Businessuite Magazine December 2014 Digital Edition

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THE CHOSEN FEW WOMEN IN THE DRIVER’S SEAT

What has hindered their rise to the Pinnacle of The Businessuite Top 100 companies? The response, for many reasons, varies. PLUS • Are You Running a Hustle or a Business? • What Kind Of Play Is Your Team Displaying? • How To Stay Focused On Your Business AND MUCH MORE INSIDE.

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“Too Many Of Us Think To Be Effective We Must Behave Like A Man.”

Dr. Anita Davis-DeFoe an international organization, human and leadership development solutionists, in her editorial (The 50 Most Powerful Women in Jamaican Business - 2013: BUSINESSUITE Magazines Annual ranking of Jamaica’s leading businesswomen), made the following observation. “Globally, while as women we have made some strides as leaders, we still face tremendous challenges. Typically, when people think of a leader, the organizational CEO, what immediately still comes to mind is “he” not “she.” Dr. Davis-DeFoe indicated that even with mounting research from respected universities and think tanks that suggest women by nature are equipped to be better leaders than men and interestingly enough, the number crunchers report that company profits are higher when a woman is at the helm, females continue to encounter a slippery slope as they work to journey from the backroom to the boardroom. In the United States, Catalyst.org* reports that only 4.2% of Fortune 500 Company CEOs are women and 4.5% of Fortune 1000 companies are led by women. Of the 100 companies on the Businessuite top 100 for 2014 we found only four (4) boards chaired by

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women and only 14 headed by female Chief Executive Officers. Yvonne P Witter, International Entrepreneurship Consultant says, “Women, too often are plagued by internal doubts about their competencies as a leader, their ability to effectively fulfil roles as leaders based upon the dominating organizational culture where they must serve. This is not due to a lack of proficiency but quite frequently how the woman has been socialized, the attitudes and beliefs she has developed relative to herself as a leader. Also, it is often a challenge for a woman to define her own authentic leadership style as far too many of us think to be effective we must behave like a man.” The question often asked is, what has really hindered the rise of more professional women to the corporate suite and head of the companies found on the Businessuite Top 100. The response as you will see from the above and the articles in this issue, for many reasons, varies.BM

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Publisher and Editor Businessuite News Centre (BNC) businessuitemagazine@gmail.com Marketing & New Business Development Aldo Antonio aldo@blackslateholdings.com Advertising Sales businessuitemagazine@gmail.com Social Media CLICK Digital Agency http://theclickdigitalagency.com/ Graphic Design & Layout Miguel A. Rowe of MD Studio mdstudio09@gmail.com Photo Credits Sourced From The Annual Reports, Company Websites, Internet And Contributed.

Businessuite is your source for information, news and tools on starting, running and growing your business. We know your time is valuable and scarce, so we take the time to find, create and present all the information that will be relevant to the success of your business. Businessuite Magazine, Businessuite Online, Businessuite Digital, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media a division of the Blackslate (Media) Group Limited “Silicon Mountain” Mandeville Jamaica Kingston & Mandeville Offices 876-280-9192 (Mobile) CORPORATE INFORMATION: Blackslate Holdings “Silicon Mountain” Mandeville Jamaica Kingston & Mandeville Offices 876-280-9192 (Mobile) To learn more about Blackslate go to www.blackslatehldings.com DECEMBER 2014

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CONTENTS ENTREPRENEURSHIP Are You Running a Hustle or a Business? LEADERSHIP CONVERSATIONS Is Your Organization Configured To Deliver Excellence?

LEGAL 7 Points To Include In Your Business Partnership Prenup.

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MANAGEMENT

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How To Stay Focused On Your Business

LEADERSHIP What Kind Of Play Is Your Team Displaying?

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COVER STORY -

The Chosen Few Women In The Driver’s Seat What has hindered their rise to the Pinnacle of The Businessuite Top 100 companies? The response, for many reasons, varies. 18

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ENTREPRENEURSHIP

Are You Running a Hustle or a Business? According to research conducted by the Mona School of business and the Private Sector Organisation of Jamaica (PSOJ), the vast majority of Jamaican MSME businesses were never started with the goal of building long

term wealth for the business owners. These businesses invariably were started as a “hustle” to provide for the daily financial needs of the owners and family.

Very often the hustle grows to the point where it begins to look like a business but is still operated by the owner as a hustle. The entire operation is run out of a “shoe box”, every decision is made by the owner, and people are employed based on their willingness to carry out the dictates of the owner. The company’s bank accounts and that of the owner are one and the same. Invariable the accounting and financial systems and reporting are not in place and the owner has no real interest in putting one in place and this can be for any number of reasons, legal and illegal. We can look around us and see hundreds of hustles masquerading as businesses running like this. Many of these business owners are too busy responding to today’s events rather than planning to be in control of what will happen for them tomorrow. As a direct result if this no long term plans are put in place to see to the long term development of the business. One writer Tito Philips Jnr, who describes himself on his blog as an unusual Nigerian that is MAD – Making A Difference, suggests that the daily pressure and need to do whatever you can to keep the business going is what he calls Hustlepreneurship – doing business. At the other end is the desire [want] to build your business into something great; this he refers to as Entrepreneurship –building business.

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Someone once said that every business is a hustle no matter what the size run by professional hustlers. This writer agrees with Tito Philips Jnr when he says that “hustlepreneurship is all about focusing on the NOW, TODAY, SHORT TERM and forgetting or neglecting the future, tomorrow and long term”. He goes on to say that “If you only focus on today as an entrepreneur, your business will not live to see tomorrow. This is what I call the most deadly trap of business; being caught up in doing business – hustlepreneurship. Many entrepreneurs are not aware of this fact and that’s why their businesses suffer. Ironically, many are aware of this fact and yet their businesses still suffer”. The interesting thing is that often times these hustles become so successful that even the owner is surprised at the size of hustle like business they now have. Getting these business owners to formalize their operations and put in place proper and formalized systems and procedure, including the hiring of professional is one the hardest thing to do. Trust becomes a very important factor for these owners. For many, people are after their money and so this must be guarded at all cost.

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There is no interest in exploiting new business opportunities simply because the owner will not be able to personally manage this growth so the business is stifled. Offers to buy the hustle are entertained but hardly ever consummated as the real assets of the hustle are hard to identify and actual ownership is shrouded in mystery and intrigue. Due diligence is not possible as there is insufficient documentation on the performance of the business. For many hustles the intellectual properties such as the operating name and brand are not properly registered and the graphical brand representation is not clear. Often times the main brand name used will have various representations. When the owner dies the hustle invariable dies. Attempts to continue the hustle by family members are very difficult as the system and tactics used were unique to the owner who never documented them or took the time to mentor a successor. On the other hand when you’re running and building a real business, you are focused on building real assets that will serve you and the business long after you have slowed down, retired or passed on. In building and running a business, you’re doing things that will eventually generate time or money after you stop doing them. In other words, today’s efforts bring you fruit tomorrow--not just today. The truth is that many of the most successful business you will find around the world were built initially on a hustle, but once they got it up and running they quickly moved to ensure the long term success and survival by transforming to a formal business structure.

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According to Tito Philips Jnr, “hustlepreneurship alone is not all that it takes to succeed in business. It is a necessary element of business success, but certainly not the ONLY element. I have met so many entrepreneurs who hustle their hearts out in business and yet they still struggle with their business. It is true you need to take action, work, execute and hustle to do business; but equally true is the fact that you should dream, plan, strategize and create structures to build your business”. So Are You Running a Hustle or a Business? Chances are you may be doing a fair bit of both. Try this quick test. Tick the items on this list that you are focused on each day. Key Business Building Elements: · Strategic Planning · Strategic Execution · Strategic Marketing · Creating a powerful brand · Creating a corporate culture/business DNA · Creating operational processes/structures · Developing competitive strategy · Developing innovative products/services · Developing your people/employees · Delivering excellent customer services · Forming strategic partnerships/alliance · Improving existing products/services · Launching new products/services · Research and development The things that take up the greater percentage of your time and effort could very well be the key indicator of what you are really doing. If you aren’t doing these things then you may very well be running a hustle.BM

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L E A D E R S H I P C O N V E R S AT I O N S

Is Your Organization Configured To Deliver Excellence? We have come to accept that a well-run organization is one with a clearly articulated vision to which employees subscribe. Employees know what is required of them, they are evaluated fairly and they are rewarded consistent with their performance. Sounds great for a conventionally managed organization but it does not guarantee excellence, as is now the major goal of highly progressive organizations.

When excellence is the goal of the organization, it must deliberately set out to avoid mediocrity. It is therefore not enough to accept the best performance from individual employees. To do so could be accommodating average performers who are peaking at the limit of their capacities. Step number one therefore is to ensure that only employees with the capacity to deliver at the highest standard of excellence and who will only consistently produce high levels of output are recruited.

In all likelihood, your organization is not now configured to deliver excellence. The challenge therefore is to transform what you have into one with a culture of excellence. It is not going to be an easy task as the entrenchment of mediocrity in organizations is consistent with the wider society’s acceptance of that level of performance. It stands to reason therefore that one should expect stiff resistance both from within and outside the organization to any attempt to reorient to a culture of excellence.

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Is Your Organization Configured To Deliver Excellence? Cont’d What does a culture of excellence look like? Employees are convinced that what they are working on is meaningful, significant and purpose-based. This establishes a clear distinction between mediocre employees and those who operate at the required level of excellence. It hardly matters to a mediocre employee the purpose of the task he is asked to perform. On the other hand, employees that are inclined to excellence must be convinced that there is great purpose to their work.

When an organization finds itself highly focused on problem solving it could very well be rewarding mediocrity. Managers must avoid empowering low performers by spending too much time solving their problems while ignoring high performers. This approach, alienate high performers who invariable leave for organizations that are more likely to recognize and reward them for their above par performance.

Companies with a culture of excellence have expectations of high performance organization-wide. Employees are encouraged and supported to become masters in their role and area of expertise. High performers are challenged, nurtured, rewarded, mentored and recognized. Average performers are coached to move into the high performance category. In such a culture, there is no place for low performers. They must either move up or move out.

The critical path to achieving a culture of excellence is not to settle for mediocrity. Mediocre performance levels are highlighted and scornfully rejected. The negative consequences to the organization for delivering at mediocre levels are clearly communicated to all employees. This approach creates an environment that is intolerant of mediocrity and one that supports the efforts of high performers. Challenging targets are set and employees are constantly driven to break records and achieve unprecedented results. This creates excitement among employees who naturally operates as a team that is focused on achieving a common goal.

Ronnie Sutherland is proven visionary and strategic thinker that successfully formulates and execute business strategies that yield targeted growth in market share and profits. An expert in enhancing profitability; developing employees motivational initiatives, and leading the development of new market segments. Very knowledgeable of broadcasting regulations, manufacturing processes, distribution logistics and marketing operation. Dedicated to maintaining a reputation built on quality, service, and uncompromising ethics.

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WHAT KIND OF PLAY IS YOUR TEAM DISPLAYING? The Factors That Differentiate Winning Teams From Losing Teams. Dr. Anita Davis-DeFoe

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Daniel Pink, the author of A Whole New Mind says that automation, abundance and Asia has changed the world and now our minds must catch up. Pink shares that creativity and inventive thinking are crucial in today’s economy and workplace settings; critical thinking is an essential skill for workers at all levels in a global society.

viruses of the mind touch lives in a more personal and destructive way sharing “Mind viruses have already infected governments, educational systems, and inner cities, leading to some of the most pervasive and troublesome problems of society today: youth gangs, the welfare cycle, the deterioration of the public schools, and ever-growing government bureaucracy.”

Richard Brodie, in Virus of the Mind, looks at the science of memetics, a controversial new field that transcends psychology, biology, anthropology, and cognitive science. Memetics is the science of memes, the invisible but very real DNA of human society. Building upon the work of scientists like Richard Dawkins, Douglas Hofstadter, Daniel Dennett and others who have become fascinated with memes and their potential impact on our lives, Brodie details how

You may say interesting but what does this have “to do with doing business” then you have missed the point and need to expand your thinking as well. Organizations are social systems comprised of people, hopefully thinking people, because if they are not, the enterprise is losing customers, profits, and market share. For an NGO, it is losing funder support, community support, and opportunities for collaborative partnerships.

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of conflict, lack of commitment, no accountability, While we are thinking all day long, the concern is and inattention to results. There are some noticeable what we are thinking, what is the quality of our factors that differentiate Winning Teams from Losing thoughts. As the first quarter of 2013 becomes etched Teams. What kind of play is your team displaying? into our memories, fully embracing the remainder of 2013 is our next assignment. Instead of languishing Winning Teams: about all of the changes that invaded our space in · Are clear about their goals the past months, as individuals and organizations we · Are in touch with what is going on outside the must learn to see new possibilities. team · Are small in size but large enough to master The pace of change is growing faster, fueled by the process rapid increases in technology and world-wide · Have and increase complementary skills communications. Today, messages regularly circle the · Value input, regardless of rank Earth in a matter of minutes, something uncommon just 10 years ago. In ancient times, most major changes · Are confident in overcoming conflict were catastrophic physical changes - the break up of · Support each other in achieving more than the Ice Age, major plagues, huge migrations of people, they ever thought possible the fall of civilizations. If we look back at the history of changes, we might easily assume that our future holds · Celebrate their success “the end of the world” - our physical world. Instead, let’s try another viewpoint. Suppose that the end of Losing Teams: · Bring people together only because they like the world as we know it means that we change our each other attitude; that our old attitudes are destroyed - rather · Focus more on the team itself rather than the than our physical world destroyed. outcome · Are too small or too large in size Those of us who work in the human, workforce and organizational development arenas realize that · Do not have the necessary skills available for getting people to think, especially critically can be the tasks a daunting task, as countless workers have been · Do not train their capabilities urged not to think but to simply do as they are told. That no longer works in the economy of the day; for · Accept ideas only from superiors their own career progression and for the growth of the enterprise, there is a mounting need for human · Fighting, arguing, conflict is common capital who embody a range of technical, personal, · Flight, avoidance, running away, denial is productivity and cognitive skills; many of which common can not be taught in the workplace but must be characteristics of the individual. Changing our minds · Do not support each other will change our future, as we have to choose our thoughts of focus; we have that choice as the mind is · Ignore the need for individual recognition simply an instrument. · Ineffectively achieve goals, rarely desired outcomes Personal empowerment notable Earl Nightingale summed it up, “What you think about is what you Individuals function in organizational settings become.” An organization is a team, individuals who based upon their innate strengths and have been brought together to achieve a goal. Leaders opportunities for improvement. Sharpening one’s who are able to inspire the team to effectively execute thinking skills breeds both enhanced emotional the strategic plan will attain desired results. As a intelligence and personal productivity, begin leader, what kind of team are you creating? Will you again today, it is a new opportunity, yet another repeat the same poor performance in the first quarter chance, and it all begins with harnessing your of 2013 or will you choose to rewrite the play book mind. Inattention and begin again? There are five common dysfunctions exhibited by teams which are absence of trust, fear

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THE CHOSEN FEW

WOMEN IN THE DRIVER’S SEAT

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WHAT HAS HINDERED THEIR RISE TO THE PINNACLE OF THE BUSINESSUITE TOP 100 COMPANIES? THE RESPONSE, FOR MANY REASONS, VARIES. “The question often asked is, what has really hindered the rise of more professional women to the corporate suite and head of the companies found on the Businessuite Top 100. The response, for many reasons, varies.”

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f the 100 companies on the Businessuite Top 100 List, only 14 or 14% are headed by female Chief Executive Officers. Of these, only one (1) ranked in the top 10, three (3) in the top 20 and eight (8) in the top 50.

In terms of nationality, one (1) is from Barbados, two (2) each from Guyana and Trinidad and Tobago and the remaining nine (9) from Jamaica, largely driven by the explosion in listings on the Junior Market of the Jamaica Stock Exchange.

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The question often asked is, what has really hindered the rise of more professional women to the corporate suite and head of the companies found on the Businessuite Top 100. The response, for many reasons, varies. Rank 2014 9

18 19 29 37 40 41 44 63 68 74 79 83 85

Pr ofit After T ax LC$'000

Chief Ex ecutive Offier ( CEO) Jacinth Hall-T r acey Ingr id Innes Daw n T homas Maur lain K ir ton A ny a M. Schnoor Jacqueline Shar p Shar on Donaldson Eileen A . Chin Fay val W illiams A ndr ea Coy T her esa Chin Michelle Chong Mar lene Str eet For r est Patr icia B acchus

COMPANY

2013

Lasco Financial Services Limited

Insurance Corporation Of B'DOS Limited One Caribbean Media Limited

Demerara Tobacco Company Ltd.

Scotiabank Trinidad & Tobago Limited Scotia Group Jamaica Ltd. General Accident Insurance Co Ja Lasco Manufacturing Limited Kingston Properties Limited

163,899 14,796 71,467 1,850,640 561,195 11,517,195 327,914 640,220

52,496 609,963 8,695 35,317 7,190 20,088

Hardware & Lumber Limited

Montego Bay Ice Co. Limited

Honey Bun (1982) Limited Jamaica Stock Exchange Limited

Caribbean Container Inc.

2012

102,434 12,287 59,815 1,679,408 545,553 10,159,045 290,537 587,760

178,848 2,812 5,756 41,542 129,903 26,258

Pr ofit After T ax US$ '000 Change %

60.00% 20.42% 19.48% 10.20% 2.87% 13.37% 12.86% 8.93%

(70.65%) 21591.43% 51.06% (14.98%) (94.47%) (23.50%)

2013

1,626 7,473 11,136 8,973 87,446 114,292 3,254 6,353

521 6,053 86 350 71 97

2012

1,151 6,206 9,320 8,218 85,009 114,159 3,265 6,605

2,010 32 65 467 1,460 128

Change %

41.30% 20.42% 19.48% 9.19% 2.87% 0.12% -0.33% -3.81%

-74.08%

Yvonne P Witter, International Entrepreneurship Consultant says, “Women, too often are plagued by internal doubts about their competencies as a leader, their ability to effectively fulfill roles as leaders based upon the dominating organizational culture where they must serve. This is not due to a lack of proficiency but quite frequently how the woman has been socialized, the attitudes and beliefs she has developed relative to herself as a leader. Also, it is often a challenge for a woman to define her own authentic leadership style as far too many of us think to be effective we must behave like a man.” As a woman leader working to elevate your effectiveness, I offer these strategies: 1. Embrace and learn to lead self first, and always let your core values be your guide, 2. Trust your ability and right to be a leader; being a leader is not about being liked, it is about being respected and viewed as a results’ achiever, 3. Define your authentic leadership style, be you, be a servant leader of your own design, 4. Continuously seek to learn best practices and emerging leadership tools, 5. Find an appropriate mentor, a woman or man that can be your sounding board and confidante, 6. Create or join asSupportive mastermind group, and 7. Know how to effectively lead teams as organizational outcomes are linked to levels of team proficiency.

#9 Jacinth Hall-Tracey Managing Director Lasco Financial Services is definately a rising star in Caribbean business. Jacinth has been on the Businesssuite radar for some time. Not only is she the only female to make it into the TOP 10 of the Businessuite Top 100 CEO for 2014, she was last year listed as number #1 in the Businesite Top 10 CEO’s for Jamaican companies listed on the Jamaica Junior Stock exchange.

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#18 Ingrid Innes who started her career in the insurance industry over 30 years ago in both the field and head office is the Managing Director & Chief Executive Officer for The Insurance Corporation of Barbados Limited. She has distinguished herself as a highly effective insurance executive, working most recently with ICBL’s majority owner in Bermuda, BF&M Limited, following a successful management consultant practice with New Link Group Inc. Prior to that she held many progressively senior executive positions with Manulife Financial in its US Division.

#19 Dawn Thomas is the Group Chief Executive Officer for One Caribbean Media Limited a company engaged in media services throughout the Caribbean region with locations in Trinidad and Tobago, Barbados and the Eastern Caribbean. The Media Group was formed in January 2006 from the merger of two of the region’s most distinguished and long-standing media enterprises, the Caribbean Communications Network (CCN) Group (Trinidad and Tobago) and the Nation Corporation Group (Barbados).

Prior to her tenure with the OCM Group, she spent fifteen (15) years with the Neal and Massy Group and held the position of CEO of Tracmac Engineering Limited. During her appointment with the N&M Group, Mrs. Thomas worked with the energy, construction, agriculture, industrial and marine sectors of the economy. Mrs. Thomas also served as a Director on the Board of Neal and Massy Energy Services Ltd., Associated Brands Ltd. (Guyana) and General Finance Corporation Limited.

................................................................................................................................. #29 Maurlain Kirton is the Managing Director of the Guyana based Demerara Tobacco Company Ltd. She recently took over from Melissa Sylvester. According to the 2012 annual report, the company is also chaired by a female, Amanda Cavil de zavaley.

................................................................................................................................. #37 Anya Schnoor, Managing Director, for Scotiabank Trinidad and Tobago Limited since November, 2012, has been on the rise from her entry into the Jamaican financial sector where she rose to the position of Executive Vice-President - Wealth Management and Investments, Scotiabank Group Jamaica. Schnoor was without doubt one of the most powerful under-40 corporate executives in Jamaica. Anya M. Schnoor with more than 20 years’ experience in the financial services sector in the Caribbean, was awarded Jamaica’s Top CEO award in 2008 by Businessuite Magazine.

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#40 Jacqueline Sharp, was promoted from Executive Vice President, Chief Financial Officer and Chief Administrative Officer, to the powerful position of President & Chief Executive Officer of Scotia Bank Group, Jamaica, effective September 1, 2013 becoming the first woman in the company’s history to hold this position. She was also appointed a director of Scotia Group Jamaica and of The Bank of Nova Scotia Jamaica Limited. Jackie Sharp joined Scotiabank in December 1997 and over the past 15 years has held progressively senior roles in the areas of Treasury, Finance, Private Banking and Insurance. From 2003 to 2009, she was General Manager of Scotia Jamaica Life Insurance Company (SJLIC) and in September 2009 was appointed Chief Financial Officer of the Group. In April 2011 she assumed additional responsibilities as Chief Administrative Officer and in April 2013 was appointed Executive Vice President, CFO and CAO.

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#41 Sharon Donaldson is Managing Director of General Accident Insurance Company Limited where she is responsible for driving the company’s growth and for overseeing its prudent underwriting and risk management strategy inclusive of establishing the Company’s strong relationships with international reinsurers. Ms. Donaldson has been with the Company for over 20 years, first joining as the Financial Controller in 1989 before becoming Managing Director in 2001. In addition to her responsibilities at the Company, Mrs. Donaldson is a Director of Musson (Jamaica) Limited.

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#44 Dr. Eileen Chin is Managing Director for Lasco Manufacturing Limited. She serves as a Director of Lasco Financial Services Limited and LASCO Manufacturing Limited. Dr. Chin also serves as a NonExecutive Director of Lasco Distributors Limited. Prior to this, she taught at the Giron School of Medicine in Havana from 1993 to 1998where she specialized in histology. Dr. Chin holds a Medical Degree from Havana University’s School of Medicine and an MBA in Global Management.


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#63 Fayval Williams holds the position of Executive Director of Kingston Properties Limited and has overall executive responsibility for the company’s affairs. Kingston Properties Limited is listed on the Jamaica Stock Exchange under the symbol KPREIT. The company invests in, owns and manages real estate properties. Its mission is to provide an above average rate of return to its investors through dividends and capital appreciation from its real estate portfolio. Prior to heading KPREIT, Mrs. Williams served as Chief Investment Officer of JMMB Limited from March, 2005 to Sept, 2007 with investment responsibilities spanning the trading department, investment research, and pensions. During the period Sept, 2002 to Feb, 2004, Mrs. Williams consulted with JMMB in the areas of market risk management and investment research and led JMMB’s efforts to develop investment research capabilities. Mrs. Williams also served as the Head of the Valuation and Pricing team for JMMB’s public offering.

#68 Andrea Coy, who was tapped almost two years ago to run Hardware & Lumber Limited (H&L), was rewarded for her excellent performance with a major promotion within the Grace Kennedy Group’s corporate structure. Andrea Coy is now the General Manager of GK Foods & Services Ltd, World Brands Services Division. Previously, Andrea was also assigned to Hi Lo Food Stores Division from April 2005 to September 2010, where she was promoted to the position of General Manager (October 2006) - a feat achieved before the age of 40 years. With this appointment, she became the second female General Manager of the 25 year old Grace Kennedy subsidiary.

# 74 Theresa Chin is the Managing Director for Montego Bay Ice Company limited in Jamaica. The company, over the last few years, eliminated the production of ice making in order to reduce its losses. In 2013, in response to the market environment ice distribution was also eliminated e thereby containing losses even further. Currently, the company is holding its assets in Montego Cold Storage Limited and real estate in the Western Region of the island. Revenues are derived mainly from interest and rent.

Andrea is a highly passionate and visionary leader with a commitment to excellence and a track record of strong performance. In 1997, she was admitted as a Fellow of the Institute of Chartered Accountants. She is the holder of a Master’s of Science in Accounting and a Bachelor of Science in Accounting, both from the University of the West Indies, Mona.

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# 79 Michelle Chong, CEO, Honey Bun (1982) Limited. Educated at York University in Toronto, Ontario, Michelle has been the absolute driving force behind the company’s success. A self proclaimed workaholic, Michelle is a shining example that hard, honest work pays off. Michelle together with her husband, Herbert Chong, is the founder of the Company where, as Chief Executive Officer, she is responsible for day-to day operations. She is the holder of a Bachelor of Arts degree, and has furthered her technical education over the years with certification as a HACCP Consultant. Mrs. Chong also pursued food studies at the American Institute of Baking, and business studies via an international scholarship granted by the Swedish International Development Agency SIDA.

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#83 Marlene Street-Forrest, General Manager, Jamaica Stock Exchange (JSE) has effectively run the JSE as an efficient financial market for over 10 years. She played an important role in the formation of the Junior Exchange and is a major force behind the planned integration of regional stock exchanges. Marlene Street Forrest is a Director of both subsidiaries of the JSE where her mandate is to continue the process of developing the JSE Group and particularly the Exchange, in an atmosphere of transparency and fairness while utilizing appropriate technology in providing the greatest possible efficiencies to the market.

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85# Patricia Bacchus is managing director at Caribbean Container Inc. based in Guyana. Caribbean Container Inc. (CCI) operates the only Paper Recycling Mill in Caricom, manufacturing linerboard and fluting medium, using waste paper as feedstock. The Company’s adjacent BoxPlant, uses as the primary raw material, paper produced by the Mill, to manufacture four colour printed corrugated packaging as well as fiberboard fitments. CCI’s packaging is well received across Caricom with forty percent of production exported to Caricom customers. Domestic collections of waste paper (OCC grade) removes from the local waste stream the equivalent of 1,200 cubic meters of landfill space monthly.

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The Women Running the Boards of Businessuite Caribbean Top 100 Companies Dr. Anita Davis-DeFoe an international organization, human and leadership development solutionists, in her editorial for The 50 Most Powerful Women in Jamaican Business for 2013: BUSINESSUITE Magazines Annual ranking of Jamaica’s leading businesswomen, made the following observation. “Globally, while as women we have made some strides as leaders, we still face tremendous challenges. Typically, when people think of a leader, the organizational CEO, what immediately still comes to mind is “he” not “she.”

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r. Davis-DeFoe indicated that even with mounting research from respected universities and think tanks that suggest women by nature are equipped to be better leaders than men and interestingly enough, the number crunchers report that company profits are higher when a woman is at the helm, females continue to encounter a slippery slope as they work to journey from the backroom to the boardroom. In the United States, Catalyst.org* reports that only 4.2% of Fortune 500 Company CEOs are women and 4.5% of Fortune 1000 companies are led by women.

As we scanned the corporate landscapes across the Caribbean and more specifically the 2013 annual reports for the companies listed on the Businessuite Top 100, we found that the percentages were not much higher. What we observe however is that while the percentages are low for publically listed companies, privately held companies enjoy higher percentages across the Caribbean. While the number of females in the CEO’s office are few in comparison to their male counterparts, the numbers heading the boards are even lower. Of the 100 companies on the Businessuite top 100 for 2014 we found only four (4) boards chaired by women.

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COV E R STO RY Sylvia Chrominska is not only the Chairperson of the Boards of the Bank of Nova Scotia Jamaica Limited and Scotia Group Jamaica Limited, she also heads the board for Scotiabank Trinidad and Tobago Limited. Sylvia Chrominska, without a doubt, is the most powerful woman on the Businessuite Top 100. Appointed Chairperson of the Boards of the Bank of Nova Scotia Jamaica Limited and Scotia Group Jamaica Limited, on March 1, 2013 where she has served as a Director since August 27, 2009, she is the first woman in the company’s history to hold this position.

Nyree D. Alfonso, Chairperson First Citizens Group based in Trinidad has also broken through the ranks. The First Citizens Group is one of the leading financial services groups in Trinidad & Tobago and the Caribbean region. A full service bank, it has an extensive retail branch network in Trinidad & Tobago. Nyree Alfonso an Attorney-at-Law who, for more than 20 years, has been in private practice specialising in commercial litigation, was appointed to the Boards of First Citizens Holdings Limited in January 2011 and was also appointed to the Board of First Citizens Bank (Barbados) Limited as Chairperson on August 27, 2012.

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Marcia Nadir-Sharma is Chairperson of the Guyana based Property Holdings Inc.(PHI) Property Holdings Inc is a company that was incorporated on October 5, 1999 for the specific purpose of managing or disposing of property owned by Guyana Stores Limited (GSL). The principal owner of PHI at the time of its creation was GSL, which itself was the property of the Government of Guyana and was under the control of the National Industrial and Commercial Investments Limited (NICIL).

Rita Humphries-Lewin, is the Founder and Chairman, of The Barita Group and has been at the forefront of Jamaica’s stock broking industry for over thirty-five years. One of the first women in this hemisphere to become a stockbroker, Mrs. Lewin went on to become the first female Chairman of a Stock Exchange in the Caribbean, leading the Jamaica Stock Exchange in this capacity in 1984 and again in 1995 to 2000. Under her tenure, she spearheaded the establishment of the Jamaica Central Securities Depository in 1998 and the development of electronic trading on the Jamaica Stock Exchange in January of 2000.

Worldwide, the gender diversity lens, according to Dr. Davis-DeFoe, is obstructed by dust, causing it to appear as if the lack of large numbers of women in the corporate suite ise of no grave concern. Golden Media Montserrat CEO Nerissa Golden shared her insights on how women can lead more intentionally, “For women that are more accustomed to being implementers the challenge is to step back and think strategically about how to bring the entire team along with you. It may mean seeing others falter, and rather than taking over, guiding them to success.” BM *(http://www.catalyst.org/knowledge/women-ceos-fortune-1000)

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COV E R STO RY

The Sacrifices and The Stressors Faced To Earn A Leadership Position, Dr. Davis-DeFoe in her Editorial noted that few seem to recognize the sacrifices and the stressors that the vast majority of women leaders have faced to earn a leadership position, or the array of resiliency strategies employed just not to give up during the arduous process. She identified five (5) paradoxes that as women they remain challenged by. 1.

2.

3.

A Pay Paradox – women historically choose to enter into “pink collar” jobs like teaching and social work that pay a low wage. Despite this, women when performing the same job as a man, make 77% what men earn no matter what the currency might be. An Ambiguity Paradox – women are faced with exhibiting professionalism while maintaining femininity. If she is overly efficient and no nonsense, she is accused of emulating male behaviors, often to the point that her sexual persuasion is questioned; while if she is viewed as being timid, her pathway to the position is questioned as are her qualifications to do the job. Too many women mistakenly think that to be an impactful leader they must behave like a man. A Promotion Paradox – women are often challenged to ask for what they want, negotiate for what they require, appreciate their range of skills and overall worth. This makes moving upward into the corporate suite difficult because these talented women get overlooked and they commonly do not advocate for themselves. Negotiating is a skill that

requires practice, and this too often is a needed growth area for women. 4.

A Networking Paradox – women innately seek and strive to build relationships, yet we do not always effectively use our networks to support our career pathway progression. Also, many of us do not have mentors to coach us and help us navigate through corporate mine fields. This lack of mentors sadly can be linked to a deficiency of intergenerational support between women commonly due to feelings of competition, ego, and the “All About Me” agenda that some woman have, and

5.

A Start-Up Paradox – women as entrepreneurs face a much tougher time finding start-up dollars than men, so for those women choosing to demonstrate their leadership by creating a company, they face multiple challenges getting started even when they have conceptualized an innovative idea or service. Too often, the venture capitalist mindset is not to fund because the woman will marry, have children and swiftly abandon the corporate ship.

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Insurance meets investment Affirm Universal Life It’s the insurance policy that’s also an investment. Your policy and your premiums are customized to fit your lifestyle. • Choose from multiple investment funds to match your investment goals • Tailor life insurance coverage to meet your protection needs • Add Accidental Death and Dismemberment and/or Critical Illness Coverage Speak with a Scotia Insurance representative and discover insurance with insurance.

Visit Jamaica.scotiabank.com/affirm The value of the investment funds is not guaranteed, the value may rise or fall. For more details talk to a Scotia Insurance representative or go online. ™Trademark of The Bank of Nova Scotia, used under license.


LEGAL

T:11”

7 POINTS TO INCLUDE IN YOUR BUSINESS PARTNERSHIP PRENUP. Next to marriage, a business partnership is the most intense and collaborative-dependent and interdependent relationship an Entrepreneur and business owner can have. And, like marriages, over 50% of them will fail. That’s a staggering statistic by any measurement. If you’re part of a business partnership, you expect to have discussions that end in decisions rather than arguments with your partner or partners and where communication is not a barrier but rather a tool for success. However these are major issues that result in the demise of many potentially successful partnerships. So if you’re considering a partnership and aren’t sure how to determine if there is a fit, and how to make sure you have shared values, beliefs, goals before you enter into the partnership what do you need to do and look out for. Well partnerships are natural breeding grounds for conflict because everyone is a chief, or at least think they are. That’s just one of the reasons many partnerships end up failing. Partnerships form with the best of intentions but they fail for a variety of preventable reasons. Partnerships generally form for three basic reasons: A few very smart and talented people decide to pool their talents because they believe that they will be able to leverage their combined skills and knowledge to better meet the needs of the marketplace.

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LEGAL

Like many high profile marriages, where the stakes are high in the event of failure and separation the partners agree on what will happen if and when this comes to an end in the form of a pre nuptial agreement or prenup. In this way everybody knows before going in what’s going to happen going out and what happens in between.

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......................................................................... Most consultants are inadequate on the sales and marketing front and they hope that by having more people involved in rainmaking they will create a more stable business. Occasionally, partnerships form because the founders believe that a partnership will be more fun and rewarding than going it alone. Like many high profile marriages, where the stakes are high in the event of failure and separation the partners agree on what will happen if and when this comes to an end in the form of a pre nuptial agreement or prenup. In this way everybody knows before going in what’s going to happen going out and what happens in between.

2. Ensure that you develop effective decisionmaking processes especially if you have assertive partners who will do what they want, causing less assertive partners to resent those decisions and actions because they weren’t consulted. Without a clear understanding and agreement on how decisions are to be made, partners will end up feeling that their views weren’t adequately considered. Or, they end up doing what they want to do because they didn’t understand, agree with or buy-into the decisions and directions that they believed were made. As a result, decisions you thought were made end up in the dustpan of disregard and irrelevance. The end result is that partners will go in opposing directions that meet their own needs but not the strategic needs and direction of the partnership.

So what do you include in your Partnerships prenup. This is not an exhaustive list but represents some of the things that readily come to mind and internet research.

3. Money, money money. Always talk and agree money and financial matters from the outset, preferable when there is no money on the table and the business is looking to raise the startup capital. Ensure that that prenup protects the 1. Ensure that you adequately define the agreed business against rewarding those who take care of vision and reason for starting the business which themselves above the common good. Partnership should be more than simply being a vehicle to compensation structures have been known to make money. Develop a vision for the partnership encourage fiefdom building, not teamwork. that people must opt-in to before joining. You want people to self-select into the partnership 4. Equality and Balance. Avoid situations where based on vision and value congruence vs. simply you have a dominant partner who can make or joining to earn a paycheck, otherwise, you’ll have break the partnership due to his particular skill, to keep paying them more to keep them around. expertise, influence, contacts and or financial Failure to do this will result over time in partners resources. Known as Rainmakers they can leaving because of values, career or life goal become prima donnas and end up holding the misalignment. partnership hostage with the threat that they will take their clients and resources elsewhere.

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LEGAL Resist the temptation to bring on rainmakers who do not share your values. Value misalignment can create conflicts in approach to business development, delivery of services and how you treat one another. Create a mindset that everyone is in the sales and marketing business and is responsible for not only delivering services (the easy job) but bringing in new business. Some people will be more naturally effective at rainmaking but everyone can learn to do it more effectively in a way that is congruent with his or her personality.

Money, money money. Always talk and agree money and financial

The last thing you want is for the Rainmaker to walk and the business folds.

matters from the

5. Partners that play and socialize together outside of work tend to stay together. Often times partners are so business and client focused that they don’t adequately attend to the care and feeding of each other and for non-partner staff. As a consequence, people do not develop a sense of camaraderie and loyalty to each other and the partnership. They leave once they see a better opportunity elsewhere. Agree to make time for each other outside of the business.

outset, preferable

6. Be clear about the end game for the partnership. Leahcim Semaj often laments on the fact that many business owners are never sure if they are building a business to last and pass on to future generations or building to sell at the right time and price, to be acquired, to grow into a powerhouse or to be just a lifestyle business. Answers to this question will help determine the strategic direction for the partnership and the action steps to achieve the goals. A lifestyle business will require a different strategy than building a business that will become an attractive buyout candidate. You want people to join the partnership with a clear understanding and agreement about the goal of the partnership. This is a corollary to developing a vision. Vision is the raison d’être, while the end game helps people know how they will be able to cash out or retire.

startup capital. Ensure

7. Determine in advance how partners can exit gracefully if they determine it’s time to move on, e.g., financial aspects of the separation. All it takes is one bad exit to tank a partnership through all the bad press and karma. You want ex-partners to remember and talk well of their time at your company. Make it possible for your ex-partners to want to refer business to their alma mater.

structures have been

when there is no money on the table and the business is looking to raise the that that prenup protects the business against rewarding those who take care of themselves above the common good. Partnership compensation known to encourage fiefdom building, not teamwork.

If you follow these guidelines the odds will be in your favor to create a long and successful partnership. Additional Source: Why Partnership Fail and Steps to Prevent Failure by Carl Robinson, Ph.D., © 2007

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MANAGEMENT

HOW TO STAY FOCUSED ON YOUR BUSINESS If you’ve been in business for as long as I have, you will notice over time certain re-occurring trends; the main one for me is the tendency and temptation to stray from my primary/core business skill set. I sometimes find myself doing some other business that is not within my core business but it generates some cash but often time has a connection to my core business.

innovation. While satisfying existing customers, you fail to pursue new ones. While pursuing new ones, you fail to satisfy existing ones.

On and on, you find yourself and your business falling short in one or more important aspects of your business. All these are the realities of being in business and we face them daily. So here are some tips that I But let’s face it, being in business means that some found on the internet to help you and I stay focused days you will feel bored, unmotivated, or be unable and motivated on our business each day. to stay focused on your productive activities. We all have times when we lack motivation! On the other 1. Choose a Niche. Once you know what your hand, you may be so motivated and full of ideas that niche market is, you will be able to focus on you lose your focus because you are trying to juggle tasks that will help you with that particular too many tasks at once. market. Try to narrow your market as much as possible. For instance, if you have an executive In this situation, for some multi-tasking may do more coaching business and want to help people harm than good. When your mind is divided by too work from home, perhaps you can target a many tasks, your productivity decreases. certain field, such as web designers or virtual assistants. You will gain a reputation for being Procrastination is another troubling and recurring an expert in that field and will be able to help habit. While trying to get your business off the people create specific plans while coaching ground, you also tend to neglect some key strategic them to success. elements that can help your business in the long run. Deep down you know they are important, but just 2. Set Goals, and Write Them Down: When because they aren’t urgent you keep postponing them you set goals for your business, you’re defining till it becomes too late. the direction in which you want to take your business. When you write them down, you are While being occupied with the day-to-day operations greatly increasing the possibility that you will of your business, you realize you’re no longer paying accomplish the goals you have set. adequate attention to pursuing your vision, that which got you started on this perilous and sometimes lonely 3. Create a Business Plan: When someone journey. You forget about the change you originally wants to start a brick and mortar business, set out to create in the industry. You forget about the they need to create a business plan and submit very idea that inspired your going into business. You it to a bank to secure a loan. A business plan is get caught in doing business as usual. a summary of how a business will be organized and a listing of activities that the owner needs While making enough sales with your current to complete. For instance, a business plan product/service, you forget about product/service will explain when a business owner expects

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to make a profit, as well as the type of marketing they intend to do. Creating a business plan for your business will increase your chances of success and also be a constant point of reference and compass on your journey. 4. Stay Away From Distractions: It is easy to lose track of time when reading emails, blogs, checking discussion forums and surfing the internet. Set aside a block of time in the morning and evening to take care of email. Try to limit your internet during work hours for tasks specific to work, such as research. Wait until you are done with your work before visiting the news sites or your favorite fun internet destinations. 5. Prioritize Your Tasks: When you write out your to-do list, prioritizing your tasks will keep you working on what is important. Some items may need to be accomplished as soon as possible, while other things can wait a day or two. Take a colored highlighter and highlight the things that need to be done ASAP. When you look at your to-do list, your eyes will be drawn to the items that need the most attention. 6. Outsource When Possible: As you look over your to-do list, do you notice items that can be handled by someone else? By delegating tasks to others, you will have more free time to work on things that require your attention. These are just a few ideas of how to stay focused on your business. I’m sure you have a few of your own. Share them with us. BM

Long-standing contribution to Jamaica's development

C

M

Y

As a proud Jamaican company since 1962, we take pride in our

CM

Recent Awards

long-standing contribution to the

Jamaica Employer Federation: Corporate Social Responsibility, 2008 Top Small Employer of Choice, 2008

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CY

social and economic development

CMY

of Jamaica, responding to social challenges through

Private Sector Organization of Jamaica: Most Strategic Approach to Corporate Social Responsibility, 2008

contributions to

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adult education,

The Jamaica Stock Exchange: Best Performing Company Award, 2007, 2010, 2011, 2012

crime prevention, arts & culture and creating a cleaner environment.

First Runner-up Award, Best Website, 2012 United Way of Jamaica: Jupiter Award for Corporate Social Investment, 2011

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THE ONE PLACE WHER CARIBBEANS TOP B

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www.businessu


RE YOU WILL FIND THE BUSINESS LEADERS

uiteonline.com

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We’ve been by your side, turning dreams into reality, transforming houses into homes and changing meals into memories. We’ll continue to deliver the quality products and services you deserve because you are the reason

we’re here.

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