CONTENTS
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Letters to the editor/credits section
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Your Money, out and around...
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Business Lounge: Red Stripe & the Jamaican...
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Improving the value of your home
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An Entrepreneur’s Life: Networking 101
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Street Smart
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Letters to the Editor
Credits Publisher eZines Limited Managing Director Tyrone Wilson Your Money Reporters Andre Black Latoya Hutchinson
Your Money E-zine is quick and concise financial advice and information on economical trends. I enjoy the high aesthetic quality of the magazine as well. For someone who is usually on the go and in touch with his internet, Your Money E-zine is a convenient service.
Columnist
Keep up the good work guys.
Omar Phinn
Regards, Shamir Manya, BSc. Research Student, UWI
Cherryl Hanson Simpson Design and Layout
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
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5 Your Money out and around... 1: Wynford Williams, Producer of CVM TV’s number one entertainment program with friends Venice (left), and Juliette taking a pose at D’Angel’s video premiere party. 2: Michelle ‘D’Angel’ Downer, Recording Artiste sharing a moment with Dr. Shaun Wynter, the man who delivered her son Marco Dean, at her video premiere party at the Hilton Hotel.
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3: At left, Inga Stewart former Digicel Rising Stars contestant, and Husband Misja Ruijs sandwiched Radio personnel Denise Hunt, at a recent D’Angel’s video premiere party, in New Kingston.
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Major Ffrenchj Campbell, Senior General Manager of Facilities and Services Divisional at National Commercial Bank, and Godfrey Boyd, Parish Manager, Kingston and St Andrew Health Services, Southeast Regional Health Authority, Ministry of Health engaged in tight conversation at the Hilton Hotel.
5: Christopher Reckford, Executive Director of Innovative Corporate Solutions chats with Dean Sokorim, Medical Doctor at the launch of Johncrook Limited new Jaguar XF, held at the Hilton Hotel. 6:
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At left, Honorable, William McConnell, Managing Director of Lascelles Demarcado, Major Hugh Blake, General Manager of Johncrook Limited (center), and Anthony Bell, Financing Director of Lascelles Demarcado was spotted discussing the features of the Jaguar XF, at the Hilton Hotel.
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The Business Lounge
Red Stripe & the Jamaican Market by Latoya Hutchinson
Most if not all Jamaicans are familiar with the Red Stripe brand, whether avid party goers, business executives, political leaders or university students, the name Red Stripe, regarded as the ‘Great Jamaican Beer” is ubiquitous and parallel to success. But is the beer company losing its grip on the local market? Recent figures from the company’s first quarter results for the period July 1 to September 30, 2008 show a 20% decline in the volume demanded from the local market. This decrease can be a mere problem of an erosion in the spending power of Jamaicans, while it can also be as a result of Red Stripe’s recent decision not to sponsor some dancehall events such as Reggae Sumfest and Sting, two popular Jamaican events. Your Money invited three individuals in the business lounge to discuss whether or not Red Stripe is losing ground on the local market, and what may be the cause. Here are the views: Claudette White, 49; Wholesaler, BW Liquors and More “Well, I can say that I have seen a dip in the sales of Red Stripe products on my end.” For the last 11 years, as a part of her business White has been purchasing bulk quantities of Red Stripes products from distributors and reselling them to small shops, restaurants and bars. “However, I do not focus so much on selling those products as it’s not making any sense profit wise. I find that I’m gaining more from my spirits, especially rum. More and more wholesalers are sticking to the sprits nowadays,” she says. Red Stripe has blamed the current state of the economy, high manufacturing costs and subsequent increased drink prices for the fall in its domestic sales volume. Ricardo Bullock, 30; Music Producer Bullock believes that the state of the economy is not the only factor affecting the company’s sales. 5
YOUR MONEY • Business Lounge
“ I believe that they have allow this market to sort of cope on its own while they went out trying to break into or re-launch into foreign markets. The result is that people have been bombarded now with other cheaper drink alternatives and that’s what they are buying now,” he says. “Another factor that weighs in this, is the brand’s decision to no longer support live music shows featuring dancehall music. That I think was the worse thing they could have done!” According to the producer, this act of ‘abandonment’ may have caused a number of once faithful Red Stripe consumers to boycott their products. “Especially since the dancehall artistes have been stating their willingness to perform free at events at which Red Stripe products will not be sold; and you know they have a lot of influence in society.” Tameka Blake, 21; Teller, NCB Portmore According to Blake, the recent pulling out from sponsoring such events featuring dancehall music such as Reggae Sumfest has nothing to do with the company’s low sales in the island. “Rather, it’s just that persons have to be putting more consideration into what they can spend their money on. No longer are persons able to pick up a regular Red Stripe six-pack to add to their shopping, they just deal with what’s needed – food,” she says. Blake suggests that the prevalence of crime and violence has also affected Red Stripe. “People are not really staying out again and hardcore sessions are not being kept as much because of the crime situation. Keep in mind that it was at such events that Red Stripe beverages were mostly sold.” However, she concludes that once the economy improves and the spending power of Jamaicans increase, so too will the sales of Red Stripe. w w w. y o u r m o n e y e z i n e . c o m
Improving the Value of Your Home There is no place like home and the feeling experienced when one is truly at home is priceless. However, there are those who wish to have that feeling reflected in the value of their property. For this week’s issue, Your Money had Dwight Phillips a valuation surveyor and real estate broker, identify some tips you can use to improve the value of your home. Repairs and Maintenance “Firstly, plan a maintenance schedule, this will ensure the constant upkeep of your home. For example, you may decide to have your house painted annually; and that adds value to the property,” says Phillips. He advises homeowners to carry out adequate and timely repairs whenever the need arises. “Never wait too long to do them, as the situation will grow worse and decrease value .” Repairing and maintenance also refers to the swift treatment of any pest problems in home. “For instance, you need to check for such things as ‘chi chi’ (termites) which might seem as nothing. However, if there are traces of them, take all steps to get rid of them.”
its value at all; mainly because there isn’t a real demand in that area.” Location, location…location The nature of the surroundings of your home WILL affect the worth of your property. “Before even purchasing land or a house, you have to consider the possible resale price. There are specific areas where those prices will be higher,” Phillips says. Therefore, a volatile and or underdeveloped community automatically equates to a lowered home value. Dwight Phillips has 22 years of experience in the field of valuation surveying. He is on the Jamaica National Building Society (JNBS) Panel of Valuers and operates the real estate firm of Phillips & Associates, Valuation Surveyors & Real Estate Brokers.
There have been cases where insects and or rodents have literally eaten away at the value of homes. Modernising Your Home Upgrading your home may not only add to its visual appeal but to its worth as well. This process may entail replacing your sash windows with more modern French windows, exchanging your old floor tiles with elegant marble ones or replacing your zinc roof with a new Decra Tile roofing system. Cost vs. Value Many homeowners spend thousands of dollars trying to increase their property value. But does what you spend on your home reflect directly in its value? Not necessarily. “Cost is just the expenditure while value relates to demand, hence spending $500, 000 in upgrading your house, does not mean your house value is going to increase by $500,000. It can be less or more,” Phillips explains. “For instance I spend that amount on a house in Havendale and the value goes up by $2 million, but doing the same with a house in Trench Town may not affect 6
YOUR MONEY - Your Life
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An Entrepreneur’s Life Networking 101
“It isn’t just what you know, and it isn’t just who you know. It’s actually who you know, who knows you, and what you do for a living.” – Bob Burg: Author, Endless Referrals Networking, the art of making connections with people to expand your circle of influence, is one of the most important tools to grow your business. However, it is often overlooked by entrepreneurs who sometimes neglect to even tell close friends and associates about their business ventures. Let’s look at some basic steps to get started in networking your business: Practice your pitch When you’re planning to use networking as a marketing strategy, you need to have a great answer to the inevitable question, “So, what do you do?” You must to be able to quickly outline your unique selling proposition (what makes your business special) in a way that will convince a prospect that you’re worthy of further consideration. Mark Joyner, marketing guru and author of The Irresistible Offer, declares that you have exactly three seconds to capture the mind of a prospective customer. “People today are impatient, and rightfully so,” Joyner explains. “They are bombarded with thousands of marketing messages a day.” So, get creative with your 3-second pitch. Instead of saying “I own a hairdressing salon,” spike a little interest by saying “I make women feel beautiful.” People always want to find out more about my business when I tell them that “I teach people how to manage, multiply and maintain their money.” Get in the mix Networking requires you to get out there and tell people what you do. Start by focusing on groups that you may already be a part of, such as past students’ associations, religious institutions, or your children’s PTA. Then ramp up your networking efforts by joining service groups such as the Kiwanis or Rotary clubs, or professional groups within your industry. It is crucial to be prepared when you’re out meeting people. Make sure that you have enough business cards for the expected number of persons at an event. Walk with a small notebook to jot down 7
YOUR MONEY - An Entrepreneur’s Life
Cherryl Hanson Simpson
email addresses and other significant data about people you meet. Don’t just focus on yourself; it’s also important to be genuinely interested in other people’s stories. Make mental notes of interesting details, so that you can wow your new acquaintances in future conversations. Link up for social networking Social networking is simply the grouping of individuals according to shared interests or demographics. Social networking takes place in schools, workplaces, churches and communities, but it most popular and impacting on the Internet. Thanks to the millions of web users, online social networking has the ability to introduce your business to large numbers of persons that otherwise would be out of your reach. You can join a social networking site by accepting an invitation from a friend, or going directly to the website and registering. Depending on your particular business interests, you can select the network that provides the best contacts. MySpace is essential for music industry practitioners, while LinkedIn and Plaxo concentrate more on business professionals. Facebook, the most popular social network, has over 90 million active users according to a PC World article published in August 2008. Facebook has a great mix of personal and business users and can allow you to set up a special page for your business or create your own community that can attract persons with shared interests. Social networking now has a new outlet - mobile phones. Find out more in this Times Online article:
http://technology.timesonline.co.uk/tol/news/tech_and_ web/article3897340.ece © 2008 Cherryl Hanson Simpson Cherryl is a financial columnist, consultant and coach. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Send questions and comments to info@financiallyfreenetwork.com. Please add this address to your email address book in order to ensure you receive a response. w w w. y o u r m o n e y e z i n e . c o m
Street Smart
*Uriel Brown (42)* Street Vendor What does it really means to be smart? Being smart doesn’t only apply to office. If you want to survive in society you have to be street smarts. In this week’s edition we interview: Mr. Brown who has applied his services both in the office and outside on the street. Question: What beverage do your customers buy the most? Brown: “Mostly people come and ask for Gatorade, Cranberry. All the upper class them come but them ask for the sky juices.” Question: Why did you choose this spot to sell? Brown: “Well, my father first occupied this spot but he is grown in age. So I took over from him but I also work at Custom Broker. In the evenings I leave and go work there.” Question: Is there any new goods on the market you are interested in selling and why? Brown: “Like the Vitamin Water, it was just this week that I purchased some and them sell out already. You have to buy what the customers really want.” Question: How many phone credit does the average person buy per day? Brown: “Normally I would sell roughly one hundred and fifty cards per day. You have people who come and buy at least six a day, or even five hundred dollars worth.” Question: Working in the streets or working in the office, which do you think is harder? Brown: “In the streets is harder, because you have to know how you are dealing with people. Even if you had a bad day at home, you have to have a pleasant face and deal with them in a polite manner, and that don’t easy.” Question: Do you think more people will buy the Lotto now that it is starting at 15 millions, if you won, what would you do with the money?
Brown, who operates his business in the downtown area, said being smart is to understand life.
““Mostly people come and ask for Gatorade, Cranberry. All the upper class them come but them ask for the sky juices.”
Brown: “I don’t know at all, caused I used to spend $300 dollars and buy, nothing never happen still. If I win the first thing I will do is to strengthen my business since I’m in it already.” 8
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