The Business Lounge Ryland Campbell explains CCFG JOB CUT AND ECONOMY OUTLOOK
Credits Publisher eZines Limited
by Latoya Hutchinson
Managing Director The difficulties faced by Jamaican companies continue to mount as the effects of the global financial crisis persist into the New Year. With the world economy slowing down, some local companies are being forced to make some critical business decisions in order to minimize their expenses. Unfortunately, the main result of these decisions often includes the laying off of staff. Anxieties heightened recently when Capital and Credit Financial Group (CCFG) announced the release of 20 members from its workforce. Subsequently, Your Money sat with Ryland T. Campbell, Chairman and Group President of CCFG to discuss, among many issues, his outlook on the economy and the reasons behind the recent staff cut.
Curtis Martin, Deputy Group President of CCFG reveals that the group will save approximately JA$60 million from the recent job cuts. On a sympathetic note, Campbell expresses that is very difficult to tell an employee that their services are no longer needed. However, counseling has been provided for those who might need it. “Where a company is concerned, it has to deal with organizational structure and not personalities. So you reorganize for the efficiency of your product to address the issues,” says Campbell.
Campbell’s Outlook on the Economy “There is a projected decline in the economy; decline in remittances and consequently consumer spending will also decline,” says Campbell. He states that once North America is experiencing one of their worst economic downturns in history including the massive job losses this will affect our country, and by extension CCFG. “Since we have not seen an expansion from 2007 and there will be a worldwide decline; we have to make a decision to tighten our belts”, says Campbell when explaining the potential problems at Capital and Credit. Why the Lay-offs? “It is largely precautionary,” Campbell states. He highlights that globalization has made the world so small that one cannot isolate themselves from the current financial crisis exposure. “CCFG has not invested any money at all in the financial institutions that have collapsed,” says the CEO, seeking to allay doubts. Campbell also states that nothing problematic or structural at CCFG led to the group’s decision to layoff 20 employees earlier this month. “It is a general issue,” he says. Capital and Credit is making preparations in case the financial sector suffers a meltdown during this crisis. 1
YOUR MONEY • Business Lounge
Ryland T. Campbell Chairman and Group President / CEO Capital and Credit Financial Group
Advice to Other Companies The Chairman and Group President believes that every company has to organize and examine its own operations to know what it ought to alter for its continued viability.
“People will have to be efficient and less generous. As a country we have been through this before, all one has to do is to hold a steady hand and aim to regain consumer confidence and we will definitely get through,” he says. CCFG is not the only company to look at cutting jobs in an effort to survive the global financial crisis: Digicel has recently announced that they will be forced to release more than 450 employees regionally; Hardware and Lumber and Air Jamaica have also made similar announcements.
w w w. y o u r m o n e y e z i n e . c o m
Tyrone Wilson Your Money Reporters Andre Black Latoya Hutchinson Columnist Cherryl Hanson Simpson Design and Layout Omar Phinn 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
w w w. y o u r m o n e y e z i n e . c o m
An Entrepreneur’s Life
Purpose, Passion, Profit Cherryl Hanson Simpson
One of the questions that potential business owners usually ask is “how can I make money doing what I love to do?” Very often, these optimistic entrepreneurs get discouraged when others declare that the activities they love to do can’t translate into dollars in the real world. Many people have been led to believe that it’s more important to pursue a career for the money it can bring, instead of the sense of satisfaction that it can create. Many entrepreneurs choose business opportunities that promise to produce cash, figuring that this will in turn give them contentment. Is it impractical to believe that you really can match your income source to your personal fulfillment? Walt Goodridge, author of Turn Your Passion into Profit, disagrees. Goodridge has coined a new word, ‘passionpreneur,’ to describe persons who have created a passion-centered business. “Passionpreneurs realize that their business is an extension of themselves, Goodridge explains. “They therefore desire a business that is not only financially profitable, but one that supports their highest calling as well.” Goodridge reveals that ‘passionpreneurs’ differ from traditional entrepreneurs by designing a purpose-driven business instead of a market-driven one, and seeking the passion before they seek the profit. Becoming passion-centric in your business first requires you to find your purpose in life, which is the reason you were created and the contribution you make to the world; and then discover your passion, which forms a part of your life’s purpose. How I became a ‘passionpreneur’ I remember when I came to the realization that I had to pursue my own business. I really enjoyed my job - the camaraderie, the atmosphere, the opportunities – but I realised that I was not feeling fulfilled in the work I was doing. It was not enough for me to do a job for the sake of a pay cheque, any more. I thought about my purpose in life and I knew that I was designed to encourage people to achieve. I was really passionate about motivating people to become financially empowered, and hearing their stories of achievement. Then I realised that my job was becoming more administrative, which was moving me away from my purpose and passion. I resolved 3
YOUR MONEY - An Entrepreneur’s Life
immediately that I had to find a way to get paid for doing only what I loved to do. Turning your passion into profit The key to translating your purpose and passion into monetary returns is the realization that every passion has a value, Goodridge explains. This means that “everyone can be rewarded for the pursuit of something that has special meaning in their lives,” he confirms. Once you have identified the unique value that is inherent in your passion, the next step is to identify a product or service that will provide you with the means to accomplish your purpose. The secret to creating a profitable, passionfocused business lies in Goodridge’s powerful declaration, “If you create and market a product or service through a business that is in alignment with your personality, incorporates your experiences, harnesses your talents, optimizes your strengths, and honors your life’s purpose, there is absolutely no way that anyone can offer the same value that you do.” For me, once I determined that I would never again work outside of my purpose, it was relatively easy to design products and services that reflected my passion and provided opportunity for profit. To learn more about discovering your purpose, and turning your passion into profit, go to www.passionprofit.com. © 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
Alicia (33) Newspaper vendor & shopkeeper by Billy James
What does it really mean to be smart? Being smart doesn’t only apply to the office. If you want to survive in this society you have to be street smart. In this week’s edition we interview Alicia (a newspaper vendor and shopkeeper), who says working on the streets is the best thing that has happened to her. Question: Because of the world financial crisis, major companies are now cutting workers, how might this affect street vending? Alicia: “They will not profit at all, because the financial crisis has hit the world everybody is seeking to start their own business. The competition is already stiff out there and if everybody go straight into entrepreneurship what would happen?”
Alicia: “Right now at school I am doing entrepreneurship courses, and they give us books on money management and stuff. I always had a thing for money, sometime I believe that I was born in money (laughs).” Question: How did you get started in street vending? Alicia: “I was at a Police Youth Club training camp and the manager come and said that he wanted some workers for promotions and I accepted it and then I build from there.”
Question: List some of the things that you think affect these vendors the most? Alicia: “Of course sales will drop because there is no one out there to buy your products. Then if these vendors pay rents and water bills then that becomes a factor also, eventually our business would crash.” Question: What is the difference between working on the street and working in the office? Alicia: “Out on the street you meet all sort of different people and you make money as well. I remember one time when I use to sell newspaper for a major company, my tally per month would around $60,000 a fortnight so more money is out there.” Question: What would do if you won the lotto? Alicia: “If me win the lotto right now I would go down a Ochi and get some rest and settle my brains because my family big and a lot of them a needy persons. Then I would educate myself some more and then definitely invest the rest of the money in my business, that is what I would do.” Question: Are you reading any books that could improve your knowledge on how to spend money?
4
YOUR MONEY - Street Smart
Alicia, at 33 believes that the world financial crisis will be a strong force and vendors must apply themselves to be better equiped in the coming trials.
Of course sales will drop because there is no one out there to buy your products. Then if these vendors pay rents and water bills then that becomes a factor also, eventually our business would crash. w w w. y o u r m o n e y e z i n e . c o m
www.yourmoneyezine.com Send us your comments to editor@yourmoneyezine.com