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Mark Thompson
By: Andre’ Burnett
BUSINESS LOUNGE
driven by performance
Without a spooky castle, lightning powered machines or pitchfork wielding villagers, Mark Thompson is creating a monster. Mr. Thompson took over the reins of the then newly rebranded Advantage General Insurance company in 2007, having had stellar performances at Cable & Wireless Jamaica, World Gaming and other companies. Having inherited a company with a reputation for slow settlement times and a 2006 loss of over $120 million, Thompson has succeeded in overhauling the image of AGI. Annual reports for 2007 and 2008 showed that AGI had netted profits of over $343 million and $562 million respectively and performance charts showed that settlement times and outstanding claims had been reduced substantially. Mark Thompson on running a business: “When I get into a business, I look at the factors that make the business kick, I look at the key
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point where it might be at hazard of becoming a victim of its own success. Regarding the slight controversy surrounding the speedy settlement of a claim by a client, Mr. Thompson remarked, “There was this one guy that was in the paper, livid about that situation and when I checked on his claim his claim had been settled in little under twenty days. This is an indicator of the high standards that we have set for ourselves” Mark Thompson on personal finance: “It’s all about discipline, whether you have an understanding of the market or not, it comes down to setting personal goals and making sure you stay focused on these.” Mr. Thompson is firmly committed to keeping AGI at the top of the heap with regard to motor insurance and performing creditably in other areas. “We are constantly looking to improve our service in ways such that it appreciates our clients’ time, states Mr. Thompson, “If there is Mark Thompson, a small broker somePresident & CEO of where in Sav-la-mar, I Advantage General will make a trip just to see how well the relationship is working because every single one matters. Further, it is critical to respect your source of business no matter the size”. Mark Thompson on life after the recession: “I think that you will find that those who had managed their finances carefully before the recession are the ones that can take advantage of opportunities during and thus will fare better afterwards.
performance indicators of the industry and the success factors of the business. The key is then to manage towards those targets, I’m a performance driven manager and that’s the best way especially if one is not from a particular industry.” With a leadership style that he describes as “demanding but not overly so” Thompson has gotten AGI to a
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When asked about the differences in the business landscape in the first world and in Jamaica, Thompson stated that main difference was the entrepreneurial spirit. “You find that from the higglers to the business execs with an enterprise on the side, everyone wants to own something. In Canada, it’s much more compartmentalized; you find people choosing either to be corporate or an entrepreneur.”
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By: Andre’ Burnett
Your Money Insights
Globalization: The local effect There was once a world made up of countries divided by borders, geographical divides, mistrust and ambition. These countries produced for themselves, traded within themselves and very rarely had much economic contact with other countries outside of their immediate reach. Over time, the need of the inhabitants to connect and share with each other began to overcome these hurdles and thus globalization was born. With technology and innovation new markets were opened, new ways of doing business evolved, countries thrived and all was well within the world. Or was it?
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Storytelling aside, our world has undoubtedly become a much smaller place. Products are consumed thousands of miles from where they are consumed, companies are constructed of various sections situated in different countries and the common man is much more exposed to what lies outside his borders than ever before. Globalization primarily denotes a fiscal term but its impact now extends to all aspects of our lives, socially, politically and psychologically. The costs of this process have begun to manifest and the
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main question being asked is, “Is it worth the cost?” In a July article by a Jamaican newspaper, it was reported that a major fresh fish producer had been forced to close its processing facilities. Reasons given for the closure by the owner were that of delinquency by clients and competition from significantly cheaper imports from China. This example is one that is mirrored around the world where small producers are outcompeted because their cost of production cannot rival those of large corporations abroad. The case of the fish farm in Jamaica is unfortunate but it might be an inevitable consequence of the philosophy of open free markets. Author and activist Michael Pollan wrote, “The iron law of competitive advantage states that if another country can grow The HSBC is the largest something more bank in the world and opefficiently…we will erates across the globe. no longer grow it here, what’s more under global economic dispensation...it will free land for more productive uses such as houses.” Pollan was speaking with reference to the United States but his point still holds relevance elsewhere. Do we in developing countries have to pick our battles more carefully, conceding ground in one instance while making up in others? If we can’t compete with food production the onus may be upon us to develop industries in which we are competitive. Far easier said than done, but a change in mindset may be the easiest step that we will have to take.
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Why Brochures Still Matter
in a Paperless World
In this increasingly paperless world, the majority of marketing collateral and business presentations consist of digital document. From your latest PowerPoint masterpiece to a flashy interactive website, electronic media can be quick, easy, and visually stunning. There is no denying the advantages of electronic media. However, due to these strengths it is likely your message will be forgotten. Your clients will want and need a permanent reminder of your message. Offer them the presence and physical cache of a slickly designed brochure. 1) A Brochure is Tangible Made only of simple paper or basic card stock, a brochure is a tangible object that your clients will hold
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producing a printed brochure. Fortunately, with the ease and efficiency of online design and printing, the cost has significantly fallen. Take advantage of this development, and present your small business as a juggernaut. Underscore to your clients that you know the value of professionally designed and printed collateral. 3) A Brochure is Simple With the alphabet soup of file formats (PDF, DOC, PPT, HTML) the last thing you want to do is confuse a potential client. Don’t force them to take a training course in computer science just to read your pitch, give them a prepared hard copy. Not only will your client’s appreciate this, but also your message will be20clearer without the noise of unwanted technical questions. 4) A Brochure is Timeless Today’s cutting edge web presentation will be passé and outdated in a matter of months. Rapid shifts in technology can make your slick electronic collateral dated and obsolete overnight. Don’t waste time and money chasing the next big thing. Invest in a brochure, a time tested and proven medium. A brochure with a classic design will stand the test of time. Easily portable, and simply stored, a brochure will always remain not only on someone’s desk but also in their mind.
on to and keep. This is especially important if you offer a service that is abstract or industry specific. A brochure will give you a prime opportunity to explain your services and will allow your client time to absorb the finer points of your proposition. 2) A Brochure is Impressive Traditionally the costs of designing and printing a brochure kept all but the biggest companies from
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Based in New York, Gail’s Graphic Designs offers a broad spectrum of creative design and communication solutions to assist in the marketing of your small business. Contact Gail Lewis at glewis@gailsdtp.com or visit Gail’s Graphic Designs at www. gailsdtp.com. | Daniel Natale is a guest writer for Gail’s Graphic Designs.
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Mind Your Business
Provided by Gail’s Graphic Designs
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10 Smart Steps to:
Buying your own home Provided by: Financially S.M.A.R.T. Services
Question: I want to start saving towards 7. Don’t aim for the dream house at first. Stick with buying my own home in five years time. I don’t know anything about purchasing real estate, so I need some guidance to make the right decisions.
what your budget can afford right now. Remember that you can always upgrade your home, or sell and buy a better property in the future.
Raise Your Financial IQ! -
step, and you have to plan wisely to achieve this goal. Here are ten smart tips to help you turn your home ownership dream into reality:
1. Find out how much house you can afford. Check
with the National Housing Trust and the mortgage companies to determine the loan amount that you qualify for based on your income. Decide if you need to partner with someone to be able to secure the money you will need to borrow.
2.
Save aggressively for the deposit. Sacrifice spending to build up the down payment, which is usually 10-15% of the property value. The more you can afford to put down, the lower your mortgage payments will be. You will also need extra funds for the other transactions costs.
3. Work out all the costs. You need to be aware of the money you’ll have to spend, such as the down payment, closing costs, professional fees, relocating and recurring expenses. Email advice@financiallysmartonline.com for a real estate calculator and home buying checklist.
4. Choose your mortgage financier. Call the dif-
ferent mortgage companies to compare rates and fees. Some institutions have additional costs such as compulsory savings that can drive up the monthly repayment amount.
5. Obtain a mortgage pre-approval. Once you have chosen your mortgage company, get preapproved for the amount you can afford. This will make your offer more attractive to the vendor, and speed up the transaction process.
6. Search for a good location. Use expert realtors
and word of mouth networking to help you find a suitable home. Speak to the neighbours and visit the location at odd hours to observe the activity. Consider traffic and convenience to amenities such as supermarkets and schools.
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8. Get the property inspected. It’s better to pay for an independent assessment of the condition of the home before you commit to it, than spend a small fortune in repairs after you’ve paid for it.
9. Ask for referrals to find the right attorney. Real
estate agreements can sometimes be complex, so you should find a knowledgeable lawyer that you can trust. Don’t be afraid to ask for discounted rates.
10. Be patient. Real estate transactions in Jamai-
ca can take several months to be completed. Follow up once per week with your lawyer for progress reports.
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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.
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MONEY $MART...
Answer: Owning your own home is a big
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