Wealth mag i24

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Wealth Magazine, the first business-lifestyle publication in Jamaica, has effectively educated our nation on the impact on the private sector of business personalities and their entities. Congratulations to the hard-working team of Creative Media and Events on successfully weathering the economic storms of the past five years, to produce this flagship brand. I admire the authentic concept behind your brand, as it focuses on all things Jamaican. I am sure that our business sector will benefit immensely from your positive exploits, as you are highlighting the things that are right with Jamaica. You have established a publication that all Jamaicans at home and in the Diaspora can be proud to read and share. Despite our challenging economic environment, you are finding creative ways of strengthening your niche while continuing to encourage and support our local entrepreneurs in their pursuit of wealth. I hope you will enjoy even more success in the years to come. Best Wishes. HIS EXCELLENCY THE MOST HON.

Sir Patrick Allen ON, GCMG, CD 2


It is with great pleasure that I endorse Wealth Magazine in this its 5th anniversary edition. The values of entrepreneurship, business facilitation and wealth creation that the magazine espouses are in accordance with those required for Jamaica to truly become a logistics centered economy in the 21st century. This is critical as the Ministry of Industry, Investment and Commerce continues its focus on entrepreneurship and developing the Micro, Small and Medium Enterprises sector, which is a major creator of employment and wealth. Wealth Magazine has proven itself creative and intuitive in its ability to provide for the needs of entrepreneurs and consumers in our society. As Jamaica moves towards the achievement of Vision 2030, I am confident that Wealth Magazine will continue to promote Jamaica as a good place to invest, a better place to live and the best place to raise families.


Anthony Hylton

Minister of Industry, Investment and Commerce



Creative Media and Events must be congratulated for the success of its flagship publication Wealth Magazine, as it celebrates five years of positive contribution to Jamaica. There can be no doubt that the magazine has served us well in its provision of accurate information on financial and lifestyle considerations. Many businesses have a thirst for knowledge and information that will assist in making the organisations financially sound and viable; this information is not always easily available. Many of us have absolutely no understanding of wealth management. As a consequence, we often fail to make wise financial decisions. It is these insufficiencies that the business lifestyle magazine has sought to address most successfully during its years of existence. Like many ventures which were founded during the period of economic hardships in 2009, Wealth Magazine has overcome those difficult beginnings, demonstrated resilience and has become the foremost publication of its kind in Jamaica today. Again well done and continue the good work.

Mr. Andrew Holness, M.P

Leader of the Opposition



Over its five years of existence, Wealth Magazine has been a joyous and unapologetic advocate of entrepreneurial endeavours. It has chronicled the achievements of those whose ambition and drive have impelled them to turn their dreams into bustling enterprises, it has stressed the importance of being prepared to seize opportunities, and it has wisely chosen not to hide the fact that many of the business community’s greatest successes had their shares of setbacks and disappointments. Perhaps more than anything else, it has celebrated the fact that there are few experiences more rewarding than overcoming the inevitable obstacles and nurturing the birth and growth of one’s business. It is a sentiment shared by the Jamaica Chamber of Commerce. Like the publishers of Wealth Magazine, we believe that our nation’s ability to achieve and maintain a sustainable growth trajectory depends on our ability to provide an enabling and supportive environment for our entrepreneurs. We therefore congratulate Creative Media and Events as it celebrates the 5th anniversary of its successful introduction of Wealth Magazine, and we look forward to its continued growth.

Francis Kennedy

President, Jamaica Chamber Of Commerce



The Jamaica Manufacturers’ Association Limited congratulates Creative Media and Events (CME) on celebrating the 5th anniversary of Wealth Magazine. It is indeed commendable that the magazine has excelled in a difficult economic climate. The association lauds your tenacity in revolutionising the magazine industry in Jamaica and your ability to innovate with your latest addition, Home Sweet Home magazine. The magazine is a true Jamaican product, which represents brand Jamaica, as it is reminiscent of the entrepreneurial spirit and vibrancy of the Jamaican people. CME continues to promote the Jamaican manufacturing sector and other businesses through Wealth Magazine and other outlets such as Wealth Magazine Business Access and Corporate Mingle, playing a role in economic development. Wealth Magazine continues to be a quality publication and we look forward to even bigger things in the future. Again congratulations on this great milestone.

Brian Pengelley

President, Jamaica Manufacturers’ Association Ltd.



Publishers’ Note

Garth Walker & Leighton Davis

Managing Editors


hen we founded this magazine, we didn’t know what to expect; but we knew it was needed and that it was a good idea. The response that we have gotten during our five years as the publishers of Wealth Magazine can attest to the relevance of the product. That in itself is an inspiration to work assiduously to improve with each issue. Wealth Magazine is now a respected and award-winning business magazine in Jamaica that has held true to its mandate to educate, inspire and empower. The world of business is very competitive and when companies want to increase market share and revenue we see mergers and acquisitions happening as a strategic plan to increase their foothold and dominance in the market. This is a clear indication of companies feeling better about the economy by putting their money where their mouths are and investing in expansion. Of course one of the negative effects of this strategy is job losses as the buyers trim staff to fit within their own operational plans. Wealth Magazine will continue to look at the market and give our readers credible information on what’s trending in Jamaica’s business marketplace to help in the decision making process. We thank you for your continued patronage. Regards,





The Editor’s Survey

ur 24th edition is particularly special as it commemorates Wealth Magazine’s 5th anniversary. While I wasn’t privileged to be a part of the conception or birth I am extremely proud to be here in the growth/maturity phase.

I revisited the editors’ note in the 1st edition by Messrs Garth Walker and Leighton Davis and sensed the pride they must have felt as they presented their product to the corporate Jamaica. The focus of the magazine then, as it is now, is to “help young entrepreneurs to improve their businesses and our country’s business sector” as well as “fostering the growth of wealth in our country”. Since March 2009, we’ve put 23 editions under our belt. During those editions we’ve explored many different themes; featured various business leaders and entrepreneurs; and interviewed so many different people who had the confidence in us to tell their story; all this thanks to our awesome writers, supporters and team.

While this edition takes a look back at Jamaica’s economic environment 20112014, it is not meant to be retrospective. Instead, what we are aiming for is a little perspective that will help us decide: Where do we go from here as a nation? From our vantage point we’ve seen companies rebrand, expand, contract, retool and take sometimes difficult decisions in an effort to prevail. We applaud those CEOs, managers and entrepreneurs who have tasted and endured the IMF-induced bitter medicine while striving for financial independence. Whatever the results of this country’s economic tests, Wealth Magazine looks forward to serving you in the years to come as we continue Surveying the Jamaican Business Landscape.

Sales and Marketing Manager Simone Riley

Sales Executives Latoya Taylor Geoffery Wilson

Photography Tricia Bent


Conroy Green

Printed in Jamaica By Pear Tree Press

Special thanks to:

Our writers, advertisers, readers, partners, family, friends and the CME Team.

Blessings… Monique Grange Editor-in-Chief

Copyright © 2014 Wealth Magazine Issue 24 All rights reserved. Wealth Magazine accepts no responsibility for unsolicited material. This material may not be reproduced, displayed, modified or distributed without the express prior written permission from the publishers. For further information on Wealth Magazine, contact: Creative Media and Events 15b Trinidad Terrace, Kingston 5, Jamaica W.I. Tel: (876) 754-2075 Fax: (876)-754-2070 Cell: (876)-579-7381 info@cmeja.com /wealthmagja







Dennis Brooks has been a respected journalist and sociology teacher for over a decade. He has produced and presented several of the country’s top radio programmes, namely The Breakfast Club, The Corner, This Morning, Nationwide at Five, The Ballot Box, and Left Right & Centre, to name a few. He has served as a communications adviser to government ministers.

Laura Tanna author of the books Baugh: Jamaica’s Master Potter and Folk Tales and Oral Histories with DVD and CD versions as well as the CD Maroon Storyteller. She does interviews and writes on art, culture and travel for various publications.


Issue 24 Aug-Sept. 2014

Hodine Williams

Alicea James

is often referred to as pragmatic and a critical thinker. He holds degrees in general management and economics, and law. He is currently the assistant to the auditor general. He enjoys lively discussions on topical issues and has a keen interest in business reengineering and efficiency gains. When not working, he enjoys karate, painting, and charitable services.

is a full time editor at a popular publishing house in Kingston Jamaica. She has been a freelance writer for several years on sites such as Odesk and freelancer.com. Her passions include writing, traveling and shopping. aliceaj105@gmail.com



Sancia Campbell

Latoya West-Blackwood Ryan Strachan is the manager, corporate solutions & wealth management at Stocks & Securities Limited. rstrachan@sslinvest.com

is an independent publishing consultant with a particular interest in merging traditional publishing with digital and new media. She is a member of the Book Industry Association of Jamaica’s Board of Directors (Director - Development Initiatives) and also a member of the Jamaica Cultural Development Commission’s Creative Writing Advisory Committee. ipublishja@gmail.com

David Mullings is co-founder and CEO of Keystone Augusta, a private investment firm based in Orlando, Florida. He can be foundat Facebook.com/davidpmullings. @davidmullings

Kimesha Walters is a trained journalist with experience in the local print media. She is also a communications professional who specialises in public relations. kimesha.walters@yahoo.com



Nick Abbott is the principal of FrontLine Evolution, a boutique consulting firms which helps organisations increase profits and improve effectiveness by creating long-term, sustainable change to the behaviours of their front-line, customer facing staff. nick@sfrontlineevolution.com

is a PR practitioner in the business and hospitality sectors with over 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading and events planning. She is currently the PR & events coordinator at the Jamaica Business Development Corporation. sanciat123@yahoo.com

And the winner is... Adam and Eve Day Spa copped 3 awards at the 2014 Jamaica Observer Under the Dryer Awards. The world-class spa won the awards for Best New Industry Player, Best Hair Care Spot for Children and Best Spa Treatment of the Year.

Adam and Eve also received nominations in various categories: • Best Nail Salon • Rainforest Wet Room • Spa of the Year

• Best Customer Experience • Favourite Made in Jamaica Skin & Body Care Line • Spa Treatment of the Year

Contents Table of

Cover story 48

Issue 24 Aug-Sept. 2014

Cover story

Surveying the Jamaican Business Landscape

Innovation 16

The Business Of Franchising


Culture Management- Your Most Important Task!


Elements of a Good Business Plan


Are You Wasting Your Marketing Budget?

Technology 28

Iot Transforming Operations


Using Technology to Increase Business Productivity

Feature 36

Heston Hutton’s Many Firsts


Sol Career Showcase


Free Form Factory: A Different Approach




JUNE 2014: Where Do We Go From Here?


A Woman At The Helm: Darlene Morrison


Cannabis Cash: Weeding the Path to Health, Wellness and Economic Recovery


Legal Titbit: Company Management – Directors’ appointments and removals


Nontraditional Assets: Investing Like Yale


What’s Your Credit Score?


Buy, Hold, Sell- What Do They Mean To You?


48 36 56 60 The State of Jamaica’s Shipping Industry


Contents Table of

Issue 24 Aug-Sept. 2014

Health & Wellness 80

Tips for Prolonged Health and Long life


The Rainforest Wet Room: An Experience Like No Other


Lifestyle 84

Corporate Mingle- Jamaica National Building Society Foundation


Luxury Travel in a Global Economy


Style Me Chic


Corporate Mingle- Maxwell House


Career 100

Behind The Desk: Romaro Samuels Brand Manager, Facey Commodity Co. Ltd.


How to find a Job in a Gloomy Labour Market


Why do an MBA?


Plug and Play Employees: Are They Real?

92 Mixing Business with Pleasure:

Office Romance101


Survival Strategies For Small Business Success

Don’t wait till you are big before you begin building your brand. Build a brand from scratch alongside your business.

How to find a Job in a Gloomy Labour Market

102 Book Review

-Sir Richard Branson

110 W



The Business of Franchising


ranchising is by no means a new concept. It is a great idea to consider if you are an entrepreneur looking to expand operations. Although this can be a great initiative for your business, it is important to note that each business model has its drawbacks as well as its benefits. Ultimately it will be up to the franchisee and franchisor to weigh the pros and cons before deciding what will be best for both parties. Now seems to be a good time as any to look into franchising. And although, there are reports that growth is slightly slowing, franchising remains a very strong industry. This is due to the impact it has on not only the businesses involved but also on the economy. The International Franchise Association (IFA) reports that the franchise sector created an estimated 11,000 new establishments and more than 150,000 jobs in the United States in 2013.In fact, franchising accounts for roughly 10% of new jobs in the United States. Total 2013 sales from the sector were expected to reach US$802 billion, which is a 4.3% increase since 2012. The concept of franchising involves different owners sharing a particular brand. In franchising, a parent company will allow entrepreneurs to use the company's trademark, brands and strategies; in exchange, the franchisee pays the parent company an initial fee and may also have to pay royalties based on revenues. As part of the franchising agreement –and in order to ensure brand consistency−the parent company will provide the



By Alicea James

franchisee with support which includes training and advertising. When a parent company decides to franchise, it brings in the financial backing, dedication and manpower of a local franchisee to drive the business forward in a certain territory. This allows for quicker and cheaper network growth.

Advantages of Franchising

There are many well-known franchises in operation; McDonald's continues to be recognised as a premier franchising company around the world. More than 80% of their restaurants worldwide are owned and operated by franchises. Taco Bell, KFC, Dennys, Hilton Hotels and Resorts, Motel 6 and Ace Hardware Corp, are just a few of the many successful franchises in operation today. This only legitimises the viability of this business model. Here are some benefits of franchising: • Faster Expansion- Franchising is a cheaper and faster method of expansion as opposed to adding company owned stores. This method costs the parent company less when new stores are owned and operated by a third party. For the franchisee, there is no need to reinvent the wheel, all that it requires is proper replication of an already successful business formula and viola; you are ready for business.

• Better Market Penetration- One of the benefits gained from franchising (especially for the parent company) is that it

is able to penetrate the local market without too much effort. This is due to the affiliation of the franchisee with the local community. These people are usually well established either on a personal or professional level and this can give them a significant advantage in acquiring new business for the franchise.

• Simpler Management- Franchisees are themselves

responsible for the day-to-day running of their business units; they are mandated to strictly adhere to the ‘Franchise Agreement and Operating Manual’. As franchisees have invested their own hard-earned money, they do not require the detailed level of management which would be needed for employees. The objectives of the franchisee and the parent company are closely aligned as the success of one depends to a large extent on the success of the other. Due to this, the franchise network uses a simplified and low-cost management system.

Disadvantages of Franchising

We have seen many successful franchising initiatives, but there are also some disadvantages to consider. Although McDonalds is listed as one of the most successful franchises, it did not bode well when it operated in Jamaica. The company stayed open for 10 years, but ultimately closed its doors in 2005, only two years after franchise owner Patricia Isaacs-Green sold her franchise back to the company. Taco Bell did not fare too well in Jamaica either.

• Conflict between franchisee and franchisor –

One major problem in franchising is conflicts between the two partners, which in some cases can even lead to legal battles. The problem often occurs if or when a franchisee does not experience the same financial rewards as the parent company or even other units. Oftentimes the blame is placed on the parent company and allegations such as misrepresentation, fraud, inadequate training and lack of support are usually at the forefront of the blame game. This is why it is important that everyone has realistic expectations before signing an agreement.

• Innovation Challenges- As a parent company, you might have new and innovative ideas for the franchise as time goes on. However these ideas might not align with those of the franchisee. In such cases you will have to do a bit of negotiation in order to get the franchisee on board. Hotels, restaurants, gyms and supermarkets around the world have all successfully employed the franchising business model. McDonald’s, KFC corporation, Subway, Pizza Hut and Hilton Hotels and Resorts (just to name a few) are ranked on the list of Entrepreneur Magazines’ annual ranking of America's top franchise opportunities. For those looking to replicate the success of these companies, it is best to conduct as much research as possible. Also, not only should you acquire all the necessary information on successful franchising companies, it is also important to investigate the ones that have failed so that you can learn how to avoid those mistakes.

This is further proof that the decision to employ this business model must be thoroughly thought out. Here are some of the most problematic issues in franchising:

• Loss of control – Parent companies usually have their

own brand and their own way of doing things. However, once a franchisee comes on board it is important to remember that they control their own unit. As the parent company you do not have hiring or firing privileges of the franchisee’s unit. Unfortunately for the parent company, if one unit is not operating at optimal level, it is the brand that bears the blame. This is why training is so important. To avoid this issue, it is important to monitor the business closely and keep the lines of communication open between the parent company and the franchisee.

• Limited Revenue Growth- The potential for revenue growth is more limited because the parent company will only earn a percentage of the earnings from each new store. Seventy different industries use the franchising business model, and according to the IFA the sector earns more than US$1.5 trillion in revenues each year. So, there are monetary rewards to be earned from this venture, but there has to be a realistic timeline for achieving same.

In only five years, Wealth Magazine has become a force for innovation and creativity in Caribbean journalism. Congrats to Garth, Leighton and the Wealth team on achieving this milestone. Wishing you continued success with this fantastic publication!

Brian Jardim

CEO, Rainforest Seafoods




Culture Management –


Your Most Important Task!

By Nick Abbott

im Sinegal, the co-founder and former CEO of Costco once famously said “Culture is not the most important thing, it’s the only thing.” He believed that if he got the culture of his organisation right, the results would follow. As a leader we can change our organisation’s policies at will; we can hire, fire, promote and demote with relative ease. But changing our culture is the most challenging task we will ever tackle. That said, get it done right and the results will be staggering. I wish I could say it is easy, but if management was easy it would be done by school children and the salaries would be much lower!

you and your people behave; it’s what you do, how you act and what you say.

As hard and challenging as changing a culture will be, it does not have to be particularly complex; in fact it really can be quite simple.

Step 1 – Define the culture you want

I suppose that I do need to start with a little bit of theory: what is an organisation’s culture? I believe that culture is the way



While thoughts and beliefs are important, if they don’t manifest themselves in what we do, they really don’t matter. Even more importantly we have no way to measure or manage what our people think, what they intend to do or what they believe. So culture is really about behaviours. To create the culture we want takes daily action, and not just from HR and special project teams, but from management. Here are some pointers to change and improve our culture: Changing an entrenched culture is a tough task, so if you keep the goals simple, success will be that much easier and will come that much more quickly; you can always add more detail and additional layers later.

Define three to five culture goals which are:

1. Expressed in terms of desired behaviours. 2. Written in simple, everyday language which every member of your team will be able to understand clearly and easily. Take for example, Zappos’ core values: “Be humble” and “Deliver WOW Through Service”. Do you need an MBA to understand these? No. Can you measure behaviours against them? Yes, absolutely. It is always a good idea to bring people from across the whole company into this process: include them within committees and meetings and elicit suggestions. At the end of the day the definition of your culture has to be owned and championed by the most senior levels of management. I recommend that you review and update as necessary, your culture goals every 12 months.

Step 2 – Create a Culture Plan for Management.

Cultural change has to be driven from the top. If senior managers are seen living the company culture in everything they do, other members of the team are far more likely to follow. Unfortunately, too many members of top management seem to believe employees must “do as I say and not as I do”. If you are at the top of the organisation, all that you do should support your culture 100%. Here are some great examples: • Jim Sinegal of Costco decided that his own working space should be consistent with his organisation’s status as a low-cost operator so his furniture was 20 years old and he didn’t even have an office with walls. • Julian Richer is the CEO and founder of Richer Sounds in the UK. As part of his relentless focus on his customers he ensures the décor and equipment in his 53 stores are of a higher standard than that at the corporate headquarters. • Walmart insists that even the most senior members of staff travel economy class – anything else would increase costs and be in conflict with their commitment ‘everyday low prices’. These are big gestures in terms of examples, but boy are they powerful. The Culture Plan for Management should also contain the actions and behaviours that senior (and possibly middle) management are responsible for on a monthly, weekly and daily basis. This might include segments within regular meetings that are devoted to discussing behaviours associated with specific culture values or championing associated reward and recognition programs. This plan will also detail how management will publish and promote the culture values. The performance of management also has to be aligned to support the desired culture. I recommend that the management plan be reviewed every quarter to ensure it remains effective and relevant.

Step 3 – Establish a Culture Assessment Committee

Chaired by the CEO or president, the Culture Assessment Committee (or whatever you decide to call it) should be made up of a group of employees from across the organisation from different divisions and levels. This group will meet on a regular basis to audit the behaviours of the company. Those who support the culture are to be broadcast, publicised and celebrated while any practices which seem to be at odds with your culture are to be identified for future adjustment. When it comes to adjusting future behaviours you would not want to make public the behaviours of a particular individual, but it can be incredibly powerful to admit errors at the corporate level. If you don’t think that the decision to issue brand new iPhones to your senior managers just after a major cost-cutting exercise wasn’t noticed, think again. So if you identify that sort of error just put up your hands and confess. I did say at the beginning that changing your culture is going to be tough, maybe more work than you are prepared to do. But think about the champions of positive culture I mentioned earlier. Jim Sinegal was able to reward investors with an increase in stock value of more than five thousand percent during his tenure as CEO while Julian Richer’s flagship store has been listed in in the Guinness Book of Records for more than 20 years as having the highest sales per square foot of any retail outlet in the world. Culture the most important thing? No the only thing!


Premier Dittie Guise

General Manager Montego Bay Convention Centre

1. What inspires you? The person that lives the most is not the one that has lived the longest but the one with the richest experiences. Travelling and learning about different cultures is an excellent life experience, and I have been fortunate to have had the opportunity to travel to several different countries. 2. What’s the last good piece of advice you received? “Life is like a coin, you spend it anyway you wish, but you can only spend it once.” And also, “Try not to become a woman of success, but rather become a woman of Value.” 3.What was your dream job growing up? I always wanted a career that involved communicating with people from all walks of life. Growing up abroad, my design was to come back to Jamaica to contribute my knowledge gained from the hospitality arena. 4. What is your dream car, and why? When I was younger my dream car was a Jaguar, but as I grew older the type of car became less relevant; as long as it is clean and reliable I am satisfied. 5. After a hard day, what relaxes you? Sitting on my patio with my spouse and a glass of red wine, taking in the beautiful view of the Caribbean Sea. 6. What current projects are you working on? One of my personal projects is looking at my family tree and completing a book on our ancestry that a cousin of mine started. 7. What does ‘Wealth’ mean to you? Happiness. They say that money can buy you happiness but true wealth is happiness and contentment from within.


Elements of a

good business plan


ny good business idea should originate from an equally good business plan. The concept of the business plan is that it should give a full description of the business; outline the features, attributes and benefits of the product or products it’s offering; identify and analyse the target market and the accompanying promotional plans to reach this market; as well as the financial requirements for both start-up and future growth of the business. Now, there are those ‘entrepreneurs’ who will try to diminish the importance of the business plan by pointing to their ability to start and maintain a business. But without that roadmap providing a sense of direction, outlining achievable goals and some type of vision, the business will record very little growth. Importantly, a solid business plan does not guarantee success, but for entrepreneurs with decent ideas, it can boost the odds. There are seven major elements of a business plan: the executive summary, market analysis, company overview, organisational and management plan, marketing and sales strategies, service or product line and the financials.



By Sancia Campbell

Executive Summary

The executive summary should tell the reader exactly what you want. It should be kept short and businesslike. Within that space, a synopsis of the entire business plan should be provided. Other key elements to be included are the business concept, financial requirements, the current business position and the major achievements of the business to date. While the executive summary is usually the first thing you see in a business plan, it is recommended that the summary is written after the other sections of the plan are completed.

Market Analysis

This section should illustrate your knowledge about the particular industry your business is in. A market analysis forces the entrepreneur to become familiar with all aspects of the industry so that the target market can be defined and the company can be positioned in order to collect its share of sales. A market analysis also enables the entrepreneur to establish pricing and distribution and marketing strategies that will allow the company to become profitable within a competitive environment. In addition, it gives an indication of the growth potential within the industry. Begin the market analysis by defining the market in terms of size, structure, growth prospects, trends and sales potential.

Company Description

This section describes the nature of the business and lists the needs that are to be satisfied. It further explains how the products and services to be provided will meet consumer needs. The company description also lists the specific consumers, organisations and businesses that the company will serve as well as the competitive advantages that will make the business a success. These include components such as location, expert personnel, efficient operations and the ability to bring value to customers.

Organisational & Management Plan

The organisational and management structure in a business plan covers several areas. It must include the location of the organisation and describe the area in which it works i.e. home country versus international locations. The plan must also introduce a structure of your organisation and present professional experience and achievements of people who are to manage the business. An employment plan for the next few years must also be presented. This should cover: - How many people should to be hired - The skillsets being sought - The capacity in which people will be hired - Where the members of the team worked previously - The experience of those to be hired - The relevance of their previous experience to your business/ industry

Marketing & Sales Strategies

This element is the life of your business. Marketing creates customers and customers generate sales. In this section, define your marketing strategies. Start with strategies, tactics and channels that you have used to create your greatest successes. Next, branch out to others that may be working for your competitors. Remember that this section will be constantly updated based on your results.

Product or Service

The product or service your business will provide should be defined as best as possible. Ensure that you highlight the features, attributes and benefits of this product or service. Establish your unique selling proposition. This means you have to show not only how your product is different but also why it is better.


The placement of this element in no way negates its importance. In fact without financing, a business remains just an idea. The financial plan must indicate how the business will be capitalised, whether it is through self-funding or commercial loans. Clearly state the amount of funding required to start and expand the business. Very importantly, be realistic. It is important to note that the business plan is meant to be revised periodically. Writing it once and placing it in a file does nothing for the business. Rework and rewrite the plan to ensure the growth and continued development of your company.


ealth Magazine teamed up with the Jamaica Pegasus on Sunday May 11, 2014 to host what turned out to be the biggest yet most affordable Mothers’ Day Brunch ever.

The event featured live entertainment, buffet-style dining, with delectable meals prepared by the hotel’s Executive Chef Mark Cole and Rainforest Seafood’s Evrol Ebanks. Hundreds of guests were entertained by the musical stylings of saxophonist and Digicel Rising Stars winner Verlando Small, Mario Evon and his band as well as reggae gospel artiste Omari.

Our photographer was there and captured these memories:




Are you

wasting your marketing budget?


ow do you evaluate the effectiveness and efficiency of your marketing dollar? Unless you are able to answer this question you are figuratively ‘shooting an arrow in the dark’ hoping to connect with customers. However, if you cannot honestly answer this question, don’t worry; we are here to help by providing you with some information to guide you in the right direction. First, let me point out that effectiveness is about your message registering in the minds of your intended audience while efficiency is about reaching as wide an audience as possible at minimal costs. Broadly speaking the media landscape is split between old media (free-to-air television, cable, radio newspaper, billboards) and new media (digital, primarily internet-based options. What is the situation in Jamaica? Research conducted by Vision Research Caribbean Limited found:

OLD MEDIA LANDSCAPE • Television and Radio

There is an inverse relationship between local freeto-air television viewership and radio listenership. That is, television is at its lowest when radio peaks and vice-versa.



By Trevor Thompson Television viewership peaks between 6 p.m - 9 p.m and declines dramatically after 9 p.m daily while radio listenership peaks in the mornings (6 a.m to 9 a.m).

• Cable

While local free-to-air viewership falls off precipitously after 9 p.m, cable has a relatively stable viewership throughout the day when compared to local free-to-air TV.

•Newspaper Declining newspaper readership – This has been a trend for several years now. In fact, the most popular publication is The STAR (produced by The Gleaner) and the Sunday Gleaner, with the Classifieds being the most read section of this publication. Maybe this trend will change as the two major newspaper companies increase their online presence.

NEW MEDIA LANDSCAPE • Growing Internet Penetration – 30% of Jamaican households (there are about 881,000 households in Jamaica) have access to internet (primarily broadband) and there is also access to internet on smartphones and computer tablets. Essentially internet penetration may be in the region of 50% of the population.

• Social Media - There are roughly 750,000 Facebook accounts in Jamaica; and while no official numbers are available for YouTube, this platform is also very popular in Jamaica in addition to the other major social media platforms. • Media Consumption Habits – Our research has shown that people are increasingly multi-tasking while watching television; watching several channels simultaneously, watching television while surfing the web and interacting on social pages.

Key Points • The media used to reach customers have expanded exponentially, from traditional media to new media. Additionally, the power of traditional media is not what it once was with new media growing in prominence. • The media landscape is fragmented (and is becoming even more so) which means that increasingly marketers have to be spending across several media platforms to reach customers; while contending with shrinking marketing budgets. • Not all media platforms are for everyone. In other words, advertising on local television may be a wasteful approach for some brands. The key is to know the media consumption pattern of your target market. • Consumers are more distracted now, given the plethora of media consumption options and the growth of multi-tasking. This means that it requires a greater level of effort to get through to them. Essentially, the media landscape is undergoing meteoric changes and this is influencing (and is being influenced) by consumers. Unless you consistently re-evaluate how you spend your marketing dollar, you could be wasting your money or producing marketing campaigns with negative returns on your investment. So, are you wasting your marketing budget? Trevor Thompson is the Managing Director of Vision Research Caribbean Limited.


IoT Transforming


By Carlette DeLeon

Although still in its growth phase, the Internet of Things (IoT) is transforming business operations globally.

S 28

imply put, the IoT pulls together and analyses data on a massive scale from smart sensors connected to objects, animals and even people via the internet. By 2030, billions of devices, products, packages, foodstuff, medical supplies, pets etc... will be uniquely identifiable and connected. The resulting ambient intelligence has the potential to transform business operations by, among other things, improving efficiency.

environment built through the continued proliferation of smart sensors, cameras, software, databases, and massive data centers in a world-spanning information fabric known as the Internet of Things.

Pew Research defines IoT as follows: A global, immersive, invisible, ambient networked computing

These newly identified efficiencies can then be transferred to other networks as data is shared and


Well-established technologies like bar codes and QR codes, along with new technologies like digital watermarking and RFID chips can all be harnessed by IoT to track and monitor a wide range of objects and processes. The resulting data, when analysed, can highlight inefficiencies which can then be neutralised.

analysed in a wider context. The ultimate effect is an intelligent system of systems and a transformed business operation. The full impact of the IoT is still several years away, as IoT based systems are being implemented in an ad hoc manner, further hampered by the limited number of IP (Internet Protocol) available addresses. Currently, there are no defined global or government policies or standards to police the implementation of the concept, no commonly accepted security protocols and no clear legislation on the ownership of data generated. Without standards to promote interoperability, the concept is limited. Overwhelmed by shortage of storage spaces, shared storage ‘units’ were created in places called clouds, which although expanded interest in collecting data for analysing to further development, brought its own problems. Some of the more serious considerations include security and privacy concerns, cloud capacity and wider impact of data centers on the environment. While various consortiums work to develop such standards and new IPv6 communications protocols are being rolled out, savvy business leaders should be preparing for the eventual adoption of ambient intelligence.

Benefits of IoT The medical, communications, retail, energy, transportation and construction sectors will be among the first to leverage the benefits of pervasive computing. For the medical patient, IoT can make full medical histories immediately available to caregivers without potential delays from assembling multiple paper records from various locations. And for society, IoT can provide the data needed to intelligently deploy medicines and other resources, to spotting health trends and to reducing overall health care costs. For the shopper, IoT can personalise the experience by dynamically pushing sales, specials and products tailored to the shoppers’ tastes. Analysis of big data would ensure that desired items are never out of stock, that warehouses do not carry excess inventory and that prices remain competitive. The traveller would certainly enjoy faster commute while society benefits from reduced emissions, reduced transportation related costs and reduced delays.

The concept is not ‘pie in the sky’ technology, its implementation has already begun and has been embraced by many business sectors. The energy and construction sectors have leveraged the use of microprocessors and RFID chips in various components to optimise energy generation and consumption in homes, offices and factories. A collection of interrelated end points feed data into complex software applications that then send instructions to various devices that control everything from lighting and atmosphere. Today’s consumer uses a smartphone and many may also have a smart watch. They surf the internet using a tablet and in some cases a smart TV. They drive cars with GPS navigation, order goods and services online and use a swipe card to access their office or savings at the supermarket. They protect their homes with remote controlled security systems. Already, today’s consumer is connected. By hyper-connecting humans with the ‘things’ around them, marketers can parse the incoming data to develop targeted promotional campaigns and garner real time feedback on consumption; and then based on the feedback, marketers can modify the product supply chain. Savings gained by increased efficiencies can then be passed on to the consumer increasing competitiveness. Other possibilities for the technology will present themselves as the technology evolves and business managers eager to realise the potential need to get ahead of the game. Remember: “Technology is ruled by two types of people: those who manage what they do not understand, and those who understand what they do not manage.” —Mike Trout I accepted Wealth Magazine's invitation to feature my personal story in their 16th issue with some reservation. I was hesitant because often interviews can get lost in translation, however, I should have known better. Wealth Magazine consistently puts out classy, professional and relevant articles for aspiring minds and I am looking forward to your continued success story.


Chairman, Caribbean Producers (Jamaica) Limited

When each of these systems ‘speak’ to each other, the intelligent system of systems further scales the benefits.




Using Technology to Increase Business Productivity


he numerous advances in technology today mean increased efficiency and productivity for many companies. They invest in unique tools and gadgets not to be a part of some new age phenomenon, but to maximise the potential of their staff and to ensure that the business is operating at its optimal level. Whether you own a large multimillion dollar corporation or a small business; the goals are similar. Companies want to make as much money as they can and save as much money as they can. However, in order to reap the rewards of success they must ensure that employees are equipped with the necessary tools needed to get the job done. Here are some useful tools, apps and gadgets that can help you make better use of your most important resources: your employees.



This is a web based productivity application that sends out emails each day to track the tasks that have been completed. It has been quoted online as “the secret to unlocking team productivity”. Since its main goal is to track employee productivity, it is ideal for large teams. Every member can report his or her contribution to the team for the day and is also able to view what other team members have accomplished. It is also a motivational tool for



By Alicea James

employees because knowing what you did or didn’t do on a particular day will motivate you to do better the next day. It can also prove effective for teams that work remotely, as it allows each team member to stay in touch daily. Also, if you are working on a joint project, this is a great visual way to see where each person stands. iDoneThis is free for personal users, but groups or companies have to sign up for a monthly package which costs US$5 per month, a little more than J$500.

Bill Minder

Bill Minder is the ideal app especially for small companies as it helps to track your recurring expenses through the use of comprehensive graphs and reports. It allows you to see where the company is spending the most money and where it can save on certain expenses. You will never be behind on another bill as the app instantly shows bills that are approaching their due date. Other features include: monthly bill list, account history, calendar, and automatic due date adjustment. Bill Minder also backs up your information so that data can be recovered even if your device is lost or stolen. This app is available for android devices and there are some features − multi-currency support, calculator, passcode protection, export to CSV, email backup – that are only available on IOS.


If you’ve never used dropbox, you have been missing out

on something great. It is one of the most convenient tools you could ever hope to use in the workplace− especially offices that constantly need to share files, folders or photos with each other. This is a free service that allows you to effortlessly store and share documents, videos, photos etc., and can it be synced with your devices. Anything you add to Dropbox will show up on your cell phone, tablet, PC and can also be accessed from the Dropbox website, so you can retrieve the files wherever you are. In a business environment it is an alternative to a shared server. So, if you want to share travel documents, workplace manuals, articles or spread sheets, this app will serve you well. And if there are files that you don’t want to share, there is an option for that too. Dropbox is free for Windows, Mac, and Linux and you can get 2 GB of your files stored for free. If you require more space, you can upgrade to Dropbox Pro for an additional 50 GB of storage.

Gadgets Portable Projector

In the business world, visuals often paint a much better picture than simply standing in front of a group and speaking for hours and hours. After the first five minutes, you could lose your audience- no matter how important the subject might be. This is why many employ the use of projectors to show what some cannot visualise. And, technology has made some well needed improvements to the projector we once knew and loved, in the form of the portable projector. First, the brightness level for this gadget has been vastly improved, so you don’t have to squint your eyes to see what’s on the screen anymore. Also, some brands such as the iGo portable projector allow you to project videos up to the size of a 70” television onto any presentable surface. These projectors can also be connected to laptops, tablets and even mobile phones, and the battery life can last for more than 1 hour; if you are not close to an electrical outlet, you still have enough time to conduct your presentation without interferences. No matter where your information is stored or where you have to make a presentation, chances are this portable projector will be an effective tool in your business. Oh and the best part, it can fit in your pocket!


This is a small Lantronix appliance that allows for wireless printing from any IOS device, cell phone, tablet, laptop, chromebook or PC. This is super convenient for persons who might have important information stored on different devices and do not want to deal with the hassle of having to transfer all the info to a PC in order to print it. With automatic printer discovery and configuration feature, it provides hassle-free mobile printing. Once the xPrintServer is plugged into the network, it automatically links all user IDs to all printers on the network, enabling cloud printing in minutes. It also offers printing to USB printers, which can be plugged into the USB port and supports USB printer sharing for both PCs and Macs. There are many other tools on the market right now that can drastically improve business productivity. It is best to figure out which ones will be more effective for your type of business. Also, before you invest in any new technology make sure you do a little investigation on the device before you spend on a gadget that could ultimately cost you more in the future.

Wealth Magazine has hit a winning note with its cutting edge approach to marketing. They have brought to the scene a unique flair for creating experiences for their clients. Through various media they continue to deliver engaging and inspiring events that have no doubt raised the bar for marketing in Jamaica.


Executive Chairman, Guardsman Group Ltd.



President of Guardian General Insurance Jamaica Limited Karen Bhoorasingh (right) presents a 5K participant with her 1st place trophy for one of the age categories on stage during the awards ceremony following the inaugural Guardian Group/ UHWI 5K New Kingston Night Run.

These three adorable little girls smile for the camera ahead of the 5K event.

Female winner - Danielle James receives her trophy from President of Guardian Life Eric Hosin. James won the female run category in a time of 19:13.

Male winner - Shawn Pitter receives his trophy from President of Guardian Life Eric Hosin. Pitter won the male run category in a time of 15:34.

Thousands of participants enjoying the After Race Lyme in the Guardian Life parking lot.

‘Bolt look-alike’! One would have to do a ‘double take’ to notice this isn’t the World’ Fastest Man ‘Bolt’ crossing the finish line at the Guardian Group/UHWI 5K Night Run.

The beautiful belles of the Wealth family strikes a pose after completing their 5K run at the Guardian Group/UHWI event on June 21.

NCB’s Belinda Williams was spotted among the participants at the Guardian Group/UHWI 5K Night Run.

These lovely ladies of team ‘Lyming Girls’ strike a pose ahead of the start of the inaugural Guardian Group/UHWI ‘Keep it Alive’ 5K Night Run.

Member of Parliament for South Eastern St. Andrew Julian Robinson shares lens time with Dr Hyacinth Harding Goldson (right) and Ms Barbara Garcia - both of the UHWI and also members of the 5K Committee.

‘The couple that runs together stays together!’ This cute pair pose for the shutterbugs ahead of the start of inaugural Guardian Group/UHWI ‘Keep it Alive’ 5K Night Run.

Sheraley Bridgeman (left), AVPBusiness Development - Guardian General Insurance Jamaica Ltd shares lens time with a 5K participant.

Boxer Tsetsi Davis (centre) spotted with two other participants at the inaugural Guardian Group/UHWI 5K event on Saturday June 21.


Heston Hutton’s

many firsts By Shanica Blair


eston Hutton is a realist and a stickler for time when it comes to getting things done. He considers himself an impatient man who believes in doing several sprints instead of a marathon. It is this mindset that has led this seasoned business development professional to so many successes in his more than 25 years of experience in the financial sector. Hutton is the managing director and co-founder of Centralized Strategic Services (CSS), a company that offers management and consultancy services to other organisations. But how did he journey from humble beginnings to his current position? He credits his mother, whom he had a “powerful” bond with, for his entrepreneurial genes and hardworking mindset. “Everything I know stems from that great woman. My mother worked really hard so that her four children could have the best of everything. I have watched her work for days falling asleep around the sewing machine and on many occasions getting so tired the needle ran through her finger.” It was his mother who had him transferred to Vaz



Preparatory; a privilege not given to his older siblings. Despite not doing well for most of the time he was at Vaz Preparatory and hiding from a few of his classes, Hutton was able to improve just in time to obtain passes for Calabar High School after sitting the Common Entrance Examination.

E-Payment infrastructure at the Jamaica Co-operative Credit Union League (of which CSS is a subsidiary). He has also spearheaded the development of National Strategic Plans for the more than 40 credit unions in Jamaica with a customer base of approximately one million members.

For the first 20 years of his life, Hutton was clueless as to the career path he should take. What he was sure of though was that he was not interested in the sciences; a decision which caused major upset among his teachers because he was very good at those subjects.

Amid his professional endowments, Hutton also has the honour of being one of the youngest Justices of the Peace and actively serves his community as a board member of several schools.

“Really and truly, I was just enjoying life while I was attending Calabar High up to the age of about 16 when my older brother died from a sudden heart attack. That caused me to grow up instantly. His death shocked me and my family and it tested us and brought us closer even though my parents divorced after that.” Hutton stood by his commitment to work hard and went straight into the world of work after graduating high school. At that time Hutton was still uncertain of his career path. His random jobs working as a counter clerk ,then as a cashier at the National Commercial Bank (NCB) became a blessing in disguise that paved the way for his future success. His manager at the time signed him up for a scholarship to study at the College of Arts Science and Technology (now the University of Technology) to pursue computer studies. After completing his studies he went on to CIBC Jamaica Limited where he was recruited as a business specialist by Anne Shirley. During the first year at the company, he was selected as regional manager for CIBC West Indies Holding to head the bank's problem and change management operations for the Caribbean. He later went back to NCB where he stayed for nearly ten years in several positions before moving on to the Jamaica Cooperative Credit Union League in 2009. The financial whiz later completed a post graduate diploma in Business Administration at the Mona School of Business and is now the holder of an Executive Masters in Business Administration with a concentration in Management Information Systems. During his career, Hutton has contributed to many 'firsts' in the financial sector in Jamaica. He developed Jamaica's first stored value card and was instrumental in the deployment of mobile and drive-thru points of sale while at NCB. He pointed out proudly that NCB was the first to offer ‘mobile money’ in a regulated environment. He also established the company's enterprise project management office and methodologies. Hutton is also associated with other new initiatives such as the ‘stored value card’, which allows customers to load cash unto the card and use it like a credit or debit card. His successes didn’t stop there. During his time at CSS, Hutton has also been credited for conceptualising various projects and has successfully led the implementation of various



No tolerance for excuses

Famous Italian poet Dante Alighieri is quoted as saying, “The wisest are the most annoyed at the loss of time.” It must be for that reason why Heston Hutton has no qualms about his impatience. In fact, he credits it for his dedicated and nononsense work attitude. “Anything I get involved in I must know exactly what I’m doing and I must have an appreciation of something before I ask someone to do it. I will never ask someone to do something I wouldn’t be prepared to do as I have no tolerance for excuses. While some of his co-workers might consider him a hard taskmaster, they are quite accepting of his management style. He believes in an inclusive approach to management and welcomes the input of all employees in the decision-making process. For him it’s about getting things done. “You have to be thick-skinned; I don’t take things personal. I speak to issues not people and I don’t like people who lack ambition.” Despite his beliefs, Hutton was quick to point out that while it’s important to deal with issues in a professional environment, he’s always involved in the personal lives of employees as he seeks to help them achieve their personal ambitions. He also believes there should be no mismatch between an individual’s personal and professional goals. As a family-oriented individual Hutton believes the importance of respecting self and others should not be over-emphasised. Congrats to Garth and Leighton for developing and sustaining a first-class product that sits in most corporate offices in Jamaica. Wealth Magazine has set very high standards in its quality and content – admirable for a young magazine, and reflective of the vision and drive of its founders.

Donovan H. Perkins

President & CEO Sagicor Life Jamaica Limited



Sol UCareer Showcase WI Mona Career Expo


ol’s reputation as a leading regional company for Caribbean students seeking internships or pursuing highly fulfilling careers has been enhanced following the Sol Career Showcase recently held within the Annual Career Exposition of the Mona Campus of the University of the West Indies. The highly interactive and digitally presented showcase which engaged hundreds of keen students over three days received very positive reviews from students who praised it as thoughtprovoking, enlightening and informative. A team of Sol employees from across the company came together to interact with students visiting the showcase, which was held as part of Sol’s overall educational mandate to assist university students across the region. By all reports, the Mona showcase has indeed been enlightening both for students and company representatives who saw it as an opportunity to share their perspectives on the vision and goals of the company and what it meant to be a Sol employee.

Employees were able to share information on Sol and how the company does business, while students were very interested in hearing about the Sol scholarship programme, CSR initiatives, internships and careers at Sol. Another positive feature was the varied representations from the company with a team that included previous Sol scholarship winners and former interns who were able to share first-hand experiences with students visiting the showcase tent. Students would also have appreciated the digital nature of the Sol Showcase which utilised short stimulating video clips for the majority of its presentations. The sessions were also very interactive and provided several informative takeaway items. Sol also adopted an organised approach to the showcase scheduling presentations at specific times, so that students could plan their visits. Topics included ‘How to dress appropriately for the workplace’ and ‘Qualities to look for in an employee’.



Halroy Bernard (far right), previous Sol scholarship winner and now employee of Sol Barbados surrounded by students at the Sol booth inside the UWI Career Fair.

L-R Front row Shola Mapp ( Sol Barbados) Back row (I Dwayne Worrell ( Sol Barbados),DexterDean Colquhoun ( Sol scholarship winner, UWI ), Loncey Earle & Karoline Smith ( Sol Western Caribbean), Halroy Bernard ( Sol Barbados, former scholarship winner).

Colinnette Wilson ( Sol Jamaica) delivering a presentation on the ‘Expectations of the UWI graduate’ at the UWI Career Fair held at the Mona campus.


FREE FORM FACTORY: A Different Approach


ost of us are content to fall in line with the established order of things. There are those, however, agitated by a need for change, who challenge the conventional approach and innovate in ways we never thought imaginable. Determined, stubborn and even a little crazy, it’s the Nelson Mandelas and Steve Jobs of the world who truly make a lasting impact. Though initially faced with tough resistance, through hard work and a unique ability to spot opportunities others miss, these eccentric thinkers eventually triumph and show us a new way forward.

By Joni Wedderburn In the 1970s, a young Jamaican studying in Canada went rogue. While everyone was fleeing the island, he decided to return home and set up a new business. Not only was he preparing to work in an unstable setting but he was also planning to introduce material into the marketplace that few Jamaicans understood. “When I was in college I decided I didn’t want to work for anyone but I soon learned starting a business was very rough”, shares Keith Edwards, Managing Director, Free Form Factory. “Fortunately, I had something in me: a definiteness of purpose. I was very desirous of doing this for me and proving to myself that I could do it”, he explains.

While living in Canada, Keith was exposed to bean bags and eventually looked into its raw material, expanded polystyrene (EPS). Fascinated by this distinctive furniture, he decided to retail it back home, and in 1982, he opened Curved Space, the first and only Jamaican company to manufacture bean bags. With similar machinery and base products, a new company, Free Form Factory, was launched, making the natural move into manufacturing and supplying EPS products. An extremely versatile material, today, EPS is used in building construction, insulation, road rehabilitation and sound proofing. Looking to enter the construction industry, Free Form Factory adopted a



building system that incorporates concrepanels made of EPS foam encased in steel, with an inch and a half concrete applied to both sides. Using this method, builders first create a foundation with steel reaching up a meter high. They insert the panels and connect them, all while ensuring the walls are straight and the corners are square. Once the electrical and plumbing are installed, concrete is added either manually or sprayed on with a machine. By replacing the traditional use of concrete blocks, buildings that use this light weight, easy application method require less construction time and fewer people, helping to significantly cut costs. This environmentally friendly EPS foam insulates 10° – 15° cooler than the average block and steel and the material is also earthquake and hurricane resistant.

including a mock bank and restaurant, which will give children an opportunity to get a first-hand feel for working in those sectors.

To create cooler classrooms for students, the National Housing Trust (NHT) recently approved Free Form’s building method for a basic school in Trench Town, Kingston. The company collaborated with the project’s contractor, selling them the materials and providing ongoing training and supervision throughout the building process.

on subgrades and minimised settlements while improving the overall stability of the roadway. “People thought we were insane to be using foam on the road”, Keith jokingly remembers. “When we did the job here in Jamaica, it was the first time it was used in the Caribbean. We’re very proud to be innovators and we’re very happy with the success we’ve had with that project.”

After submitting a proposal, which was 22% cheaper than its competitors, Free Form was also chosen as the preferred bidder for Junior Achievement’s BizTown at the Caenwood Resource Centre. The company is currently refurbishing an existing 1500 sq ft building by putting up partition walls, creating new bathrooms and developing an open space for training activities. Free Form is also working on seven small buildings on the property,



In addition to construction, Free Form Factory has also tackled the rehabilitation of local roads. In 2009 and 2012, Bouygues Travaux International faced a daunting challenge on the Portmore leg of Highway 2000: the road was sinking because of heavy traffic use and soft soil conditions. Since it was built on reclaimed land, traditional fill material was not an option as it would be too heavy for the underlayment. Instead, the company tapped Free Form to provide geofoam made from EPS, which would work as a lightweight fill with great compressive strength. The material also reduced stress

The versatility of EPS enables Free Form to constantly expand its product offerings and services. The company has developed an external insulating finishing system, which was used on the Digicel and Urban Development Corporation buildings downtown; constructed cold rooms for Creamy Corner and the Jamaica Pegasus; leveled a sinking floor at the Insurance Company of the West

Indies with a special lightweight concrete made from EPS beads; and provided architectural mouldings for the Vice Chancellor Building at the University of the West Indies and Jewel Paradise Cove Hotel. “The product is used worldwide in Europe, North America, Chile, and Spain, and is currently being incorporated in the earthquake recovery effort in Japan and Haiti”, reveals Keith. “The market isn’t fully developed in Jamaica but our company is getting a lot of attention now. We try to engage builders and teach them about the product and we see where young engineers are embracing it.” Interestingly, in 1845, a Jamaican-born chemist, John Buddle Blyth, was one

of the early pioneers of polystyrene research, so perhaps Keith Edwards’ foray into the industry isn’t so farfetched after all. Though his company continues to face some resistance from those who stand by established construction practices, members of the sector are starting to take notice of EPS. After successfully completing several high profile projects, Free Form Factory is looking to shift local perceptions of EPS from an unconventional, little-known material to a widely-used, mainstream product.

Columbus Business Solutions Joins Business Telephone Race


olumbus Business Solutions (CBS) is set to challenge the dominance of LIME in the business telephone market with its hosted PBX solution.

Using internet-based cloud technology CBS will now offer small, medium and large businesses solutions that will eliminate the heavy capital expenditure associated with traditional PBX systems. Instead, CBS is offering its clients a suite of services on a monthly subscription basis which allows businesses the flexibility needed to adjust to the dynamic Jamaican business environment. To highlight this innovation, renowned IT analyst, Michael O'Neil of Bloomberg, led a workshop on July 2, 2014 to help customers understand the impact of technology in reducing their costs. According to O'Neil, “customers now understand and expect more flexible pricing options. For example, if you run a five person company today, but you plan on having 20 people in five years, you need to buy a 20-person PBX system...which means that you're paying for 20 people worth of capacity, even though you only have five users today. And if you're really successful, and you get to 20 people in four years, and suddenly need to hire five more to take on a temporary project, you need to upgrade your unit, which is expensive and time-consuming - and then you're stuck with the extra, expensive capacity, even after the project is over.” O'Neil commended CBS' Managed Solutions for providing customers with flexible pricing options, in addition to improving operational efficiencies in a challenging economy. He explains that, “once businesses understand that there is an alternative to forecasting future demand, and then ponying up a large amount of cash to buy capacity beyond their current needs, they naturally want to take advantage of the alternative. Hosted PBX meets an inherent desire for businesses, especially small businesses, to match current payments to current needs.” “A hosted PBX system allows small and medium-sized businesses to have a sophisticated telephone system without the investment in telephone equipment. In fact, the entire telephone system is operated and maintained by Voice-



over-IP (VoIP) service provider like CBS” says Grant Hume, vice president of CBS. “A Hosted PBX lets employees work from their home, a hotel or on their cell phone while still being connected to their office telephone system. The flexibility described by Grant is supported by O’Neil who also points to the benefits to the bottom line of businesses. Columbus intends to showcase how existing internet business clients can use the Hosted PBX system to integrate their operations in Jamaica as is done worldwide. Micheal O’Neil was the keynote speaker at CBS Workshop entitled “Enabling tomorrow’s workforce today with Hosted PBX” at the Jamaica Pegasus on Wednesday, July 2, 2014.

Minister of Industry, Investment & Commerce Anthony Hylton greets the Columbus’ men - vice president of Marketing Donovan White, Director of Columbus Business Solutions Jenson Sylvester and Sean Latty, newly appointed Managing Director of the Company at a recent workshop that presented a 1st world business telephone solution to the SME Market.

Technology Expert Michael O’Neil talks about savings and operational efficiencies for SMEs with Columbus’ vice president of Columbus Business Solutions, Grant Hume as colleagues Managing Director Sean Latty and Gail Abrahams listen attentively during a workshop on Hosted PBX in July 2014.


Surveying the

Jamaican Business Landscape By Dennis Brooks





ny businessman with half a brain knows that there comes a time, ever so frequently, when inventory must be taken. It’s not something to dodge or dither about. It’s a fundamental exercise that ensures the entrepreneur is cognisant of the ‘state of play’ within his/her organisation. Well, if this is to be believed (and it is) then the same can be said about the entire economy. Since the Great Recession, Jamaica has continued to navigate treacherous waters, all the while seeking to deliver the promise of securing greater fortunes for its people; fortunes that lay somewhere ahead. But are we on the right track to that illusive somewhere?

Now, I think, is a good time to pause and look back at what we believe will go down in Jamaica’s economic history as a watershed period for our economy. In 2011, Wealth Magazine engaged its readers in an assessment

of the state of play at the time. Looking back, there is so much that has changed, that we’re pretty sure it’s time for another assessment.

Re-engaging the IMF As soon as the storm clouds of the global economic crisis began to loom, many economic observers began to quietly whisper three letters that seemed to represent some great evil too grave to be spoken; I-M-F. No comparison of the Jamaican business landscape in 2011 and 2014 would be complete without mention of

the impact and performance of the government’s IMF programme. Jamaica’s history with the International Monetary Fund has been a story of national anxiety surrounding the meeting of stringent conditionalities and a whole range of subsequent periodic performance tests that had debilitating impacts not only on Jamaica and the Caribbean but many other developing nations that came in contact with the multi-lateral.

Wealth Magazine caught up with Chartered Accountant and Economist, Dennis Chung; he argues that a key difference between now and then is greater ‘stick-to-it-iveness’. “I don’t think there was the discipline around fiscal expenditure. Remember that in 2010, there was some retroactive adjustments made to the salaries of some public sector worker which caused us not to meet our fiscal expenditure target. The other thing is that there was not a legislative agenda supporting the programme at the time. The IMF insisted this time that legislative reforms happen before money came. The last time we got the money front-loaded. So there was a different impetus to force people to act in a certain manner”, he explains. Regardless of which side of the political divide you view our economic history; the fact is that, the current Finance Minister, Dr. Peter Phillips, and his team have managed to harness national support and neutralise certain political pressures in a way that has ensured tests have been passed. There is, however, another important distinction between the current IMF agreement and the one which existed previously; namely the presence of an Economic Partnership Oversight Committee (EPOC). This time around we have the programme being watched by the private sector and trade unions with regular updates to the public. Dennis Chung believes that EPOC “…acts as a safeguard. When things aren’t going right, we know in advance or shortly after and pressure can be put on the government from that perspective. So there’s a whole lot more public-private dialogue that supports the programme now, as opposed to at that time.”

JDX-NDX: Po-tay-to/Po-tah-to In January 2010 GOJ announced its Debt Exchange Programme (JDX), which would seek to exchange approximately $700 billion local fixed rate, variable rate and USD denominated bonds with new bonds with extended maturities and reduced interest rates. The success of the JDX was paramount to the IMF deal at the time. In February 2013, the government announced that Jamaica would restructure local debt for the second time in three years; asking bondholders to exchange $860 billion of higher interest JMD debt for lower yielding bonds.



Mr. Chung notes that the impact of both debt exchanges was similar. “What it did was reduce the debt obligation from an interest point of view. So the cash flow of the government improved in two ways; (1) from a permanent point of view by reducing the interest rate and (2) by extending the payments out of the debt. So it saved tens of billions of dollars in both cases and freed up cash for the government; in both cases.” And yet, financial institutions came under significant pressure because of both debt exchanges, but the last one in particular – given that the first one impacted them and they had obligations on the liability side. Dennis Chung explains that: “On the asset side, they weren’t earning as much. So in the short term they would’ve had some problems. The thing about financial institutions in Jamaica is that they have good structure and good people working there and eventually, they work things out. Over a period of time there were adjustments to the interest payments that they made to bring it more in line. So it would eventually have sorted out. What it has done is reduced interest spreads, so people aren’t making as much. The risk is much lower.” A benefit of having to adjust to both JDX and NDX is a certain ‘forced creativity’. Financial institutions can’t help but look to new areas of business. In the Bank of Jamaica (BOJ) credit report, it showed that more money is being loaned to the business community as a percentage of total loans and more money is getting to the MSME sector. Dennis Chung concurs with this view: “Banks are being forced to get more creative. Fees are increasing as a result of increases in the cost of doing business. But it can’t increase as much as the cost of doing business because there is so much competition. But they’ve had to get creative because the returns from government paper have been cut.”

Acquisitions and Mergers It would be remiss of us to reflect on the past three years without highlighting some of the strategic alliances that have been formed in several sectors. While all mergers and acquisitions are important to their investors and stakeholders, there are some that stand out for their significance in the Jamaican business environment. During the period under consideration, the movements of one particular company in the market have had considerable impact; namely the Sagicor Group. From even before 2011, when the group acquired Blue Cross Jamaica (in 2008) for $1.7 billion, it became clear that there was a larger vision being unfolded. It did not come as much of a surprise to shrewd market observers in January 2014 when the Sagicor Group announced it was acquiring RBC Royal Bank, RBTT Securities, for just under $10 billion dollars. Last summer, the Jamaica Money Market Brokers (JMMB) Group took over Capital and Credit Merchant Bank; rebranding



it as the JMMB Merchant Bank. At the time, Group CEO at JMMB, Keith Duncan committed to remaining focused on the financial health and happiness of clients. CEO of the merchant bank, Jerome Smalling promised that the acquisition would offer a new way of banking to Jamaicans. Earlier this year, GraceKennedy sold it subsidiary, First Global Financial Services to Proven Investments for $3.5 billion. When the sale was complete, GraceKennedy Group CEO Don Wehby remarked that, given their long-term strategic objectives of generating a higher return on equity, the company felt it should focus more specifically on its commercial banking business. Acquisitions were not dominated by local companies alone. Indeed, international companies got in on the act. Italian, Campari Group agreed to purchase a majority stake in Lascelles deMercado, makers of two of the most iconic symbols of Jamaican culture: Appleton and Wray & Nephew White Overproof Rum. Campari initially acquired 81.4 % of Lascelles from CL Financial, with shares valued at $36.8 billion.

Digicel/Claro deal “And then there were two…” might have been an appropriate response to news in March 2011 that telecommunications giants Digicel and America Movil were working out the kinks of a deal that saw Digicel buying its Claro business in Jamaica and America Movil acquiring Digicel’s business in El Salvador and Honduras. While non-disclosure agreements prevented the public from knowing the definitive value of the deal, it’s understood there was a net payment to Digicel in the region of US$350 million. This acquisition proved complicated and even drew the ire of several observers and players in the sector. It was argued by some that the deal served to increase Digicel’s hold on the local market, weakening LIME’s ability to compete. When the deal was announced, then-Prime Minister, Bruce Golding included a proviso into the deal that sought to act as a check on Digicel’s dominance. Digicel was ordered to continue operating two separate

networks. Digicel wanted to integrate the operations into a single network but Mr. Golding was not having it, “Digicel will therefore be required to maintain a separate network and complete a separate build-out of 90% penetration of the island as required under the original Claro licenses. Fulfillment of these obligations will be vigorously monitored and enforced”, Mr. Golding said in Parliament. The condition was subsequently removed and life without Claro has moved on. Interestingly enough, Digicel’s competitor LIME has managed to do more than survive. Losses have tumbled, profits have grown and customer base has expanded. With prices being slashed several times, one might suggest in relation to the Digicel-Claro deal; “All’s well that ends well”. These and other mergers in the Jamaican landscape underscore the fact that the market has become significantly more competitive. As aggregate demand, employment and real wages all decline, companies are forced to take drastic action. Dennis Chung views what has taken place in recent years as a natural evolutionary process. “When markets contract as they have, then it’s not going to be able to support the same number of players. It first started with laying-off people, but then people began to realise that they had to merge in order to survive.” A similar scenario played out in the US in the aftermath of the 2008 crisis when several mergers took place because of the contraction in that market. Chung argues that, given time, markets will recover and new entrants will return.

Energy: The Price of Failure Despite being hailed as the key to unlocking Jamaica’s developmental potential, fundamental moves toward energy efficiency have failed miserably. As a result, Jamaica’s dependence on foreign oil has been a proverbial millstone hanging around the neck of the economy. However, in 2010 the hopes of the people were excited by the promise of a fundamental shift toward Liquefied Natural Gas (LNG), which would significantly reduce the cost of energy production, making the cost of managing both homes and businesses more affordable. The government selected international shipping and natural gas company, EXMAR, to implement the project. The project was forecast to cost US$600 million plus the cost of the gas and the shift from oil to LNG was proposed to be fully operational by the end of 2012. Dogged by breaches of various procurement guidelines, the project was derailed and abandoned, leaving Jamaicans wondering if cheaper energy could ever be a reality. With the end of 2011 came the end of the Jamaica Labour Party administration. In February 2012, Energy Minister, Phillip Paulwell, stressed the Government's intention to continue the LNG project started under the previous administration. It was







later announced that a 381-megawatt power project was being embarked upon, with Energy World International being given the executing contract. But yet again, the project has gone off the boil. Not only has the project been bedeviled by procurement problem after procurement problem, but the glaring parallels with previous failures are only too apparent for anyone with minimal gifts of recollection. Economist, Dennis Chung argues that these repeated failures are doing considerable damage to Jamaica’s productivity. “It’s significant because what it means is that our businesses are not going to be very competitive. The only way for the economy to really grow is for it to industrialise, but those things require a lot of electricity use.”

To Float or Fix: The Exchange Rate Conundrum Figures from the BOJ show that the Jamaican currency hovered between the $85 - $86 dollar marks in 2011. However, the local dollar lost almost seven dollars in value against its US counterpart during the 2012 calendar year. According to the BOJ, on January 1, 2012, it took $86.60 Jamaican to purchase US$1. By December 31, 2012, it was taking a record $93.12 Jamaican to buy US$1. The rate of decline in the value of the Jamaican dollar last year was the fourth highest over the 2000 to 2012 period. The summer of 2013 saw much anxiety within the local economy surrounding the dollar passing the psychologically significant $100 mark. In the 12 months since that day in late June, the JMD has lost an average of a dollar per month to its US counterpart. At the time of writing, the dollar was trading at $112.86. The implications of the persistent slippage have been the source of heated debate in various quarters of the socio-political economy. Opposition Leader, Andrew Holness, accused the government of tacitly agreeing with the IMF’s policy of devaluation. At the time, Holness argued that to pursue a policy of devaluation would be to ignore the many structural issues facing the country. He admitted that while the devaluation of the Jamaican dollar could be beneficial in the future, it was not constructive at the time. Holness stressed that, while there was a clear need for reform, the government had chosen the wrong option.



Head of the Department of Economics at the University of the West Indies, Dr Damien King, takes a very different view of the exchange rate. He insists that anything affecting prices in the economy is going to affect the US dollar as well. “Every day you go to the supermarket, you notice that a few things go up. The longer you go without seeing an increase in the loaf of bread is the more you know it’s inevitable. At some point the inflation that is affecting everything else is going to reach everything…the loaf of bread and the US dollar.” Dr. King believes the dollar must be allowed to find its true value. Dr. King further argues that in Jamaica’s floating exchange rate regime, “It's completely unrealistic and damaging, because the longer prices go up in the local economy and the exchange rate stays at the same level is the more you’re subsiding imports and making it hard for local manufacturers to stay in business.” Given recent statements from IMF Managing Director, Christine Lagarde, suggesting the dollar is likely to see further slippage in value, what is the solution? Dr. Damien King argues, “We need to create a situation where we have sufficient monetary and financial stability in Jamaica, anchored by monetary policy, which is going to give us a low inflation rate of 2-3% per year. When you have that low inflation rate you will find all the prices will stop rising rapidly. At that point, it won’t matter if the rate is pegged or not because it will be stable.”

right direction.

In the final analysis, every political, business and social leader will highlight the challenging times he or she faced when placed at the helm of whichever organisation they’re a part of. The batsman will note the sticky nature of the wicket on which he is called to make runs. The challenges that face us as a nation of entrepreneurs in 2014 will be different from those that face us in the future, but it is for us to learn the critical lessons from our respective times, so as to evolve in the

Jamaica is one year into an IMF agreement that seems to be going very well from a policy perspective. Whether that success translates to an ideal environment for us to live, work and do business is yet to be seen. Entrepreneurs continue to adjust to the rising costs of doing business and the increased competitiveness in their respective markets. Although the ‘bitter medicine’ is fresh on our economic taste buds, we all continue to press our way ahead in the endless pursuit of wealth.



By Ryan Strachan s President of the International Monetary Fund (IMF), Ms Christine Lagarde, left Jamaica’s shores on Saturday, June 28, 2014, many Jamaicans I’m sure were asking the same question: “Well, if we’ve done so well post-programme implementation, what comes next? Where do we go from here?”

I never take pleasure in being the bearer of bad news, but if I had to bet, I would place my wager on an increased dosage of bitter medicine with a spoonful of reform. The reality is that our nation’s state of affairs is not sustainable in its current state, and the ship will have to be steered onto the right path. The unfortunate thing is that, this steering will result in severe pain to the pockets and fortunes of many.



The state of affairs continues to be precarious, despite the record Eurobond issue of US$800 million in the week ended July 4, 2014. For the preceding quarter ended March 31, 2014: “During the first quarter of 2014, Jamaica imported goods amounting to US$1,411.8 million compared to the US$1,646.7 million imported in the January to March quarter of 2013. This represented a decrease of US$234.9 million or 14.3%. Total exports for the period amounted to US$358.3 million, down from US$468.9 million in the 2013 period, a decrease of US$110.5 million or 23.6%. At the end of the first quarter of 2014 the total merchandise trade deficit amounted to US$1,053.5 million compared to US$1,177.8 million in the similar quarter of 2013.” While a fall in imports is encouraging, the fall in exports is


JUNE 2014 Where do we go from here?

very disappointing given that within this pattern of doing business lay one of Jamaica’s means of financial independence. It is interesting to note that imports continue to quadruple export revenues, and as such, our trade arrangement is inherently unbalanced. It is therefore no wonder that the foreign exchange rate remains under pressure by virtue of devaluation and is likely to do so for some time. With that said, our issues were not created overnight, and as such, the correction is not likely to come with a night’s rest either. So the question is: – where do we go from here, as a nation? For starters, austerity will continue as we get used to living within our means. As one with a vested Jamaican interest, my hope is that the proceeds of the US$800 million Eurobond raised is put towards productive endeavours as at 7.65%, it is debt which is cheaper relative to the rest of our debt stock, and it is likely to reduce our foreign exchange demands in the short-term. This does not mean that it is time to fall asleep at the wheel. The movements toward tax and pension reform must continue, as the IMF’s targets set for us will become progressively geared towards growth numbers with the passage of time.

The multinational lender has become increasingly bearish on global growth, revising its expectations for annual global economic growth downwards from 2.8% to 2%, as at June 20, 2014. It also does not expect the USA to achieve full employment until the end of 2017, which is a fair timeline, I believe.

Where do we go from here, locally? The path of the future appears laden with necessary corrective measures until the tide has turned sufficiently. The new bond issue is great news for the nation, and with a stream of US dollars, one would hope that the pressure of devaluation would ease and maybe, just maybe we could see attention being directed towards the Jamaica Stock Exchange. Time will ultimately tell the tale. One thing is certain; the momentum achieved must not be wasted for even a second.

Where do we go from here, globally?

According to the Labour Department, USA job growth continued as nonfarm payrolls increased by 288,000 jobs in May and the unemployment rate fell to 6.1%, its lowest level since September 2008. Data for April and May was revised to show a total of 29,000 more jobs created than previously reported. A broader measure of unemployment, which includes people who want a job but have given up searching and those working part-time because they cannot find full-time jobs, fell to 12.1%, the lowest level since October 2008. The Dow Jones Index rose above 17,000 on the back of this news. On the back of a June 2014 stimulus package which included the European Central Bank cutting its main refinancing rate to a record 0.15% and moving the deposit rate to minus 0.1%, it does not appear that Europe is anywhere close to being out of the woods, but then again, considering some of the nations in the Caribbean, they can take comfort in the fact that they are certainly not alone. Let us see how the rest of 2014 transpires, and we’ll revisit the topic again in December, all being equal.

The US economy reported robust job growth numbers for June 2014. http://jis.gov.jm/wp-content/gallery/imf-head/

Minister of Finance & Planning Dr Peter Phillips greets IMF Managing Director Christine Legarde on her arrival in Jamaica on June 26, 2014.




A woman at the helm:

Darlene Morrison By Sancia Campbell


ndoubtedly, the number one subject on the lips of many Jamaicans, both at home and abroad, is the current state of the local economy. From the boardroom to street corners, Jamaicans are voicing their opinions about the economic issues facing the country. From a sliding Jamaican dollar to the high cost of basic commodity items and energy, the discourse persists‌ and the more things escalate, the louder the howls become. As far as Jamaicans know, today’s financial hardships are a direct result of the four-year Extended Fund Facility secured by the government of the day from the International Monetary Fund (IMF) some two years ago. But history can prove otherwise. The challenge of low to no growth has plagued Jamaica for decades. While a 2013 report from the Statistical Institute of Jamaica shows a narrowing of the trade deficit, Jamaica finds itself importing as much as 50% of the basic food items it consumes from other countries. Regardless of the conundrum however, there are still Jamaicans, who believe in the ability of the economy to recover and who are working tirelessly to assist in the process.



Seated at the decision making table with the country’s leading policy and financial decision makers to support the negotiations and plan for Jamaica’s economic growth, is Darlene Morrison. She too is caught up in the conversation, but hers is a dialogue of a very different kind. As the Deputy Financial Secretary in the Economic Management Unit at the Ministry of Finance and Planning, she has first-hand knowledge of the true state of the Jamaican economy. She also knows why the economy is in the state it is; and that the programme now being undertaken is the very best one to get Jamaica to achieve the Vision 2030 goals. Morrison is exactly who you’d expect to be in this position. Hers is a quiet and unassuming disposition, but that belies a powerhouse of experience, know-how and a determination to succeed. Describing herself as a dedicated officer of the Ministry of Finance, Darlene started her career at the ministry some 25 years ago fresh from the University of the West Indies. Throughout our chat, she repeated the Vision 2030 mission several times as if the words were planted in her psyche. “Jamaica is an enjoyable place to live and the intention of this programme is to ensure that Jamaica becomes the place of choice to live, work, raise families and do business”, she affirmed.

this restoration of confidence, Jamaica’s financial ratings climb and loans are easier to be secured in the market place. Despite this success though, many are puzzled by the fact that the same success being reaped in the programme is not translating into their bottom-line earnings. Ms Morrison admits that the programme is indeed a harsh one. She notes though that the fact that the IMF is in Jamaica means that Jamaica has a problem. “The objective of the IMF programme is to sustain economic growth which can benefit the country in the long run. This programme is not about any one person but about the country as a whole and the sacrifices must to be made now.” Questioned about the state of the economy, she indicated that there were several growth impediments which were stifling the economy. “Our competitiveness level, which is not limited to the energy cost and the devaluation of the currency, but the national debt which is now at 135% of Jamaica’s GDP, poses a serious threat to national growth. One of the main aims of the programme is to reduce the national debt and move towards growth”, she stated.

Darlene’s entry into the Ministry of Finance was as an economist in the Fiscal Policy Management Unit. She has since held other positions including Senior Fiscal Economist and Head of the Fiscal Policy Management Unit. Her sojourn as Deputy Financial Secretary began in 2005; a position which now sees her supervising a 44-member staff complement. left to right: Ms. Dian Black- Principal Director, Debt Management Branch (seated)

Ms Morrison revealed that significant progress has been made in addressing some of the impediments. “Since the start of the programme we have addressed the registration of business and several other legislations have been passed where fiscal incentives are concerned. Enhancements have also been made to the fiscal responsibility framework and we expect that wages and salaries will achieve the 9% to GDP by 2016.”

Ms. Darlene Morrison, Deputy Financial Secretary, Economic Management Division The Economic Management Mr. Courtney Williams, Senior Director, Fiscal Policy Management Unit Unit holds responsibility for the country’s primary balance, central government debt, social spending floor and tax With the support and assistance of public/private sector groups revenues; all of which contribute to Jamaica’s success in passing such as the Economic Programme oversight Committee, Ms those grueling IMF tests. Morrison believes that Jamaica can continue to meet the IMF commitments. “We have successfully met all our quarterly Each time Jamaica achieves a passing grade in the IMF tests, the targets and we intend to continue on this path.” country earns ‘props’ from the IMF which in turn improves the country’s standing in the international financial market. With


Cannabis Cash: Weeding the Path to Health, Wellness and Economic Recovery

By Latoya West-Blackwood

Josh Stanley




arlier this year, TechKnow branded Josh Stanley and his siblings (Joel, Jesse, Jon, Jordan and Jared) as the Chemical Brothers. This tag invokes a kind of rock star imagery but nothing could be further from that reality than the focused and composed giant of a man we met up with at the Spanish Court Hotel. The Stanley family’s meteoric rise to worldwide prominence through their cultivation of medical marijuana following the passing of the medical marijuana law in Colorado in 2008 and the research and development of the successful Charlotte’s Web strain featured on Dr Sanjay Gupta’s now infamous WEEDS documentary, has done little to shift Stanley’s humility and resolve to help the people whose quality of life depends on his work. Wealth Magazine sat down with Josh to examine the Colorado model and the health and economic lessons for Jamaica in light of the ongoing debates surrounding the legalisation and decriminalisation or marijuana. Josh Stanley has always been the adventurous type and loves being in the air. That love has led to a broken back and three surgeries to date. The third time around the pain was so bad he received opiate to give some relief. After using the drug for 3 weeks, he became addicted. Luckily, he was still sober enough to share his plight with a friend who offered him a tincture of ganja and swore by it for pain management among other things. It worked so well that he became somewhat of an herbal evangelist telling everyone who would listen about this miracle plant. There was nothing out of the ordinary from his standpoint when he announced at the family table in a Christian home that he wanted them to join him in cultivating and selling marijuana. This eureka moment came in 2007 on the cusp of what is now the booming marijuana industry in Colorado. Believe it or not, Colorado is a state in America – yes, the same country that has been waging a war on ‘drugs’ especially ganja and have deployed several resources and assets to eradicate the cultivation and illegal export of the plant regionally. However, there appears to have been a shift in mainstream global consciousness over the past decade as it relates to the health and economic potential of marijuana and its medicinal efficacy in particular. The world and Jamaica in particular has come a far way in its treatment of ganja. The plant has been used by herbalists – including the indentured Indians who took it to Jamaica in the late 1800’s – for centuries in teas and other forms. Unfortunately, most of us have only seen and known the side which has been linked to drug abuse, delinquent juveniles and mentally ill adults, some of whom have been diagnosed as bipolar, schizophrenic and depressed. Those aren’t exactly the characteristics of a healing herb or an economically viable industry; but with new research and sustained lobbying led by people like Stanley and his Strains of Hope group, the world is now looking at marijuana with fresh and clearer eyes.

Legal and Economic Implications for Jamaica

The debate surrounding the legalisation and decriminalisation of marijuana is an age-old one. Whether we want to accept it or not, Jamaica and Jamaicans have been a constant point of reference in relation to ganja. In December 2013, Uruguay, our Latin American neighbor, became the first country in the world to legalise the growth, sale and use of marijuana. How did some Uruguayans celebrate? By waving Jamaican flags and playing the music of Bob Marley. Our Rastafarian population has been using marijuana for medicinal and religious purposes for decades and is acknowledged globally as an authority



on the matter. Ironically, we continue to burn hundreds of fields annually of high quality ganja while debating the decriminalisation and the economics of medicinal marijuana which is in high demand in countries that have long realised the socio-economic benefits of legalisation. To Stanley, who has travelled the globe for research and development missions, “Jamaica is the home of ganja to many people across the world...[what you have is a situation where] your own brand is illegal”. Time, Forbes and Newsweek magazines are just a few of the top financial and news media that have zoomed in on the economic potential of medical marijuana in recent months and note it as one of the top 10 industries to watch. Stanley notes that “In 2007, Colorado was staring at a US$270 million deficit. This year we’re staring around the corner at a surplus and it’s because of the fastest growing industry in the state’s history. This is something Jamaica will either decide to embrace or the opportunity is just going to pass by. From a worldwide perspective, there’s not putting this genie back into a bottle.” Josh Stanley is confident in his analysis of the prospects for Jamaica and thinks Colorado can be used as a microcosm for immediate areas of practical action such as legislation, regulation and structure. He speaks from an authoritative

standpoint – Stanley is intimate with the industry in multiple ways having co-authored both laws, started the first political action committee, hired the first lobbyist and worked to get the first law passed. He also authored the research and development component of House Bill 1043. Just recently, Jamaica’s Justice Minister Mark Golding announced that the government is taking serious and deliberate steps towards decriminalisation before the end of 2014. Stanley has been in talks with the government and seems confident that it will move to capitalise on what he calls “the huge export potential”. In his meeting with the Small Business Association of Jamaica (which has committed to helping start-ups once the legal and regulatory policies are in place), he was overwhelmed by the amount of economic stimulus that would come from the activities of several new small businesses run by ‘weedtrepreneurs’. The Cannabis Commercial and Medicinal Task Force, the Ganja Law Reform Coalition and the National Alliance for the Legalisation of Ganja, spearheaded by Paul Burke and Delano Seiveright must be commended for seeking out and recruiting the assistance of a person of Stanley’s calibre. Since his first trip to Jamaica in January, the groups have had more than talks and have identified practical areas of collaboration as far as the current legal and regulatory state will allow.

Infographic Source: Huffington Post



Titbits Company Management – Directors’ appointments and removals


By Alethia A. Lambert

he Companies Act 2004 streamlined the procedures enabling the appointment and removal of company directors. It requires a private company to have at least one director, and a public limited company to have at least three directors, at least two of whom are not employees of the company or its affiliates. However, regard should be given to the articles of the company to ascertain the number of directors which may be appointed and any minimum or maximum number agreed on.

Every director of a company in the exercise of his powers and the discharge of his responsibilities is required by law to act honestly and in good faith with a view to the best interest of the company and to exercise care, diligence and skill in his duties. While directors wield a tremendous amount of power within a company, this is often checked by shareholder rights - one of which is the power to appoint and remove directors. It is the shareholders who own the company and the directors who run it for them.

Who may be a director?

Our legislation provides little restriction as to who may not be appointed as a director of a company. Section 181 (1) of the Companies Act only stipulates that “any person being an undischarged bankrupt” cannot act as a director of a company, or directly or indirectly be concerned in the management of any company without leave of the court. In neighbouring jurisdictions such as St. Kitts and Anguilla the law has more stringent restrictions that prevent, for example, a minor, an interdict or someone of unsound mind from company directorship. It must be emphasised that even where there are statutory provisions with regard to who may not be a director, attention must be paid to what is stated in the articles of the company.





The articles of incorporation set out the names of the initial company directors. Thereafter, directors are appointed by shareholders at a general meeting. In certain circumstances, the legislation requires that written consent of a proposed director be obtained and filed with the Registrar of Companies and that certain steps be taken in respect of any qualification shares which he/she is required to hold. There is exception to rule that directors are appointed by shareholders. Often legislation or the company’s articles will provide that where there is a casual vacancy on the board of directors between annual general meetings (AGMs), the board may fill that vacancy. The general rule is that the appointee holds office until the next AGM or until the end of the term of the person who he/she replaced. Article 101 of Table A, Companies Act provides an example. It states, “The directors shall have power at any time; and from time to time to appoint any person to be a director, either to fill a casual vacancy or as an addition to the existing directors, but so that the total number of directors shall not at any time exceed the number fixed in accordance with these articles. Any director so appointed shall hold office only until the next following annual general meeting, and shall then be eligible for re-election but shall not be taken into account in determining the directors who are to retire by rotation at such meeting”.


Our legislation provides for the right of shareholders to remove a director by resolution. Sections 179 (2) and (3) of the Companies Act set out the special procedures in respect of this removal. There is a requirement that special notice be given for the removal of a director and the meaning of special notice is stipulated in section 130(4). “Where by any provision contained in



this Act special notice is required of a resolution, the resolution shall not be effective unless notice of the intention to move it has been given to the company not less than 28 days before the meeting at which it is moved, and the company shall give its members notice of any such resolution at the same time in the same manner as it gives notice of the meeting or, if that is not practicable, shall give them notice thereof, either by advertisement in a newspaper having an appropriate circulation or in any other mode allowed by the articles, not less than 21 days before the meeting.” It should be noted that the articles of incorporation and or by-laws of companies in all Caribbean jurisdictions may provide for the vacation of the office of director in certain circumstances such as bankruptcy, resignation, absence from meetings without permission for a specified period and insanity. The power given to remove the director is without prejudice to any rights which he might have under any independent contract with the company. Accordingly, the company may be required to compensate him/ her for breach of this contract or continue, if possible, to honour the contract. The court also has the power to remove directors, and for that matter to appoint additional or replacement directors pursuant to an order made on the application of a complainant as a remedy in a case of oppression.

Disqualification Proceedings

Modern companies legislation generally provides for the disqualification of persons by court order from acting as directors of a company on certain grounds. These grounds are unfitness of a person to be concerned in the management of a company (section 180) or that the person has persistently breached the Act (section 182).

The maximum period of disqualification is five years. While section 182 of the legislation does not expressly state, it would appear that the most likely applicant to the court for disqualification on the grounds of persistent breaches of the Act would be the Registrar of Companies.

Notice of Directors

It is important to note the requirement in our jurisdiction to file particulars of directors as well as notices of any change of directors together with the particulars of any new directors with the Companies Registrar. The Companies Act stipulates:“183.-(1) Every company shall keep at its registered office a register of its directors or managers and secretary containing with respect to each of them the following particulars… 183- (2) The company shall, within the periods respectively mentioned in this subsection, send to the registrar a return in the prescribed form containing the particulars specified in the register and a notification in the prescribed form of any change among its directors or in any of the particulars contained in the register specifying the date of the change.” One issue that often arises in respect of directorship is whether a director needs to hold shares in the company (qualification shares). This is generally a matter for the articles or by-laws of the company to determine. Article 83 of Table A of the Companies Act provides that “the shareholding qualification for directors may be fixed by the company in general meeting, and unless and until so fixed no qualification shall be required”. Even where there are provisions regarding the matter in the legislation, these are ancillary to any provision there may be in the articles.

Pictures. Profiles. Personalities

Minister of Industry, Investment & Commerce the Hon. Anthony Hylton (2nd left) holds the attention of the men from Columbus Business Solutions from L-R Sean Latty, newly appointed Managing Director, Donovan White, Vice President Marketing and Sales and Jenson Sylvester, Director - Government and Strategic Accounts. The group were present at Columbus Business Solution's Hosted PBX event on July 2, 2014 in Kingston.

Guest presenters at Guardian Life's Employee Benefits Client Seminar, Patricia Thompson – Nutritionist share a light moment and Sandra Shirley – Financial and Business Consultant.

President of Guardian Life Limited Eric Hosin and VP, Sales and Marketing – Employees Benefit Division Alicia Foster engage in conversation during the hosting of the Employee Benefits Client Seminar on June 17 at the Terra Nova Hotel. The Health and Wellness Seminar was held under the theme: Change, Challenges, Opportunities.

Kelly Tomlin, CEO JPS receives her RUBiS Fuel Voucher from Comedian Fancy Cat at the official launch of RUBiS.

(l-r)Philip Armstrong, Deputy CEO of Sagicor Bank and Peter Melhado President and CEO, ICD Group Limited greet Michelle Naylor of Naylor and Mullings Attorney-at-Law during the Sagicor Bank Real Business Real Solutions Luncheon. Sagicor Bank hosted representatives of several Small and Medium Sized Enterprises (SMEs) at the Terra Nova Hotel on June 5.



Gail Abrahams, Director of Corporate Communications at FLOW, has the attention of Philip Armstrong (l), Deputy CEO of Sagicor Bank Jamaica, Peter Melhado (3rd from left), President & CEO, ICD Group Ltd, and Tanikie McClarthy (r), Corporate Affairs Executive at Columbus Communications Jamaica during the Sagicor Bank Real Business Real Solutions Luncheon. Sagicor Bank hosted representatives of several Small and Medium Sized Enterprises (SMEs) at the Terra Nova Hotel on June 5.

L-R: Barita's Senior Research Analyst Sean Taylor and Client Service Representative Cleopatra Gayle share a light moment with Dr. Kwesi Davis at Barita's recently held cocktail reception, held at the Blue Beat in Montego Bay.

Barita Unit Trusts Managing Director, Karl Lewin makes presentation to Barita client Anna Ferraro at Barita's recently held cocktail reception, held at the Blue Beat in Montego Bay.

Marlene Campbell, Director, Business Development and Communications (Acting) welcoming guests and delegates at MIND's recently held Leadership Development Conference.

Ruby Brown, CEO - MIND presenting sharing a light moment with Kurt Moses, VicePresident and Director, FHI 360 Global Learning Group, Keynote speaker at the MIND Leadership Conference.

Book us now for your next corporate event. Contact: tricia@cmeja.com or (876) 754-2075. For full album visit www.facebook.com/wealthmagja




Nontraditional Assets:

Investing like Yale


here is no denying that the mood in Jamaica has been less than joyful since the global recession was triggered by the US financial crisis. It is impossible to overlook high unemployment, weak consumer spending and uneven corporate performance, combined with the sliding of the Jamaican dollar. However, many developed and developing countries have been in the same position, leading their savviest investors to reassess their investment portfolios. More individual investors are waking up to the fact that a portfolio of stocks and bonds is not how the best institutional investors create a portfolio. The best institutional investors actually include alternative investments such as hedge funds, private equity funds and natural resources. According to the latest report on Yale's Endowment, it "generated a 12.5% return in fiscal year 2013, a gain of $2.29 billion. Over the past ten years, the endowment grew from $11.03 billion to $20.78 billion." This is not by accident and the managers explain it very clearly. "While Yale's diversified, equity-oriented portfolio underperformed during the financial crisis, it handsomely outperformed a traditional US stock and bond portfolio over the past 29 years. If Yale's assets had been invested in the 60% equity/40% bond portfolio since 1988, the endowment would be valued at only $9.11 billion today, less than half of its current value of $20.78 billion." Long-term investors are better suited to following the Yale model of diversifying their portfolio to include other asset classes. Yale actually places 17.8% of the portfolio in an "absolute return" basket they define as involving hedged positions and event-driven strategies like mergers. Hedge funds



By David Mullings

generally fall into this category. Another 31% consisted of private equity, which covers venture capital and leveraged buyout partnerships. They focus on "firms that pursue a value-added approach to investing" because it offers attractive long-term risk-adjusted returns. Few Caribbean investors have constructed such portfolios. For decades the focus has been on government bonds and repos but two debt exchanges and much lower rates are forcing asset managers and investors to start looking at more developed markets for ideas and expertise. US pension funds have long been allocating capital to hedge funds and private equity. In fact, according to Deloitte's 2013 Alternative Investment Outlook Pension, funds account for 25% of private equity investors and 26% of hedge fund investors. Jamaican regulations are slowly catching up with developed financial markets that would assist managers to finally be able to look beyond equities and bonds for more yields with managed risk. Individual investors will find it harder to meet the minimum investments to participate in hedge funds and private equity funds but pooling resources or going through a fund of funds can grant access to asset classes that have traditionally only been available to institutions and very high net-worth investors. The events I have been attending in 2014 exposed me to many opportunities in these asset classes and I intend to present these funds to my network for consideration. I believe they are worth consideration of long-term investors. David P. Mullings is Managing Partner of Keystone Augusta Group, a single family office which manages a portfolio of investments.



eadlines such as, ‘Cruise Shipping Industry Crisis’ and ‘Cruise Ship Arrivals Down,’ are clear indicators that Jamaica’s shipping industry has taken a hit due to a variety of issues. This is cause for major concern as it will have implications on the already struggling tourism industry. On July 3, 2013, Digjamaica. com stated on its website that 2013 saw a 36% decline in long ship arrivals and cruise ship arrivals during the month of April when compared to the corresponding period in 2012. In May of that year, there were more than 69,000 cruise ship arrivals which represented a 30% decline from the previous month (April) and a 23% decline when compared to the corresponding period in 2012. When this information was published in July 2013, things were expected to improve as these statistics reportedly showed the slowest cruise ship and long ship arrival periods. However, recent reports indicate that the state of Jamaica’s shipping industry is still cause for concern despite the optimistic predictions of some in the past.


Many were optimistic that there would be a significant improvement in the shipping industry due to previous reports claiming as much. One major indicator was the impending arrival of several cruise ships to the island in 2013, including Disney Cruise Lines vessel, the ‘Disney Wonder’s’ voyage to Jamaica. The 2,700-passenger vessel was one of five scheduled for Jamaica in 2013. Tourism and Entertainment Minister, Dr. Wykeham McNeill, was on hand to welcome the vessel and described its arrival to the island as “a tremendous endorsement of Jamaica”, and it was. However, these arrivals did not give the shipping industry the boost that was expected. Opposition spokesperson on tourism and cruise shipping, Shahine Robinson recently expressed her concerns about the industry’s future in the Jamaica Observer and called for the matter to be urgently addressed. In the article she purported that the poor condition of the port facilities is one reason why cruise ships are deserting Jamaica. She explained during the Sectoral Debate in the House of Representatives - that ‘Carnival’ and every other cruise liners want passengers to have the best on-land experience, and currently it is not happening. According to Robinson, Jamaica's cruise ship arrivals last year decreased by 4.2% over 2012. When this information is broken down it shows



that Ocho Rios was down by 3.2% with Montego Bay taking the biggest hit, as arrivals were down by 29.8%. Falmouth, however saw an increase of 10%. The opposition spokesperson directly addressed the Minister of Tourism and Entertainment Dr Wykeham McNeill, with her concerns for what she deemed a potential crisis. She informed other members present at the debate that, as of May 2015, one of the largest ships built for Carnival Cruises (Carnival Breeze) will no longer call on Ocho Rios. This will result in a fall off of approximately 100,000 visitors per annum (and that figure only represents Ocho Rios). This will have a monumental impact on the economy as it will ultimately result in the closure of businesses in the area as well as result in job losses.

Port Authority of Jamaica

Meanwhile, the Port Authority of Jamaica (PAJ) is not blind to the problems within the shipping industry. Its 2012-2013 annual report clearly outlined the many issues faced during that period. Higher fuel prices, the on-going global recession as well as the occurrence of Hurricane Sandy –which damaged some cruise facilities in the Caribbean and the US East Coast − were just some of the difficulties outlined in the report. Harsh business conditions, negative publicity arising from a series of unfortunate incidents which resulted in major damage and loss of life, only added to the challenges already being faced. Additionally, the Costa Concordia disaster which occurred off the coast of Italy in 2012 also had an adverse effect on the industry and ultimately resulted in a reduction in earnings.

The State of Jamaica’s Shipping Industry By Alicea James

Image source: www.royalcaribbean.com

The report indicates that while the number of calls for cruise ship lines declined during the outlined period, the shortfall was partly offset by vessels which made initial calls to Jamaica’s ports during 2012. Some of these noteworthy vessels include Carnival Breeze, Independence of the Seas, Celebrity Silhoutte and Quest for Adventure.

• Capitalising on opportunities that will emerge from the Panama Canal expansion.

The PAJ projected that Jamaica’s cruise arrivals will continue to increase due to its marketing programme which has reportedly yielded additional calls for the 2013/14 winter tourist season. It also outlined its strategic focus for 2013-2014, which will hopefully maximise growth within the industry. Some of these initiatives include:

• World’s Leading Cruise Destination

• Cementing Jamaica’s strategic location as a major global cargo hub. • Meeting with cruise companies to secure additional calls and home porting commitments. • Participating in industry related events in an effort to build brand recognition among consumers of cruise products. • Continued collaboration with industry partners to reduce marketing costs and broaden the reach of marketing efforts. • Implementation of a Quality Management System at the Kingston and Montego Bay Free Zones. • Embarking on several key strategic initiatives to meet the growing demands of its target markets.

Despite the challenges within the shipping industry, the PAJ also made some noteworthy accomplishments, proving that all is not lost. Some of the awards given to the PAJ include:

• World’s Leading Tourism Development • Project – Historic Falmouth Port • Caribbean’s Leading Cruise Destination • Caribbean’s Leading Cruise Port – Ocho Rios • Caribbean’s Leading Tourism Development It is clear that the challenges being faced by this industry need to be urgently addressed. However, the government and other existing bodies will ultimately have to develop and implement new measures to boost the shipping industry. Strategic developments will undoubtedly play an integral role in its rise or fall. However, the road to a financially viable industry will not be quick; it will certainly require time to plan and implement, and even more time to yield results. But if we are consistent in our strategies we can ultimately look towards a flourishing shipping industry in the near future.




What's your credit score?



By Sancia Campbell

redit Bureaus are mostly popular in first world countries such as the United States, Canada and the United Kingdom. In those countries, an individual’s credit score is just as valuable as his fingerprint and equally as important. The individual who has a good credit score can secure just about any item; from a pre-approved credit card to a motor vehicle, a house and furniture among other things. Previously, access to these items in the local context would have been based on a financial institution’s internal credit and risk assessment systems.

Bureau can now collect, store and release information about the Jamaican consumers’ financial means and credit worthiness in relation to transactions involving that consumer.

In August 2010, the government of Jamaica passed the Credit Reporting Act for the licensing and operation of Credit Bureaus in Jamaica as part of the Financial Sector Reform Programme. Under this Act, the Credit

A credit report, which is the output of the Credit Bureau, is the summary of the individual’s experience with credit-related accounts. Besides basic personal information such as your name and address to help


This means that all consumers’ credit information including but not limited to hire purchase agreements, loan information and their pay back history, is now open to and shared by all financial and other institutions as long as those institutions report information into the Credit Bureau. The analysis and assessment of an individual’s credit history is then translated into a credit report.

identify your report, there are three main types of information in the credit report: “On the macro level, it should make the credit providing institutions more efficient and thereby make credit 1. Credit information – This includes payment history on all decisions quicker, better and less expensive overall real estate mortgages, loans, hire purchase and revolving credit because they can better price the risk assessed with each accounts. applicant. On the micro level, the knowledge that all their credit exposures will be reported to a bureau ought to 2. Public information such as court-related information, promote greater fiscal responsibility among consumers, including bankruptcies, court records, tax liens, monetary suits whether individual or business.” and judgments and credit inquiries. This she affirms will make both consumers and businesses 3. The types of businesses that have obtained a copy of better able to negotiate rates and reductions in security your credit report. requirements if they can in fact demonstrate an excellent credit history. Chief Executive Officer of Credit Info Jamaica, Megan Deane, states that the primary purpose of a credit report is to help credit providing entities to make fully informed decisions about whether to extend credit to a potential borrower, and if so, on what terms and conditions. “They [credit reports] quickly assist the decision-making process by providing full, independent information on that credit applicant which is summarised in a credit score." However, Ms. Deane notes that in the Jamaican context, an individual’s credit report may not be pulled without their consent. She also pointed out that information contained in the report is a summary of transactions for the last seven years. The credit score is calculated from three key areas of the individual’s credit report: 1. Account information such as credit cards, auto loans, student loans and mortgages 2. Public reports such as tax liens or bankruptcies 3. Requests by lenders to view your credit. While there is no real measure of what good credit is, a score higher than 550 would be ideal. While credit bureaus have existed for a number of years in first world countries the concept is new to the local context and Credit Info Jamaica is the pioneer credit reporting entity in Jamaica having been the first company to be approved and granted a license by the Ministry of Finance subsequent to the passing of the Act. The company provides consumer credit reports, business credit reports and credit scores. The introduction of credit reporting in Jamaica will now enable lenders to better assess the risk of each credit and price their loans accordingly. Potential borrowers with good credit histories can benefit from reduced lending rates and have a stronger negotiating position. But how do these reports affect consumers? Ms Deans advises that the effect of credit information on consumers and businesses should be looked at from both the macro and micro levels.




Buy, Hold, Sell – what do they mean to you? By Ryan Strachan


aymen and the savvy alike come across the trifecta of ‘Buy, Sell, and Hold’ and react in entirely different ways to the phrases. The truth of the matter is that market participants and onlookers alike actively seek advice when placing their hardearned principal (capital), which I oft refer to. Investors are a dime a dozen and are stirred by differing factors when entering the market. Many times, to consider an investment as a ‘buy’ – using equities as the example – the company is expected to be growing, performing, undervalued and a generous payer of dividends. The reasoning is clear, in that investors respect and understand the time value of money and desire their money placed today to be worth more in the future; sometimes exponentially more. This growth can be achieved via capital gains (i.e. price appreciation) or the previously-mentioned dividends – which occur when the company invested in ‘pays’ their investors a percentage of their profits or out of their cash reserves. Up until recently on the Jamaica Stock Exchange, dividends paid did not attract any taxes and were



favourable in the eyes of many, to interest from savings accounts. Many investors are drawn to ‘buy’ a stock because of its dividend yield (or annual percentage relative to the stock price). On the other hand, speculation is often the reason for an investor buying into a company, and this is driven by the belief that a particular event (or series thereof) will occur and thus cause rapid appreciation in the stock price of the company they are eyeing. Whether this occurs is another story altogether, but it cannot be denied that speculation has led many an investor to the market, as companies which would otherwise be of no interest (as they are loss-making/ underperforming), have found appeal on the belief that better days beckon in short order. When buying, investors are encouraged to invest in companies they would be comfortable holding “forever” in the words of finance icon Mr. Warren Buffett. I am inclined to agree with him, for in many instances, one has bought into a company and seen the price fall soon after, only to find that it recovers soon after and he who sold too quickly was left holding the empty bag while in tears. Apple (NASDAQ:AAPL) is one such example, and the premise for holding at the time was that it was the dominant player in

the phone sector and possessed a brand which was unrivalled in terms of reach and financial performance. At their peak, AAPL capital reserves exceeded US$150 billion. Unfortunately, by the same token by which many have bought, speculation has also caused investors to sell, sometimes right on time, other times, prematurely, and too late regrettably, in other instances. Investors are advised to sell their holdings in a company when the expected price outlook of said company is lower than its current trading price. This is not to be confused with a single instance of earnings reported below expectations, nor one-off news/events that impacted on said earnings. This could be due to discontinued business operations which would materially impact revenue, or the exiting of a business subsidiary in a foreign country, for argument’s sake. Selling one’s holdings should not be done lightly, as it means dismissing the possibility of any future gains which could result from the foregone investment, but time will ultimately tell the tale. Selling can also be driven by external factors such as currency devaluation and an overall slide in market confidence – such as is occurring in Jamaica’s Stock Exchange. Many believe

this has the tendency to lead to general market selloffs, and a fall in the overall Market Index. This is the tale told on our local shores and it is likely to continue for as long as business and consumer confidence continue their downward trend. The act of holding suggests that the investor is neutral on the investment’s outlook and would rather delay a sale (or additional buy) until further notice/details on the holding have been attained. It is believed, that it can be better to hold than to make a rash decision as investing is indeed a marathon and not a sprint. Investors respond to different stimuli when taking action in the capital markets. What may cause one to sell may be the thing that causes another to buy. One may choose to hold based on an outlook and another may choose to shift asset classes. Risk is a staple of any investment, and it is my belief that one must be aware of the risk, regardless of whether we choose to buy, sell or hold. As Kenny Rogers said in song, all said, we have to know, when to hold them, and similarly, know when to fold them. Know when to walk away, and know when to run.

Is there a disconnect between entrepreneurship theory and practise? Economic theories of entrepreneurship have generally considered all entrepreneurs as a unified group and emphasised the role of entrepreneurs as innovators and facilitators. In this schema, entrepreneurs function as vigilant and innovative persons who perceive opportunities, grasp them, assume risks, and in the process foster economic growth and development. However, annual surveys conducted by the Global Entrepreneurship Monitor indicate that the vast majority of entrepreneurs are not very innovative, do not demonstrate significant risk-taking behaviour, and are hardly growth-oriented. This suggests that most entrepreneurial activities provide little contribution to economic growth. So yes, I believe there is a disconnect.

Girjanauth Boodraj, PhD -Associate Professor, UTech There are some of us who are practising entrepreneurship and are also trained in entrepreneurship. But there are persons who are teaching/lecturing entrepreneurship who have never practised same. And this is where the disconnect comes in. If someone is teaching entrepreneurship without the practical experience, then students won’t benefit thoroughly because some aspect of the teaching would require someone with the practical experience to share and expound upon. Other aspects of entrepreneurship can only be experienced when one is faced with a situation or opportunity. To be an effective entrepreneur one needs to have a balance of both practical and theory.

Samuel G. Coates, Sr.- Customs Broker / Team Leader Coates Logistics

Yes, a disconnect exists between the theory and the practise. Organisations responsible for the development of academic entrepreneurship programs, for the most part, have not been collaborating enough with practising entrepreneurs, researchers, students, and policy makers. There are not enough events where entrepreneurs and practitioners can get proven and practical ideas that have immediate applicability to their businesses, instead of abstract research findings. In addition, the theory of entrepreneurship often presents complex quantitative techniques that are far from the reality of what actually happens inside a start-up.

Dominic McDowell - Managing Director & CEO at DAMGoodBrownies

The easiest response is that there is but the truth is that there is a general disconnect between most theories and practise. This disconnect seems to be more talked about within entrepreneurship because there is a popular belief that there is a lack of collaboration amongst educators, researchers, practitioners and policy makers. The truth when carefully examined points to the fact that the major players all have a different primary focus and because the area is so multifaceted, complex and unpredictable it creates isolation. A deliberate effort on the part of major players to collaborate is going to be the first step in the right direction to change the popular belief that exists. This should however be spearheaded by our policymakers which should result in the implementation of more partnerships, increase in the amount of field studies in academia and teaming up with a greater number of real entrepreneurs.

Dwight Dunn - President of DH Dunn & Associates and Managing Director of Nirvana Entertainment and Promotions




Tips for

prolonged health and long life

By Dr. Sandra Knight


esearch shows that a larger proportion of the population is expressing a greater desire to live longer. But how do we increase the chances of longevity in the world in which we live? Keeping yourself young and vibrant may not be as complicated as you think; I am sure many of the following are mere reminders.

1. KEEP STRESS AT BAY – Stress is the number one cause of aging, whether mental stress from traumatic experiences, a job, family dysfunctionalities, or physical stress from illness or the environment. Chronic stress causes a constant onslaught of adrenaline and cortisol that also cause anxiety disorders, depression, manic displays of aggression and the disabling of life coping skills. The solution? Take a break! Yes you have the time! More and more CEOs are taking no-stress days; the phone is left at the door, family may gather and they spend an entire day doing nothing! If you think you don’t have an entire day right now, try “no stress moments”. Irrespective of where you are, find a quiet spot and breathe It’s proven that as little as 5 minutes of deep breathing can serve as an effective circuit breaker for high stress days and moments. 2. STOCK UP WITH FATS – the good ones, that is! Almost every expert agrees that the average-sized person needs about 2 grams of Omega-3 fats per day. Omega-3 helps conserve the integrity of nerves, protect arteries from damage, slows aging of the skin and stabilises mood. All this through its powerful anti-inflammatory properties. Good fats are found in dark skinned fish like salmon, herring, sardines and mackerel, nuts like walnuts, avocado and olive oil are other excellent sources.



3. GET MOVING – For those of us who don’t exercise you may be subtracting as much as 10 years of healthy life from your life expectancy, not to mention cause premature death. Cardio exercises tone your heart, strengthen bones, keep skin constantly detoxed, improves on mood, maintain vitality in your sex life, and helps you lose some weight. Light weights are preferred for the over 50s because bulked muscle can actually place strain on the heart. If you are not a gym person, find something that you like to do. Learn a new sport! Swimming is kind to bones and joints and is a calorie guzzler. At least 45 minutes per day for 5-6 days is what we should aim for, so get going get moving now!


That’s right researchers have found that people who are in stable loving relationships live longer and suffer from fewer cardiovascular diseases. Along with the love add passion, Gail Sheehy in her new book, Sex and the seasoned woman, says “Love is the central motivation of all human activity” so it’s time to stop the fussing and make up already! …and then soon after make out! Oxytocin, also released during love making, decreases anxiety and stress. So say no more…just do it!

5. RED WINE WINS! – Studies

from the National Institute on Aging show that resveratrol found in red wine causes a decline in obesity related deaths and helps reduce clogging of arteries. Researchers are working reverently on a resveratrol pill that can supply us with enough anti-aging power that we need. In the meantime a few glasses of wine per week is good. The art of slowing down the aging process is one that requires persistence and consistency.It’s a DECISION that you have to and must make. No longer should we KNOW what to do and don’t do it NOW. We start to age the day we stop growing, for men that’s about 21 years old, for girls, 17 or 18 years old. Yes a bit of time may have passed already but it’s never too late to start.

Begin the rest of your life TODAY!!





an experience like no other

he shadows of scented candles danced meditatively on dimly-lit stairs; a welcome feeling gradually sank in, and with it, relaxation; preparing me for the experience ahead.

My eyes twinkled with excitement and anticipation, and my dull expression soon caved in to reveal a smile. I had arrived in The Room. There were smooth white stones placed around candles in each corner and two showerheads strategically placed above the massage bed; the room scented to evoke a state of calm and relaxation. Here, an unrivalled 45-minute experience awaited. The cascading shower and the pitter patter of the water mimicking raindrops had magical effects, as the rhythmic sounds beckoned me to sleep. The simultaneous, professional strokes of the massage therapist were also gentle reminders that slumber and ultimate relaxation was the objective. The languid massage strokes combined with the water therapy session appeared to end in a heartbeat, indicative of how heavenly they both were, seemingly slowing time to milliseconds but without interfering with the sheer contentment bestowed upon me. This experience could only be had in the Rainforest Wet Room at the Adam & Eve Day Spa in Kingston.



By Kimesha Walters

Whether you choose a 45, 60 or 80 minute treatment in the Rainforest Wet Room, each is designed for sheer relaxation. Kimisha Walker, co-owner of Adam and Eve Day Spa explains the decision to incorporate the Rainforest Wet Water Massage in the services offered at the spa: "I was vacationing with my husband and business partner Garth, and one of the amenities at the resort was a general pool that had sprinkles, creating a droplet sensation that we could swim under. While discussing treatments for our spa, we marvelled immediately at the concept of adding a massage to what we were experiencing and then conducted some research with water treatments available in spas�, she recalls. Several options were uncovered, but the duo preferred something more unique and exclusive to Adam & Eve. Walker continues: "We decided to introduce a new treatment that no other spa had, and so the Rainforest Wet Water Massage was born". She added that water therapies inspire clients to go to deep levels of relaxation, and the unique product they created was meant to capture that with ultimate satisfaction. "The Rainforest Wet Water Massage, encompasses a truly rewarding experience with the effects of a waterfall cascading down your body while a therapist simultaneously does a massage. To take your experience a notch higher, add warm basalt stones to have a truly personalised zen experience�, Walker adds.

All services in the Rainforest Wet Room come highly recommended, though her top pick is the Rainforest Wet Water Massage, she suggests a Rainforest Botanical Scrub followed by a Rainforest body wrap. The two are rich in anti-oxidants, which are known for removing toxins, roughened appearances from the skin and then re-mineralise and hydrate the body, leaving a silky feel and a beautiful after glow. As Walker adequately explains, “It is a complete journey of the senses". The water-infused massages have received rave reviews from clients who speak confidently of their stress relieving properties. "The feedback has been amazing. From the moment we introduced the Rainforest Wet Room to our service offerings everyone has been excited about it, but it’s the testimonials that make a world of a difference when clients thank us for adding this exceptional service." "We have learned from experience that when you have an awesome product, good news spreads quickly. We're thankful that God has given us this opportunity to be able to create and offer the Rainforest Wet Room as part of the suite of products that we use to pamper our clients." Clients marvel at the unique treatment and heap praises on the Adam and Eve Day Spa team for their creativity, and innovative spirit. "Many say this is like no other, they have travelled the world and visited several spas but what we offer is incomparable,” Walker reveals. “Some clients leave speechless, but the look of pure satisfaction and relaxation on their faces is enough for us to feel proud." She adds that there are several therapies available, a tactical combination based on the vision of the spa to cater to total rejuvenation of the mind, body and soul. Empowered team members complement the spa services, and play a critical role in the satisfied faces that exit the facility on a daily basis. "I am very passionate about the field, therefore I select employees that share the same views about rejuvenation and treating the clients as the royalty they are." And that’s exactly how I felt, like royalty. The after-effect of the experience was euphoric, leaving me smiling, relaxed and ready to drift off into sweet slumber. I would encourage everyone to take some time to pamper themselves or their loved ones.



Corporate Mingle attendees submitting their names to CME’s Deon Baker. r, Sharrier, Project Manage e Anglin, USAID; Jennifer Manager JN eral Back row (L-R): Claudett Gen wn, Bro rey Initiative(SEBI); Saff Miller Social Enterprise Boost dette Thompson, Dale L-R): Dyntie Davis, Clau Foundation. Front row ( re. Mo of Superior Crafts and and Winston Nembhard

l-r Michelle Allen of GraceKennedy Money Services, Jennifer Sharrier, SEBI/JN Foundation, Rennata Blake, Grace Kennedy Money Services pause from their mingling for a quick photo op.

Charmaine Lewis, Founder – Dress for Success and Patricia Sutherland Chairperson of the Board chat with Saffrey Brown, General Manager JN Foundation.

L-R Jodi-Ann Bowen, Ruth Chisholm, Dwight Walters, Michelle Manning and Amashika Lorne of JN Foundation endorse the social enterprise movement at the May 30 Corporate Mingle.


Businesses Empowering Change

he Jamaica National Building Society Foundation (JNBSF) through its Social Enterprise Boost Initiative (SEBI), sponsored the May 30 staging of Wealth Magazine’s premier networking event - Corporate Mingle at the Spanish Court Hotel in Kingston. Held under the theme “Businesses Empowering Change”, the event highlighted organisations that are making a difference in Jamaica. SEBI is implemented in collaboration with the United States Agency for International Development (USAID).

Jennifer Sharrier presents a gift bag courtesy of JN Foundation/SEBI to Corporate Mingle attendee Laranzo Dacres.

Corporate Mingle attendees sharing a light moment.

The SEBI programme is an innovative business development platform that is available to groups and organisations focused on finding solutions for some of Jamaica’s challenges. SEBI promotes the social enterprise business model as a part of these solutions. Social enterprises operate to respond to issues such as: protection of vulnerable communities including children and the elderly, lack of skills training, unemployment, and environment protection. They trade goods and services and reinvest their profits to sustain their operations. This way they are less reliant on grant funding and donations. Two of the beneficiaries participating in the SEBI programme – Dress for Success Jamaica and Superior Crafts and More were present at the monthly business mixer. Superior Crafts and More aims to create opportunities for the visually impaired and blind in order for them to be gainfully employed and lead productive and independent lives. Dress for Success Jamaica, an affiliate of the international brand, promotes the economic independence of disadvantaged women by providing them with professional attire, a support network and career development tools to help them succeed in their careers.

Saffrey Brown General Manager JN Foundation speaking on the theme, “Businesses Empowering Change.”

Corporate Mingle attendees in deep conversation at the networking event.

According to Saffrey Brown, General Manager of the JNBSF “We established SEBI to support Jamaica’s social enterprises, because we wanted to help this creative and innovative sector grow, as it is they who develop businesses which are purely focused on finding solutions, to improve people’s lives and to protect the environment, which in our opinion are worthwhile causes.”

(L-R)– Jennifer Sharrier, Project Manager SEBI; Saffrey Brown, General Manager JN Foundation; and Garth Williams, Corporate Mingle host.

(L-R) Ryan Strachan of Stocks and Securities Ltd; Ruth Chisholm of SEBI/JN Foundation; and Leighton Davis CME Managing Director.

Dew Angels Book Review

Author: Melanie Schwapp Publisher: Melanie Schapp ISBN 978-976-8230-47-8 Published 2011

By Latoya West-Blackwood

‘Nola’s birth uncovered the secret of the great sin that Fin Thomas had committed many, many years before, but one she bellowed to the world from the very first moment she poked her kinky head into it.’ It is a story most Jamaicans and people of Caribbean heritage know all too well – class, race and prejudice. However hearing the story several times before could not contain the flow that is Melanie Schwapp’s engaging prose in her first novel Dew Angels. The cover art captures your attention and leads you to a world where in spite of the many sins known and unknown, mythical beings ‘wash the world anew each morning’; there is something refreshing about forgiveness. The beauty of this novel lies in its authenticity, Melanie writes from a place of real perspective as she lets on in her dedication. The gripping story of protagonist, Nola Chambers, acts as a touchstone to the experiences of so many Jamaican youth – past and current generations. It’s a truly timeless tale set in the village of Redding, the main stage for Nola’s journey to self, ridding herself of the illegitimate stain and embracing who she is with pride. Though the setting is fictional it vividly captures real details of Jamaican culture and lifestyle. The simple yet effective language brings the story to life with such ease it’s hard to put down the book once you start turning the pages. Melanie Schwapp must be commended for producing this international standard work which tells our story. Dew Angels is a definite plus for any bookshelf and further provides the kind of inspiration and hope we desperately need in times like these.




Luxury Travel


ho can resist a luxury hotel in an Italian garden of sublime perfection overlooking one of the world's culturally historic cities? Yes, it is expensive, but if you have wealth or one day hope to, plan to visit at least one of the exquisite hotels about which I'll tell you now.



The first is Villa San Michele in Fiesole, overlooking the Italian Renaissance city of Florence. A former 15th century monastery with a fresco of The Last Supper completed in 1642 by Nicodemo Ferrucci preserved within its interior, and a long balcony with a view of all of Florence beneath it from the renowned La Loggia Restaurant, this is the place we chose to spend our last night in Florence having already stayed three nights in a more central location to walk about experiencing the city's museums and night life. Don't get me wrong, Villa San Michele provides transport into the city centre on a regular basis but this is such a peaceful, beautiful environment that once here you may never want to venture out again.

in a Global Economy

By Laura Tanna In April the gardens are abloom with blue hydrangeas which also decorate La Loggia and the hotel's entry. Lavender wisteria blossoms drip before our windows, while in the distance red and white flowers highlight the path to a private chapel and a swimming pool atop the garden. Pink cherry blossoms and huge yellow lemons adorn the trees which frame our view of the famous Florentine Duomo in the distance. Oh, and there are red roses too against the building's facade created by Michelangelo. Owned by Orient-Express Hotels Ltd., this once Franciscan monastery forms part of their Belmond Collection and is a treasure worth experiencing. I've stayed at their Hotel Splendido in Portofino, the first place I experienced a jacuzzi tub in my bathroom and the most wonderful focaccia at breakfast the next morning on a balcony overlooking gardens and Portofino harbour beyond. The herbs in that bread made me think of Proust's Madeleine; so enduring is the memory. Of course a stay at Hotel Cipriani in Venice is another memory to guard, especially arriving in their special boat which carries guests back and forth from Cipriani's island seclusion to the pier at San Marco Square where all the tourists in the

Photography provided by Laura Tanna

world await. At the Belmond Collection's Grand Hotel Europe in St. Petersburg we spent our most memorable wedding anniversary of all. Still on my wish list is their Hotel Caruso in Ravello on the Amalfi Coast. But when you do venture into Florence for something besides museums and churches, try to have dinner one night at Ristorante Sabatini, via Panzani 9A. We were there 38 years ago. The meal and service were so good we turned up the next day, casually dressed, without reservations, on Sunday noon and the staff still greeted us with great cordiality despite the line of properly dressed, church-going Italian families waiting to dine. How could we not return, though we were hesitant about what to expect. Remembering that Sunday noons are for Italian family dining after church, we instead reserved for the evening opening hour and were rewarded with an almost empty restaurant and the co-owner, Carlo Lazzerini, as our host! With the restaurant's history stretching back 100 years, Carlo and his partner Claudio Schiavi had capitalised on the restaurant's fame when they took over from the original owners, focusing on opening three eponymous restaurants in Japan, the first in the 1980s. Carlo showed us framed autographs they'd found stored away in the basement signed by Lady Bird Johnson, President Allende of Chile, actors Paul Newman, Ingrid Bergman and so on from its heyday in the 60s and 70s. More recently they re-launched Sabatini's with the locals to avoid being seen as a "tourist" destination. When they expanded the restaurant they incorporated a pulpit, pews and wood from a 15th century church to maintain the authenticity of the restaurant's interior and employ one person from 8 am until 12 noon daily to care for the wood, a feature of the restaurant along with its lovely winter garden beside which we were seated. The food was fine cuisine but what I remember most is the absolutely fascinating head waiter who had been King Hussein of Jordan's head waiter at his palace from 1981-83. If the King doesn't miss him, he should. What a delightful evening we had and the latest news is that Lazzerini and

Schiavi are in discussions to open Sabatini Restaurants in Shanghai and Beijing. Now that's entrepreneurship. We spent our final night in Italy in Milan at the luxurious Hotel Principe Di Savoia in the mosaic room. What an ingenious design! We had a window overlooking a park, a welcoming bottle of wine and a middle section with desk and computer connections on one side and ample closet space on the other, closed off by sliding doors from the bedroom and by sliding doors on the other side from the bathroom. The bathroom, let me tell you, the mosaic work around the walls was stunning, and the bath so inviting I sank directly into it with a glass of vino in hand and just relaxed. We couldn't even enjoy the sophisticated Acanto Restaurant which has its own separate entrance at the hotel's driveway because friends had invited us to dine at Ristorante il Cestino via Madonnino 27, in the Brera neighbourhood which was quite delightful. Sitting at an outdoor table we were able to appreciate the quarter's modern architecture, live electric guitar music and festive atmosphere. And our waiters were so much fun! Located on Piazza della Repubblica, the Hotel Principe Di Savoia provides free limousine service to the city centre but is near the famed La Scala Opera and the Cathedral of Milan. Perhaps most importantly for those who flock Milan as the centre of fashion, its Principe Bar is THE place to meet. After our departure on May 1, we discovered that as part of the Dorchester Collection, which includes several of the world's great hotels, the Principe di Savoia is now contending with a boycott proposed by celebrities in Hollywood whose favourite haunt, the Beverly Hills Hotel and its Polo Lounge, has been deserted because the Dorchester Collection is owned by the Sultan of Brunei's investment company. The boycott was instituted after Sharia law, which can impact violently on both women and men, was imposed on Brunei. In response to my inquiries as to how the Milan hotel was coping with this situation, they replied: "While we recognise

Villa San Michele foyer

Maurizio Ammazzini, Head Concierge and on right Paolo Greco at Villa San Michele.

Sabatini's winter garden



people's concerns, we believe this boycott should not be directed to our hotels and dedicated employees. Today's global economy needs to be placed in a broader perspective. Most of us are not aware of the investors behind the brands that have become an integral part of our everyday life.� So be forewarned. Do you use consumer spending to try to change political policy? Or do you worry about the local employees and suppliers affected by a boycott? These are matters of conscience and something that as potential investors, or business owners, one needs to contemplate.

Dinner at Ristorante il Cestino in Brera, Milan

Acanto Restaurant in Hotel Principe di Savoia Milan






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Corporate Chic Essentials 1. Black Blazer 2. Button Up Dress Shirt 3. Pencil Skirt 4. Comfortable Shoes: Heels & Flats 5. The Black Pants 6. Durable Purse



Corporate Chic Essentials are the MUST HAVES to complete your look for the modern work environment. These key pieces are interchangeable based on how well they work together. They can create an entire wardrobe that can go from day to evening or season to season. When you invest in your wardrobe, you invest in yourself. While dressing for your job is important it is also essential to be true to who you are as an individual; so invest in pieces that are elegant and timeless.

By Toni Ho-Young




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6 7

Follow Toni Ho-Young's blog at www.stylemechicny.com/

1. A Fitted Suit 2. Button Up Shirt 3. Neck Tie or Bow Tie 4. Oxford Shoes 5. Cufflinks & Pocket Square 6. Briefcase 7. Belt

For both men and women we must remember to bring a positive attitude, new and creative ideas to set us apart, and believe it or not a bright smile. It speaks to your personality and is a snapshot of how you will adapt to the current structure of the work place or new business partnerships.



Wealth Magazine took the second staging of the Wealth Auto Show to the second city – Montego Bay on July 19-20, 2014. The show was held at the state of the art Montego Bay Convention Centre.

Car dealers such as ATL, Toyota Jamaica, KIG, Key Motors, KIA, Fidelity, Silver Star, Vehicles & Supplies and Executive Motors showcased their luxury and sports brands at what turned out to be quite a successful event. Here are the highlights:

Jomo Cato and his family spending quality time together at the show.

Picture perfect Ford ambassadors alongside the 2014 Ford Festiva.

The Mercedes-Benz Team posing beside the new SLS AMG.

State Minister Damion Crawford chilling in the JIIC booth with (L) Winsone Gibbs and Elizabeth Chung while CME Chairman Garth Walker looks on.

CME Managing Director Leighton Davis with Digicel's Jason Corrigan and CME Chairman Garth Walker caught our camera in the VIP booth.

(L-R) Peter Abrahams, Wealth Magazine’s Simone Riley, Minister of State, Sharon Ffolkes Abrahams and JIIC's Business Development Manager Winsome Gibbs caught in a conversation.

(center) Kerrian Johnson, FX TRADER's Marketing Manager gifting a lucky patron while Wealth Auto Show MC Moses Samuels gives our cameras a thumbs up.

Wealth Magazine Sales and Marketing Manager Simone Riley with Dawn Green of Tyre Warehouse.

Miss Jamaica World 2014 Laurie-Ann Chin visits the ATL booth

(L-R) An animated MC Moses Samuels announces the winner of the NCB Challenge. NCB's representative presents the gift to this lucky winner.

(L-R) Team Herald Printers. Tricia Silvera Accounting Clerk, Richard Forrest CSR Manager and Roxanne Lewis Marketing and Development Manager.

Members of the King Alarm team

CME's Leighton Davis interviews Audi Brand Manager Etus Collman on the deposit cheque he received for a 2014 Audi.

(L-R) Peter Abrahams with wife Minister of State, Sharon Ffolkes Abrahams, Wealth Magazine’s Simone Riley and Desmond Panton, Managing Director, Key Motors Limited.

Mercedes Benz representative captivates this couple with a video presentation.

A Fidelity Motors representative speaks with a prospective buyer.

Hyundai representative gets a deposit for the purchase of a Hyundai motor vehicle.

Patrons smiled for the camera as they check out the features of this smashing red VW at the ATL Automotive booth.

Kareen Morgan, Brand Manager Butterkist; and Deidre Wisdom, Brand Manager Serge Island are all smiles at the networking event.

Maxwell House Brand Manager Romaro Samuels and Pauline Harper of Lee's Food dity Fair. mo Com ey Fac at ent marketing departm to op. Members of the sales and mingling for a group pho Ltd. take time from their


Troy Canegan of TAC Consultants, Shari Smith Manager Super Health Ltd. and Latoya Parsons Marketing Manager Firm Fitness Club engaging in a networking game.


nternational coffee brand Maxwell House was officially launched Friday June 27, 2014 during Wealth Magazine’s monthly networking event Corporate Mingle at the Spanish Court Hotel in Kingston.

(L-R) Jason Sharp and Barry Thomas of Coffee Traders Ltd. and Facey Commodity Chairman P.B Scott pause their conversation for a quick photo.

Maxwell House Coffee, a product of Kraft Foods, is distributed by Facey Commodity Ltd. Maxwell House holds 4th place as one of the leading top 10 instant coffee brands in the United States. The product is made with 100% pure coffee and prides itself on being “GOOD TO THE LAST DROP”. Speaking at the launch of the new product Brand Manager Romaro Samuels echoed sentiments of pride to have forged a partnership with the second largest food manufacturer and distributor in the world, Kraft Global. He also expressed confidence that Maxwell House coffee will offer immeasurable value to Chairman of Facey Commodity Ltd. P.B Scott Jamaican consumers. Maxwell House Brand Manager Romaro Samuels addressing members of the audience.

L-r: Rasheed Girvan Digital Manager Yellow Pages, James Wood Site Developer National Outdoor Advertising and Joseph Clarke Outdoor Media Specialist NOA in animated discussion.

The brand manager pointed out that while Facey Commodity pays homage to the local coffee blend, the company entered the coffee category not to be seen as rivals, but to contribute positively to its growth within the fast moving consumer goods market offering a high quality and competitively priced product in its purest form.

(R) speaks with Chairman of Creative Media and Events Garth Walker (L) at the Maxwell House-sponsored Corporate Mingle.

Named in honour of the then popular Maxwell House Hotel in Nashville Tennessee, Maxwell House Coffee Stephen Hamilton Chief Executive Officer of is said to offer many evidence-based health benefits: Eskay Catering pours Maxwell House coffee it improves energy levels, helps to burn fat, improves jerk sauce on wings. physical performance, serves as an antioxidant, and protects against Alzheimer’s disease. Maxwell House coffee is available to the Jamaican market in different flavours: instant coffee, suisse mocha, french vanilla, hazelnut, french vanilla iced latte and hazelnut iced latte.

(L-R) Maxwell House Brand Manager Romaro Samuels, Wealth Magazine's Sales & Marketing Manager Simone Riley, Facey Commodity's Chairman P.B Scott and Facey Commodity's Deputy General Manager - Marketing Pernal Elliston at Wealth Magazine's Corporate Mingle held Friday June 27, 2014.

(L-R) Head of Business Sales LIME Norman Naar, Assistant Manager Sagicor Investments Andrea Reid, Investment Banker VM Wealth Vivianne Lawrence and IBM Services & Solutions Manager Pat Tomlinson at Wealth Magazine's Corporate Mingle held June 27,2014.


Mixing Business with Pleasure:

Romance101 Office


By Anne Michelle omantic relationships in the workplace are nothing new; from office flings, flirting with the ‘new kid on the block’ to happily ever after’s…office romances have been taking place for centuries!

The fact is, most of us will spend much of our lives at work and will end up sharing similar hobbies and interests with our co-workers, and at some point it is inevitable that people will become attracted to one or more of their co-workers. And I am sure many of you can attest to this.

Romantic workplace relationships can be complicated, but it all depends on how the relationship is managed that will determine whether it withers or is filed away as an ‘office fling’ or blossoms into a ‘happily ever after’.

Many corporate companies have strict guidelines and policies in place to streamline romantic relationships; however, smaller businesses tend not to have any formal policy in place. Examples of such policies would generally be outlined in the company’s Human Resource (HR) manual, stating clearly the general ‘dos and don’ts’ of engaging in romantic office relationships, such as: ‘no dating between co-workers within the same department’ and ‘no dating between manager and subordinates’.

There are some people who believe that having intimate relationships in the workplace is taboo, while others see the workplace as just another opportunity to find love.



The latter is especially of concern to HR executives; many frown upon any form of romance between supervisors and subordinates in their direct chain of command as these relationships tend to spark favouritism and evoke concerns about breached confidentiality. They also call into question a supervisor’s judgment and generally cause conflict among other subordinates. If you find yourself breaking or bending any of your company rules for the sake of love – you need to first assess and evaluate where the relationship is going; ask yourself “Is this just a fling?”, “How serious is this relationship?”, “Is there a possibility for a long term relationship?”, “Is it worth it?”. After answering these questions honestly, you need to make a choice as to whether you proceed with the relationship and risk your job or end the relationship to sustain your livelihood. There is also the option of continuing your relationship and providing full disclosure to your HR manager – this may mean transferring from one department to another or from one location to another. In other cases, it can mean sacrificing your job. This decision should be a discussion between you and your ‘office love’; but I strongly recommend not breaking office policy by trying to play ‘hide and seek’ with your relationship. If you find yourself in an intimate workplace relationship that is ‘allowed’ – meaning no policy or guideline is being broken, it is paramount that you ensure you strike the balance of managing your office romance. Ensure you keep your productivity level at an optimum to ensure that both your relationship and job is not compromised. Here are some ‘Dos and Don’ts’ of managing an office romance: • Do keep your relationship private – you do not want your personal life to become the office gossip. • Do make special time outside of working hours to spend time together: it is also acceptable to have lunch together to get in quality time on the job, however private time outside of the office is important to build your relationship. • Do minimise face time on the job: this will reduce any speculation of an intimate relationship. This goes back to keeping your relationship private within the walls of your work space. • Do maintain professionalism: between 9 and 5

romance must appear to be the last thing on your mind. Maintain a professional demeanour at all times - avoid touching, lingering looks, or intimate conversations. • Do flirt (DISCREETLY): Discretion is the key to a successful office romance. Brushing past someone or a stolen glance over the photocopier is far more enticing than draping yourself over his/her desk. • Don't date within your own department: while dating within the same company is ‘iffy’ at best, dating within the same department is almost never a good idea. Departments need to work together in an unbiased manner, setting priorities and making decisions. If two people within a department date, then every decision they make - which task to work on first, how much time to spend working on X - will be second-guessed by the rest of the department, and even other departments. • Don’t date your superior, especially if you report directly to him/her. This can cause serious conflict within the work environment; from accusations of favouritism to possibly creating a general feeling of awkwardness among employees. • Don’t send intimate messages using the company’s emai: hit the wrong key and the whole office may know how you like your strawberries and whipped cream. It's likely that your company can access your e-mails so be very cautious. • Don’t show public displays of affection: It is best to share kisses and hugs during private, ‘out-of-office’ time. Don't give your co-workers ammunition for office gossip. Plus you never know who will spread the news to your colleagues and/ or your boss. • Don’t date a married co-worker, you will not get any support for your relationship and you run the risk of his/her partner turning up at the office to confront you and this could turn violent; you do not want the embarrassment. I strongly believe in finding love wherever the opportunity presents itself, whether at work or play, but always remember that in the pursuit of finding love let common sense prevail!

Live. Laugh. Love

Next issue…Bouncing Back from a Bad Office Romance.




Romaro Samuels 100


Brand Manager, Facey Commodity Co. Ltd.

1. Tell us about your current position.

Behind the Desk

I am a brand manager at Facey Commodity, charged with the portfolio responsibility of its international brands Kraft Global, Maxwell House Coffee and Jollsom Oats. The scope of my responsibilities encompasses demand planning, product management, trade development, campaign development and activation, market research and development and special projects. 2. What motivated you to choose this field? The guiding force of my mother who taught me never to settle for less than my potential will truly permit. In addition, I have an aversion to being static and complacent; my role as a marketer complements my wills and thrills of travelling extensively thus inadvertently breaking the monotony associated with the restrictions of an office environ. 3. Do social media play an important role in your job? Yes social media plays a significant role in my job. Marketing like any other discipline is forever evolving. Trends and methodologies change, and in a profession that requires creating impulses or triggers to affect social or consumer behavior, one has to be resolute and move with the times. Social media is very cost effective compared to other communication vehicles and its exposure and reach is phenomenal. 4. Tell us something about you that is not known to many people. I am a true knight of the “Blue and White� - I am a proud St. Georges College old boy. For the past 3 years, I have been commissioned as an honoured Justice of the Peace of St. Andrew and in accord with my civic responsibility I have served on several social development, fundraising, and dispute resolution committees. 5. How would you describe yourself? I view myself as a man poised for greatness with an insatiable appetite for proven success. A creator of cutting edge marketing and communication platforms, very analytical, a defender of justice, a family man and a music enthusiast. 6. Where do you see yourself in the next five years? In the next five years I see myself being promoted to a senior management position contributing further to the strategic direction within my organisation. Parallel to this, I hope to realise my dream of starting my own business. 7. What advice would you give to young business professionals? The greatest failure is when you accept defeat. It is always best to be proactive, identify your competitive edge, continuously analyse your target market and trends (an eye for detail they say), refrain from assumptions without any bases and remember success is never the sole property of any one person, but it is however derived by resilience and teamwork.




How to

Find a Job in a Gloomy Labour Market


very year thousands of fresh-faced young people leave high schools and universities eager to enter the working world. But not long after leaving their educational ‘nesting place’ their hopes of landing a job soon fade. Many often leave the land of their birth seeking new opportunities in different places only to find that the situation is the same - no jobs available. A report out of the Associated Press in the United States on December 12, 2013, stated that “the number of people seeking U.S. unemployment benefits rose 68,000 last week to a seasonally adjusted 368,000, the largest increase in more than a year”. Those figures point to the gloomy labour market which exists not only in Caribbean countries but in one of the biggest labour markets in the world. Figures from the Statistical Institute of Jamaica show that the unemployment rate was down to 15.4 percent in July 2013, from 16.3 percent in April 2013. Despite the slight improvement, Jamaica’s unemployment rate paints a depressing picture of the country’s labour



By Monique Grange market. If you are among the ranks of the unemployed, there’s still hope; you might just be required to do things a little differently. Head of the JobBank, Consultant Psychologist and Motivational Speaker, Leachim Semaj, gives some pointers:

1. Revamp your résumé

A résumé is described as one of the most important things that a jobseeker needs in order to get a job. But according to Dr. Semaj, most résumés are bad. He believes jobseekers are not packaging themselves well to get a job. “The most critical things that belong at the top of your résumé are your skills. Most people underestimate the range of hard skills and soft skills that they have and have used. Next to skills should be your achievements. Between those two areas a potential employer can determine how you can add value to them. The typical person just sends in something that has educational listings and positions and aspirations, and hope the person can guess how they can be of help to them.”

He points out that listing achievements - whether academic, extra-curricular or work-related - can grab an employer’s attention. Dr. Semaj says phrases such as “I did the best project, I was a part of the team that finished first, I was the president of..., I expanded sales by 50 percent, I improved the customer service outlook of the operation...” will make people want to talk to you further and get you to the next step – an interview.

Service in the US reported that active volunteers were 27% more likely to get a job than nonvolunteers.

2. Networking

“You need to anticipate what needs people have in your community, in the country, in the region and be prepared to move. Be prepared to go to Barbados, be prepared to go to Antigua, or St. Kitts. Be prepared to go wherever work is available. Jamaicans have always been mobile, so go where the job is.”

Since the vast majority of vacancies are never advertised, networking is an excellent way to get a job. One’s network of friends, acquaintances and family members is a great job search pool. Each network also connects you to another. Dr. Semaj agrees that networking is an excellent tool in the job search process. “Make sure that all your friends and associates, people at church and everywhere know what you are looking for. Give them a copy of your résumé.”

3. Take temporary positions

Taking a temporary position might just be the first step in landing a permanent job. It’s always a good thing to get one foot through the door. In fact, many companies are employing parttime and contract workers for many different reasons. As a newly-minted university graduate, temporary jobs can give you the hands-on experience needed for a more permanent position. Dr. Semaj advises jobseekers to be prepared for short term projects. “Too many people are just looking for a full-time job. Are there projects you could be working on, are there things that you could be helping someone with? You see something happening, you hear about it, you call and ask, ‘how can I help?’”

4. Volunteer

Dr. Semaj describes this tip as one of the most revolutionary. He believes it’s better to work for nothing than stay home doing nothing. “Say, I can do this for you, I have this skill, so volunteer. By doing that, if you show any form of competence then they must at least give you bus fare to come back the next week. That then becomes part of your package, part of your training, part of your skill set.” Research has also shown that there are great benefits to volunteering. Researchers at the Corporation for National and Community

5. Choose sectors where jobs are available/ go where jobs are available

Dr. Semaj advises jobseekers to look to the sectors in their country that are performing well.

He also recommends that before an individual enters a place of higher education, he/she should do a needs assessment. He suggests that they ask themselves why they are going into that particular field and what reasons are there to believe that employment is available. “This thing about living your passion, that’s basically garbage! Your passion can give you a great hobby, but if nobody wants to buy your passion, living your passion will make you starve. Learn to love what’s available. If your passion is X but jobs are available in Y then learn to love Y; maybe your passion should just be your hobby.” He notes that there are more creative people than creative jobs. As such, he says most people will not be able to get a job in a creative industry. “We really have to do something that fits the model of the economy we are in.”

6. Create your own business

Many individuals looking to enter the world of work often focus on how to get a job instead of creating their own. But for Dr. Semaj, entrepreneurship should be one of the first steps to consider. “That is always an option. Too many people wait until the last minute when they are totally frustrated and desperate before thinking in that direction. But that’s something you should be thinking of very early before you get to desperation.” Entrepreneurship will probably not work for everyone, but if you like being your own boss and want to have more control over your future, then start thinking about a business venture you can embark on today.




Why do an MBA? By Hodine Williams

“What the hell!”

Those are usually my sentiments when I experience or observe a chronic lack of what I perceive as common sense or sound management principles. But I have to keep reminding myself that these haphazard business decisions, majoring in minors, violation of rights, personalities which overpower everything, ‘peeing and marking territories’ or constant temper tantrums aimed at employees and customers – are usually characteristics of persons who lack formal management training. What is strange is that this is not limited to the private sector. Many heads of government entities are also lacking in formal management training, and I suppose that is why we have such low levels of customer service, lack of growth, inefficiencies, and consistent poor decisions. Bear with me a bit. You will notice that many attorneys and other professionals have excellent technical skills; they establish businesses, engage employees, and have elaborate systems but they are responsible for managing. Likewise, in government you have people with great technical skills who are given entities to run, employees to manage, business decisions to make, and several competing wants to decide which is most appropriate. It’s amazing why these entities don’t immediately go belly-up! If you look at a properly run, successful company, you will find people in positions who are sufficiently qualified and trained

to execute their duties competently. But the unfortunate truth is, people will get up and set up businesses that they are not capable of managing; people will still be appointed in positions based solely on technical skills and therein lies the problem. These managers lack fundamental training in people management, finance, and operations. Added to that, they lack the soft skills needed to interact effectively, motivate, plan, coordinate, and treat people like people. Against that background it would be deemed necessary for them to seek further training. But why should they pursue further studies? Advanced studies can only add to how much value you offer to an entity. Degrees are a dime a dozen and, in a highly competitive environment like ours, it’s trite to pursue postgraduate options, especially if you plan to be an authority in your field or to manage people or processes. Now, bearing in mind your varied backgrounds, goals, and ideals, if it is a purely technical or academic area of work, then the choice is clear - do pursue a Master of Arts or a Master of Science degree. If you are fairly new to the corporate jungle, then embarking on any postgraduate study may help to direct your path to advancement – ‘kinda like’ you gain the qualification then seek the job. Whereas, if you are already in business, own a business, required to manage people, a working executive, or intend to jump a few steps up the corporate ladder, then it’s common sense to do a more specific, technical, postgraduate degree. Clearly a Master of Business Administration (MBA)



is right up your alley. An MBA provides candidates with the opportunity to obtain specific knowledge about various aspects of management and entrepreneurship.

Plan for it

Let me just throw this in as a caveat to consider - MBAs tend to be a bit more costly than other degrees because they are usually not sponsored or subsidised, the work is expansive and the lecturers are also expensive to pay. After all, they are teaching you the skills to make more money right? You also have to bear in mind your career trajectory – you will have to sit and ask yourself “Where am I presently?” “Where do I want to be in five or ten years?” “When can I afford it?” Obviously, if you are in finance, marketing, sales, operations, or human resources then you already have a penchant for business. Go ahead and do the MBA! Reading for a Master of Business Administration forces you to venture into uncharted waters; it causes you to disabuse yourself of certain notions and attack real-world business issues and problems with a solution in mind. You will constantly be exposed to different management techniques which in turn, causes you to reassess your practices and challenge yourself. For those of us with esoteric ideals, it may set you on a path to enlightenment. Seriously now - it sets you on a path to establishing yourself as an asset in a changing global business environment. Here are eight other important benefits associated with pursuing an MBA:

1. It helps you to think strategically

Two years of debt, sleepless nights, bonding with your laptop, and intense studying have major advantages: • Your case studies, presentations, commentaries, critiques and group assignments will prepare you to endure the rigours of the corporate plantation. • You will also be endowed with the ability to organise and make good business decisions. • You will be able to perform financial analysis, cost-benefit analyses, and develop human resources and marketing plans without batting an eye. • You will be equipped with the ability to consistently ask yourself “what if” thereby reducing your risk exposure by putting contingencies in place. • You will be able to capitalise on your strengths and opportunities.

Talk about a packaged deal huh? 2. An MBA will widen your network

Again, having mastered being a slave to long hours of case studies and assignments, you are bound to make some good linkages. You will have that teammate that is just a whiz at charts, Jessica who knows accounting like it’s her first language, or Andrae who is just weird or introverted but man! Does he know info tech. Now, lets say there is a problem at work or you are



mulling over work on a big project and need help or guidance, you might be able to garner support from your colleagues, friends or even lecturers that were luminaries in various areas. My suggestion is: network and meet as many friends in your class as you can, and maintain the relationships. Grab a drink sometime and share ideas. It’s also a great way to meet future employers.

3. An MBA knocks you off your high horse Maybe you were the cat’s pajamas back in high school or you aced through college in your accounting degree or you were the go-to person at work. But by doing an MBA, you are pretty sure to come into contact with persons who are unbelievably good at what they do. My point is; you are bound to learn something and will realise that there are still some things you do not know. That might just force you to do a reality check. But, look at it this way – you will acquire amazing skills and experience with the right attitude.

4. Oh, the group dynamics

From I was two years old I have been working in groups at school. It has never gotten easier nor has the story changed. You always have that one group member who dominates the group and rubbishes everything everyone else says. Oh, and there is the one who does nothing and just annoys everyone. Sounds familiar right? With business school, you will interact with people with similar personalities and work ethics you are likely to encounter in the workplace. But this better prepares you for the working world. You will also learn the dynamics of dealing with different personality types and will have to make it work.

5. An MBA widens your world-view

During your course, you will be exposed to several case studies on best practices and issues from around the world. You get to analyse how things are done in other countries and might even get ideas of some ‘quasi’ applications. You learn how to communicate based on culture and taste. You understand highcontext or low-context communication, the most applicable situations and territories in which they work best. It’s also possible that you will interact with teammates who have lived and worked in other territories and the insight that brings is amazing! You are better able to appreciate trends, opportunities for growth, and changing perspectives and challenges.

6. You’ll get a first-hand account from experienced practitioners

Doing an MBA will provide the opportunity to interact with some of the top professionals in a particular field. It usually costs nothing outside of tuition and incidentals but the interaction is invaluable. Often, CEOs and top executives will conduct workshops or do presentations on different business practices or give personal accounts of how they did something extraordinary. These can give insights that will add value to your work and function.

7. An MBA prepares you to manage people effectively

Now, people are individuals and managing them is one of the most daunting tasks. Some employees are just trouble – I mean they are worse than 3-year olds in a park! Well, doing an MBA might make that a little bit more manageable. You will be taught essentials of managing people and somewhere in that mix, they will incorporate some psychology. Human resource management could also become a part of your job; it is one of the most important aspects of a business. You will learn great techniques to address issues and maybe learn some wellneeded people skills. 8. Pursuing an MBA enhances your communication skills Almost every course will require you to make presentations. So, if you are terrible at communicating, you are assured to be stellar by the time that piece of paper confirming your mastery in business is handed to you. If you feel a sinking feeling in the

pit of your stomach at every board meeting at which you are invited to present - move over because you are not alone; you will have much company. Often overlooked, a major part of your success as a professional is how you deliver: from diplomacy, dress, manners, to speech. Let’s face it; you will have to meet with clients, investors, colleagues (local and abroad), other companies and members of the public. Effective communication will make or break you. In business school, you are guaranteed to get loads of practice. Acquiring an MBA affords you the opportunity to become a part of an elite group of professionals with specific skills, which offer employers added value. This, in turn, translates into greater efficiency in the organisation. One who holds a masters in business administration is constantly being challenged while at the same time, using a high level of critical thinking and problem-solving skills. Oh, lest I forget…there is also the benefit of increased compensation.

Do the MBA….Have fun and make the best of it!


Plug and Play Employees:


are they real?

can recall the days when I just started working in banking. I remember being shocked after learning the background of my fellow tellers. It was amazing to discover that some were not holders of business degrees. I would utter in shock; “a biochemistry degree though?” and you... “a degree in history?”.

You see, the entry requirement was only that of a first degree regardless of the area – just that you were the holder of one and proficient in arithmetic. This seeming mismatch piqued my interest. I found it curious then, but in retrospect I think the bank knew exactly what it was doing and there was a method to the madness after all. Many years later, I now accept that the focus of the bank was to engage persons who were 'trainable' and that’s what having a degree does; it makes you trainable. It signals to recruiters that a prospective employee can work in teams, think, absorb, process, and take instructions well. It also later dawned on me that banks were deliberate in their approach and had clearly invested time, thought, and money to create this elaborate system. To my surprise, I was mandated to undergo training from day one. Everything including all the duties and procedures related to a position were reduced to text, videos, and clips that were either bound nicely in a manual or accessible via the web. To top that off, they even had compulsory training and cross training activities, where you had the option to understudy anyone in a position of your



By Hodine Williams

choice within the bank. The strategy was training, re-training and more training. It was as though banks operated from a point of departure where the onus was on them to guide the development of the competencies that they require and not expect the universities to do it for them. This strategy catapulted banks way ahead of the pack. They however depended heavily on universities to provide the foundation such as: critical thinking, group dynamics and so on. In other words, make their graduates and prospective employees 'trainable'. Universities tend to be holistic in their approach and are more concerned in developing individuals with certain traits they believe are best. To this end, they may focus on communication, theoretical frameworks and research methodologies. Universities are interested in nurturing the student’s ability to analyse and question things (constantly asking –‘what if?’), how to disaggregate things, how to manage processes, and critical thinking ( which are very valuable assets to have in a modern workplace). Where application is concerned however, they more often than not fall short. With the exception of a few technical subject areas, a degree will hardly ever teach you the specifics of a job or culture of an organisation. It will often provide you with the basics and the ability to think, apply, and engage - which if managed properly – should allow you to function at optimal levels.

I will go on a limb here and hopefully not fall off by suggesting that most persons in positions now had no clue they would occupy such a post as a freshman in college. Many people end up being where they are by chance, trial and error, and an organisation’s thrust for diversity among its employees. It’s within that context that individuals pick up skills from the holistic work experience that makes them well-rounded and highly sought after professionals.

I will be bold and say this: It is unfair for employers to complain that universities have failed to produce competent employees. The university is not a ‘Wealth Magazine College’ churning out writers, editors et cetera who are ready-to-use, mass produced, ‘plug and play’ employees. What’s more, many college graduates expect to land that high paying job with scope and benefits right off the bat. Come on! You have to sing for your supper! Truth be told, employers need to evaluate their businesses and invest in training. That’s pretty much the only way you will better guarantee that your employees will function well. If I remember correctly, I attended a seminar sometime last year, and I think it was Mike Michalowicz, author of the ‘Toilet Paper Entrepreneur’, who gave an account of a UK bank that wanted to improve its customer service. What its consultants did was to hire persons who were great at customer service and not banking and THEN teach them the essentials of banking. It became evident that with the right foundation the rest was mostly bells and whistles. The results were instantaneous and the reports were astonishing. Recruiters should dispel the notion of ‘the perfect employee’ (a fictional character at best) but implement training programmes designed to equip its staff with the wherewithal for job specific functions. While universities have come a far way in offering highly technical and specific majors, on the job training is not a thing of the past. Have you checked the careers section in the papers lately? Often, to the job seeker’s dismay, most jobs require prior experience, creating what I would like to call a ‘skills and experience dilemma’. Jobs for recent graduates who lack work experience are merely a figment of the anxious job-seeker’s imagination. This paradigm shift from on-the-job training has given rise to people queuing up for unpaid work experience and summer internship programmes. I have even heard of people paying their way to access on-the-job experience in their field of choice. Some entities have realised that within certain departments the staff turnover will be higher as entry-level employees utilise the business as a training ground to launch their careers. Employers often complain that this is not ideal, especially given the significant investment they have made in training. They develop employees only to have them snatched by a competitor with the wave of a few more dollars. But even with that, there is still a need to train people amid rapid changes in technology and the constant reengineering of business systems and processes. While that may be acknowledged, the reality is that, in a tight economy, employers are confronted by rising costs and the need for greater efficiency. Thus, in modern businesses they have to decide on which areas to cut, and how to get the most out of employees. The oversupply of labour again raises the requirements and years of experience for new entrants or new positions. This means that they too must plan to attract already seasoned employees with prior training, from some other business.

Employers stand to benefit from well-trained employees who in turn contribute to: Greater levels of efficiency: Through proper functioning systems and teamwork skills, employees can easily adapt and work across different functional units - a must in the modern business environment. Reduction in enterprise risk exposure: Training staff personally in priority is a sure way of increasing compliance and practice. Staff feel a sense of purpose and often own many processes and projects. Thus, investing in training on these issues, and offering employees exposure to other tasks done by fellow coworkers, promote diversity. At the same time there will be fewer complaints and a more positive work environment will be fostered. At the end of the day, every business is different and has its own culture. ‘Plug and play’ employees are suited for hypothetic examples and storytelling. Every product or service was once an idea, great ideas change the world, well educated and trained people create and manage ideas. How do you get the right persons to do this? You train them. The consequential returns on this investment are increased profits and a well motivated and skilled workforce. Now, isn’t that the reason for being in business?


Book Review By Latoya West-Blackwood

Title: 15 Hints to Entrepreneurial Success-Lessons from a Caribbean Business Woman Author: Heneka Watkis-Porter Publisher: Author House (2014) ISBN: 978-1-4918-7384-7 (paperback)

In December 2010, Heneka Watkis-Porter decided to ‘stop working for people’. By February 2011, she made the bold move to embark on her entrepreneurial journey. This has seen her grow from strength to strength personally and professionally. Her brand, Patwa Apparel, is well known and so is her work ethic and drive. The beneficiary of several developmental opportunities provided by agencies such as Jamaica Promotion Agency, she has made good on priceless experiences and exposure to achieve entrepreneurial success which authoritatively forms the basis of 15 Hints. The book is somewhat of a mini-motivational memoir which in the very first pages sees Watkis-Porter sharing her personal struggles and how she motivated herself to overcome the odds with the help of a supportive family and friends. She musters her qualities as an ambassador of the Governor General of Jamaica’s I Believe initiative by sharing how she uses mental tools such as visioning success, her faith and strong spiritual grounding as sources of motivation. 15 Hints to Entrepreneurial Success is a 63-page work which also shares key lessons such as the importance of planning, preparing and maintaining a positive outlook. While a sample business plan and useful contacts directory are included, the book lacks the practical tips, as the title intimates. We all can agree that Jamaica, and to a wider extent the Caribbean, is unique and sometimes challenging for entrepreneurs. A look at some of the real life challenges and how to navigate them would have proven extremely useful in the book. Nonetheless, the work is a welcomed addition to well-needed business literature concerning the Jamaican/Caribbean experience. The issues could definitely be expanded in a second edition.



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