Your Money eZine

Page 1


Layoff printers not employees Duane Lue-Fung does not see a recession, he sees an opportunity. Where other individuals have taken to quivering in fear of the global economic crisis, Mr. LueFung, CEO of LUTEC, has made it his goal to succeed and thrive in these trying times. By engineering their methodology towards catering to the specific needs of individual companies, Mr. Lue-Fung believes that LUTEC has become more than your average company, they have become cost consultants and it is in this mentality that Lue-Fung believes that 2009 will be LUTEC’s best year yet. Why has LUTEC been so successful? Maybe Mr. Lue-Fung’s positive outlook comes from the fact that his company, Copier Concepts which was founded in October 1997 has grown into the hugely successful venture that LUTEC has become today by being innovative, less myopic and customer oriented. With 22 employees and over 2000 machines in the field, Mr. Lue-Fung’s vision has grown into a diverse operation providing printer and copier solutions, print management systems, document outsourcing and audio-visual conferencing to name a few. LUTEC’s ability to thrive while others suffer may be attributed to Mr. Lue-Fung’s quest to be innovative in the services that he offers. “LUTEC has made revolutionary strides in offering printing solutions to businesses that allow them to save millions annually and keep a tighter rein on their printing expenses”, said Lue-Fung.

BUSINESS LOUNGE

written by: Andre Burnett

Duane Lue-Fung outlines ways for companies to save millions

“Some companies have literally no idea how much they actually spend on printing yearly; when we give them figures and show them how much they can save with us, they are literally amazed”, Mr. Lue-Fung stated. LUTEC’s approach to customer service is also appealing to small and medium sized enterprises that can reduce their capital costs by having a customized approach which may see them not even having to purchase a single printer and still being fully capable. LUTEC taking the current economic crisis by the horn Regarding the current economic crisis, Mr. Lue-Fung finds the outlook for the global economic landscape to be grim. But at the same time he strongly believes that this is where companies must prove their mettle by being innovative in providing greater value to customers. “This is a time for audacity, we can’t afford to

blame every little thing on the crisis, this is the time to drive harder” says Lue-Fung. In light of the current state of the economy LUTEC has been the first company to showcase a sure-fire method of cutting operating

Duane Lue-Fung shows Your Money what is meant by a Cartridge free printer

and capital costs, instead of employees. “Our new

line of Kyocera “Cartridge-free” printers have been proven to save companies 6070% when compared to regular printers; this statement is a proven fact and the numbers are there” says Lue-Fung. “Based on these results, in light of the current economic climate we should be laying off costly printers not employees,” stated Lue-Fung, CEO of the twelve year old company. Any advice for young entrepreneurs? Mr. Lue-Fung urges young entrepreneurs who wish to mirror his success to “Believe, be audacious and have zero fear (in these troubled times)”. He states “I have no professional financial advice to offer but you have to believe, be audacious and have zero fear, remember the bumble bee flies only because it doesn’t know that common sense says it shouldn’t.” “Mental strength will be the difference” says Lue-Fung.


10 Smart Steps to: Achieve Money Goals Provided by: Financially S.M.A.R.T. Services

Question: I really want to buy my own home

one day. I have wanted to do this for a very long time, but I don’t seem to be making any headway. What can I do to accomplish my goal?

Raise Your Financial IQ! -

MONEY $MART...

Answer: The process of achieving financial

goals takes time, energy and focus. It also requires you to lose old habits that keep you in your comfort zone, and to create new habits for success. Here’s how you can turn your dreams into reality:

1. Visualize. Use all your senses to create the ideal

it takes to succeed. Commit to the little actions and sacrifices that will help you to achieve your big goal.

7. Act at once. Just do it! Immediately carry out one

of the first steps in your plan. The momentum created will help to propel you to accomplish the other actions.

8. Defeat dream stoppers. Fear will stop you from achieving your goals. Make it work in your favour by creating a fear for what will happen if you don’t achieve that big goal.

picture of your desire. Close your eyes and imagine yourself sitting in your living room with your feet on your sofa. What do you see, hear smell, taste, and feel?

2. Have strong belief. You must really believe with-

out a shadow of doubt that you can get what you want. Focus on the reasons why the dream is important to you. If you really don’t think that you’re capable of achieving your goal, then you won’t!

3. Write out a S.M.A.R.T. goal. Take your dream out 9. Be persistent. of your head and onto paper, and give your brain a specific command that it can carry out. Express your dream in specific, measurable, achievable, relevant and time-based terms. So your goal could be to have a 2-bedroom house in St Catherine valued at J$6 million in three years.

4. Get expert advice. Learn from people who have

already done what you want to do. Go to seminars, use business support services, read books, or surf the internet, to get experienced advice in achieving any goal.

5. Design an action plan. Ask yourself “If I want

to achieve this thing in x number of years, what do I have to do today to get there?” A financial planning expert can help you to create a savings plan to buy your home.

6. Become committed. Be prepared to do whatever

Keep going even when you don’t feel like it. Examine setbacks for possible opportunities, as sometimes disappointments can open new doors for something better than you ever dreamed.

10. Review. Reassess your action plan periodically and make adjustments if it’s not working the way you intended, or if your objectives have changed.

........................................................................... Financially S.M.A.R.T. Services is Jamaica’s number one source for practical, down-to-earth and independent answers for all questions relating to personal finance. Get more money smart advice at www. financiallysmartonline.com. Email advice@financiallysmartonline.com with comments or questions.


The World’s Billionaire List How is it really determined?

YM INSIGHTS

If Gentleman’s Quarterly publishes an article which states that pink pants are the new rage in Los Angeles, one would be hard pressed not to value fashion advice from such a trusted authority. The same could be said about a list

published by “capitalist bible” Forbes Magazine and its spin-off Forbes.com, regarding wealth. The Forbes lists began under the leadership of Malcolm Forbes and has become the hallmark of the decades old publication. Forbes has managed to infuse itself into the fabric of mainstream culture to the extent that you would be hard pressed to find an individual unaware of the person who currently holds the mantle of “Richest person in the world”. This contribution to society by the “capitalist bible” has not gone unnoticed and the glare of scepticism has not missed an opportunity to question an institution.

The Methodology;

According to Forbes.com, The World’s Billionaires list is formulated by a team of over forty reporters who spend the greater part of a year researching the personal fortune of suspected billionaires. The research protocol includes an examination of personal holdings, stock, assets, art, and just about everything that can be valued, even debt. The earnings of privately owned companies are compared to price-to-earning ratios of similar public companies. The list is comprised only of the wealth of individuals and family members are only included if the average net worth among them is over a billion dollars. In addition to these factors, the website also states that reporters try their best to get in touch with suspected billionaires or their representatives in order to get first hand information on their personal fortunes. The list is a snapshot of an individual’s wealth at a particular time of the year usually around midFebruary. [So it is wholly possible that

11th causing him to be left off the list for another year.

Accuracy of the list

There have been a few instances over the years where alleged billionaires have flat out denied having as much money as they were stated to have had. One such example is the inclusion of pork industry Kingpin, Wendell Murphy who was reported to be worth a billion dollars in 1997. Representatives from Murphy’s company reportedly referred to Forbes’ ranking as “Hogwash”. Also Forbes magazine had to offer an apology for leaving off Utah businessman Jon. M. Huntsman off their 2000 billionaire list. Huntsman was at the time actively managing a portfolio of $3.9 billion at the time. C o n v e r s e l y, Forbes Magazine was used as the main piece of evidence in a child support suit brought against al- Jamaican-Canadian Invesleged Califor- tor Michael Lee-Chin, curnia billionaire rently ranks at 701 on the Donald Bren. Forbes list Forbes estimated his worth at $4 billion which would entitle the children to $2.25 million monthly which is a far cry from the $24,000 that Bren is currently paying.

an individual’s wealth, for example, Mr. Michael Lee Chin who is currently ranked at 701 on this list might have been worth a lot more before the 12th of February or after, for that matter.] The relative scarcity of complaints and the very The problem with this fact is that while it might not trouble those at the top too much, it might be a big deal to a fledgling billionaire whose personal wealth dropped to just below a billion around the

few reports of errors on a list as detailed and as far reaching as the billionaires list is quite possibly proof of a sound methodology at work.


Maximising Your Marketing Get the ultimate strategy

AN ENTREPRENEUR’S LIFE

by: Cherryl Hanson Simpson We have been looking at strategies that entrepreneurs can employ to achieve business growth without increasing their personal work load. Systemizing the three key business elements – production, operations and marketing, will enable an entrepreneur to convert initial effort into a repeatable process that persistently produces profit. While effective product design and efficient operations are important elements, at least 65 per cent of your efforts should be involved in marketing your enterprise. T. Harv Eker, CEO of Peak Potentials, a business training company that produces the World’s Greatest Marketing Seminar, defines marketing as “the activity of presenting products or services to potential customers in such a way as to make them eager to buy.”

The ultimate marketing strategy

Most people try to increase sales by advertising on an ad hoc basis, without a specific plan of action. Systemizing your marketing will help you to develop a programme that will produce dependable results and eventually, massive business growth. Eker reveals that there are four equal parts to the ultimate marketing strategy: the market, the message, the medium and the back end. To be successful, he continues, the four parts must all work together. It is crucial to define your target market, which is the audience that is easiest to reach and most likely to buy from you. Too often, entrepreneurs waste precious resources chasing after persons who don’t want or need their products. You can define your market by looking at the demographics - age, gender, income geographical location, education level; and the psychographics – lifestyle preferences such as what do they watch, listen to, or buy.

What’s your message?

Once you have zeroed in on your target, you have to focus on the message you send to them. Your message should answer two questions – “Why should I buy this?” and “Why should I buy this from you?” Eker advises that to stand out from the competition you must create a unique selling proposition (USP) that will be the primary distinguishing feature that raises your position and helps you to stand out from the competition. Your USP should be customer-focused, and should speak to the benefits that your product or service will bring to solve your target market’s problems. I created a USP for my business that says ‘Jamaica’s number one source for practical, downto-earth and independent answers for all questions relating to personal finance.’ Eker defines the medium as the delivery vehicle that carries your message. These could be flyers, newspaper ads, PR articles, television or radio ads, seminars, websites, business cards, telemarketing, referrals, banners, billboards joint ventures, and many more. The key is to be as efficient as possible in reaching your target market, by optimizing the use of appropriate media. Next, we will continue looking at the ultimate marketing strategy by examining a little known, but highly effective success tactic called the front-end / back-end system. .......................................................................... Cherryl is a financial consultant and coach, and founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallysmartonline.com. Email Cherryl at advice@financiallysmartonline. com. Please add this address to your email address book in order to ensure you receive a response.


Credits Publisher eZines Limited Managing Director Tyrone Wilson Your Money Reporters Shari Lyew Kenarthur Alexander Mitchell Kimberly Taffe Columnist Cherryl Hanson Simpson Design and Layout Omar Phinn

www.yourmoneyezine.com Send us your comments to editor@yourmoneyezine.com

Subscription subscription@yourmoneyezine.com

Editorial editor@yourmoneyezine.com Your Money is a Product of eZines Limited, and is distributed weekly via e-mail. To subscribe FREE log on to www.yourmoneyezine.com today or email to subscription@yourmoneyezine.com

Advertising advertising@yourmoneyezine.com

Download our media kit at www.yourmoneyezine.com

Each time you read Your Money eZine, you are supporting the fight against global warming and also a move towards eco-friendly products.

Read Your Money today...

Save the world tomorrow! w w w. y o u r m o n e y e z i n e . c o m


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.