Businessuite Magazine Digital Weekly Oct 19th 2015

Issue: 8

Businessuite Weekly

1

2

Businessuite Weekly

Issue: 8

Issue: 8

Businessuite Weekly

3

Contents Cover Story

10

Rushing the FLOW? Telecommunications Giant urged to come clean to save reputation “Come clean if you expect to save face with consumers.” This is the word of caution being issued to FLOW by Marketing Consultant and Managing Director of DenWay, Wayne Lawrence following ...

EDITORIAL

Company Reports

6

14

Time Management There is a well-known phrase that when you are having an event in Jamaica that you need to tell attendees the “Jamaican time”, that is, a time...

Four companies fail to file financial reports in accordance with Jamaica Stock Exchange’s submissions regulations The Financial Statements and Audited Reports for four companies remain outstanding to the Jamaica Stock Exchange ( JSE).

ENTREPRENEURSHIP

Marketing

8

16

Strategic and Operational Risks I once saw an Entrepreneur( a person who organizes and manages any enterprise , especially a business , usually with considerable ...

Holding Marketers Accountable Ask most CEOs in Jamaica, “if you had $5 million dollars to spend, would you add another sales person or would you put the money into...

Leadership

INVESTMENT

9

18

Can Jamaica Be The Next World Power?

Can Jamaica shake the shackles of poverty and assume her rightful place as a world power? Per capita, our culture and its emissaries are...

4

Businessuite Weekly

Words to the wise from Caribbean Hotelier of the year, Adam Stewart Jamaican manufacturers and stakeholders are being urged to look to the future and take advantage of what CEO of Sandals Resort...

Issue: 8

Contents Credits

trade FACILITATION

20

Amendments to Provisions of Customs Act 2014 now effective

Kayla Wright

The Businessuite News Centre BNC

Publisher and Editor in Chief Effective immediately, operators of Private Bonded Warehouses are being asked to keep in mind that duties will be levied at the rate of duty...

Aldo Antonio aldo@blackslateholdings.com

Subscription and Distribution Advertising Sales

The Week Ahead

21

Content Director

businessuitemagazine@gmail.com

Graphic Design and Layout: Bonito Thompson

Businessuite Event Calendar

Photo credits

Sourced from the internet and contributed

Regional

Social Media

22

Businessuiteonline

CLICK Digital Agency

Trinidad and Tobago: Senior economist concerned with rise in unemployment paired with large deficit and slow growth..

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.

There are concerns regarding the unemployment rate facing the Trinidad and Tobago economy.

According to senior economist Dr Ronald...

Businessuite Online, Businessuite Digital, Businessuite Magazine, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media Group.

Info: 876-631-4505 (o) or 876-280-9192 (m) 876-458-3253 (Mobile)

Barbados: Flow complaints see regional spike

PUBLISHERS:

Seeing a spike in complaints from customers across the region, Flow , the telecommunications company which recently merged with LIME...

Businessuite News Centre BNC A division of the Blackslate Media Group “Silicon Mountain” Mandeville Jamaica For all information 876-630-2216 (Kingston Office) 876- 342-9332 (Mobile) 876-630-2216 (Mandeville Office) 876-542-3719 (Mobile) aldo@blackslateholdings.com OR email blackslateholdings@gmail.com

Corporate Information:

Blackslate Media Group Ltd, “Silicon Mountain” Mandeville Jamaica 876-631-5418 (Kingston Office) 876-458-3253 (Mobile) 876-631-4505 (Mandeville Office) 876-280-9192 (Mobile) To learn more about Blackslate go to www.blackslateholdings.com aldo@blackslateholdings.com

ISBN Number

ISSN 0799-4427

Issue: 8

Businessuite Weekly

5

Editorial

By Kayla Wright

Managing Time Efficiently

T

here is a well-known phrase that when you are having an event in Jamaica that you need to tell attendees the “Jamaican time”, that is, a time between one and two hours before the start of the event, otherwise, they will not arrive until the end. Throughout last few weeks, I found myself on several occasions inquiring whether I was early for an event or if the hosts in question had given me the “Jamaican time” and had actually intended to begin the event an hour after the time I arrived. In all cases I found myself becoming increasingly frustrated and somewhat concerned that we continue to give this “Jamaica time” slang life.

r

On closer expectation, my concern only began to grow further as it occurred to me that we can hardly expect any substantial business or level of productivity to take place when we refuse to abide by the rules of time. During my high school tenure, when I thought I was more neat and artistic that I truly was, I opted to take Technical Drawing or TD for short instead of what I now consider would have been a more valuable class (for me) in French. Although I still struggle to draw even the simplest of objects, there is one life lesson that has stuck with me through all this time. Whenever we were late to class, our teacher at the time would always say to us “time is money, waste your time and you waste your money”. While some might not find that as inspiring or as intellectually deep as I did, it stayed with me. I made several attempts over the years to ensure that as best as I could, I refrained from wasting time and by extension, waste money. While I am yet to master the art, if you see me today, I am always saddled with a slightly heavy tote/purse that carries five items, if nothing else, They include my notebook, my executive diary, a pen/pencil, my cell phone and a voice recorder (as a journalist, you never know when this might come in handy).

I try to live by the mantra branded in the back of my head that “time is money. If I waste my time, I’m wasting money’. There are also a set of time management ‘hacks’ that I have learned that I believe Jamaicans need to employ. These include

6

1.

Prioritizing what needs to be done. There will always be a list of things that you need to get done for any given day. Out of that list, I can almost guarantee that there are quite a few things that require a little less rush.

The idea is to get the most important things done first and work your way down.

2.

Focus. I generally have the attention span of a gold fish, however, if you expect to get any task done, there still needs to be some level of focus.

Businessuite Weekly

Issue: 8

The secret is to find what works for you and pushes you to focus. For instance, I find that listening to music while I write greatly improves my productivity and blocks out unwanted environmental distractions. As I said before, the idea is to find what works for you and put it to use.

3.

Work with deadlines. There are several persons I know, myself included, who feel that they work better under stress or that cutting a deadline close gives you the much needed adrenaline push to do the work quickly.

However the truth is that extra stress puts pressure on the brain and prevents it from functioning effectively.

4.

And finally, work on being on time (or even early). This point relates directly to my initial rant about time management and the concept of “Jamaican time”. We live in a society where it is considered okay to be late because, “it’s just a Jamaican thing”. This really shouldn’t be the case.

I remember a story that was once told to me by my University professor regarding time management. A company was seeking to fill a position in their company and had shortlisted two candidates for the position. It sent out a notification to both individuals of a time slot during which they would be interviewed. Individual A was told to arrive for his interview at 10am while Individual B was told he would be interviewed at 11am. At 9:30am, Individual B arrived at the office and was waiting in the lobby when he was informed by the receptionist that the Manager’s previous meeting had ended prematurely and, if he was willing, he could go in for his interview.

Not missing a beat, Individual B headed into the manager’s office. 20 minutes later, Individual A arrived and was awaiting his allotted time slot when he saw the manager and another gentleman exiting his office. The gentleman (Individual B) shook the manager’s hand excitedly and walked out of the office. When Individual A got up to go into the manager’s office 10 minutes later, he was informed that while sorry for the inconvenience, the spot had already been filled.

Moral of the story: Don’t be on time, be early. BM

time is money, waste your time and you waste your money

Issue: 8

Businessuite Weekly

7

Entrepreneurship

By Hugh Campbell

Strategic and Operational Risks

I

once saw an Entrepreneur (a person who organizes and manages any enterprise , especially a business , usually with considerable initiative and risk) standing in a small kitchen area at the back of an office –staring through the window as if looking at the vehicles passing on the road outside or the buildings just further along .

Strategic risks can be further subdivided into “Business risks “–Those that derive from the decisions that the board takes about products or services that the organisation supplies and non-“Business risks” those that do not derive from transactions about products or services offered eg. Risk associated with committing to long term sources of finance.

Closer attention led me to realise that his thoughts were fixed not on what his eyes were seeing but on the distant future.

I realized he was mentally pulling together various resources now under his control, intended to satisfy stakeholders. Then as he stared and went on his phone I heard him question?

What are the major risks? How much do I stand to lose or gain? Or will I just be breaking even thus making the venture not worthwhile.

We see then that strategic risk levels are partly affected by the nature of an entrepreneur and are connected with how the whole organisation is positioned in relation to its environment.

Competitor actions will affect risk levels, technological changes will also too affect as the entrepreneur’s bright idea today for new products or services may become quickly out -of- date tomorrow.

According to several articles written for the Association of Chartered Certified Accountants, notably one by Nick Weller, “…risks are bound up with all aspects of business life, from deciding to launch a major new product to leaving petty cash in an unlocked box.”

Risk can be viewed broadly as results varying from defined objectives (Thus can result in a positive or a negative impact.

If negative it may be seen as an unrealised future loss arising from a present action or inaction. The magnitude of impact in most cases, depends on the level of risk taken (for example, Mega Gamblers risk finding themselves committed to billions if they lose on a bet but if the outcome is favourable they stand to gain also billions –sums that can positively change their life style and scale for the rest of their lives) from just one transaction. Return then, is on average, a function of risk. Investors in share funds will agree that “Risky” share funds are those with the largest number of possible outcomes but with the possibility of higher returns should the best scenario be played out (such as investing in SMEs and small, growing companies)” Entrepreneurs will always be focused on their own actions and decisions that are largely affecting future outcomes and must thus have support from their capable team for dealing with the day to day activities of production, information technology, finance etc. These decisions along with those of key top executives have long term effects and it is here we see “the few risks that are fundamental to the organisation’s continued existence and prosperity. These are the Strategic risks – some that may result in the failure to achieve business objectives.

8

“There are many other risks that impact on a day- to- day basis and have shorter time frame compared to longer term Strategic risk – These are categorised as Operational Risk.

Having identified the risks , categorised and assigned responsibility for management the Entrepreneur should analyse the probability that risks will materialise and the hazard ( Impact or consequence ) if they do materialise.

Strategic Risk threatens the business’ very existence as a going concern if some do materialize.

The wise entrepreneur will therefore ensure that his decisions and those of his board executives regarding the organisation’s objectives and directions are taken from a process of sound planning. They should be thorough and set aside a formal schedule of matters that are reserved for their decision making – leaving the non-critical operational risk matters for the middle managers but under the supervision of the board. All this should be bolstered by sufficiently engaged risk audit processes.

The responsible Entrepreneur knows he must keep an ongoing effective risk analysis management system, operated in a structured way allocating responsibility for managing the different types of risks In part 2 of this article we will examine in more detail, the critical areas of assigning responsibility and management of both Strategic and Operational risk and why there is a need for risk audit.

Businessuite Weekly

Issue: 8

Leadership

By Dr. Leahcim Semaj

Can Jamaica Be The Next World Power?

Can Jamaica shake the shackles of poverty and assume her rightful place as a world power? Per capita, our culture and its emissaries are arguably the most popular in the world, as are our athletes, but when will this dominance extend to the business world? What do we need to do to move this nation towards its true potential? I believe the answer lies in the habits that we will be able to form in the coming years. Our inability to form the right habits spells out demise. Greek philosopher, Aristotle was a champion of the power of habits. He once remarked “we are what we repeatedly do. Excellence, then, is not an act, but a habit.” For Jamaica to rise, we must begin to develop and practice behaviours designed to elicit and shape the kind of problem solving activities that will take us into the future.

The nature of the universe is Entropy, moving from organized to disorganized, unless energy and effort is exerted. Most products, organizations and even empires show an S-curve pattern in their life-cycle. They begin quite strong, rise to a plateau, and then the decline sets in. Ken Blanchard and Terry Waghorn have proposed a process in their book Mission Possible, that if we were to adopt and adapt to our business practices, it would assure greater speed as we move towards our destiny, Jamaica the next world power. The plan is for us to begin to develop a second upward curve before the inevitable decline has begun to set in from the current process.

To achieve this continuous growth process you will need to involve everyone in your organization. The old adage states that “you are either part of the problem are part of the solution”. We need to go beyond this. We have no use for those who are part of the problem. This is the objective of downsizing; to activate the 1/2 by 2 by 3 rule. This means having half as many people on the payroll paying them twice as much, but requiring of them three times the previous level of productivity. At first this may seem a mammoth task, but not so. In any organization it is usually only 50% of the persons that are responsible for 80% of the productivity. The trick is to identify these people and then equip them and reward them for greater productivity. As you do this you now put in place a new adage; you are either working on improving the present or working on creating the future. Get the right people on the bus, the right people off and rearrange the seating arrangements as necessary to ensure you reach your destination on time. Why put someone

Issue: 8

with poor vision and who refuses to wear glasses (improve their skills) in front of the wheel. While I am no psychic, I do attempt to read what is not yet on the page and that page appears grim and full of melancholy for the passengers and driver alike.

But how exactly does one work on the future without alienating the present? I propose that you set up two teams in your organization of about six to ten persons each to activate this process. The Present (P) Team will focus on continuous improvements to your organization while the Future (F) Team will work on creating the future. The ideas generated will then be collected and analyzed by Design Teams who will examine whether and how these ideas can be implemented. The process is made complete by a Steering Committee from top management whose job is to maintain the balance between the pace at which we improve the present and design the future. Very often we forget a simply truth. If you do not craft your own future, you will be a victim of someone who had the will power to create theirs. And more often than not, the future is not too kind to the meek.

The Jamaica Employers’ Federation has recognized Dr. Semaj for “Leadership in Innovative Workplace Practices”. He is included in Peter Ferguson’s publication CHANGE MAKERS as one of the 101 men who have helped to define modern day Jamaica. This Psychologist combines ancient wisdom with contemporary ‘livity’ to bring fresh insight to old human problems. As a Transformation Specialist he offers two options – ABOVE or BEYOND. Above where you presently are or Beyond your wildest dreams.

Dr. Leahcim Semaj

Businessuite Weekly

9

Rushing the FLOW? C

ome clean if you expect to save face with consumers.” This is the word of caution being issued to FLOW by Marketing Consultant and Managing Director of DenWay, Wayne Lawrence following the series of complaints leveled against the company by consumers.

His warning also follows the meeting between the Office of Utilities Regulation (OUR) and Flow last Friday following what the OUR said was a 74 percent increase in the number of service interruption complaints from FLOW customers over the 2015 April-June quarter, when compared with the preceding quarter. According to the OUR, the complaints surrounded overall poor quality of service; service disruptions, dropped calls, disputed charges and billing matters.

According to the OUR, during Friday’s the meeting with FLOW it requested actions and remedies from the company in response to these complaints.

Lost Opportunity According to Lawrence, the result of the merger can be deemed as a lost opportunity for the telecommunications giant. He says based on how the move was introduced to the public, there were expectations of an improvement in overall service. He says customers, including him, also believed that the quality of service usually associated with Flow would have been a saving grace for LIME. In our Third issue of Businessuite Magazine, in the article titled “LIME waiting to see profits FLOW”, Lawrence had said he believed the merger was the answer LIME was looking for. He had also stated that the quality of service that Flow is known for as well as the size of the operation and customer base is expected to positively impact LIME’s operations. However, Lawrence had warned that if LIME through FLOW expected to start seeing profits, it needed to focus on customers. He said that as long as customers believe in the quality of products and services FLOW offers, there would be no questions or concerns about if the company and its management will be successful.

Telecommunications Giant Urged To 10

Businessuite Weekly

Issue: 8

Cover Story

Garry Sinclair Managing Director of FLOW

y

Come Clean To Save Reputation Issue: 8

Businessuite Weekly

11

customers have taken the initiative to cross over to the Digicel brand which they say that in recent times has proved to be the ‘lesser of two evils’.

However, the Marketing consultant says based on the complaints that have been levied against the company, FLOW has failed in this regard. Lawrence says any lingering negative feelings from the LIME brand have now successfully been passed on to the FLOW brand.

He says any opportunity the company had to break away from the negativity associated with the previous brand has now been tarnished.

Customer Concerns According to consumers, the service that has been offered to them since the merger process began has been less than desirable. They have expressed concern for what they say has been a deterioration of services offered by the company. In some cases, customers have taken the initiative to cross over to the Digicel brand which they say that in recent times has proved to be the ‘lesser of two evils’.

Customers say they are also frustrated with the customer service being offered by the company as they believe representatives are unaware of new policies and services.

Complaints Being Addressed According to FLOW, while additional steps are being taken to address concerns raised by consumers, the 74% increase reported by the OUR last week only translates to 69 additional reports since the start of the year, compared with the similar period last year. It also chided the OUR for what it described as an “unwarranted, sensational announcement” that could “damage the company’s reputation”.

FLOW says the complaints could have been worse had it not been “effectively managing some of the threats to service delivery”. The company says this includes an increase in incidents of cable theft, damage and vandalism. It says $107 million has been spent so far

Customers say they are also frustrated with the customer service being offered by the company 12

Businessuite Weekly

Issue: 8

FLOW, while additional steps are being taken to address concerns raised by consumers, the 74% increase reported by the OUR last week only translates to 69 additional reports. this year, with another $45 million budgeted for additional repairs and replacement of cables damaged via theft or vandalism.

The telecommunications provider says the issue however cannot be solely left in the hands of the service provider. FLOW says the government and regulators need to take urgent steps to make the necessary legislative amendments to deter cable theft and vandalism.

“Come Clean” There is however some hope at the end of the tunnel for the telecommunications giant. According to Lawrence, the destruction done to the company’s reputation is not irreparable. He says it all depends on how they execute customer service going forward.

The Marketing Consultant says the only option available to the company now is to come clean to consumers. He says regardless of the reasons for the poor service currently being experienced, FLOW needs to present themselves to the market in such a way that consumers will be willing to work with the company going forward.

Lawrence says FLOW needs to come out and say “We realize things have gone wrong. We have identified the reasons why they have gone wrong and we have put things in place to rectify it”. He says the company also needs to explain that “…this is when you are going to see those improvements. This is how long it will take and this is what you are going to see happen.” Lawrence says FLOW now needs to be clear, honest and upfront with its customers. He says the company also needs to ensure it delivers on all the promises it makes regarding rectifying the situation because they are now working with a significantly large trust deficit. Lawrence says based on this, if FLOW does not come clean, make plans, inform the consumers of the plans, then deliver on those plans; it will make the situation much worse. BM

FLOW needs to present themselves to the market in such a way that consumers will be willing to work with the company going forward.

Issue: 8

Businessuite Weekly

13

Company Reports Four companies fail to file financial reports in accordance with Jamaica Stock Exchange’s submissions regulations

T

he Financial Statements and Audited Reports for four companies remain outstanding to the Jamaica Stock Exchange ( JSE).

According to the JSE Monthly Regulatory Report for the month of September, the Audited Financial Statements for Pulse Investments Limited and BCW Holdings which both became due on August 31 remain outstanding. Meanwhile, the Annual Report for Margarita Turks Limited and Margarita Caribbean Limited which became due on September 28 have not yet been submitted.

The JSE says Pulse failed to comply with rule 408 which states that immediately after the relevant board meeting has been held and within ninety (90) days of the company’s financial year-end, it should forward two copies of the Audited Annual Financial Statements to the JSE. It is not yet clear if Pulse has indicated why it has not yet filed its Financial Statements with the JSE, however the JSE says in the event that a company is unable to timely submit its Audited Annual Financial Statements, the company should notify the JSE and should also place an advertisement in the print media, advising shareholders of the delay.

For Pulse Investments, this latest concern follows last December’s suspension of the trading of shares due to the agency’s failure to file its financial reports on time. At the time, Pulse CEO Kingsley Cooper blamed some of the company’s tardiness on the illness of staff.

Meanwhile, it says BCW was late in addressing rule 209c which requires that every member must furnish each year within three (3) months of the end of its financial year, audited financial statements and a certificate from a public

accountant authorized to perform an audit under the provisions of the Companies Act 2004 certifying that that proper books of accounts have been kept, setting out a statement of contingent liabilities other than those normally arising in the business of the stockbroker and that the company’s net asset worth held in the form of cash and readily convertible securities as at the end of the financial year is not less than $5,000,000.

Margarita Turks failed to file its reports under rule 209 which states that every member shall submit financial statements in the form prescribed by the Exchange within thirty-one days of the end of each month. And Margarita Caribbean failed to comply with rule 409 which requires that within onehundred-and-twenty (120) days of the company’s financial year-end, a printed copy of the company’s Annual Report and Financial Statements, including the shareholdings of directors and senior management and their connected persons, shall be forwarded to each of the company’s share/ stockholders and six (6) printed copies and (one) electronic copy forwarded to the Stock Exchange.

Non Compliance Process According to the JSE, five months after the financial year ends for Pulse Investments Limited, BCW Holdings, Margarita Caribbean Limited and Margarita Turks Limited, it will send a letter of reminder advising each entity that it has one month remaining in which to submit its financial statements.

The JSE says failing this, the entities will find their debt securities suspended until the annual financial statements have been submitted. BM

The JSE says failing this, the entities will find their debt securities suspended until the annual financial statements have been submitted.

14

Businessuite Weekly

Issue: 8

Issue: 8

Businessuite Weekly

15

Marketing

By Ronnie Sutherland Strategy Consultant and Media Executive

Holding Marketers Accountable

A

sk most CEOs in Jamaica, “if you had $5 million dollars to spend, would you add another sales person or would you put the money into marketing�. I am confident that most would do the former.

This is true for whether a startup or growth stage business. CEOs tend to place greater confidence and attach more importance to sales than they do for marketing. The question is why, in an era when businesses proudly claim to be marketing oriented rather than the old fashioned sales orientation?

The tendency by CEOs to favour sales to marketing is pretty straightforward. This lies in the fact that sales, as an organizational function is accountable. Quotas and revenue goals set expectations, and based on sales performance, one knows where the business stands. To these CEOs a marketing stigma still exist, that suggests that marketers are creatives, writers, event planners and publicists. In other words, marketers are right-brained folks with little to no contribution to real business outcomes.

who set out to achieve agreed goals and who are able to identify when objectives are not being met and are able to take corrective actions.

l

Growth Marketing as a function is now coming under increased pressure to develop and implement business-oriented methods

In the main, that is not the experience of a typical local CEO and CFO. They have come accustomed to hearing their marketing leaders saying in response to declining sales; let us take to the streets, let us give some things away, let us put on an event, in essence let us make some noise. The success or failure of these initiatives is assessed purely on the evidence of participation at the events.

Very little attempt is made to link and assess their impact on the targeted goals.

As a consequence, CEOs and CFOs are becoming increasingly frustrated with the general absence of analysis by local marketers and demanding that marketing leaders be subjected to a higher degree of accountability.

Marketing as a function is now coming under increased pressure to develop and implement business-oriented methods and measures to improve not just marketing, but also overall effectiveness of the business. Many companies are correctly coming to the view that their marketing operations need regular reviews and overhauls, but do not know how to proceed. Some of these companies simply make many small changes that are economically and politically feasible, but fail to get to the heart of the matter. Other

Today’s CEOs and CFOs operate under the impression that marketers refuse to use both sides of their brain. They seek to hold marketers accountable for every hour used and every dollar spent. CEOs and CFOs want marketers to demonstrate how the expended resources contribute to the goals of the business. Additionally, CEOs and CFOs would be happy with marketers

CEOs and CFOs are becoming increasingly frustrated with the general absence of analysis by local marketers and demanding that marketing leaders be subjected to a higher degree of accountability.

16

Businessuite Weekly

Issue: 8

be done. In other words; what has worked and what has failed.

companies develop annual marketing plans, but management normally does not take a deep and objective look at the marketing strategies, policies, organizations and operations on a regular basis.

Marketing accountability demands that marketers be able to effectively measure and report on the performance of their marketing department. It is also essential to assist the CEO and Board in decisionmaking and thus provide direction in shaping future strategy. It can no longer be acceptable for marketers acting in a knee jerk response, go off on a frolic to devise and execute exciting events that most times bear no relation to set goal.

This approach will require discipline on the part of marketers, working to a plan and regularly reviewing to ensure that performance is in line with projections. This is best done by way of a little used tool in Jamaica call a marketing audit.

6 Marketing accountability demands that marketers be able to effectively measure and report on the performance of their marketing department.

A marketing audit is a structured approach to the collection and analysis of information and data on the internal and external environment. It includes information on the business and economic climate, the market, competition, major competitors and the company’s operating performance.

The audit is an essential prerequisite to marketing strategy formulation. It is a structured survey of an organization’s marketing efforts. It looks at the way marketing is planned and managed. It asks what has been done and what else should

Issue: 8

Businessuite Weekly

The purpose of a marketing audit is not to criticize particular activities, but rather to identify whether there are any working practices that could be more effective. The marketing team within a business must be fully involved in the marketing audit. They may carry out the audit themselves, or with the support of an outside consultant. The golden rule in performing a market audit is that you must be objective and read the market as it actually is. This means the audit must not be structured around your product, service, or business.

The primary point of the marketing audit is; one should measure the performance of previous and present activities before deciding a new marketing plan and budget.

This is a crucial step in building confidence among those such as CEOs and CFOs who are not easily persuaded about the contribution marketing make to organizational goals.

This obviously put pressure on marketing leaders to be far more deliberative about their plans and programmes, having to make sure that marketing activities and their cost are directly aligned to set business goals. The acts of regular review, measurement and corrective action will bring the marketing function in sync with the discipline of CEOs and CFOs.

17

Investment Words to the wise from Caribbean Hotelier of the year, Adam Stewart

“more focus needs to be placed on the positive aspects, skills, products and services offered in Jamaica by Jamaicans.”

Adam Stewart CEO of Sandals Resort International

J

amaican manufacturers and stakeholders are being urged to look to the future and take advantage of what CEO of Sandals Resort International, Adam Stewart says is by far the best work force of any English Speaking country in the Caribbean.

Addressing the recent staging of the Jamaica Manufacturer’s 47th Annual Awards Banquet, the 34 year old CEO said Jamaica is in a privileged position and should take advantage of that.

According to Stewart, “Life is an attitude. We choose to be happy.

We choose to sit and talk about the negatives.” He says more focus needs to be placed on the positive aspects, skills, products and services offered in Jamaica by Jamaicans. He says Jamaicans need to develop an attitude of celebrating the things that are good in this country.

The Regionally recognized Hotelier of the Year has called on Manufacturers to do what he refers to as Corporate Hustling and push the sale of their products to consumers and entities that may be in need. He says the arguments that Jamaica has little to offer in terms of quality products and services are incorrect as the size of the manufacturing sector is testament against the fact. The Sandals CEO says he believes that Manufacturing is alive and well in Jamaica.

18

Making reference to his own exploits and experiences, Stewart said manufacturers must not be afraid or feel too proud to ask for business. He says “I am never too big to say “may I have your business? Because, we are all fighting for that dollar.” Stewart says stakeholders should also be aware that capital goes where it feels safe and since a brand is a predetermined quality and people buy based on knowledge, “you are only as good as your customer says you are. It’s not a perfect world”. Stewart says if as a company or manufacturer you experience challenges, it’s not the people that work for you, it is you as leaders who have not put the structures in place” to mitigate against those challenges.

JMA 2015 Awardees Several groups were awarded for their performance in the manufacturing sector for the 2014 year. Among them were J. Wray and Nephew Limited who was awarded in three categories: Prime Minister’s Cup for Large Exporter of the Year, the Digicel Award for Productivity and the Robert Lightbourne Award for Competitiveness.

Other winners included the Charles Henderson’s Award for Breakthrough Product of the Year which was awarded to LASCO

Businessuite Weekly

Issue: 8

Manufacturing Limited iCool Juice Drinks; Ray Hadeed’s Award for Best Small and Medium Sized Enterprise presented to Perishables Jamaica; Eddie Hall’s Award for New Manufacturer of the Year awarded to Irie Rock Natural Skincare; Champion Exporter Award in the Category of Medium Exporter received by Spur Tree Spices; Jamaica Promotions Corporation ( JAMPRO) Cup for Champion Exporter Award in the Category of Small Exporter presented to Caribbean Producers Jamaica Limited; National Certification Body of Jamaica Award for Quality and Standards presented to Dairy Industries Limited; Corporate Social Responsibility Award won by Red Stripe; and the Jamaica Public Service ( JPS) Co Ltd. Award for Best Use of Energy & Resource Efficiency was presented to P A Benjamin.

PA Benjamin also copped the Nicola Gordon Rowe’s Award Buy Jamaican Award; meanwhile, Newport Fersan was awarded Product Group Award for Chemicals, Cosmetics & Pharmaceutical Products; Product Group Award for Food and Agro Products was presented to Rainforest Seafoods Ltd; Product Group Award for Textiles & Sewn Products was presented to Designs by Marc; Product Group Award for Electrical, Electronic and Automotive Products awarded to Nicorp Limited; Product Group Award for Minerals & Metal Products was received by Caribbean Cement Co. Ltd; Product Group Award for Printing, Packaging & Paper Products was presented to Packmart Jamaica; Product Group Award for Furniture, Bedding and Wooden Products awarded to Jamaica Fibreglass Product; and the coveted Governor General’s Award for Manufacturer of the Year was presented to Wisynco Group.

AMCHAM Awards Meanwhile, American billionaire investor Wesley R Edens who is

the Principal, Founder and Co-Chairman of the Board of Directors of Fortress Investment Group LLC, who is responsible for bringing natural gas to Jamaica, has expressed excitement about investing in Jamaica .

Edens who was speaking at the recently held American Chamber of Commerce of Jamaica (AMCHAM) Business & Civic Leadership Awards & Banquet says he is excited about the opportunities that are available for investment in the country. He says he intends to ensure that the relationship he has with Jamaican stakeholders remains mutually beneficial.

Similar to the JMA function which relates to the performance of manufacturers over the past year, the AMCHAM Awards and Banquet, recognizes and celebrates recognition of businesses, individuals and non-profit organizations that have been driving and achieving the economic and social progress in Jamaica through ethical leadership, stewardship, and community building activities.

Among the winners of awards at the banquet were: Olympics Gold medalist sprinter Ambassador Shelly-ann Fraser Pryce for what AMCHAM said was her significant contribution to Brand Jamaica; the Kiwanis Club of New Kingston which was awarded the Civic Leadership Award in the small company category; SOS Children’s Village who was also awarded the Civic Leadership Award in the small company category; Jamaica Cancer Society was presented with the Civic leadership Award for the category of large company; meanwhile, HEART Institute of Jamaica was presented with the Corporate Social Responsibility for a small company; the National Commercial Bank was selected as winners of the Corporate Social Responsibility Award for a large company; Joseph Matalon received the Civic Leadership Award in the Individual Category and Father Richard Ryan Holung was presented with the AMCHAM Lifetime Achievement Award. BM

the arguments that Jamaica has little to offer in terms of quality products and services are incorrect as the size of the manufacturing sector is testament against the fact.

Issue: 8

Businessuite Weekly

19

Trade Facilitation Amendments to Provisions of Customs Act 2014 now effective

E

ffective immediately, operators of Private Bonded Warehouses are being asked to keep in mind that duties will be levied at the rate of duty prevailing at the time the goods are being removed from the warehouse and not at the time the goods are entered for warehousing, as was previously the case.

According to the Jamaica Customs Agency ( JCA), this move is in line with the provisions under Section 6 of the Customs (Amendment) Act 2014. It says in addition, Section 7 of the Customs (Amendment) Act 2014 now provides that the value of the goods (in Jamaican Currency) is determined by the use of the applicable Exchange Rate at the time the Declaration removing the goods from the Private Bonded Warehouse, is registered with ASYCUDA World.

CEO and Commissioner of the JCA, Major Richard Reese says in keeping with current international standards and practices, it is expected that the provisions will make the Agency compliant with the latest World Trade Organisation’s (WTO) Trade Facilitation Agreement. He says the new provisions also standardize the rules applicable to goods under Suspense Regimes.

Major Reese says it is also expected that with the new provisions, no preferential treatment will be given to warehouse operators who would previously have had a competitive advantage over other importers who do not place goods in a Private Bonded Warehouse. He says this means that all operators will now be “operating on a level playing field.”

Updates to ASYCUDA World Meanwhile, recent updates that have been made to the ASYCUDA World System now require that all Customs Brokers must download and install the C87 EELS Broker Application Ver. 2.1.0.7. from the CASE web portal prior to submitting their C87 Declarations to the JCA. However, Major Reese says all C87 Declarations lodged prior to this update are available for review, payment and subsequent release of cargo if they are free of discrepancies. BM

20

Businessuite Weekly

Issue: 8

The Week Ahead Businessuite Event Calendar 5

October 19

October 22

Marketing Your Small Firm Webinar Lunchtime Series Venue: anymeeting.com

MYMC Workshop “Understanding Finance for NonFinance Team Members” Venue: Courtleigh Hotel and Suites, Knutsford Boulevard

Jamaica to make payment to International Monetary Fund

Jamaica Chamber of Commerce

Rotary Club St. Andrew North Venue: Wyndham Hotel New Kingston

Family Owned Businesses Seminar

October 23

October 20

Commission of Strata Corporations: Strata Management Workshop Venue: 1 Surbiton Road, Kingston 10

Rotary Club of Mandeville Venue: Golf View Hotel, 5 1/2 Caledonia Road, Conference Room, Mandeville, Manchester

October 21 Kiwanis Club of New Kingston Venue: Institute of Chartered Accountants, 8 Ruthven Avenue, Kingston 10 JAAP St. Ann Meeting Chapter Venue: St. Ann Parish Library, St. Ann’s Bay Development Bank of Jamaica presents new products for SMEs Venue: Knutsford Court Hotel, 16 Chelsea Avenue, New Kingston Issue: 8

Businessuite Weekly

21

Regional Trinidad And Tobago:

Senior economist concerned with rise in unemployment paired with large deficit and slow growth...

Dr. Ronald Ramkissoon

T

here are concerns regarding the unemployment rate facing the Trinidad and Tobago economy. According to senior economist Dr Ronald Ramkissoon given the current economic climate, he sees a projected increase in the unemployment rate in the coming months.

Speaking at a recent post budget forum hosted by the Trinidad and Tobago Manufacturers’ Association (TTMA), Dr Ramkisoon, given the country’s large fiscal deficit and slow economic growth, businesses should be prepared for other major challenges ahead. He says citizens should also do the same.

Dr Ramkisoon says it is likely that there will be some increase in borrowing and some increase in the national debt. He says that he expects that over the next six months going into the next three years, Trinidadians can expect to be in a very soft economy. He says the economy is also going to be grappling with low revenues from the major engine of growth and decisions are going to have to be made in respect of whether the government can sustain the plans for the current $63 billion expenditure. BM

22

Businessuite Weekly

Issue: 8

Barbados: Flow complaints see regional spike

Niall Sheehy

S

eeing a spike in complaints from customers across the region, Flow , the telecommunications company which recently merged with LIME has hired an additional 200 workers in order to fix the problems in Barbados.

This move follows several concerns raised by the Barbados branch of the Fair Trading Commission (FTC) regarding the complaints.

According to Chief executive officer and managing director Niall Sheehy, these employees have been given the task of transitioning all customers to Flow’s technologically advanced platform. He says 30,000 former LIME customers who were making voice calls through an outdated IP system were migrated onto the new network in July alone, and as such others should consider making the switch now in the interest of more efficient problem-solving.

Sheehy says the current expectation is that by the end of November, 100 per cent of Barbados would have fibre available.

However, he says it takes time to migrate all those homes across, because each of those migrations requires physical interventions. Sheehy says although he is not satisfied with the level of customer service or the time it was taking to resolve issues, most of the problems would be eliminated within the next 18 months.

In the interim, Sheehy says the other challenge is to consider whether it would make sense to invest in old technology that is going to be down in three months or try and fix an issue that can be done by migrating. He says based on this concern, the company is prioritizing ex-LIME customers with “legacy issues”, to get them onto the new Flow network as soon as possible. BM Issue: 8

Businessuite Weekly

23

24

Businessuite Weekly

Issue: 8