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Business Lounge Real Business. Real Talk.

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Audley Shaw Predicts “Robust” Economic Growth at Mayberry’s Investor Forum

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he stage is set for Jamaica to transition from economic stability to growth. This position was expressed by Finance Minister Audley Shaw at a recent investor forum hosted by Mayberry Investments Ltd. at the Knutsford Court Hotel, Minister Shaw noted his administration’s successes in stabilizing the local economy during the worldwide recession, including stabilizing the dollar, increasing gross reserves and implementing the Jamaica Debt Exchange (JDX) programme. Arguing that the JDX must give way to “robust growth”, Mr. Shaw presented the draft report ‘A Growth-Inducement Strategy for Jamaica’. Conceptualized by the Growth Secretariat of the Planning Institute of Jamaica (PIOJ), the document outlines short- and medium-term expansion opportunities and points to a healthy partnership between the public and private sectors.“When implemented, the approved Growth-Inducement Strategies will be a powerful kick-start to economic activity, especially in conjunction with large Government-led development programmes,” Minister Shaw explained. These include theFalmouth Cruise Shipping Terminal, the Downtown Kingston Renewal Programme, the Liquefied Natural Gas (LNG) Project and the re-opening of bauxite and alumina plants. Tax reform is another important element of the Strategy. The current Tax Policy review aims to enhance compliance, eliminate waivers, reduce taxes where possible, simplifythe process and facilitate ease of payment.

Finance Minister Audley Shaw

The current Tax Policy review aims to enhance compliance, eliminate waivers, reduce taxes where possible, simplifythe process and facilitate ease of payment. The tax administration and customs departments will also be modernized. The government is presently negotiating with the United States Agency for International Development (USAID) for a 5-year, J$6.5 billion loan to finance a comprehensive Administrative Reform Programme, comprising a new computer system with data mining and database-merging capabilities.“It will help us achieve our objectives to broaden the tax base and consequently, lower taxes. It will be a win-win situation as the tax burden will be more equitably shared – for industries and citizens alike,” Mr. Shaw explained.

Minister Shaw also acknowledged the risks associated with several international economic challenges, such as increasing oil and grain prices and a sluggish US job market; however, he believes the worst is behind us. “Going forward, the issues of production, productivity, competitiveness, savings and investment must become our national preoccupation. Jamaica needs to generate sustained growth in excess of three percent over the medium term to allow for an improved standard of living for all its citizens,” he declared. “For the Government’s part, let me assure you that our commitment to fiscal discipline will not waiver. We are serious about achieving a balanced budget in [2013/2014]... The time for action is now.”

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He also encouraged corporate strategists to consider the spin-offssuch as credit bill reporting, which will increase access to loans and decrease non-performing loans; the Casino Gaming Act; and the Omnibus Banking Bill, which gives the central bank more oversight responsibility for financial system stability. yourmoney ezine


business lounge

mayberry investments’ Investor Forum

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insights by Paul Mattis

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Mentoring can grow the small business sector

uccessful growth in business comes from proper planning, motivation, management, inspiration, and a strong knowledge of business history. Your business can rise from nothing to something in a New York minute and also fall faster than an object not suppressed by gravity.

Timing is very important in how you project your business ideas and reducing the time it takes to reach your goals should be the aim of your small business.

Business mentorship is a strategic way for small business owners to increase their wealth and secure growth in a savage Jamaican business community. It is a unique catapult to fast growth, which helps you to harness the best entrepreneurial abilities. This is achieved by developing confidants and valuable advisors, in the form of senior successful business moguls or up and coming small business owners a few step ahead of you in the business. Mentors provide business pointers, possible networking opportunities and are a source of advice when life throws those curve balls your way. Recently, Wall Street has been trying to analyse the use of role models as a success measure for small business and companies. Chairman and CEO of JPMorgan Chase, Jamie Dimon, is a very good example of proper mentorship.

These are some of the things that have guaranteed the success of the Chase Bank CEO and will help you in achieving your business goals. To this end, invest your time and energy in seeking the best mentorship programmes you can find or simply follow the guidelines of proper mentorship, while considering the background, availability and success rate of your mentor. advertisment

Having the respect and mentorship guidance of business moguls Warren Buffet and Sandy Weill, Dimon notes a few key pieces of advice normally given by mentors:

1) Be a student of history, which means reading a lot of financial history. 2) Know your business by being heavily involved in the running of your company, down to the smallest position. 3) Keep a ‘to-do list’ and taking it seriously. 4) Choose a good mentor, valuing loyalty. 5) Put in the hours. 6) Maintain consistency.

Timing is very important in how you project your business ideas and reducing the time it takes to reach your goals should be the aim of your small business. Mentorship helps to achieve this by grooming your attitude and business to successful growth over your many competitors. In the end, you can choose to mentor your product and watch your capitals rise or go solo and watch your investment crawl. You decide.

7) Keep your cool as a business person. yourmoney ezine


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Jermaine Williams placing his last dollar on the pre-owned business

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our Money caught up with Jermaine Williams, a busy, ambitious and confident young entrepreneur. Williams is CEO of the Good As New pre-owned appliance and furniture company and President and CEO of the Mainwell Financing and Consultancy Firm. This Jamaica College alumnus and member of the Old Boys Association makes the life of a young business owner seem very calculated and comfortable. He credits his status of comfort and confidence to the strong background of his alma mater and the observational mentorship from his two advisors Christopher Williams, CEO of PROVEN Wealth Limited and Michael Campbell, Chairman & Managing Director of Island Car Rentals Limited.

Being around for only a year, Williams humbly describes his happy success thus far as managing to break even or sometimes coming out with a handsome-enough profit each month. It is no secret that Williams has confidence in the huge possibilities of his company and its prospects for success over the next five years.. He sees Good As New booming to the magnitude of international household companies such as Wal-Mart and Sears or the local Singer and Courts, having the same volume of entities and success. His unique business idea suits the market of people willing and ready to start life on their own,, especially young professionals

tually sell, if necessary. He pointed out that one of Michael Lee Chin’s business practices is to buy and hold while some people want to sell. The JSE Junior Market accommodates the choices of exiting or holding your business. This helps entrepreneurs to be able to get an understanding of the real cash behind the wealth, he says. advertisment

Jermaine Williams CEO of Good As New

making moves towards structuring or furnishing their first apartment. The company’s main incentive is its very attractive pricing policy. Being in operation for only a year, Williams humbly describes his happy success thus far as managing to break even or sometimes coming out with a handsome- enough profit each month. However, he describes the difficulty of accessing capital as one of the many challenges that he faced during his initial start-up. Additionally, he says, balancing income without much expenditure can be a very difficult barrier to cross and this is an issue for every young small business owner. Here he readily makes mention of how excellent the presence of the Jamaica Stock Exchange (JSE) Junior Market is for young business owners as it creates an excellent avenue of exit strategies for starting companies. The JSE Junior Market is designed to raise capital for small and medium businesses, offering incentives to help them invest and build themselves and even-

It is no surprise that Williams loves to support non-profitorganizations. As a member of the Jamaica College Old Boys Association, he gets to realize the value of giving back to the place that made him. He believes that business owners do not have to wait until they have become successful to give back. “There is no real reason for giving back, but giving back is important,” he states. yourmoney ezine


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Your Money eZine  

February 9, 2011

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