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Letters to the Editor/ Credits
Samantha Chantrelle Market Mover of the Month
Your Money, out and around...
Business Lounge: The Jamaican Tourist Sector
Market Movers The Eternal Optimist
An Entrepreneur’s Life: The Power of -Word-of Mouth
Street Smart Judith, tells us how she survives
Wayne Cummings
c o ntent s
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President of the Jamaica Hotel and Tourist Association
Judith serving a customer, who had ordered a pound of flour.
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Letters to the Editor
Credits Publisher eZines Limited Managing Director Tyrone Wilson Your Money Reporters Andre Black Latoya Hutchinson
I love your street smart section, the questions are good, but I think they should vary from issue to issue and ask questions regarding the layman’s use of technology in their everyday business. Especially SMS text messages and mobile phone use. Rohan Smith
Columnist Cherryl Hanson Simpson Design and Layout Omar Phinn Subscription subscription@yourmoneyezine.com Editorial editor@yourmoneyezine.com
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YOUR MONEY
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Your Money Out & Around...
1 1: At left, Derrick Roger, Marketing Executive of Best FM radio station, Floyd Ives, Events Promoter, and Larry Cephas, Real Estate and Property Manager having a chat at Kabana Restaurant and Bar. 2: Carlette Deleon, Executive Officer of Headline Entertainment posed with Michael Barnett, Director MKB Productions and Selector of Cool 97 FM radio station. 3: Father Richard Ho Lung (center) posed with Brothers Daryl (left), and Deonfe at The Child Development Agency’s annual Candle Light Vigil ceremony, at the Emancipation Park, New Kingston.
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At left, Taceta Whyte Co-host of The Child Development Agency’s annual Candle Light Vigil ceremony Taceta, Cameal Davis, Digicel’s Rising Stars winner, and Radio Host Dervan Malcolm is all smiles for our camera.
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At left, Dane Harris, President/Founder and Youth Advocate of Jamaica Youth for Justice, Marshaire Rose, Executive Secretary, and Horace Lewis share a moment after The Child Development Agency’s annual Candle Light Vigil ceremony.
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The Business Lounge
The Jamaican Tourist Sector by Latoya Hutchinson
With the fears of a very grim winter tourist season hanging over their heads, Jamaican hoteliers and other interest groups have called upon the government to provide them with financial assistance in a bid to sustain the industry through the current worldwide economic crisis. As a leading foreign exchange earner, the tourism sector has already brought in US$1.6 billion to the national coffers and is also responsible for the employment of thousands of Jamaicans. As such, it is the view that its collapse would greater endanger the economic stance of the entire country.
could cut their costs, revisit their budgets, I almost sure workers will be willing to accept salary cuts for instance, instead of being laid off,” says Birch-Brown. Wayne Cummings, President of the Jamaica Hotel and Tourist Association
Question of the week: Should the Government Grant the Hoteliers a Bailout? Here are the views: Rojuel DaCosta, 27; Chef As a worker in the tourist sector for the past eight years, DaCosta describes it as ‘fickle’. “In that, you never know what’s going to happen. Hoteliers invest a lot into their businesses and expect to be rewarded in each season, that’s the very essence of the hotel business. However, the inconsistency comes about when they are unable to capitalize on those investments. Regardless of the positive predictions, there can always be a turn for the worse and that’s what we are experiencing now,” he explains. Hence, he thinks the hoteliers’ request for the establishment of low-interest loans, suspension of general consumption tax during November to March and similar incentives should be granted. Claudia Birch-Brown, 45; Secretary “I think it’s an excuse and government shouldn’t give them a bailout. Firstly, I don’t believe they can afford to do so and secondly, there are other pressing circumstances that the government should be focusing on,” says the 52-year-old secretary. According to her, one issue the government ought to look into is the country’s banana industry. “I understand that the industry provides for many, but the hoteliers can try to sort the issue out themselves. For instance, they 5
YOUR MONEY • Business Lounge
“We are not seeking a bailout. We are negotiating with the government for short-term loans and a deferment of GCT without penalties, all this to ensure that we can keep our hotel doors open and the sector afloat.” As for the critics, Cummings believes that they have not fully considered the implications of a fall-out occurring within the industry. “Especially for tourist towns, they (implications) are grave. It would be like taking the life out of the economy, we are seeking to cushion the effects.” The JHTA President cites that already in Bahamas, trade unions have been asked to cover the salaries of hotel workers in light of the financial crisis that that country’s tourism sector is also suffering. Cummings predicts up to a 30% decrease in hotel bookings for the upcoming season. However, he believes that the government is looking favorably at the proposals presented by the association. “As the protection of the tourism sector is also the protection of the economy,” he says. w w w. y o u r m o n e y e z i n e . c o m
MARKET MOVER
The Eternal Optimist Samantha Chantrelle by Latoya Hutchinson
“ I believe in people and that they are inherently good; it’s just that sometimes, they’ve lost their way.” It is mostly likely this belief that influenced Samantha Chantrelle over a year ago, to accept an offer to join the NCB Foundation, a non-profit organization that aims to provide opportunities of development and change for the Jamaican people. Bringing About Change Chantrelle viewed the offer as an opportunity of a lifetime. “ I had worked with other development agencies before; and the vision and support that the foundation had, lined up exactly with what I wanted to be doing – helping Jamaica. NCB foundation was making the effort to bring about change within the country, instead of waiting for others to do it. I decided I wanted to be a part of that.” As Project Administrator for the foundation, she assesses the countless day to day requests for aid, plans and evaluates community projects and pushes new development initiatives that engage young people- the foundation’s primary target. Samantha Chantrelle NCB Foundation
all understood the opportunity. I was truly impressed by Kahlil’s choice.” The Montego Bay based group choosed to give the Flankers Peace and Justice Centre an extension to its skills training centre and mentoring & evening programmes. “I am very lucky, everyday I have the opportunity to bring about a positive change. I don’t consider what we do as giving handouts; we give persons a little push forward. We start a spark, and it goes on to impact so many others,” she says. However, the University of California graduate does have one disappointment, “I think that Jamaica could be further along than it is. Every time I see a situation that seemingly can not be changed and when persons have obviously given up hope; I feel as if we should be doing more and definitely giving more.” Samantha Chantrelle At A Glance: • Born in Jamaica to a mother of Black and Indian heritage and a White father • Migrated to the United States at the age of 8 • Has a degree in Sociology of Development from the University of California • Has a 3 year-old son • Voted for Barack Obama in the recently held US presidential election
Impacting Many For the year 2007, the foundation awarded scholarships totaling over $8.5 million to 180 students attending tertiary institutions across Jamaica and spent over $100 million on community projects. Speaking on the foundation’s recent involvement with the 2008 Digicel’s Rising Stars show, Chantrelle describes it as a great experience. “ We donated $30 million to be shared by the top five contestants in completing projects in their communities. They were to identify needy projects within their hometown and they 6
YOUR MONEY - Your Life
Samantha at the McCam Child Development Centre
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An Entrepreneur’s Life
The Power of Word-of-Mouth “All things being equal, people will do business with, and refer business to, those people they know, like and trust.” Bob Burg Effective marketing is the lifeblood of an entrepreneur’s operations. There are two main challenges for most business start-ups - how to get people to know they exist and how to convince them that they should buy their product or service. How can an entrepreneur be successful at marketing with a tiny or non-existent advertising budget? Last week we looked at networking as an inexpensive way to get prospective customers to hear about you. Today let’s look at a low-cost method to influence them to accept your offerings – referral marketing. Referral marketing is simply using your existing customer base as a sales force to spread the word about your operation. Think of how eager you usually are to check out a new restaurant or movie when a friend gives you a glowing recommendation. The same process can work for your business, if you encourage your clients to enthusiastically tell others about your product or service. How can you harness the power of word-of-mouth to work for you? Let’s look at some key steps: Satisfy your clients The first step to getting great reviews is to provide an exceptional buying experience. Focus on delivering high quality products and services, as nobody will recommend your business if they’re really not ‘wowed’ by what you have to offer. You can also create trust and loyalty by building solid relationships with your clients. There are some professions, such as therapists or hairdressers, where customers are gained mainly on the basis of positive recommendations. Ask and you will receive Some entrepreneurs may feel a little uncomfortable about asking their current customers to refer their friends and acquaintances. Unfortunately salespersons have gotten a bad reputation as being pushy and self-serving, and many business persons would rather not risk offending their customers by appearing to ‘beg’ for customers.
Cherryl Hanson Simpson
people’s problems for a profit. If you’re confident in the quality of your offering, you should be eager to solve as many people’s problems as possible. A great time to ask for a referral is after your customer has congratulated you on a job well done. Respond to the compliment by saying, “I’m happy that you appreciate my work. Do you know any one else that you think could benefit from my services?” Develop a referral system David Frey, writing on www.businessknowhow. com, declares that simply asking existing customers for referrals doesn’t usually provide dramatic results, as it is not a systematic process. “People don’t get even a tiny amount of the referrals they could be getting simply because the whole “asking” process is flawed,” Frey points out. To be successful in referral marketing, Frey explains, you have to create a system that will give predictable results and solid returns. The idea is to offer incentives to existing customers at every point of contact. For example, you can give out coupons to your customers offering discounts if they bring a friend the next time they shop at your establishment. If you send out monthly bills, include a leaflet highlighting the referral benefits. So, create a repeatable process that consistently encourages and rewards your existing clientele to become your evangelists, and you could truly experience the immense marketing power of wordof-mouth. © 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.
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Street Smart
*Judith (36)* Shopkeeper What does it really means to be smart?
Being Smart doesn’t only apply to the office. If you want to survive in any society you have to be street smart. In this weeks edition we journeyed to Waterhouse, in Kingston Where we caught up with Judith. Question: Why did you choose to operate your business here, instead of a commercial area? Judith: “Personally I don’t like downtown or any commercial areas, because there is no mercy on the vendors. Yes, they are good areas to sell your goods but the police mistreat the vendors them a lot.” Question: being that you are operating your business at home, how difficult it is for you to sell your goods? Judith: “Well, it is rough right now because the prices are going up, and at the same time people don’t come shop again. Them stop buy Corn beef, Bread but this is where I live so I will continue sell here.” Question: What do you think would happen to vendors like yourself, should the world financial crisis hit the local market? Judith: “People soon have to start lock up their shops, because one time I used to buy two and three bags of rice. Now it is a totally different, I can only buy half-abag of rice, and it will get even worse.” Question: Working in the streets or working in the office, which do you think is harder? Judith: “Streets, because the sun burn you, and you have to keep moving up and down from the police and extortionist, in the office people don’t have nothing much to worry about, just sit down around computer.” Question: What item do customers buy from you the most these days, and what age did you started buying and selling?
Judith serving a customer, who had ordered a pound of flour.
Well, it is rough right now because the prices are going up, and at the same time people don’t come shop again. Them stop buy Corn beef, Bread but this is where I live so I will continue sell here.
Judith: “Well I started about age 14 with my mother, we would go into town and sell onion, tomato scallion, and time. People no stop come and ask for flour, and grace mackerel and even that a get dare too.” 8
YOUR MONEY - Street Smart
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