behavioural and communication styles: D or Dominance: Those with a high D behaviour style are assertive and controlled, and they are motivated by achieving results. At their best the D is decisive and strong-willed, they get things done, while at their worst they can be egotistical, bossy and confrontational. Think Donald Trump, Margaret Thatcher or Michael Jordan. I or Influence: Outgoing and gregarious, the high I is the person with 2,000 Facebook friends; they are motivated by being accepted and liked by other people. Their strengths include being enthusiastic, charming and persuasive tempered by weaknesses such as being a bit selfish and a poor listener. Famous I behaviour types include Bill Clinton, Will Smith and Dolly Parton. S or Steadiness: The S behaviour styled person is patient and calm, although it would be a mistake to think of them as weak. The S is motivated by how well those within the group relate to each other. The high S is usually a great listener and consistent, although they can be perceived as slow-moving and stubborn, especially when dealing with change and new things. Mahatma Gandhi, Mother Teresa and Barbara Bush are probably all have high S behavioural styles. C or Compliance: The high C is probably the most complex DISC behavioral style. Cautious and careful, the high C is motivated by accuracy and likes being right. Systematic and with a good eye for detail, they can be picky and critical. Famous high Cs may include Bill Gates, Albert Einstein and Allen Greenspan. Once you know your own DISC behaviour style you will have a better idea of what motivates you, your emotional strengths and weaknesses, and how you come across to other people. DISC can also help your self-control. For example, as a high D I have learned that I can come across as demanding and uncaring, so every day I try to address this by taking a breath and counting to two before responding to other people’s comments. It is not easy, but I do see small improvements in my own self-management. We can improve how we relate to others by using DISC too.

Next Steps

If you are a high C, another high C will love your detailed explanations while if you want to communicate with a high D more effectively you might want to start with a brief summary before proceeding into full details. Introducing any one of the steps below will quickly result in some benefits from EI, try all three and you will really start the journey towards significantly improved productivity and effectiveness:

1. Introduce EI testing into your hiring process and make having a high EQ a pre-requisite for all new hires, especially those in key leadership positions.

2. Go online and find out your DISC profile: there are many really good sites offering this service. Use the report to help assess how you come across to others and become more aware of your strengths and weaknesses. Do the same for the key members of your team and share your DISC reports with each other. This better understanding of each other will result in a far more productive and effective team.

3. Increase your EQ and that of your team

by getting trained; just remember to ask the instructor to describe the concrete steps he will give you to help improve your EI.

TECHNOLOGY

By Hodine Williams

veryone now has a cellphone and for the tech-savvy siblings you will notice some have two, three, or more smartphones. The new trend is for businesses to engage in cashless transactions. Yes, gone are the days when you had to walk around with a wallet full of paper, coins, and cards. As Jamaican commerce becomes more integrated in the international economy, so too will our local business infrastructure. If the global trend is to go cashless then logically our businesses will follow the lead and, as a consequence, our smartphones will firmly establish themselves as a necessary appendage. My Smartphone sleeps right next to me: it wakes me up; facilitates me keeping in touch with friends, family and colleagues; tells me when to eat, exercise, meet with clients; control all my devices; facilitates presentations; and even tells me when to drink water and how many calories I burn. Now, if I didn’t have my smartphone I would surely be an unorganised mess. I am certain I'm not a loner in this regard. Professionals like me would welcome and are anchoring for added functionalities for smartphones.

Mobile Payment

There are many smart mobile payment platforms that have come about over the past few years that will potentially revolutionise commerce as we know it. Can you imagine not having to carry around all those cards and/or cash? The concept I am referring to is known as Mobile Payment. Many companies have taken on to this new facility and several industries are reaping the benefits. You might hear people refer to this facility as mobile money, mobile money transfer, and mobile wallet. The method is pretty simple. Instead of paying for goods and services with cash, cheques, or credit cards, a consumer can use a smartphone to make purchases. Companies such as PayPal, Dwolla, Venmo, Square, Mophie + Intuit’s GoPayment Credit Card, TabbedOut, ZMAZZ, and Bitcoin for Android are among the few that are way ahead of the game. These companies are facilitating what I like to call Smartphone Aided Purchases. Locally, there exist several opportunities to tap into this burgeoning payment model and companies should look into utilising such technologies to improve their efficiency by providing customers with additional options to do business with them. Remittance service providers for one may opt to utilise this as more and more people begin to own smartphones. The fact is, there exists a large community of individuals in Jamaica that are classified as "unbanked" or "underbanked" and extending such services at a cost will mean increased income for businesses and great access and convenience for customers.

Finland for example is a forerunner. There, you can use your smartphone to make purchases, transfer money as well as several other transactions. For the most part, it’s safe and extremely convenient. The trend has certainly taken off in the United States and banks like Wells Fargo have introduced ‘Softcards’ that are hosted on your smartphone. All you need to do to use your Softcard is tap and pay anywhere Visa PayWave contactless payments are accepted. You are able

to enjoy the convenience of paying with your phone while continuing to enjoy the same rewards, protection, and cardholder benefits that come with your card. The trend is however not limited to the banking sector. Recently, it was announced that commuters to New York City who hate the wait to buy paper train tickets - whether from a man or a machine - will soon have the option to use their mobile phones instead. Users will have the ability to purchase their tickets in a matter of seconds and also be provided with information on logistics, route maps, timetables and other transit-related issues. Also, in the United Kingdom you are able to use your mobile phone to purchase bus tickets. Mobile money is not new to the developing world. In fact, using mobile money to cover the cost for public transport is easier in Nairobi than it is in New York as Kenya is the world leader when it comes to mobile money systems. A USAID report entitled: “Better Than Cash: Kenya Mobile Money Market Assessment” revealed that in less than five years after the service was launched, there are approximately 16 million users of mobile money in Kenya. According to the report these persons conduct more than two million transactions every day.

This means that an astonishing two-thirds of the adult population in Kenya utilise this kind of service which accounts for approximately a quarter of the country’s Gross National Product. According to the report, what is even more intriguing is that the facilities are not only being used for standard money transfers and airtime purchase, but also to pay salaries, utilities and other bills, and to buy goods and services at both online and physical merchants.

Opportunity for Mobile Money in Jamaica

Regrettably, this is not yet a ‘thing’ in Jamaica. It seems to me that we tend to follow a lead rather than innovate and try different approaches. Kenya is truly a success story which is nothing short of phenomenal. The statistics show that in just over four years, a country with only 1,072 bank branches has seen the number of agent outlets providing mobile money services grow to 46,000. I am not sure why the proliferation of mobile money in Jamaica is as slow as it is but I suppose the financial sector might be weary as they tend to be rather traditional.

Consider this; the core of banking is actual deposits. What this means is that a shift or the introduction of alternative facilities will definitely be frowned upon. In countries like Zambia, mobile money accounts have already surpassed traditional bank accounts. Bank and other entrepreneurs need to look at possibly providing financial services to the portion of the population that does not have traditional deposit accounts. But I believe that the ‘unbanked’ population referred to earlier, including general commerce stands to benefit significantly. There might be the emergence of a myriad of new business ventures and industry as well as forward and backward linkages. Can you imagine the cross-frontier benefits to say, education, tourism and also Small and Medium Sized Enterprises? The Government and private sector should create the environment necessary to facilitate growth in the digital transaction culture. There has been some movement for improved telecom infrastructure and liberalisation but the regulatory environment needs to be more robust. Utility rates need to go down and the focus needs to be more aggressive. We have to start having discussions with the universities and local chambers of commerce to see how best to implement policies to support such ventures. I was surprised a couple years ago when I stopped in Westmoreland to purchase fish and realised I had no cash. To my surprise the vendors had a ‘card machine’. This is the direction we should be going. I never would have thought that fish vendors would have card machines. Oh, I didn’t even remember the business cards with Facebook and Twitter information. These people mean business! So we can’t say that there aren’t small and micro businesses without proper business acumen. They are ready;what we need are facilities and technology to support growth and commerce. The success of our African sisters and brothers like Kenya and Zimbabwe is testimony to how technological innovations backed with a robust and facilitative policy environment and appropriate oversight can improve the level of financial inclusion and economic growth. This is an opportunity to grow our businesses. We must however, ready ourselves and be willing to capitalise on the possibilities that innovations and new technologies like mobile money provide our businesses - big and small.

TECHNOLOGY

Why You

Cannot

Ignore

Big Data

searches people do through Google and other Internet search engines; to the geo-location information that is generated by your tablet or smartphone; to the information you provide when you are downloading your favourite app (such as Angry Bird or WhatsApp) from Google’s Play Store; to the purchases you make using your debit/credit cards.

Now that a definition is provided we will discuss the topic further by answering the questions listed below: ● Where does big data come from? ● Who uses big data? ● What are the implications of big data for businesses and society?

A mind-blowing amount of data is being generated daily. A major subset of this data has to do with human behaviour and several forward thinking companies have realised this and are capitalising on it. That is, there are companies who are tracking your online behaviour, analysing the information you produce and using it to improve how they market products and services to you. Have you ever gone to Google to research a car or a smartphone you are thinking about buying then you see an advertisement from Toyota about their latest Camry the next time you visit your favourite website? If your answer is yes, that is a use of big data right there.

Where does big data come from?

Who uses big data?

ikipedia.org defines big data as “a blanket term for any collection of data sets (data files) so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications”. There has been an exponential growth in the amount of information that is available about almost everything in the world, especially since the Internet age. The projection is that as the use of embedded information devices and equipment continues to grow and as the worldwide Internet penetration rate increases so will big data.

Let me answer this with a question: “Do you like using social media – Facebook, Twitter and YouTube?” If your answer is yes you are contributing to the development of big data. That is, all your ‘likes’ on Facebook and your posts on Twitter are in fact a part of big data. Big data also includes the millions of online

By Trevor Thompson

Big Data is big money, it is worth US$300B and it is being curated by companies you have never heard about – not just your popular social media sites. Among these companies are Acxiom, Statlistics, Response Solutions, Paramount List, Exact Data, Take5Solutions and Epsilon. They are known as cont'd on pg 30

cont'd from pg 28

data/information brokers. Wikipedia defines a data broker as: “An information broker (independent information professional, information consultant, or data broker) who collects information, often about individual people. The data are then sold to companies that use it to target advertising and marketing towards specific groups, to verify a person's identity including for purposes of fraud detection, and to sell to individuals and organisations so they can research particular individuals.” The type of information data brokers collect about you may include: ● Name ● Age ● Education ● Home or car ownership (include make and model) ● Marital status ● Number of children and their gender ● Interest ● Media consumption patterns ● Where you live ● Sexual orientation ● Credit worthiness ● Profession ● Health status ● Criminal status These companies package this information and sell it to anyone who needs it. Among the buyers of this information are: major media companies, marketing firms, government agencies and other businesses.

Let’s look at the advantages and disadvantages of Big Data: Advantages ● Increases the accuracy of marketing campaigns – When I was purchasing my last car I did

extensive internet-based research before deciding on which make and model to buy. Instantly I started noticing that I would see advertisements for various car makers appearing on my favourite websites. That was the work of big data. A company like Google was able to, based on my search pattern, present advertisements which they thought was more relevant to my interests - instead of generic and uninteresting advertisements.

● Increases the marketer’s understanding of their customers – There are several data brokers who

are able to sell you information on your customers (or potential customers). This information, if accurate, would provide decision makers with critical information on who their customers or the customers of their competitors are.

● Good news for exporters – Many Jamaican companies are increasingly looking to enter the export market. They know

that it is very important to have information on their potential customers because if not, they will be like an archer shooting in the dark. However, they are daunted by the expense of conducting research in these markets. An option is to purchase consumer information from a data broker and validate the information purchased.

● Check validity of marketing research projects – Big data can be used to cross-check or validate the information collected in a marketing research project (or vice-versa). This is especially important if the information will be used to drive critical business decisions. Disadvantages ● Accuracy Issue…Garbage In, Garbage Out - In some

cases big data can be inaccurate. For example, a man may visit a website to purchase lingerie for his wife. If big data has no history of this man’s gender, it may incorrectly extrapolate that it is a female making a purchase. Additionally, many internet users try to disguise their online identity. For example, when signing up for Facebook people lie about their age or gender. This data is then inaccurate from the beginning.

● Big Data has limits – big data has more depth and reach where internet penetration and usage is high, which are primarily developed countries in North America, Europe and parts of Asia. Essentially, a significant proportion of the world’s population has no access to the internet, especially in developing or under-developed countries. ● Big Data is skewed – A large part of big data is collected directly via input from users of the internet and research has shown that internet usage is not equal. Therefore, internet usage may differ by age, gender and socio-economic status. A young male in a middle income family is more likely to be a heavier Internet user than an old lady in a low income family. Essentially, when looking at big data from the internet you have to understand the nuances of the data you are using. ● Big Data does not provide a comprehensive profile of customers – In some cases the information

collected is mainly demographic indicators (age, gender, marital status etc). However, it is important that companies have a comprehensive profile of customers, which includes insight about their customers’ lifestyle, values and personalities. Essentially, while big data has it uses, the best method of developing a comprehensive analysis of your customers is comprehensive marketing research, full stop! Additionally, big data extracted from internet-based sources does not necessarily give a complete picture of consumers as it includes limited information on the consumers’ values, personality and lifestyle. Essentially, traditional marketing research still has to complement information from these sources.

FEATURE

Jamaica Yellow Pages The Paradigm for Corporate Social Responsibility

By Robyn Miller hen Fabian Barracks decided to go with the name Bad Apple for his latest theatrical production to close out 2014, he had no way of knowing how corporate Jamaica would respond, let alone theatre goers.

Well, they all lined up behind the immensely talented young writer and director, sending a message that corporate social responsibility is still alive and well. Main sponsors Jamaica Yellow Pages (JYP) were among the first to sink their teeth into Bad Apple. For them, it was a decision that was as easy as 1-2-3! Tshani Jaja, Marketing Manager, Jamaica Yellow Pages

“We take our Corporate Responsibility seriously and considering the socio-psychological challenges faced by our youths today we thought that this would be a valuable means of helping to connect, share and inspire the youth." The message is one that connects with the youth in a relatable manner” says Tshani Jaja, Marketing Manager, JYP. “For years we’ve been involved in Jamaican culture in its various forms. When we were approached by Fabian and his team we were impressed with the professionalism, passion for the performing arts and the positive message that was being promoted.” Barracks’ storylines get more intense year-on-year with themes that cut across social barriers. Yet, he balances it all nicely with vigorous doses of laughter throughout for his audience. About a bright and promising school girl intent on blotting the cyclical poverty that has beset her family, Apple (Shantol Jackson) and her support cast of three, create ample talking points for teenagers and young adults alike. As fate would have it, the absence of a father and losing her mother at a tender age has Apple falling for the first thing that resembles love.

Fabian Barracks, CEO, Writer, Director, Barracks Entertainment Productions

Soon enough, she finds herself ‘sexting’ a married man, eventually handing her virginity to him. But the consequences for Apple are biting. Unwanted pregnancy and rejection from her literature teacher and the father of her unborn child threatens to put a pause on her education and her future in uncertainty. But when a sex tape of the escapade also goes viral, it throws Apple in a cloud of shame and despair. Suicide seems her only way out; at least it’s better than facing her tough Aunty Vinette (Jodian Findley) whose investment seems set to go down the drain. With a fiercely loyal friend in Poochie (Shauneca Wollery) to slap some sense into her, the dejected Apple soon gets the guts to confront Mr. Gayle (Nicolas Amore) with her pregnancy. But he tells Apple he’s a married man and she should get rid of it. When she refuses, he gets dirty and concocts a scheme to have his second victim kicked out of school. Now in his fourth play, Barracks has managed to put together a thoughtprovoking production. Still only in his mid-twenties, Barracks demonstrates clarity of thought and a good grasp of the issues confronting Jamaican youths. Yet there’s a sombre message in the play about the need to cultivate good social behaviours. It’s the kind of message that finds pride of place with the team at JYP who described the play as “very well written, thoughtprovoking and relatable”. It “touched on deep-seated social issues that a lot of young people are uncomfortable speaking openly about”. JYP has once again shown its strong support for Jamaica’s arts and culture, and deservedly so. Next to sports, nothing has brought Jamaica and Jamaicans more global attention than the arts. Our entertainers, fine and visual artists, craftsmen, actors – all exemplify what makes Jamaicans outstanding.

Scenes from the play Bad Apple

Jamaica Yellow Pages, in in the past few years, has created a platform for Jamaicans to showcase their talent, with the focus being the youth.

at an affordable cost to students. It’s all part and parcel of bringing hope and inspiration to the youth through corporate responsibility.

In 2011, JYP flipped the pages with a $12 million injection, over three years, in the Kingston and St. Andrew Football Association Jackie Bell Knockout Competition. It has kept busy since staging two activities in 2013: ‘Click the Cover’ for amateur photographers and ‘Recycle and Win’, a competition promoting social responsibility among primary-aged school children.

Barracks taps the synergy between his Barracks Entertainment Production Company and JYP as “a beautiful marketing strategy”. He says it’s a thrill to have a company like JYP support him and that it could not have come at a better time.

It’s a commitment the team has made in its 50 years of operating in Jamaica and one which its marketing manager says will continue this year. “Jamaica Yellow Pages has been around for 50 years, and we believe that for us to remain relevant for another 50 years and beyond, it is important for us to connect with the youth demographics. As such, we consistently seek to engage the youth who are active users of our products and services.”

Mario McKoy did stage management for the play which boasted an impressive set and was also produced by Barracks. Other corporate support for the production came from Sure Stitch Embroidery Company Ltd. Wealth Magazine, National Commercial Bank, Jamaican Teas, Bad Dawg Sausages, Chicken and Tings, Talk Jamaica Radio, The Gleaner’s Youth Link and the Jamaica Observer’s Teenage.

The partnership with Jamaica Yellow Pages allowed Barracks to impact a number of high schools across Jamaica

FEATURE

#DIGITAL

COOL

elebrating her 180th anniversary on September 13 last year, the Gleaner Company has earned her rightful place in print media. Since 1834 she has stained the fingers of her readers as they thumbed through pages of heart-warming stories and news covering every topic in Jamaica. Over the years, the Gleaner has prided herself on being credible, current, comprehensive and convenient in delivering its core business...news. News is what she has been associated with, but with experience comes wisdom.

“

She ole but she nuh col

”

By Mikaelea Witter

The age of technology has required that granny shake up those old bones and dance into the new era. The old dame of North Street did just that when the Gleaner Online was born in 1997. According to Online Brand Manager Terri-Karelle Reid, Gleaner Online established itself when the need to have the news online and available anytime and anywhere became important: “Our local and international readers have evolved and we have evolved with them”. That evolution expanded the Gleaner into not just a print company but an online company as well. Terri-Karelle quipped that granny is now cool, hip and happening: “She ole but she nuh col, she manages to stay current, she manages to stay relevant”.

The brand manager says the Gleaner’s Online dynamic production team provides a range of services which meets the needs of the news/information hungry; advertisers and small and medium-sized businesses. For readers, when they visit jamaica-gleaner.com they get the daily news in addition to the latest happenings throughout the day. “We have morphed you see. At first it was Eonline where you just put up the articles and pictures and you just see what happens in the newspaper. Then it involved giving the latest news as it happened during the day. Now it is multimedia, where we also offer news and lifestyle stories in video format.”

According to Terri-Karelle, a Bill Johnson survey conducted in November last year. revealed that behind television, online was where people went for their news and that made for an interesting bit of information. “I thought that was pretty interesting because we are the islands, we are very print centric, we like to feel our paper. Whereas our survey was now telling us that people are on the go and they are accepting their news via smartphones even when they are at home as opposed to laptops, tablets and PCs.” She explains that there was a bit of resistance last year when the

company started a paywall on its website whereby readers who wanted unlimited access to the news would have to subscribe. However, she says that decision has served as an important revenue stream. “We were the first company in the region to put a paywall on its website. We launched last year January and as much as people were saying that they were not going to pay for news online, I am happy to see the tables turn and we

have seen people subscribe to the news online just as how they would purchase the print”. Terri-Karelle thinks this is the direction in which the country needs to go. “Young entrepreneurs coming up, these guys are building mobile apps. They are doing so many things with digital products that I think the sooner we as a nation start to appreciate products online and subscribe to them online, we will also help other people’s development as well”. Another plus for persons wanting to get the latest news, is the live stream from the Power106 newsroom through the mobile app. So save yourself the trouble of Google searching for the Gleaner website every time you want to get up to date on news. Simply download the mobile app free for all and accessible on all smartphones. “So whether you have a Blackberry, an Android, an iPhone or an iPad you have mobile apps that supply those entire platforms so basically we are pushing their news, their way, on their terms.” Web Development Who knew that the Gleaner Online production team can develop and design your website for you all within your budget? Well they can! TerriKarelle says the team has done hundreds of websites, including for government agencies. “A lot of people don’t know that the Gleaner Company sits down behind a lot of companies, large, as well as small, from web design, to graphic designing, to website development.” The Services Do Not Stop There. The Gleaner Online also serves as a host website for persons who are having trouble with theirs. So persons visiting jamaica-gleaner.com will be able to view their business from a portal on the site. Terri-Karelle says it is important that people understand that the Old Dame does a lot more than meets the eye and offers a lot of solutions. “If they call us at

Gleaner Online and ask what can you do about my hosting because I am having issues, then we will manage the whole process and give you your report as well”. E-Commerce For special occasions such as Valentine’s Day, Well...the Gleaner Online team can help you pop that question! This is another exciting feature of the service. The team can make that occasion special for you and your partner through its E-Commerce. Terri-Karelle says with this service (mostly popular for Valentines Day and Christmas), the production team sets up an online platform for say a small boutique or flower shop. Customers will be able to view the products, select and pay for the items. “Let’s say they don’t have carts where people can go and pay with their credit cards, but they want the exposure and reach-ability of being online. So the Gleaner actually has a portal where those businesses can sit in our portal and we do all their monetary transactions and hand over all the money. So we basically act as their online E-Commerce site”. This is also another great way of advertising your products. The brand manager says the response to digital advertising has been great because of the reach. “It is digital, the metrics don’t lie. At the end of the day, we can tell you how many people saw and clicked on your ads. Those are the metrics that people with small budgets need to work with and that is something we offer in digital advertising”. She says this year, new and current clients can look forward to numerous projects coming up based on the feedback from readers and advertisers. These are inclusive of improvements in the usability, access and user-friendly nature of the apps. She posits that no matter how much time and technology change, the Gleaner Online’s credibility will always be its strongest core value.

FEATURE

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ritish Caribbean Insurance Company, BCIC Limited has stepped up its game by becoming the first general insurance company in Jamaica to offer a 24/7 online solution, bciconline.com. The online portal, which made its debut in January, also provides a free mobile smartphone app channel for customers. According to BCIC’s Marketing Manager, Simone Foote, the online service was launched to make it easier for its Personal Lines insurance customers to conduct their business at one of its seven locations or through a broker or an agent. “We really started it because we are a company that is always looking to do things differently; to innovate in a market that offers a lot of similar products and services; and because we see a lot of institutions, not just locally, going online making things more convenient for their clients.” Bciconline.com currently facilitates the purchase of a private motor policy from the beginning to end, wherever it is convenient to the buyer. Individuals are also able to access services related to homeowner insurance. You may ask “why only these two insurance products at this time?” Ms. Foote tells Wealth Magazine that it is much easier and more straightforward. “We have the portal for the Personal Lines, and you will find it universally as well, because it is an easier class of insurance to do online. For the larger businesses with business insurance, you need more information, you need to talk directly with your clients so you can advise them and give them a proper insurance portfolio to protect their business.” She says customers can visit bciconline.com and get quotes, buy insurance, report and track claims, and make payments from anywhere and at anytime. Ms. Foote says this does not

online.com

mean that customers should not visit its offices. “While we are always happy to meet with our customers at our head office and seven branch locations we also want them to know that when the “brick and mortar” offices close for business at the end of the working day or on public holidays, BCIC is always accessible and able to serve our customers’ needs.”

The main features of the online portal include: • Online reporting and tracking of claims • Quick and easy quotes (motor and home) • Buying insurance online (motor and home) • Online premium payment (via credit card) • Online insurance renewal • Ability to print your own motor vehicle cover note • Live chat with BCIC customer care agents • Broker and agent portal • 24/7 access to personal insurance account anytime, anywhere. If you are an existing client visiting the website you will get the option of setting up your own account. Having done that, you have access to your policy that you already have with BCIC. The website also facilitates you being able to renew your policy from home.

The list of questions Ms. Foote says this is another feature of getting a motor vehicle quote which bciconline.com has made more convenient.

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“With the motor vehicle quote which I think is fantastic, after you enter your email address and name, I think it is only 12 questions that you have to fill out. Now normally when you are getting a quote, people find that it can take a long period of time, but this is very quick”. She says the system will then give the options for all the levels of insurance, whether Comprehensive, Third Party or Diamond Max.

Why BCIConline.com? Ms. Foote says the decision to set up an online insurance portal is also a plus for BCIC as it has been more cost effective. “We are now able to focus some of our energies in terms of developing better systems within the organisation to deliver better to our customers”. Not wanting to give away too much of BCIC’s future plans, Ms. Foote says they have started off in a big way with the private motor insurance, but more will be coming. In the meantime, persons can visit bcicjamaica.com to get up to date on all the other classes of insurance which the company covers. These include: • • • •

BCIC Assist Fires and Allied Perils Public Liability Money

• Commercial and Industrial • Employers Liability • Contractors All Risks • Burglary

Claudette Green-Sinclair, Manager-Corporate Risks, introducing BCIConline.com to our broker and agent partners

FEATURE

By Mikaelea Witter

positive message can brighten any day and provide relief for the heart, mind and soul.

I CAN! Stationery and More is the manufacturer and distributor of the new motivational affirmation tools branded, I CAN. For the past five years, the company has been delivering motivational messages to schools, companies and just about anyone who has come across its products. The company is located at 27 Slipe Road in Kingston and is owned and operated by husband and wife team Altano and Tamara Morgan.

"I CAN is not a regular book, it is a motivational tool. We believe words create thoughts, thoughts create actions and actions shape destiny". 38

Mrs. Morgan says the company was created after they saw what stores had to offer. "We used to see books with secular artistes and we wanted to have something with a positive influence.” They started out by seeking the help of a manufacturer to supply the books. But when that did not work out, they bought their own equipment and set about generating their supplies."We found that it worked out much better, because you are more able to put in the books what you want and it opened the door to do other things." Now customers will find motivational messages on the covers and pages of their exercise and hardcover books, stenographer pads and on pens, pencils and bags. Some of the books also have the images of local gospel artistes which were I CAN’s first production. Magazines and calendars are also in stock and customers have the option of branding and personalising their items. Mrs. Morgan says the stationery, especially targets students and allow them to include their names in the messages making them more personal. She says messages like this one can be found at the front of the writing books: This subject is not difficult, because my potential is greater. If I study hard and apply my knowledge well, then great success will be my reward. "It is a talking book. I CAN is saying you the individual can and you can do all things through Christ who strengthens you." The husband and wife team has used mostly direct marketing to promote their services, including their interactive robot, Captain I Can. The company offers motivational sessions to schools or wherever there is a gathering of young people through Captain I Can. According to Mrs. Morgan: "He pulls people to him basically and transforms lives by renewing thoughts” which is taken from our company’s motto. Mrs. Morgan says the reason for using an 8 feet Robot Superhero as the face of “I CAN” brand is simple. “You program a robot to execute a command and so it is with our minds; whatever we program in our minds that’s what our actions will be.” Captain I Can motivates listeners, by telling them positive words, giving them high fives, shaking hands, posing for cameras and even dances. Mrs. Morgan says this year Captain I CAN will speak about the issues facing children.

Altano and Tamara Morgan owner and operator of ICAN! Stationery.

Although the business is not experiencing the growth that the husband and wife team would want at this time, Mrs. Morgan says future plans include expanding to other parishes and exporting their motivational material.

Be inspired and learn about some of the most driven individuals in Jamaica who have taken the bold step to create their own business. Who is Next-Up? By: Fabian Barracks

Being an entrepreneur means that you fully embrace ambiguity and become comfortable with finding a solution to challenges regularly. Choosing this career path is completely irrational because the odds of succeeding are dismal, but MOST succeed because of their unwavering belief, focus and persistence. Wealth Magazine highlights the strides of some of Jamaicaâ&#x20AC;&#x2122;s most fervent entrepreneurs who have established their brand and are actively working to maintain relevance and success amid the turbulence of the economy.

Womb in Time Vines and used lunch boxes -2012

Owner of J.A.M.Y.A.H International (Jamaica Artistic Movement for Youth and Humanity International) and Toby Grant Art Int. Grants organisation is an artistic, scientific and creative enterprise which seeks to give a high level of services through science and the visual and performing arts. Toby Grant categorises himself as an environmental artist. Where it all startedâ&#x20AC;Ś Tobyâ&#x20AC;&#x2122;s first job was at Beaches Boscobel as an entertainment coordinator/ set designer. He then went on to work at Docosta Records as a creative consultant and graphic designer. Then after moving on to his third job at SignTex LTD where he specialized in graphic design, site logistics and fabrication. However, it was at that time he freelanced doing event execution, set designing and graphics.

What inspires him… With his philosophy adapted from Napoleon Hill, “Whatever the mind can conceive and believe, it can achieve,” he credits his love for God and his passion for youths as his main inspirations. His mother, an early childhood educator, plays an instrumental role in his success. He however looks up to Jacque Fresco, an American futurist and social engineer who taught himself a lot in industrial design.

Best business advice… “Have a clear understanding of what you desire in this life and bring it to reality by just a simple pen to paper. If it’s the first thing you think of when you wake up and the last thing before you sleep, then don’t stop until you wake in it and sleep in it and it’s not a bed, it’s your dream.” Company Highlights… • Solo exhibition: Fall From Grace Instalment at Phillip Sherlock Centre at the University of the West Indies (www.yardedge.net/ tobygrant)

And the challenges… His biggest challenge to date is the first time he was commissioned to do a sculpture. He had to depict a family in a 4 and half feet statue from cement. He recalls following the teaching of his lecturer Raymond Watson from drawings, model, and pricing to production. He successfully produced the piece of work despite the cost of producing it and was compensated adequately.

• 2007, Participant of the Cage Gallery Student Faculty Art Exhibition

Has it been what you dreamed of? Toby still has a long way to go. Due to the nature of the business, it required all the sub-groups of the organisation to be under one roof and he is yet to accomplish that.

• 2009,Experimental Art Exhibition (Phillip Sherlock Centre)

• 2007, Pease Mural Artist (Wind Ward Road Primary)

• 2010 Permanent Sculpture for IAAS 100th Boys and Girls Championship, “Hands of Gold” • 2011, Pease Mural Artist (Gaynstead High for Pease) • 2011, Consultant for Bureau of Women Affair’s (Ending Violence Against Women) • 2011, Manager for Art in the park Project still in process • 2013 Environmental Backdrop for JMAs 45th Award • 2014 Jamaica Stock Exchange Best Practice Award (Sculptural Backdrop, Bull and Bear) • 2014-2015 Finalist in the Norman Manley Airport Art Competition

• 2009, recipient of the NCB Calendar Awards

Junkyard Scultpure 2012

Hands of Gold (National Stadium) Mixed Media 2010

Identity (Cake soap - 2010)

wner of The Pure Groop, formerly Pure Marketing Mobile Media. The first mobile video billboard company. -Founded in 2011

Where it all started… Damion’s first official job was as a warehouse assistant for a Guatemalan company that distributed shoes in Jamaica. After a few months he was promoted to warehouse manager despite not having the qualifications. He then worked in ”unfamiliar territory” as a data entry clerk at the Electoral Office of Jamaica. He took that opportunity to advance his typing skills and performed well until the contract for the project ended. After that stint, he focused a lot on establishing a clothing line with friends. He actively worked on building that brand until it motivated him to build his own brand. What inspires him… He has always had his own ideas of how something should look feel and work. Being technologically savvy he was a quick learner in anything relating to software and electronics. This fusion inspired him to start his business and turn his passion into profit. He is motivated by his 2-year-old daughter Peyton-Jade, for whom he aims to create thewealth and happiness which he was not afforded while growing up. Damion believes that, “No matter how big the task is, just start and give it your best shot, give it everything, don’t worry about that wall that you

have to build, just lay the first brick as perfectly as a brick can be laid, continue on that path and before you know it, you will have the greatest wall ever built. Just Start.” And the challenges… It is very hard to build a successful company from the ground up and even harder when you don’t have the right team. Damion’s biggest challenge is finding the people with the right passion, attitude, dedication and vision to be a part of his team. Has it been what you dreamed of? It has been everything he has dreamed of and more. He feels fulfilled and is given a sense of purpose each day. He feels happy that he is inspiring many people.

world to you and that will add value to the lives of people. Don’t hustle the business, do the business and NEVER give up.”

Company Highlights… Pure Groop consists of: Pure Marketing Digital Media, Pure Smart Digital Displays, PMDM Studios, TheMallJa and The Video Mag. Services include placebased advertising Jamaica’s first network of interactive floor standing digital displays, designed for shopping malls, mobile video advertising, creative Ad creation, video production, Photography, graphics design, web design, social media branding and more. Working domestically with high profile clients as Victoria Mutual Building Society, Kingston Bookshop, BCIC and recently international companies including Nelson Thornes Publishers & Oxford University Press.

Best Business advice… “Don’t start a business just to make money, start out by doing something you are really passionate about, something you will never get tired of doing, something that means the

FEATURE

B&D TRAWLING LTD

oderick 'Ricky' Francis Jr is truly an inspiration; not only as a married family man with two young daughters, but also as a man who treats his company and its workers as an extension of his family. After attending Hillel Academy up until age 11, Ricky moved onto St. George's High School, where his mother says he was a bit of a troublesome teenager, but "really matured as the years went on". At age 18, after a stint at Canada's Ridley College, Francis applied to Morehouse College, a famous school in Atlanta, where Martin Luther King Jr. once attended. This terrified his mother as he'd only applied to one college. Patricia Francis, former President of Jampro, said "it terrified me when he only applied to one school with no backup, but then after being accepted and having been there for a year, we got the news that he was top of his class in everything he was studying". Ricky,who was also child of R oderick 'Bunny' Francis, was exposed to much as a child, with a grandfather on one side a Pan-Africanist, and on his mother's side, an Industrialist. "As a child, probably eleven or so years old, he'd travel on the boats to Cuba, Louisiana, places in Central America, with his father. He was definitely exposed to a different side of life because of who his father was, and their fathers before him", said Mrs. Francis.

B&D Trawling, based in Downtown Kingston, is truly a family-run company. As the head of the seafood exporter since 2011 (since his father's tragic passing), Ricky Francis has been on a mission to build his family's company as well as building Jamaica; something the country has desperately been in need of over the last few years. A major role in the economic crisis is the huge amount of importation Jamaica does, on the whole, but especially in the fishing industry. Jamaica imports over US$100m of seafood into the country annually, and one way to really even the playing field, so to speak, is to hit back with exports.

B&D's client list is huge, and spans the planet in terms of where these customers are based. Countries such as Vietnam, the U.S., and many countries across the French Caribbean such as St. Martin and Guadeloupe are amongst some of the highest importers of Jamaican seafood. Even companies as familiar to some of us like Red Lobster, that famous American lobster restaurant, buy lobster from B&D, so it's very possible if you were visiting family in the U.S. and you went to a Red Lobster, you could well be eating food "straight from home"! It's exportation like this that can help keep a healthy flow of blood into the heart of Jamaica. We have top quality seafood here, yet we import so much of it; why not export it? And that's precisely what Ricky Francis has aimed to do in the last few years; keeping the proud tradition of an all-export company that's been around for over thirty years. "We're proud of the fact that we pioneered industrial conch and lobster fishing in Jamaica. We also export a large number of sea cucumber to Asian countries, and we're starting to get into the industry of crab fishing for export", said Francis, adding, "We're the leading export company in the country, and we're proud to be pushing the export drive". Francis ended; "we really want to differentiate ourselves as a Jamaican company. We're unique in what we do", clearly stating that B&D could well be due to set a trend, that hopefully other Jamaican companies will follow suit and really aim to balance the scales of import/export.

FEATURE

BAKER TILLY TITLE

n February 2014, Strachan Lafayette & Associates became an independent member of Baker Tilly International which has its global office in London. Baker Tilly International has 160 member firms in 139 countries and is ranked number 8 in the World of the top accountancy firms. On January 13, 2015, Geoff Barnes, President and Jake Luskin, Regional Director of North America visited Jamaica to meet the partners, staff and clients of Baker Tilly Strachan Lafayette. The firm hosted a cocktail party which was held at Eden Gardens Resort and Spa.

The specially invited guests strolled into the venue to the cool and soothing sounds of R&B in business elegance, with a few stepping their fashion up a notch to casually chic just for the occasion. Starting off the night with cocktails in hand, they branched off into smaller groups, which gave way to the chit-chatter among friends and the unfamiliar. The president soon made his way into the event at 7:40 pm., Then ventured in the drinks department shortly after. He went straight to mingling after being warmly greeted by local employees.

Strachan Lafayette & Associates Staff & International Partners

Formalities came shortly before 9 p.m, with Wayne Strachan, Senior Partner of the audit firm, thanking all the guests for coming out. He gave a brief synopsis of the firm and its new partnership which has brought great growth, before opening the stage to Baker Tilly International President, Geoff Barnes. The President remarked that it has been great to be in Jamaica. He noted that joining the firm has been of fundamental importance since Jamaica is located in a crucial part the Caribbean. Not only are Jamaicans self driven, but they are professional, ambitious and exceptionally friendly. He looks forward to the growth in business as a result of this

Peter, Mark Golding & Charles Ross

BAKER TILLY

FEATURE

Entrepreneurship

All the Way

he International Labour Organisation estimates that 47% of all unemployed persons globally are young people and that 660 million of them will either be working or looking for work in 2015. Now these are alarming statistics, evidenced by the economic situation around the world. In Jamaica, youth unemployment is of grave concern as more and more young people are leaving high school, colleges and universities unable to find employment. As at March 2014, the World Bank said youth unemployment was more than twice the national rate of 13.4%.

The NYS Entrepreneurship Competition "Tun yuh han mek fashion".

This local adage is fitting of the National Youth Service, NYS, which last year recognised the crisis facing the youth population and set out to do something about it. According to Omar Newell, NYS Director, Community Services: “The NYS is committed to providing Jamaican youth with the opportunity to explore entrepreneurship as a viable option to employment.”

By Mikaelea Witter

The NYS embarked on an islandwide entrepreneurship programme which taught participants the basic tenets of owning a business. Mr. Newell says the NYS entrepreneurship programme facilitates the development of youth entrepreneurs, prepares participants to become self-reliant by teaching them how to develop actionable business plans from innovative or need-satisfying ideas and to operate sustainable businesses.

St. Mary Youth Wins Competition The ‘Pitch’ On hearing that an entrepreneurship programme was coming to St. Mary, 20 year old Kawaine Anderson was not going to let the opportunity pass. "I heard the word entrepreneurship and it caught my attention." Kawaine says days after registering for the programme he was called to an interview. A two week camp followed during which he and scores of other young people from St. Mary were taught business development and what it takes to be an entrepreneur. "After that two week camp, it was your choice whether you wanted to continue with NYS for another six months and I chose to do that." Kawaine says the training got more intense and in-depth. cont'd on pg 52

cont'd from pg 50

The parishes were now preparing for what the NYS called the culmination of the entrepreneurship programme. Over the six months, participants were taught how to create a business plan. At the end of that period, the business plans were submitted to the NYS. The best business plans were entered into the entrepreneurship competition dubbed the 'Pitch'. One person was selected to represent their parish. Participants were then paired with business mentors who: reviewed and provided advice on how to strengthen the business plans; assisted with preparing for the presentation (pitch); and assisted with completing their executive summary for presentation to the judges. Once they had satisfactorily completed this, participants presented or pitched their business plans to a panel of judges. Five finalists were selected from that round to move on to the national finals held in December. Among them was young Kawaine Anderson.

"The judges were saying it was a good pitch. They saw that my financial numbers were realistic and I think that gave me the edge over the other competitors. They said it seemed like a business that can be very lucrative." The Heart Trust/NTA student is not wasting any time. In June, he hopes to start operating his 'Pitch' business idea in his hometown of Islington, St. Mary. "It will be operated from home at first. The business grows in different phases, so this first phase can be done from home". Kawaine says Golden Palate Events Supplies and Services aims to offer supplies and services in one convenient location for parties, corporate events and weddings.

â&#x20AC;&#x153;Golden Palate is mine and I will stick with that...I want it to be entrepreneurship all the way".

A three week Start up Jamaica workshop followed and thereafter with the help of mentors, the finalists were taught how to pitch effectively and confidently over a three month period.

Competition reaches fever 'Pitch' Up for grabs was a three hundred thousand dollar grant from the NYS to be put toward the setting up of their business and assistance in marketing. On December 4, the finalists representing the parishes of St. Ann, Manchester, St. Catherine, Kingston and St. Andrew and St. Mary all gathered at the New Kingston Conference Centre for the national finals. At the end of the day when all five finalists had pitched their business ideas before a panel of

judges and an audience, Kawaine's Golden Palate Events Supplies and Services emerged victorious. "I felt great. It's like I did not even expect it, but I felt overwhelmed. I felt great that I presented such a good pitch because I even surprised myself, I knew what to do but I was nervous". The God fearing young man tells the reason he won.

These include waitering services and the supplying of table cloths, silverware, tables and chairs. "I realised that in St. Mary people have to go to different places to find what they want for that one event, so I am trying to lessen the amount of time persons take to get all their event planning needs met." He will be starting out by supplying tables, chairs and table cloths for rent. While he waits on the promised marketing assistance from the NYS, Kawaine has started to promote his business through social media and direct marketing. So far he says potential customers are buying into his idea. Overall, he is optimistic about his new business venture. â&#x20AC;&#x153;Golden Palate is mine and I will stick with that...I want it to be entrepreneurship all the way".

FINANCE

How to Attract Venture Capitalists

tâ&#x20AC;&#x2122;s human nature to want to charm people we fancy or admire. We want people we are attracted to, to be in our personal space, people we admire to be our mentors, or people who share similar goals or ideals to be in business with. The tactics we deploy to engage the other person's attention varies depending on the circumstances. People in business looking for funding are likely to employ various methods to attract investors. After carefully preparing a well detailed plan for your new business and exploring all viable options the decision could be taken to use venture capitalist as the means to fund the business. The path of venture capitalist should not be taken lightly as it does come with an active form of financing and involvement. By definition, venture capitalists are investors looking to finance early stage companies usually through dedicated management. In addition to capital, the investor seeks to add value in an effort to help the business grow and achieve greater return on the investment. The big question now is, how do you entice venture capitalists (VCs) to actually invest?

Have a novel business idea

It is important to venture capitalist that the business idea cannot be easily replicated as their primary focus is to fund projects that can give them huge returns on their investment

By Dian Blackwood

given the risk being undertaken. Therefore, ensure that your business idea is fresh, innovative or unique especially if you are looking to enter an already saturated or changing market. The business should be filling a void in the marketplace in order to entice investors. What should separate you from your competitors must be something that is noticeably beneficial to your target audience. Another key component that investors look for is the ease with which other competitors can enter the market. In other words is there a high barrier to entry? Barriers to entry include a number of different factors that may restrict the ability of new competitors to enter and begin operation. For example, new entrants may be required to invest huge sums in capital equipment, or existing firms may have earned strong customer loyalties that may be difficult to penetrate. It is important that these factors are understood in order to compete effectively and make sensible strategic decisions.

Have a solid strategic statement

This is an important statement that nicely articulates what you want the business to be and defines what will drive and fulfil its objectives. If it is not clear and effectively written, investors will quickly move on to other competitive options that compete for their attention. There are many different ways to say what the business is about but the key factors to state are: what is it the

business will do and what are the key benefits and how is it different. The proposition needs to be clear, concise and interesting. A strong statement makes it easier to connect with the venture capitalist.

Demonstrate Market Traction

Have the right team

Given the dynamics of the marketplace there can be a number of changes, customer needs, competitive factors and industry modifications. However, having the right team that can evolve with the changes is important. The right team should have the requisite skills, expertise and diversity, complimentary skills, passion, willpower and flexibility. It is important to show investors that the business can retain quality employees who are committed to the firm.

Have a detailed financial plan

Traction is really about building a relationship with the venture capitalist over time by showing him/her that you can move the ball forward. Fundraising is an ongoing process and not an event. Therefore, work on building a relationship with investors over a long term period and in doing so you will also convince venture capitalists that you are gaining traction. The five main independent sources of market traction that may help to validate the business are customers, partners, distributors, industry experts and other stakeholders. The most impactful form of traction is when you can turn pilot test users into meaningful, repeat customers. Keep the investor abreast as it also demonstrates your ability to execute upon your stated objectives and keep the focus on your business.

A well prepared financial plan demonstrates to the venture capitalist that the management team is competent. The plan should include a cash budget, outlining monthly projections for at least one year. This helps to anticipate for any fluctuations. An income statements and balance sheet with projections for at least three years are the next items to be included. This helps to predict financial results and any possible short term financing that may arise. An analysis of capital investments with projections for at least five years should also be included. This will assist with anticipating any shifts and planning for long term financing needs. It takes time and persistence for business personnel to get the attention of a venture capitalist. Armed with the right tools and skillset, you are one step closer to making your dream a reality.

FINANCE

How to Manage your Cash Flow By Alicea James

hen it comes to the financial management of a growing company, cash is king. It is the most critical component for a thriving business. Let’s be honest, without cash, profits are pretty much meaningless. Cash flow is the money coming in and out of your business and its management is monumental to the success or failure of any company. www.Inc.com explains that “cash flow management means delaying outlays of cash as long as possible while encouraging anyone who owes you money to pay it as rapidly as possible.” All companies definitely need a firm grasp on this concept, but it is particularly integral for new or small businesses. In the long term companies go under because of lack of profit, but in the short term they fail because they solely do not have enough cash to pay their bills. Academic studies over the years have found that cash flow problems can be one of the leading causes of failure for businesses.

There are two types of cash flow: 1. Positive cash flow: By the name alone, you already know that this is the type you want to achieve. Positive cash flow occurs when the cash coming into your business from receivables, sales, accounts etc. is more than the amount of the cash leaving your business through salaries, monthly bills, accounts payable and other expenses. 2. Negative cash flow: As we’ve been taught, ‘negative’ usually means bad news so we certainly don’t want this. When your outflow of cash is greater than your incoming cash this is called negative cash flow and means your business is in danger. But there are things that can be done to ensure that you never have to deal with this, and if you have to, then these tips can help to turn things around.

Cut unnecessary costs This is the most obvious solution to any cash flow problem. If you have more money going out than coming in then the first thing to do is find ways to cut costs. Evaluate everything in your company from the cheapest to the most expensive and see where you can find more cost- effective solutions without compromising quality. Monitor stock closely and only order what you need; in cases where buying bulk is cheaper, do so. Also, don’t spend money on things that won’t grow your business. Negotiate good terms with suppliers Ensure you have good relationships with your suppliers and see where you can negotiate better terms. If you are able to settle your bill in 60 days or even 90 days rather than 30, you get to hold on to your money for longer and this helps regulate cash flow in a business. Also, if you’re planning to make a large purchase, always, always try to negotiate better payment terms. See if you can set up a payment plan where you pay monthly instead of paying the entire amount in one go. Collect receivables To speed up the receipt and processing of receivables, the Small Business Administration suggests several steps. You have to put procedures in place to ensure that you get paid in a timely manner so that you can in turn pay your bills on time. Make sure to send out invoices promptly and follow up if deadlines are not met. Ask customers to pre-authorise cheques so that banks can draw against their accounts at

timed intervals; this can be a convenient option for all parties. Thanks to technology there are many online payment options now available so your customers or clients can opt for a wire transfer, bank transfer and several other speedy online options. Lastly, don’t, under any circumstance, offer credit to people who are always late with their payments. Stay on good terms with lenders It is always best to stay on good terms with banks, credit unions and other financial institutions. Ensure that your books are up to date so that you can show figures in case things get too hard at work and you need to take out a loan. If you are already repaying a loan and you are having difficulties with the monthly payments, speak to a representative and explain the issue; they might be able to lower your payments based on your history with them. This is why it’s so important to stay on good terms with them. While implementing these strategies, diligently monitor your cash flow results every month to ensure that it is moving from negative to positive. It won’t happen overnight but this is the only way that you can keep your business afloat. Small Business Administration estimates that about 600,000 new small businesses are launched each year, and a 2007 study in the U.S. Bureau of Labour Statistics' Monthly Labour Review indicates that two-thirds will only survive two years. Don’t become a part of this statistic; if you properly manage your cash flow now you can have a successful business that surpasses even your own expectations- it’s not easy but it’s certainly not impossible.

2015

FINANCE

Expectations:

Global By Ryan Strachan

t this juncture – 12 January 2015 – the world sits on a knife’s edge concerning the way forward, and this has impacted the fortune of many a continent and economy, and by extension, the broader investment community. Things have literally turned on their heads in 2014, and 2015 will be a truth serum for many finance centers and areas once regarded

as beacons of strength. Jim O’Neill, chairman of Goldman Sachs Asset Management – who originally coined the ‘BRIC’ [Brazil, Russia, India, China] acronym in 2001 – recently asserted that the Emerging

Market bloc – BRIC – will have to be called the ‘IC’ if Brazil and Russia do not get their act together quickly. This tells the tale of what 2014 represented for many nations, Jamaica included, and has provided the lens through which one can predict 2015. In spending north of $11 billion to host the successful 2014 World Cup, Brazil’s government apparently sent the wrong message to its inhabitants, as massive riots were the result of this significant capital outlay in the midst of pressing issues of pollution, rampant criminality, spiralling interest rates & inflation, a devaluing Real currency and the massive scandal involving the state-owned Petrobras oil entity. To further exacerbate Brazil’s challenges, they experienced their first Sovereign downgrade in a decade, in the year 2014. The devaluation of the Real will impact Petrobras negatively as their growing debt load is denominated in USD and as such, with every fall in value of the Real their debt burden becomes more expensive. It is therefore no wonder that they have been downgraded twice in six months and now find themselves on the brink of junk status which would increase their debt burden/payments further. Recessionthreatened, Russia on the other hand, is in a severe predicament

with Western Europe/North American sanctions from their action in Crimea impacting on their revenues in addition to historically low oil prices and their inability to raise external funds in the capital markets. The expectation from this corner is that oil prices will continue to be low in 2014 and oil producing nations such as Brazil and Russia will have tough times for 2015. Shale extractors in the USA and Organisation of Petroleum Exporting Countries (OPEC) nations – pumpers of 40% of planet earth’s oil supply – are currently engaged in a game of hard ball as many expected OPEC to announce a cut in supply by their member countries at their December 2014 meeting. This wasn’t to be and as such, oil futures for January and February 2015 – Brent Crude and Western Texas Intermediary (WTI) – were below $50 per barrel at various times. All the communication coming from OPEC suggests that this will be the order of the day for 2015 and their next meeting is in June of this year. It will be interesting to see, but the expectation is that Saudi Arabia and others will continue to lead the charge for the status quo to remain as is. What are not discussed as much are the impact of low oil prices on US unemployment and the likely closing/ shutting down of oil rigs that do not find it sustainable to operate with depressed oil prices. It has been stated to the point of ad nauseum that states such as Houston and Alaska, that are heavily reliant on oil extraction will continue to suffer with prices where they are; layoffs in these states have begun already. Unfortunately this will impact on housing and consumption in these states by virtue of reduced buyer spending power. This is also a space to watch in 2015 as there will be a breaking point, but it just depends on how low that price is. Goldman Sachs, on 12 January 2015, lowered its 2015 forecast for Brent Crude to $50.40 per barrel and $47.15 for WTI. On 22 January 2015, the European Central Bank will meet and determine whether to embark on a bond buying programme similar to the United States 3 rounds of Quantitative Easing (QE3), which at their zenith topped USD $85

billion per month in bond buying. The intention of course was to artificiallydepress interest rates in the interest of stimulating the US economy. With unemployment numbers now at a 5-year low in the USA and north of 250,000 jobs being added to non-farm payrolls in December 2014, it would appear to many that QE3 – now wound-up – was effective (contradictory metrics ignored) and may prove beneficial for Europe. While the jury is out on that matter, it remains to be seen. It is felt by many in the investment community that Europe is quickly running out of options, and Greece once again faces the real possibility of exiting the Euro economic group. Time will ultimately tell! Finally, in a matter of ‘will they?’ or ‘won’t they?, analysts the world over have been throwing their two cents (0.02) in the ring of speculation concerning the USA’s Federal Reserve and a potential rise in interest rates. The economic data released has made many optimistic of such a move (by June 2015, in many cases), but there remains a subset of individuals who are of the opinion that the Federal Reserve (‘Fed’) should be very cautious in this respect. To conclude, this writer does believe the Fed should be cautious as increased interest rates will impact on mortgage rates and household debt in an economy which is still sensitive to external shocks and heavily-indebted by global standards. My bet is that interest rates stay at present levels until at least Q3 2015, with the possibility that an uptick is not seen until 2016 and a track record of performance is seen by all. This of course, remains to be seen. Best wishes for 2015 to all. P.S. Subsequent to the writing of this article on 12 January 2015, a January 14th 2015 release by the USA’s Commerce Department indicated that U.S. retail sales recorded their largest decline in 11 months in December as demand fell almost across the board, tempering expectations for a sharp acceleration in consumer spending in the fourth quarter. This adds further credence to the belief that rates will stay flat for 2015.

FINANCE

Legal Titbits The Importance Of A Will

By Alethia A. Lambert

John Brown went for his regular early morning run when the unexpected happened. He was hit by a speeding motorcar and died on the spot. What was he thinking? Probably not about the fact that he had left three children and no will and no instruction about the disposition of his $70 million estate.

basics can go a long way. Unfortunately, most of us don’t like to think about writing a will, but the best way to provide for our loved one is to do proper planning in life, while you can.

Jane Doe, on the other hand, left a will detailing the handling of her estate including bequests to her children, parents, gifts to her friends and directives on the distribution of her assets including a house in Kingston, land in Manchester, furniture, and monies in two saving accounts.

A will is a testamentary document that seeks to dispose of a testator’s property upon his death. It is revocable, which means that it is subject to change until your death and becomes effective only upon death. The goal of a will is to distribute property according to a person’s wishes such as a diamond ring to a favourite niece or a car to a brother.

While you may not have millions (yet), it is important that you take control of your legacy and write a will. Many Jamaicans die “intestate”, meaning without a will. In intestacy situations, when someone dies his estate is distributed based on the law, in Jamaica’s case, the Intestates Estates and Property Charges Act. As in any other area of financial planning, knowing the

What’s a Will?

A will also provides for how assets are to be managed or how children are to be cared for by naming guardians for them. The “testator” if it is a man, or “testatrix” if a woman - are the main players in writing a will.

Validity of Wills A will is valid if at the time it was made: • The testator or testatrix had attained the age of eighteen • The testator or testatrix had the mental capacity to make a will • The will complied with the formalities of the Wills Act Section 6 of the Wills Act requires that a will be in writing and be signed by the testator/testatrix or some other person in the presence of the testator/testatrix under the direction of the testator/testatrix. The signature must be signed or acknowledged in the presence of two or more witnesses who are present at the same time. Each witness must either sign the will or acknowledge his signature in the presence of the testator/ testatrix.

Revocation of a Will A will is, by its very nature, revocable by the testator or testatrix until their death. There are four methods of revocation: • Marriage • Destruction • Another will or codicil • Duly executed writing declaring an intention to revoke The general rule is that marriage automatically revokes any will made by either party before the marriage. It is immaterial whether the party intends the will to be revoked by marriage. Sections 13 of the Act provide, “Every will made by a man or woman shall be revoked by his or her marriage”. For the rule to operate, the testator or testatrix must have contracted a valid marriage. As it relates, to revocation by the other methods, Sections 15 of the Wills Act stipulates that: “No will or codicil, or any part thereof, shall be revoked otherwise than as aforesaid, or by another will or codicil executed in manner hereinbefore required, or by some writing declaring an intention to revoke the same, and executed in the manner in which a will is hereinbefore required to be executed, or by the burning, tearing or otherwise destroying the same by the testator, or by some person in his presence and by his direction, with the intention of revoking the same.”

Administering an Estate It is essential to name a personal representative, who is known as an “executor” to administer the estate of the deceased person. An executor may be appointed by the

testator or testatrix in a will, under a power conferred by the testator/testatrix in a will or by a court that has statutory powers to appoint executors in certain circumstances. The executor will do the following in the process of administering an estate: • Ascertain the net value of the estate – collect all assets and determine all the liabilities • Apply for a Grant of Probate • Pay all liabilities such as death duties, stamp duties and creditors • Distribute the remaining proceeds of the estate in accordance with the will An executor may renounce probate before he or she has proved the will or done any executorial act. However, he or she may only retract a renunciation with the permission of the court. Such permission is usually only given in extraordinary circumstances, for example, if it would be for the benefit of the estate or beneficiaries.

Points to consider when making a will •Do not prepare it yourself – consult a lawyer •Identify your assets and liabilities •If you have children, be careful in selecting guardians and trustees

COVERSTORY

nis Den

Broo

“It was the best of times; it was the worst of times. It was the age of wisdom; it was the age of foolishness…”

he opening lines from the timeless Dickens classic unmistakably usher you into that famous story about A Tale of Two Cities. And yet, they could just as well be speaking of the contemporary realities.

entrepreneurs are now of the view that their businesses can successfully be expanded. For the record, this is a very good thing! But spare a thought for those businessmen and women who find peace in the midst of the storm and opportunities in the heart of a crisis.

Depending on your vantage point, these are the best and worst of times for the Jamaican economy. But with six (almost seven; since we can take EPOC Co-Chair, Richard Byles’s word for it) IMF test passed and several of the macro-economic variables trending in the right direction, there is an undeniable ‘feel-good factor’ in the local economy. For the first time in years, both business and consumer confidence are surging, in numbers that are nothing short of astounding.

At Wealth Magazine, we’ve taken pride in telling the story of Leighton Davis and Garth Walker’s leadership of our parent company - Creative Media and Events (CME). But there comes a time when we have to step out of our comfort zones and look for new horizons to pursue. Yes, the company was birthed in the midst of the worst global economic crisis since the Great Depression. However, the next logical step is to consider what we are doing to continue to grow the economy out of the malaise in which it has been.

Give Finance Minister, Dr. Peter Phillips his credit. His stewardship of the stand-by agreement with the multilateral has been admirable; administering the ‘bitter medicine’ nobody really wanted to take. The result is that in the December quarter of 2014, business confidence jumped 9.5%, contributing to a 25.1% surge for the entire year. Generally speaking, entrepreneurs are upbeat and thinking about what they can do to make the economy grow. Another positive from researcher Don Anderson’s latest numbers is the fact that 65% or those surveyed said now is a good time to expand their productive capacity. When Anderson, goes into the field and comes back telling you that business confidence is higher than it has been since he started recording it, believe him. It means that entrepreneurs have their tails up and are of that mindset necessary to trigger something special in the economy.

Access Granted!

The Road Less Travelled

When Walker and Davis launched the Wealth Magazine brand, they were driven by the need to tell the stories of business success (and in some cases failure) that would inspire other entrepreneurs. However, they were acutely aware of the fact that the print version wasn’t enough, hence their foray into television with Wealth Business Access. The exciting news is that the Wealth brand is taking Business Access to a whole different level. For the first time ever in the local media landscape, cable television producers will be able to enjoy entertaining, educational locally-produced content that focuses on businesses, the economy and lifestyle. For what promises to be a watershed moment in Jamaican media, dynamic decisions will have to be taken. This is why a team of dynamic creative geniuses has been assembled to make this project a reality.

However, it is a much more difficult proposition to have the vision necessary to be bullish when the rest of the economy is pulling into its shell. Now that the indicators seem to be pointing in the right direction, the majority of Jamaican

The Business Access TV Network (BATV) will be driven by the creative, technical and tactical nous of Davis and Walker who have now been joined by television producer and a director of Phase3 Productions, Delano Forbes; and chartered accountant and investment banker, Oliver Holmes. This ‘Fantastic Four’ are focused squarely on the target of filling a void in the Jamaican media landscape that, really, only they could. With a suite of cutting edge programmes, the team tells Wealth Magazine that viewers have a lot to be excited about!

It’s easy to travel the road that everyone else is taking. In Jamaica’s entrepreneurial culture, if one man sets up a jerk chicken pan on a Friday night and starts making money, you can bet good money that by next week another jerk pan will be lined up next to him, and another the following week.

Garth

the Tactician

hen you sit and talk to Garth Walker, there’s a different air of confidence about him these days. One might suppose the confidence comes from having established one successful product after another. For this reason, he has absolutely no doubts about whether the latest venture will succeed. “It’s a natural evolution of the brand. When Wealth Magazine was launched in 2009 we took a strategic decision that we would build out the brand. We launched our first TV programme – Wealth Magazine: Business Access – and we always knew half hour was never going to be enough for us. However, we had to be patient and we had to build out the brand; both in print and in television,” he coolly explains. He has a knack for scoping out the market, identifying what it’s not doing, and then doing it. For this habitual game-changer, it would always be about giving the business community something it had been crying out for. “When we came to the market we had to come with something different. The magazine came with a particular standard and we had to mirror that on television. So the production costs went through the roof! We lost a lot of money but I didn’t look at it as a loss. I saw it as an investment in the future; and the future is now.” Walker is insistent that his work must always speak for itself and that people should never have to question the standards of CME’s products and services. When it comes to thinking outside of the box, Walker’s default position is usually, ‘Box? What box?’ Creative ideas fly through his head on a daily basis. It’s no wonder he reveals that he’s been stockpiling ideas for content for quite a while. “We have had quite a lot of ideas for programming on the table, literally, for years. But we’ve had to be cautious with how we come to the market with them.” Viewers of Business Access TV can now expect to see representations of entrepreneurs of all sizes and scales captured live and in living colour. As Walker insists, there will be something for everyone from the smallest of micro-enterprises to the largest of conglomerates. “Business is what drives the economy but we believe that business has been under-served. This I mean, in terms of the coverage that business gets; and when I say ‘business’ I don’t mean the financial sector. I mean things like farming, technology, manufacturing, creative industries. When I say business, I mean all business. And so as long as you’re buying, selling and trading we’ll be there to cover.”

Leighton the thinker

or Leighton Davis, Business Access TV represents the fulfillment of a vision that was very clear from the beginning. For him, it’s never been a matter of if CME would give birth to a television channel. It was simply a question of when. “When we started our vision was never daunted by the recession. We were always clear in our intention to build out the Wealth brand. So this was part of our plan of building Wealth Magazine, building Corporate Mingle, get on TV with Wealth: Business Access, so that the brand would be respected across the island.” Davis was at pains to point out that he had no intention of setting up a flash-in-the-pan channel that will eventually fade away within a short space of time. If CME is to rival the Bloombergs of this world, the Business Access TV must be built to last. One strategy that has always worked for Davis and Walker is handpicking some the brightest young talents and placing them alongside those with the key experience in the market. It’s an approach they intend to maintain. “Opportunities will be there. We will need qualified persons; technical people who will be able to produce content that can take it to the next level. We love to see people grow – especially young people. It’s something we’re very passionate about. We’ve given opportunities to interns from UWI, NCU and UTECH. It gives us an opportunity to reach more young people as well as the experts in the field to come on board once they buy into the vision.” “With or without us, companies will have marketing budgets that they will decide to spend. They want alternatives and, while some people say TV is in decline, we believe television still rules. But we won’t go for TV alone. Persons will be able to watch programmes via their laptops and iPads. At the end of the day, it is good content that drives viewership. If you have content that speaks to our target market, people will turn to it to help make their decisions.”

Delano

the Producer

f you’re going to choose a career path for yourself, it often helps to have some prior exposure before you commit your academic and professional life to it. Against that backdrop, one can’t begrudge Delano Forbes’ success in television production, given that the only dollies he played with as a child had TV cameras attached to them. Forbes has literally spent his entire life in the business and is one of the region’s most respected practitioners. Forbes notes that he has always been an admirer of the Wealth brand and saw it as a perfect fit for his company when CME decided to embark on the half-hour TV programme. Having worked with the product all this time, he believes the relationship can only get stronger. “When they said they wanted to move the magazine to TV, we wanted to be a part of that and came on as a sponsor and the rest is history. Business Access, the TV show has filled a void in the marketplace, bringing something innovative and different. It’s branched out into several things; the TV network now being the next logical step.” A cursory examination of Forbes’ CV will reveal a tendency of always seeking to be ahead of the game where technology and new media is concerned. Hence, one cannot help but be excited about how he’ll bring that tech-savvy approach to Business Access TV. “Introducing a cable channel to the market place, we’re going to have to come with edge and innovation. We want to approach it differently from that of a traditional TV station. Technology plays a big role and we plan to use high production value tools that will help us produce high quality content at a much better price for the market place.” With so much of modern media being about creating resonance on social media, Delano Forbes is insistent that Business Access TV will generate content for their clients that will be ready for viral consumption. As social media continues to expand, Delano is committed to seeing this new venture effectively manipulate the digital platforms that are now emerging. “Even though we have a fair measure of traditional broadcasting, we have entered the digital space. We’re quite active in producing content that will go viral and we’ve invested in several tools to make that happen. Quite frankly, we see that as our future.”

Oliver

the Banker

olmes comes to the team with a stellar record of sound and shrewd business acumen. His no nonsense approach tends to ensure that the ventures he’s associated with remain grounded on good business principles.

For him Business Access TV has a critical function to perform in charting the future of the Jamaican economy. “What attracted me and got me excited is that I feel Jamaica is at a point where, given the improvements we’ve made with the IMF agreement, we have the opportunity to make a contribution to Jamaica’s further economic development by creating a platform for businesses right across the spectrum to expose the real low hanging fruits that can be exploited. The aim is to create further economic growth and inspire business to return to the vibrancy we once had in the economy.” In a free market, information is like oxygen. Suppliers of products and services need the demanders of those products and services to know about them. People with capital need to be made aware of what opportunities exist to invest. “I consider it of critical importance that we not remain in our individual cocoons. Development best takes place in an environment where there is effective communication among businesses. Communication is crucial and Business Access TV will fill a gap that currently exists in the market. It will provide the platform for the entire nation to really see what is happening and where the opportunities are, locally and internationally,” Holmes outlines. Oliver Holmes is confident that Business Access TV will be successful in harnessing the creativity of the Jamaican entrepreneur. For him, it was important to create a business model that was both relevant to the needs of the economy but also economically sustainable as a business in its own right. “When we were putting together the team one of the things we looked at was how CME has developed and what are the skills that are embedded in the group. We created a business model that embraces those skills, but goes further to bring to the fore the creative energies which exist in the economy that have contributed to the development of a world class business. So we’ll create a platform to expose the creativity that exists.”

Jamaican Business on Show

The well of talent and creativity that exists in the Jamaican society suggests that the Business Access TV Network will be more than able to generate content for the market for some time to come. With an economy gungho about the possibilities for growth the question is now about who will stand up and be counted. While the data from the field suggests that entrepreneurs are just seeing the light and finding a sense of optimism at last, Davis, Holmes, Forbes and Walker have proved time and time again that they’re prepared to go forward in faith and see out their vision to its logical end. “It was the season of Light, it was the season of Darkness, it was the spring of hope…”

FINANCE

Pictures. Profiles. Personalities

Excellence on show! The Gleaner's Honour Award recipients gather for a group shot at the January 29 awards event.

Treating her like the lady that she is, the Gleaner's Managing Director, Christopher Barnes, escorts The Gleaner's Lifetime Achievement Award recipient Marcia Griffiths during the January 29 Luncheon.

Mr. Dennis Chung, (centre) CEO PSOJ in conversation with MIND executives (from left to right) Mrs. Marlene Campbell, Director, Business Development and Communications (Acting), Dr. Ruby Brown, CEO , Ms. Dawn-Marie Ebanks, Director Finance, Human Resource Management and Institutional Strengthening and Ms. Ann-Marie D. Smith, Director Public Service Capability Development at MIND's 15th Annual Graduation Ceremony.

Dr. Ruby Brown, CEO MIND making a presentation to valedictorian Dr. Brian James at MIND's 15th Annual Graduation Ceremony.

Barita Board of Directors share lens time with the company's represented Auditor and Attorney-at-law, Messrs. Garfield Reece and Paul Tai (6th to 7th from left) at Barita's recently held AGM.

Barita Board Directors (from 2nd left) Karl Lewin, Carl Domville and Rita HumphriesLewin share a light moment with Orett Staples at the company's AGM held on February 19, 2015.

Ian Ellison-Taylor, Director of Product Management for the Open Web Platform (OWP) Team at Google, Debra Lopez-Spence, Vice President Small and Medium Enterprises at Scotiabank Jamaica and JJ Geewax, Software Engineer, Google Cloud Platform.

The Honourable Anthony Hylton M.P. speaks with Debra Lopez-Spence, Vice President Small and Medium Enterprises at Scotiabank Jamaica.

Participants and judges from the Scotiabank SME pitching seminar at the JBDC Expo.

Robert Ready, High Commissioner of Canada to Jamaica (left) speaks with the Honourable Marigold Harding, Custos of St. Andrew (center) and other colleagues at the JSEâ&#x20AC;&#x2122;s Best Practices Awards. Kimberly Bernard, Sales and Marketing Executive of Stewarts Motors at the ADA Motor Show (National Arena).

Diane Edwards, President of Jampro and Marlene StreetForrest, General Manager, Jamaica Stock Exchange. Professor Ishenkumba Kahwa - Deputy Principal UWI speaking with IGL Scholarship Award recipient Samantha Mosha.

Earl Jarrett (right), Chairman of the JAA and General Manager of the Jamaica National Building Society (JNBS) admires a BMW M4 Coupe with Kent LaCroix, chairman of the Automobile Dealers Association.

Team Scotiabank at the 2014 ADA Motor Show.

Garfield Spence aka Konshens along with his daughter and friend smile for the cam at the ADA Motor Show.

New and renewed IGL scholarship recipients with Bevon Francis (far right) Chairman, IGL Board.

Sloane Jackson, General Manager at Silver Star Motors and Etus Collman Brand Manager for Audi take part in the Scotiabank Auto Feud trivia game at the ADA Motor Show.

Book us now for your next corporate event. Contact: tricia@cmeja.com or (876) 754-2075. For full album visit www.facebook.com/wealthmagja

Chef Kenard Swaby speaks with French Ambassador Jean-Michel Despax at the launch of Gout de France.

Mariame McIntosh Robinson partner at Portland Private Equity and Zachary Harding president at the Phoenix group at the Finale of NCB’s Capital Quest.

Claudette Lopez-Lewis shares a fashion pointer with her audience.

Jean-Luc Wertheimer, first counselor at the French Embassy speaks with Allison Watson at the Gout de France launch at the Terra Nova Hotel.

Lisanne Chai and Javette Nixon (center) winners of the first season of NCB’s Capital Quest pose with Mark Chai (left) and Dennis Cohen – Deputy Group Managing Director at NCB (right).

Kerry-Ann Clarke, Carlton Brown and Novia McDonald Whyte pose for a photo at the New Future of Fashion workshop held at the JBDC Incubator and Resource Center.

From left: Professor Rosalea Hamilton, Dennis Chung and Dennis Cohen at the JDSEEL Leadership Symposium.

Vice President of JAMPRO Robert Scott having a discussion with Robert Hill, KSAC Town Clerk.

Simone Hylton Chambers, Senior Manager-Corporate & Strategic Planning, Jamaica National Building Society and Dr. Wayne Henry, Vice President Government Affairs, Scotia Group having fun winning the tissue challenge. Craig McNally, MC being crazy in the background.

Retired, UN Official Dr.Kwame Boafo and CEO, Jamaica Teaching Council, Dr Winsome Gordon at the British Council and JTA International School Awards ceremony.

Matthew Cummings, Sashana Sanderson, Kadeon Richards, and Morland Wilson at the British Council and JTA International School Awards ceremony.

Maureen Hayden-Cater, President, Jamaica Bankers Association (JBA) presents gift to Michael McAnuff Jones, Snr. Vice President, Scotia Bank for excellent service as Chair of the JBA Education Committee/Jamaica Institute of Financial Services (JIFS) Executive Committee, while Richard Murray, Executive Director, JBA looks on.

Sixth-form Campion College student Michael Pryce (left), 1st in the region in CSEC Mathematics, and Immaculate Conceptionâ&#x20AC;&#x2122;s Naomi Miller, 5th in the island in CAPE computer science, along with Ricardo Allen (second left), CEO of One-on-One Educational Services Limited, and Carlo Redwood, VP of marketing at LIME, review a question from the e-learning platform.

Dr. The Hon R. Danny Williams, Sagicor Chairman speaks with a student at the One to One launch.

Health & Wellness

Businessw

swomen - Here’s to a healthy 2015!

By Dr. Sandra Knight

t's a new year with new dreams new ideas but OLD problems. We still face the challenge of maximising the balance between business and family life. If you are a female it may have gotten more challenging. A recent publication shares that Jamaica is one of the top three countries in the world with the largest proportion of female managers. The implications are tremendous. Women - no matter how high they get up the business ladder, are still expected to do all the "womanly/ motherly" activities in the home. Male spouses apparently still require nurturing even though they benefit economically from a financially blossomed wife. Studies in many countries have shown that this has led to many unhealthy relationships that lead to unhealthy bodies and minds and eventually poor performance at that job that pays the bill. Can this be prevented? The following may help: • Have a frank heartfelt discussion with your spouse to ensure that he is on board with your career plans, and at all times ensuring that the word "we" is used as much as possible. Your personal achievement needs to be perceived as being done in the name of family and not self. • While on the job schedule "check up" times, even if it means placing a reminder in your phone or calendar, carve out that time to check in on

your spouse. A simple "Honey how is your day going?" can go a long way. This may also encourage him to do the same.

• Heard about the cliche "date

night?" Make it a reality. Make time for your spouse, if you don't get to cook for him, share his meal out of the pot and of course endeavor to eat together as much as possible. While you are at it schedule sex without it appearing scheduled. Yes. I went there. Sexual intimacy is not only for him but for you, to keep your body flooded with feel good hormones that will help you feel great about yourself and on the job. If your job requires traveling, invite your spouse to come along and ensure that he is well taken care of while at meetings. • A planned yearly time off is essential especially if you have kids, making new happy memories will go a long way to erase older unhappy ones. • Last but not least - stay healthy. Physical exercise is important, make time in any part of your day to do it and also ensure you have a balanced healthy diet. At the end of the day it appears we may be able to have it all... And these few steps are a start. Have a happy healthy day!

LIFESTYLE

Santa Monica Flourishing Again

By Laura Tanna

ities provide business opportunities especially if entrepreneurs have the vision and deep pockets for development. Forty years on I'm still watching for Kingston waterfront to be the gorgeous, scenic site of open-air cafes, restaurants, and seaside ambiance it could be. Santa Monica, California is one city which benefitted from men with grand ideas. I took advantage of the Christmas holidays to stay at Casa Del Mar, one of only two hotels in the LA area on the beach.

Casa Del Mar lobby with books

In 1926 the Harter brothers created a palace by the Pacific Ocean at the cost of US$2 million, an extraordinary fortune at the time. Casa Del Mar was the grandest beach club, in Italian Renaissance Revival style, opening with a society orchestra playing as a live radio broadcast covered the celebrities dining and dancing. There were barbeques and volley ball on the beach, Sunday night opera in the ballroom, floor shows on Saturday nights and though prohibition was in effect, "The Plunge", an indoor heated swimming pool, saw many a risquĂŠ bathing scene. Indeed, novelist Raymond Chandler's famous detective, Philip Marlowe, often had cases in "Bay Cityâ&#x20AC;?, allegedly modelled after Santa Monica during The Depression. Tennessee Williams even lived nearby on Ocean Avenue in the forties while working for MGM and is reputed to have written his classic play The Glass Menagerie there. Casa Del Mar survived The Depression but not World War II. The club was turned into military housing in case a feared Japanese invasion really did occur. Thousands of troops were stationed on the West coast in case that happened and the Casa Del Mar party scene became a thing of the past. Later, the building was used by drug therapy centre Synanon for 20 years and in 1978 became the Pritikin Longevity Center for diet and exercise health therapy. Only in 1999 was Casa Del Mar restored with a US$50 million renovation of its interior by the Edward Thomas Collection of Hotels based in Beverley Hills which had previously restored next door's Shutters on the Beach Hotel, opening in 1993 in East Coast Beach style - think grey shingles. These two hotels provide splendour on the beach, Casa Del Mar wall mural

within sight of Santa Monica's famed pier with its ferris wheel, game arcade and amusements. The sight by day across an expanse of sand and palm trees, mountains as a backdrop, is charmingly tropical; by night with the ferris wheel alight with changing colours of Christmas green, red, green and red, alternating with blue, the pier becomes an alluring oasis in the darkness. Built in 1909, the pier's Looff Hippodrome or carousel has been designated a National Historic Landmark. You can rent bicycles from Shutters to ride the paved 22-mile bike path from Temescal Canyon to Redondo Beach or as we did, watch the Lakota West Marching Band from Ohio practising for the 126th Annual Rose Bowl Parade, but my husband and I preferred Shutters' Sunday brunch at One Pico Restaurant overlooking the beach and pier in the distance. We invited Marie-Florence Hudicourt and husband Robert Richard whom you may remember as the Canadian Counsellor in Jamaica. Retired to Montreal, they were staying with French/Haitian friend Chantal Gillberg in the Malibu Hills. You

Casa Del Mar wall mural view of Santa Monica pier and beach from La Terrazza Restaurant

may not know, but these hills were the backdrop for helicopters that swooped down in "Korea" in the opening scenes of television's famous MASH series. Ten years before we had been guests at the Gillberg's beautiful home overlooking the Pacific where Carl maintained his studio, where he created massive ceramic works of art with brilliant glazes in great demand throughout homes, hotels and businesses. Carl died two years ago but Chantal continues GillbergDesigns Inc. making custom furniture and fixtures and has added cottages for rent on her hilltop with its spectacular views. The reunion over One Pico Lobster Brunch was fabulous. Imagine my surprise upon returning to our room with its four-poster mahogany bed, large screen TV, all the mod cons including a fancy coffee machine and bookcases with a selection of relevant reading material when I picked up Malibu: A Century of Living By The Sea by Julius Shulman including a century of photographs of architecture from Malibu's earliest days through 2010. There, in the 1970s section, was a five-page spread about The Gillberg House on Decker Canyon Road. Of the 129 rooms in Casa Del Mar, what were the chances of us getting the room with that particular book in which our friend's home was featured? The interior decorator included wonderful books as part of the Casa Del Mar makeover. Even in the lobby bar area, abuzz with excitement in the evenings as visitors and local showbiz people gather to watch the Photos rovided by Laura Tanna

sunset through 20 foot floor-to-ceiling windows of La Terrazza and Catch Restaurants off the second floor lounge bar, side walls are lined with books, as are coffee tables amongst sofas and chairs. Weekends there's jazz and the ambiance here is great compared with the stuffier Shutters lobby area. Casa Del Mar's entrance features colourful tiles reminiscent of Malibu Potteries' exquisite work from the 1920s when the club opened. Exotic murals decorate the walls and valets couldn't be more welcoming. The hotel limousine provides guests free transport within the city which we used to meet friends at Via Veneto, a superb Italian restaurant on Main Street where I was thrilled that our Sicilian waiter had met Lucca Zingaretti, star of the Montalbano Detective series (which I've watched on DVD in its entirety twice). Luxury shopping exists on Montana Avenue, pedestrian-only Third Street Promenade is a 20 minute walk inland, Santa Monica Mall is nearby and with surfers, skateboarders and 310 days of sunshine, what is not to like about this city of 90,000? Tourists, workers and beach goers can swell it to 250,000 on hot days but it's just 25 minutes from Beverly Hills, 30 to 45 minutes on Santa Monica Freeway to LAX airport and right by US 1 which hugs the Pacific coast all the way to San Francisco.

LIFESTYLE

Style me

CHIC

REINVENT YOUR WARDROBE

By Toni Ho-Young

MEN’S EDITION

Tired of the same old ties and boring corporate accessories? Well guys, you have a plethora of options to refresh and expand your corporate attire. Mix it up a bit and try skinny ties, ascot ties, bow ties and lapel buttons for a more modernise look.

All of these options are an easy update without having to go out and buy a whole new suit. Accessorizing should be your go to when you want to change your look. Another great way to refresh your business attire is to mix and match your button down shirts. Try a shawl collar sweater, a ribbed pull over sweater or a Mandarin collar button down. Lastly, don’t be afraid. You can wear colored shirts it doesn’t always have to be white! Versatility in your accessories is key!

A good blazer goes a long way. Embrace the different fabrications that are available to you. Wool, Cotton, Velvet, Tweed, Mixed Media & Cashmere. The list is endless. Spice up your wardrobe by introducing yourselves to new fabrications that can brighten any look. Blazers with printed lining are another great option. And of course the look would not be complete without a good pair of trousers. Embrace the different fits based on your body type: Slim Fit, Fitted, Tailored, Straight Leg, & Regular Fit. There are many options today to keep you looking and feeling like the distinguished business man you are.

UPDATE YOUR LEATHER

It’s always easy to get complacent with our wardrobe, however a fresh update on your leather goods accessories can easily update your look. Switch up your briefcase to work whether it’s the color, size or style of the bag. For example, downsize with a slimmer messenger bag in a different color like this olive green one. It’s 2015, no need to carry big bulky wallets anymore, pick up a flap or card wallet. They are small but compact and look much better in your pants. Don’t forget to have some fun and get a new color apart from black, try a navy or grey leather. Belts, are another essential that can add a fresh spin on your work look. Try to keep an assortment of belts, patent leather is a must have especially when its a black tie affair and different shades of brown are always classic but never old fashion.

SHOES

“Dress shoes” aren’t the only options you can wear to work. Today, there are ankle boots, two toned oxfords, suede & patent leather shoes with or without tassels and the most comfortable of all loafers. A traditional but modern option due to different styles of loafers and fabrication are now available.

Performance Review

Tips For Managers By Alicea James

here is something about the words ‘performance review’ that seems to make even the most dedicated employee sweat buckets in an instant. The process is certainly not something that we look forward to each year; we know it’s coming, we know we’re doing a good job ( because let’s be real we would be fired if we weren’t) and yet, our palms get sweaty and our knees turn to jelly leading up to this event. Employees the world over can relate to this feeling; but why is there so much anxiety involved with this procedure? Well, I suppose whenever we think our job is in danger we become fearful. However, managers can find ways to improve the process so that it’s not so …nerve wracking!

Conduct Frequent Performance Reviews

Frequent performance reviews (quarterly as opposed

to annually) might be more effective in the long run. Yes, I know that as employees we don’t really want to go through this four times per year, but let me TRY to explain. Often times we (and our managers as well) forget all the things we’ve accomplished throughout the year and the review is based on an employee’s performance during the immediate months leading up to the meeting; if you had a bad couple of months, that will be fresh in the mind of your employer. Reliableplant.com purports that: "Quarterly reviews are a far more accurate reflection of the employee's overall performance. They force leaders to pay close attention all year long."

CEO and founder of Updater (a company that helps individuals easily update contact information with service providers when they move), David Greenberg also agrees with the efficiency of this process: “Regular performance reviews within my weekly check-in meetings make the process of improving more iterative, easier and less stressful than a 'quarterly review' that looms in the background and causes stress for both me and the employee."

Be Conversational Not Confrontational

Dear managers, remember that there is much nervousness involved in this process so have a conversation with the employee, don’t try to confront them. If you approach the situation this way the employee will be able to open up more and share their ideas, thoughts and challenges with you. However, if you start by criticising someone’s job performance or attitude they will either become confrontational or just shut down completely. Either way this will certainly not improve employee morale. Allow the employee to open up to you because there might be roadblocks (personal or otherwise) that are preventing them from performing the job to their maximum capacity, unhappy work environment, lack of proper tools to work with, unrealistic timelines or several other things could be the cause; you need to know this in order to improve things at work; create an environment where workers are free to honestly express these issues.

Be Prepared

Know in advance what you are going to say to each staff member; jot down a few things to keep you on point throughout. Don’t just figure out what you are going to say, but also how you are going to say it. Write down things that you value about this person and things that they can improve. Also write down timelines for implementing these suggestions. Make sure you start with the high points first; tell the employee how much you value their contribution and then continue from there.

Address Issues That Are Important To The Employee

Although you will have a list of issues to address, you should also remember that your workers do as well. Allbusiness.com reminds us that, “Since job satisfaction is the most important factor affecting an employee’s attitude (and therefore his or her level of performance and value to your company), an effective review should delve into areas that include issues most important to that employee.” These will differ with each person, so be prepared for a wide variety of concerns.

Create Performance Improvement Plans

If a staff member is underperforming, the review is certainly the time and place to let them know. However, don’t just tell him or her that they need to improve, suggest ways that they can do so by creating a performance improvement plan. Businessnewsdaily.com reasons that [it] “is designed to boost an employee's performance by setting clear expectations and goals for the future. It gives them the opportunity to make changes before more drastic steps, such as being suspended or fired, are taken.” An effective plan should identify the particular behaviour or action that needs to be corrected, give a realistic timeline, and identify the resources available to help the individual. Most importantly, outline the consequences that will follow if these standards are not met. While evaluating your staff, ensure that you assess quality and quantity of work, job knowledge and expertise, attitude, selfdevelopment and growth, leadership, communication and interpersonal skills. A successful performance review is one where all employees leave the meeting feeling motived and appreciated; then, and only then will they productively work together to ensure the success of your company.

CAREER

Meet

Denzie

Stephenson-Miller

Business Access TV’s New General Manager

By Mikaelea Witter

“Quite frankly I have been preparing for this role most of my life, because my whole background and training and experience are in this area". Tell us about your professional and educational background.

attended Mount Alvernia Preparatory, then Mount Alvernia High in St. James. When my family relocated to Kingston I completed my high school education at The Queen’s School. After leaving high school, I attended the University of the West Indies, Mona where I graduated with a Bachelor of Arts Degree with First Class Honours in Mass Communication with Social Sciences. I got my first job as a video editor and scriptwriter at the Creative Production and Training Centre (CPTC) in 1989 and in 2003 I left to pursue my Masters at the New York Institute of Technology where I studied Communication Arts with a focus on Media Management.

After deciding to return to Jamaica, I got called to be a part of the setting up of Jamaica News Network. I became the entity's first Production Manager. The opportunity soon arose for me to be Studio Production Manager at Television Jamaica (TVJ) and not long after I became Programme Manager. I spent close to eight years at TVJ. When did you first know you wanted to be involved in television? My fire was lit 26 years ago when I got my first job at the CPTC. That job was to be the start of a series of behind the scenes roles where I did my best work. During my time at CPTC, I was Producer/Director, Senior Video Producer and acting Director of Production.

Describe a day at the office for you. Right now it consists of preliminary work that will lay the foundation for the roll out of the channel. I have brainstorming sessions with the team, work on refining the programme schedule, do pre-production work for the programmes we’ll be airing, meet with clients to introduce them to Business Access TV and have them share in our vision, develop communication strategies, set rates and create packages and anything else that needs to be done. How do you balance business and pleasure?

My business is my pleasure, because I love what I do. However I really enjoy when I get to go out with my family. What have been your greatest achievements in That time is very special to me. I have an excellent support television? system. My husband O’Neil Miller has his own production and post production company I am really proud of my accomplishments so it is good to have a life partner at TVJ, in terms of what I was able who understands the business and to do and the great team that What is your philosophy when the challenges and demands. I had to work with because I have one son O’Neil Miller it comes to work? television is all about team who is 22 years old and in his effort. TVJ’s audience grew final year at the University significantly during my of Technology. He I am self-motivated, driven and almost eight years there. I understands the demands passionate about the television industry. too. My mom is also very implemented Programme and Audience Development supportive. I want to change the media landscape, Strategies including Market by creating and presenting content that What advice do you have Segmentation strategies that resulted in the station’s market is positive and helps to uplift people. I for women looking to share moving from 37% in climb the corporate ladder? love to motivate and inspire others. 2005 to 72% in 2012. I left TVJ as Acting General Manager in 2012 Always let integrity be your and over the next two years worked guiding principle. Work hard and with Kay Osborne and Associates as a be the best at what you are doing. Senior Associate; produced and did script Seek out others in the industry who editing for investigative news TV programme 18 can be your mentors and always be open to Degrees North and was an independent communication learning new things. consultant. I did work with clients, successfully developing their advertising campaigns, marketing and communication Tell readers why Business Access Television should be strategies. their first choice for business advice. What do you think sets Business Access Television apart from other entities? I see Business Access TV as an innovative breakthrough in the Jamaican media landscape. It will drive business confidence and contribute to the development of the country. It will be a 24 hour business and lifestyle channel. We are going to be creating a refreshing slate of empowering programmes to educate, inform and inspire people.

My team will be promoting positive ideas and initiatives that will help people to create wealth and prosperity. The cable channel will promote the expansion of existing businesses and expose new business ideas to prospective partners, investors and financiers.

CAREER

he reality of the economic times has meant that at some time or another, most persons may find themselves jobless or on the brink of being without stable employment. This is reflective of US unemployment which was 9.6% in 2010 and Spain’s youth unemployment rate north of 50%. The most recent bout of depressed oil prices may impact on persons’ employability in many sectors, and as such, has given rise to a new kind of beast – that of ‘forced entrepreneurship’ in which unemployed individuals turn to starting young and seasoned entrepreneurs; learning their own business in an effort to generate cash the ropes from one who has been through flow and stave off poverty. it on countless occasions is indescribable and priceless. Usually having a mentor The suggestions in this article are by no means falls hand-in-hand with a sound board of exhaustive, as this writer is not a bonafide directors (usually in the case of the young entrepreneur. However, having interacted entrepreneurs this can be family/friends) who with a fair amount of businesspeople from will provide objective guidance. This is critical virtually every sector, there are certain universal in the matter of Corporate Governance and factors which should be heeded by anyone from the standpoint of accountability. looking to get started on their own. Early in the process, the presence of a trusted, competent Global best practises imply strongly that one’s and experienced mentor (preferably an board should comprise 75% non-executive entrepreneur) has been particularly helpful to directors (i.e. those not involved in the daily

Start-Up considerations By Ryan Strachan

running of the business) as this will further augment objectivity of all board decisions and the added benefit of a set of outside eyes that may notice things missed by the engaged businessperson who is focused on the next quarter’s payroll, payments to suppliers and clearing of goods from the wharf. A director with no financial interest in the company (zero shareholding, no loans outstanding nor financial interest) will likely give very objective opinion relative to someone who has a vested interest in the entity.

Further, with success comes the tendency to want to draw money from the business for all manner of pursuits, and as such, it is critical that a key understanding of cash flow management be part of the entrepreneur’s toolbox.

As mentioned in prior submissions, there is a massive difference between profits and cash flow, for as the saying goes, profit is an opinion but cash flow is a fact. Needless to say, the bootstrapping startup entrepreneur won’t be able to afford vast staffing, but the importance of human capital and retention of high-performing team members cannot be overstated. The reasons are multiple, and the foremost is that, it is a lot more expensive to train a new staff member than to retain an existing one. In the cases of executives (a bit further down the startup road), external recruitment is exponentially more expensive than internal promotions and the best organisations tend to do the latter more consistently than the former. Another benefit is that an internallypromoted person does not have to be acquainted with the organisation’s culture by virtue of their existing tenure, and thus there will be less interruptions to the functioning machine – the company. With respect to culture, frequent changes of staff can be damaging to company culture and the most foremost companies in Jamaica have had their key staff with them for extended periods of time, as they are as important to the company as the very walls that comprise the building. This would explain why long service awards have become a force de jour in staff morale and organisational strengthening. Passion is the oil that greases the engine, for if one is in business solely for financial gain/success, when that need is met, the likelihood is that complacency and related ills will creep into the mix of emotions as a fat bank account would be greeted with the feeling of ‘mission accomplished’. On the contrary, when one is passionate about their daily affairs and enjoys the ups and downs of business activity, the drive is likely to remain long after the money comes in. In my studies of entrepreneurs such as Mark Zuckerberg and Steve Jobs, one thing that has remained clear is that despite their vast wealth, their obsession is with breaking culture and not banks – which explains why Facebook and Apple continue to thrive despite being at the top of their various fields/industries. It pays to be passionate.

CAREER

Take it To Them

JAMAICA

By Rudo Udika

pparently, there are only three countries in the world where your boss is more likely to be a woman. Not that such a statement holds any major surprise, but, there is good reason to stop sipping tea and realise that it is your business. If you have not heard by now, Jamaica was recognised as leading the pack.

“No other country in the world holds a candle to Jamaica, where just under 60% of all managers are women...” writes Roberto A. Ferdman, in a January 2015 Huffington Post article. The article is based on a survey conducted by the International Labor Organisation (ILO), for 106 countries for which data was available. Apart from ascribing such an exemplary state of affairs to Jamaica, Ferdman also indicates that the number of female managers was “soaring" in the countries surveyed. In almost 80% of the countries, the proportion of female managers has grown since 2000, and in 23 countries the proportion of female managers has increased by 7% or more. However, it is not all good news. Ferdman also notes that less than 5% of women actually own or manage the world's "biggest enterprises”. Although women are more likely to own or manage a business today than ever before, women are still tremendously unlikely to hold a position of power in any of the world's largest companies. On that note, the Wealth-X and UBS Billionaire Census 2014 indicate that just about 12% of the billionaires in the world are women. Only 286 women were identified out of 2,325 billionaires. These billionaire women had an average age of 61 years and the majority of them inherited their wealth from multinational corporations. Only 17% of these wealthy women have self-made fortunes.

According to fashion designer Dianne Von Furstenberg “The success of every single woman is the inspiration for another”. However, if we liken success to 90% perspiration and 10% inspiration, there is still a great deal of effort required to improve the situation for women in the working world. The Latin America and the Caribbean (LAC) region has made creditable progress in terms of promoting gender equality. Within recent decades, the employment gender gap has been narrowing. However, the World Bank (2010) indicates that within LAC, the great expansion in women’s capabilities is not matched by an expansion of their economic opportunities. On one hand, in many LAC countries, females have surpassed males in education enrolment and completion. Additionally, there has been a sustained increase in female labour force participation. However, on the other hand, there is segregation of women and men by sector and occupation, and an apparent lack of upward mobility that could have important costs in terms of efficiency and poverty reduction. The concept of the glass ceiling describes the invisible and artificial barriers that have kept women and minorities from promotion to upper management and other higher leadership positions. Although women have been making inroads into higher echelons in most industries, there is still a long way to go for gender equity in the workplace. Firstly, women’s salaries still lag behind those of their male counterparts. Furthermore, cultural norms in LAC tend to designate women as the primary household caretakers. As such, working women are still considered secondary wage earners and face a triple burden of juggling employment, household demands, and family related duties. Additionally, even when women are able to manoeuvre through the notorious glass ceiling, they come under a new form of scrutiny and social pressure towards the pursuit of the proverbial state of having it all. In some cases, the World Bank asserts that the need for flexibility, the burden of the wage gap and limited opportunities, often spur women in the region to turn to the informal sector, for roles such as domestic workers/ housecleaners, or pursue ambitious goals of entrepreneurship. In such scenarios, women can avoid some of the more restrictive labour force regulations and obtain some flexibility in tending to professional and personal demands. However, this opportunity comes at the cost of labour rights, pensions, and other associated benefits. While, some believe the sacrifice is worth it, others may be unwilling and/ or unable to accept the accompanying risks. The absence of gender equity can also affect men in the workplace. For example, it is often difficult for some men to access family-friendly policies or flexible working arrangements that some women may be able to access. As such, the promotion of gender equity should not be a one-sided approach, but an all-inclusive and systematic

approach towards making the workplace a better environment for both men and women. Undoubtedly, smashing the glass ceiling is not only for the benefit of women, but for all marginalised groups. The commendable news is that there are clear examples of individuals who have beaten the odds and made the glass ceiling seem permeable. This in itself must be some inspiration for others. But inspiration simply cannot be enough. It is also time to widen the crack in the glass ceiling so that benefits can at least trickle down to the most vulnerable groups among us. Hopefully, the occurrence of a large proportion of females in managerial position makes the time ripe for gender sensitive decision making. Gender equity is achieved when both males and females are able to access and enjoy equivalent rewards, resources, and opportunities. Certainly, any forward- thinking organisation these days should already have some kind of gender sensitive program to recruit and retain talent. As such, a nexus of government, academia, corporate companies, and other stakeholders, working together to identify key challenges and share ideas for improvement, can bring about meaningful change to contend with the modern gender landscape of the working world. The aim should be to achieve broadly equal outcomes for women and men.

Book Review

REVIEW

By Latoya West-Blackwood

Just Do it

elcome back! Last year was personally and professionally, one of the most challenging years of my young life but at the same time it was the most rewarding. I now truly believe that ‘challenges are what make life interesting and overcoming them is what makes life meaningful’. I want to invite you to join me in making 2015 your legendary year. Make a list of things you have been wanting to do but either procrastinating or immersing your mind in self-doubt about, and just do them! No better time than the present to take that leap of faith into the unknown surrounded by positivity and love. If you fail, get up and get back to it!

Title:The Art of Doing – How Superachievers Do What They Do And How They Do It So Well Author: Camille Sweeney and Josh Gosfield Publisher: Riverhead Books, 2014 ISBN: 978-0-452-29817-0

For years we have been schooled in the arts – The Art of War; The Art of Seduction, The Art of Public Speaking etc. I was tempted to overlook this issue’s pick until I saw the cover which indicated that this wasn’t going to be another philosophical classic but a real, practical work with an interesting tapestry of experiences woven by real ‘superachievers’. Don’t let the term superachievers intimidate you because what it really does is recognise the hardwork, dedication, ‘the occasional dose of good luck’ and that extra magic – charisma, charm, wit – which has firmly placed these folks at the top of their chosen fields. I found the book’s take on examining success very interesting because it presents an unorthodox view of success. Sometimes we get stuck zoning in on what it takes to become successful in our industry. However, the Art of Doing undoes the seeds of conventional wisdom planted in our brains which leads us to assume that whatever makes us achieve in our chosen field is the same elsewhere. From ‘How to Grow Killer Weed’ to ‘How to Negotiate a Hostage Crisis’, this challenges us to recognise that in spite of the space – the tennis court for Martina Navratilova or on screen for Alec Baldwin – superachievers have 10 strategies in common. ‘They’re smart in their persistence. They know their community, they listen, and they know the power of story. They’re willing to test their theories; they never let their emotions run away from them; they’re patient; and they’re willing to evolve. Finally, they know that happiness and success are tied tight together.’ The Art of Doing is a quirky, fun read for those days when you may be feeling a little lost on the journey. The format of the chapters – bio, achievements, advice and industry info – makes it easy to absorb and may be just the inspiration to refocus on what you need to do in your neck of the woods to get that extra boost for your breakthrough. Title provided by Bookophilia