Market Mover
Anya Schnoor by Meisha-Gay Mattis
In the last quarter of last year, Scotia DBG Investments for their first time reached the $1 Billion dollar profit mark. This is a milestone for CEO of the investment company, Anya Schnoor whose long term goal is to ensure that Scotia DBG becomes the number one investment bank in the country. Anya Schnoor sat with Your Money to discuss the financial crisis, reaching one billion dollars in profits at Scotia DBG Investments and also her social life. The way forward for Scotia DBG during this economic slowdown Even though we are experiencing an economic slowdown, Anya Schnoor explained to Your Money that Scotia Bank is pressing on with no intentions of slowing down. “At Scotia we actively manage and monitor our operation, and we have one of the most efficient productivity ratios in Jamaica. Even recently Jamaica was chosen as prime location for Scotia’s regional call center”, she says. While some companies are cutting staff, and some decreasing their expenses, Anya Schnoor said that there are no such immediate plans at Scotia Bank. “There is no plans currently to lay-off any employee or decrease costs as a result of the global financial crisis,’ said Ms. Schnoor. She went on further by stating that difficult times are ahead particularly for college student who are expecting to enter the labor force. “Now would be the perfect time to get that extra degree or enroll in a specialty program, because it is going to be difficult getting that dream job at present. Do not narrow your search and keep you options open”, stated the Scotia DBG CEO. Anya Schnoor on reaching $1 billion in profits, being a part of a female dominated executive management team, and working with Bill Clarke The Scotia Bank Vice President expressed to Your Money that reaching $1 Billion in profits was part of the group’s plan and she is looking forward to announce it at their annual general meeting in February of this year. “The announcement regarding our profits is yet to be made to our stakeholders formally, and I look forward in announcing it at our annual general meeting in February”, said Anya.
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YOUR MONEY • Market Mover
Market Mover –
Anya Schnoor
“Scotia has a system that is very equal and it provides equal opportunity for men and women”, said Anya when asked about being a part of a female dominated executive. Anya Schnoor is a part of an eight-member management team, of which six are women. She also describes her former boss, Bill Clarke as ‘energetic’, ‘dynamic’ and ‘knowledgeable’. “He lived, breathed and believed in Scotia”, she said. In relation to living up to his reputation, she believes that Scotia goes beyond Mr. Clarke and explained that Scotia has 120 years of legacy and Bill Clarke played his, and as such she has her part to play. Life outside of Scotia Ms. Schnoor described herself as focused and self-confident, but do not believe for one second that this woman is all work and no play. “I am an outgoing person; when I’m not at work, I am always at a friend’s or family’s home, never a stay at home person,’ said Anya. “I recently attended the Jazz and Blues Festival in Montego Bay”, said Anya Schnoor, when asked about any recent event she attended. Anya Schoor at a Glance • • •
1 brother and 1 sister Alma mater: St. Hilda’s Girls School and Florida International University (Changed her major from Computer Science to Finance) Enjoys watching cricket and is looking forward to the upcoming test match between West Indies and England.
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The Business Lounge Individuals show concern for the weakening Jamaican Dollar by Meisha-Gay Mattis
The Jamaica dollar has been declining steadily against all major foreign currencies. For most individuals it is déjà vu all over again, but now more than ever it is getting serious. Our imports are getting more expensive, while or exports are becoming cheaper which will eventually worsen our trade deficit.
She also stated that her children’s Orthodontics treatment cost U$7,000, of which she pays U$150 monthly and to now multiply the remainder of U$1650 by JMD85 is strenuous.
Your Money caught up with a small business owner and a few individuals, as we focus on the Jamaican exchange rate against the US exchange rate. The dollar closes at JMD 85.24 to U$1 on January 27, 2009.
Russell Welsh -Jamaica Money Market Brokers (Customer Service Representative)
Samuel Folkes – Integrated Marketing Jamaica Limited “The current situation has its negatives and also its positives. My prices are quoted in US dollar, so when the US dollar strengthens against the Jamaica dollar, I stand a great possibility of gaining. One the other hand if I’m tied to a specific contract I stand the chance of losing if the US dollar strengthens because my contract cannot be adjusted to reflect the change in the exchange rate,” said Mr. Folkes. “The bottom line is that this fluctuation in the dollar creates a level of uncertainty in the business sector, especially for those who conduct transactions in US dollar on a daily basis,” he further explains.
“It appears as if the country has given up and cannot produce anything for itself resulting in a high import economy. If we depend so strongly on the US, every move their dollar makes affects my everyday life from my education to simply having fun”, say Russell. He believes that the only way Jamaica can fight the appreciating US dollar is to start producing for ourselves and stop purchasing Kellogg and Doritos and support “For Jamaicans by Jamaicans”.
Latoya Smith – First Caribbean International Bank Jamaica (Client Service Representative) “On a personal note, I have been contemplating as to whether I should discontinue using my US credit card because I now have to pay more Jamaican dollar to buy one US dollar, and I am also getting the same amount of goods and services when I shop online at US stores for more. Put simple, it is basically becoming more expensive when I use my US credit card”, said the Client Service Representative while laughing. Stacy-Ann Chaffatt “The sliding dollar hits close to home as I am currently feeling the pinch not only for the past couple of months, but for the last three years. I can recall three years ago when my two children got braces, the exchange rate was JMD$60 to 1U$ and presently the exchange rate is JMD$85 to 1U$,” explained the disgruntled parent. 3
YOUR MONEY • Business Lounge
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An Entrepreneur’s Life Entrepreneurial Education
The average entrepreneur doesn’t have the benefit of an MBA to learn how to manage a business and strategize for growth. Many business owners depend heavily on the University of Experience to figure out how best to run their operations. Small wonder that there’s a high failure rate for start-up enterprises! Business success trainer, T. Harv Eker of Peak Potentials, explains that there are three key elements for any business to succeed: the right business vehicle, the right knowledge and the right you. The right business vehicle involves finding an opportunity that fits your expertise. The right knowledge involves familiarity with marketing, negotiating, financing, communications and management; as well as industry-specific knowledge. While most entrepreneurs try to ensure that their ventures are well-suited for them, and make concerted efforts to increase their knowledge about business, the importance of improving their mindset is usually overlooked. Many business owners fail to recognize that their own personal development is vital to long term success. Fortunately, it’s relatively easy and inexpensive to acquire an education to help create the ‘right you’ to thrive in business. There is a wealth of information available through books, CDs, DVDs, Internet sites and coaching programmes. Here are some of my favourite titles that can fast-track your personal development as an entrepreneur: ‘Rich Dad’s Cashflow Quadrant’ – Robert Kiyosaki: This sequel to the groundbreaking Rich Dad Poor Dad was an early motivator for me to get out of the ‘rat race.’ Kiyosaki’s experiences prepared me for the challenges of sacrificing security in order to find financial freedom, and warned me of the dangers of settling for self-employment instead of building a business system. ‘Secrets of the Millionaire Mind’ – T. Harv Eker: Eker’s presumptuous claim, “Give me five minutes and I can predict your financial future for the rest of your life!” was enough to get me hooked. His in depth look at the mindset of wealthy people helped me to create a big vision for my business. Get the audio book version and follow along with Eker’s powerful, inspiring declarations.
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YOUR MONEY - An Entrepreneur’s Life
Cherryl Hanson Simpson
‘The E Myth’ – Michael Gerber: Why do so many small businesses fail to produce the kind of results that their owners dream of? Gerber’s revolutionary book will reveal the shocking answer. His explanation of the entrepreneurial myth had me redesigning my whole business outlook. ‘Developing the Leader Within You’ – John Maxwell: You must become a good leader of people if you want to run a successful business. Maxwell offers timeless principles that will teach you to improve yourself and improve your organization. This leadership guru has helped me to effectively communicate my business vision. ‘Think and Grow Rich’ – Napoleon Hill: This timeless classic reveals the secret of success in business and life – the power of your own thoughts in creating your ultimate destiny. If you have a big business dream, then understanding and implementing Hill’s ‘Master Mind’ principle is a must. ‘The 4-Hour Workweek’ - Timothy Ferriss: If you dream of a life without boundaries, where freedom of time is the currency that determines your success, then this is the book for you. The accompanying warning: ‘Do not read this book unless you want to quit your job’ is right on target. Ferriss has shown me how to delegate and outsource my way into a more efficient business. There are many more great resources available, so start building up your own entrepreneurial library! © 2009 Cherryl Hanson Simpson
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.
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