your money ezine - 5.11.08 issue
DESCRIPTION
Third issue of Jamaica's premier business and financial eZine.TRANSCRIPT
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CONTENTS
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Letters to the editor/credits section
Can Claro take over the Market?
Can a home office work for you?
The risk of losing a key employee
An Entrepreneur’s Life: Persistence Pays
Your Money online
3 YOUR MONEY
PublishereZines Limited
Managing DirectorTyrone Wilson
Your Money ReportersAndre BlackLatoya Hutchinson
ColumnistCherryl Hanson Simpson
Design and LayoutOmar Phinn
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Credits
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Letters to the Editor
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w w w. y o u r m o n e y e z i n e . c o m4 YOUR MONEY • Business Lounge
The Business Lounge Can Claro take over the Market?
With the promise of better value, the Jamaican public now has it eyes fixed on Claro Jamaica Limited and their hearts are filled with great expectations.
Question of the week: Can Claro really make good on its many promises and is there any chance of them taking over the telecommunications market?
Here are some responses in this week’s Business Lounge.
Othneil Brissett, 23; Systems Administrator for Jamaica Library Services
“I definitely think Claro can take over the market. They are coming with a bigger technology and nicer phones, what’s not to like,” he says.
Brissett, who recently purchased an iPhone 3G from overseas, hopes to have it connected to the Claro network soon.
As to the possible effects the economic hardships might have on Claro’s integration into market, he believes that it will not pose a significant threat. “I find that people will go all out to purchase or just take part in the latest. Personally, if I’m going to be getting the quality that Claro proposes, I’ll pay for it.”
“The word is getting out there and people are getting enticed, so all other networks need to watch out,” he adds.
Alex Harding 35; Graphic Artist
“It’s going to take more than a few fancy phones and a better technology to top the market. Even if Claro manages to roll out good products, there are other factors they’ll have to perfect in order to become number one,” says Harding.
Infrastructure is one such factor Harding believes will hinder or help Claro’s progress in the island. “For instance, looking at their site, I realize that they don’t even have coverage across the entire country. They need to have the necessary infrastructure to
meet the demand of the Jamaican society if they’re serious about coming aboard.”
With the US$300-million investment made by its parent company America Movil, Claro plans to expand its coverage. Harding says that money should give Claro a chance in the market, but only
if they put those resources to good use.
“Don’t get me wrong I’m just as excited as the next man about the competition, because we all stand to benefit from that; whichever company comes out on top. However, time is the decider of all things; we’ll just have to watch and see,” he says.
Safara Reynolds, 19; Student
Despite all, Reynolds does not believe Claro will never reach the pinnacle of the mobile industry. At least not while Digicel is still present, she says. “Digicel is Jamaica! It doesn’t take much to see that the Jamaican public’s loyalty to the network (Digicel) is deep.”
Regardless of whatever plans Claro has or intends to implement, Reynolds say the most they can hope for is 2nd place in the market. “And getting above Bmobile or LIME is not going to be a pushover either, for they’re making a comeback. I’m sticking with Digi myself, but I wish Claro all the best,” she says.
Feel free to email your comments to us and join the discussion.
by Latoya Hutchinson
Claro Group
w w w. y o u r m o n e y e z i n e . c o m5 YOUR MONEY • Your Life
Can A Home Office Work For You?
The very idea of working away from the stressful and high-paced environment, usually associated with the corporate space, is like music to the ears for some. But there are still others who may think working from home provides too much comfort for productivity.
Some Advantages of a Home Office:
More Time With The FamilyFor some the main advantage of working from home is the increased family time. Too often the urgency of getting up early and working late at the office has deprived families of their well-desired presence and attention.
CheaperA home office can also help you save a lot on time, money and energy. Experts claim that operating an office from home is up to 40% cheaper than setting up a corporate one. With a home office, the expenses of rent, utility charges, salary for main and auxiliary staff are no longer a factor. Also the time and energy used daily in just getting to the workplace is thrown out when working from home.
Freedom and FlexibilityYou make the choices: from when to get started, what clothes to wear and the conditions you chose to work under. When you work at home, you can work at whatever time is convenient for you. You know what time is most productive for you and you can take full advantage of those hours.
More ProductivityWith a work schedule that can expand beyond the normal 9-5 of a corporate office, persons working from home have the capability to drastically increase their productivity. This does not entail becoming an ‘at home’ workaholic, just proper time
management and a strong will to achieving your business goals.
If you decide to work from home do not fall victim to these factors.
DistractionsDaytime soap operas, talkative neighbours and the bed are some distractions in the home. The well-structured conditions and professional atmosphere of the corporate office, at times, offer lesser instances of intrusions.
Isolation and Lack of MotivationEverybody suffers from a lack of motivation at some
point in their lives and this can be especially true for people working from home. Being cut off from the standard support system of a corporate workplace can result in demotivation.
When setting up a home office, here are some questions to ask yourself:
• Ismyhomeconduciveformybusiness?
• DoIhavealltheequipmentandservices required (computer, internet, printer, fax, etc.)?
• AmIself-motivated,abletoworkwithout supervision and/or encouragement?
• Willmyfamilyandfriendstakemybusiness seriously? If not, will I be committed enough to change their views?
by Latoya Hutchinson
6 YOUR MONEY w w w. y o u r m o n e y e z i n e . c o m
The Risk Of Losing A Key EmployeeCaN THE COmpaNy LOSE Big?
For the most part, the success of any business relies heavily on its employees. Among a company’s general staff, there are key persons; whose creativity, inspiration, knowledge, reputation and skills are critical to the company financial success.
Losing a key employee can mean devastation for corporations. Large companies usually have a proper succession plan that enables them to implement an effective where that is concerned. However, the matter of uncertainty still places them at a disadvantage when assessing whether a key employee might part ways with the company as proven in the past. Small businesses are even placed at a greater disadvantage because of limited resources to implement a workable succession plan. .
Other than the initial shock and panic that can be a result of such loss, businesses may experience a period of instability and uncertainty. In the past two years, the Jamaican business sector has witnessed the loss of key personnel by several companies.
Loss of employees
Most newsworthy was the loss of Minna Israel from the Scotiabank Jamaica family. Israel who was speculated as the apparent heir to the then out-going president William Clarke, switched over to a competing bank, Royal Bank of Trinidad and Tobago (RBTT) to become Managing Director. Described as a highly qualified individual, Israel has over 25 years experience in the banking and financing sector, she was a major loss to Scotia Bank, when she left her post as head of the Bahamas operations
National Commercial Bank (NCB) also lost its head of retail, Courtney Campbell in May of this year. Under his management the division became NCB’s top revenue earner in 2007, up from $12 billion to $15 billion. It was obvious that NCB had major plans for the retail chief as his responsibilities were increased earlier when he assumed leadership for NCB’s remittance businesses, NCB Remittance Cayman Limited and NCB Remittance Services UK Limited, whose managers reported to
him under the restructuring announced by Hylton in mid-March.Prepare for the worst
What are the steps a responsible business owner should take to minimize the disruptions in operations that occur when a key employee departs? Your Money has developed some suggestions:
Be Prepared
One useful method here would be a back-up plan. This plan should include what experts refer to as cross training, i.e. you make an effort to have your employees knowledgeable in as many areas of your business as possible. In the long run, cross training will heighten productivity as a network of employee skills is built up and can be used as a counter-balance to the loss of any key employee.
Implement proper succession planning
Rate the importance of each and every one of your employees. This allows you accurately assess which are the ones you relay more heavily on. Once you have identify these persons and have acknowledged that they will be the hardest to replace if they should just up and quit, start looking for a possible replacement from within your company. Remember the saying: It’s better to be safe than sorry ; prior planning should give you that assurance. Ensure that these key personnel are not the only ones able to perform certain critical operations of the organization.
When considering a possible replacement, choose another employee(s) who is not only loyal, but one you can rely on in a pinch.
Other departures by major players
Karlene Bailey – Vice President for Investment, NCB Capital Markets
Don Wehby – Deputy CEO for Grace Kennedy (GK) and head of GK Investments
by Latoya Hutchinson
7 YOUR MONEY w w w. y o u r m o n e y e z i n e . c o m
5 tips that will help you to become more persistent
“Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.” – Calvin Coolidge
One of the biggest challenges facing entrepreneurs is the ability to keep on going even when the going gets tough. Many business dreams that came into the world with an enthusiastic shout, later died with a feeble whimper because the entrepreneur just didn’t have the persistence to continue until success prevailed.
What steps can you take to become more persistent?
Decide why it’s important for you to keep goingThe first action is to find a compelling reason NOT to give up. You have to be passionate about your purpose, and very clear about the reasons for establishing your business. Do you want to achieve financial freedom for your family? Do you want to make a difference in your country? For me, it’s the fact that there are thousands of Jamaicans in financial distress. This motivates me to keep pursuing my goal of advancing financial literacy and empowerment.
Do it even when you don’t feel like itIt easy to keep going when you feel great and everything is happening according to plan. The truly persistent persons don’t let personal feelings stop them from accomplishing their goals. You feel a cold coming on, but you take some medication and make that important presentation anyway. You hate calling new prospects, but you smile through all the negative responses until someone says yes to your proposal. As the Nike slogan says, “Just Do It!”
Think of challenges as speed bumps, not brick wallsPersistence can be difficult when there seems to be nothing but
obstacles in your path. According to Marston, obstacles are not there to stop you, but to challenge you. “Obstacles are what make achievement worthwhile, if there were no obstacles, then achievement would be meaningless and without value.” Challenges can also develop your character and teach you valuable life lessons.
Defeat discouragementIn every business, disappointments will come which can make you doubt yourself and think of giving up. Fight the despairing thoughts by taking action – take an honest and objective look at the problems you’re facing. Seek professional help in areas in which you lack the expertise. You may even need to change your approach and adjust your strategy to get to your goal.
Balance work and restDespite living in a world of instant gratification, we have to realize that important things are not accomplished overnight. Being a workaholic doesn’t always bring faster success. In fact, if you keep going without resting you will end up extremely tired, unable to focus and more likely to quit from sheer exhaustion. Make the time to rest and re-energize yourself.
© 2008 Cherryl Hanson SimpsonCherryl is a financial columnist, consultant and coach. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Send questions and comments to [email protected]. Please add this address to your email address book in order to ensure you receive a response.
AnEntrepreneur’s LifePersistence Pays
Cherryl Hanson Simpson
w w w. y o u r m o n e y e z i n e . c o m8 YOUR MONEY Online
Delray Beach, Fla., Nov. 3, 2008 - Office Depot (NYSE: ODP), a leading global provider of office products and services, and Chase Card Services, a division of JPMorgan Chase & Co. [NYSE:JPM], today announced the launch of a new promotion for the 2008 holiday season that will help shoppers stretch their budgets and save money.
From Nov. 2 through Dec. 24, 2008, customers who make a purchase of $499 or more with their Chase Worklife Rewards Visa® Credit Card at any Office Depot retail location nationwide or online at www.officedepot.com won’t have to make a payment until January 2010*. This special offer also includes the most popular holiday gift items, such as notebook computers, desktop computers, cameras, printers, and more.
Office Depot and Chase to Help Shoppers Boost Their Spending Power
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