It will be known today, Tuesday April 10, what is the Government’s position on calls for the removal of
Petrojam says the refinery upgrade will help to save the country almost 300 million U.S. dollars in fuel imports each year.
The refinery is to be upgraded at a cost of 1 point 2 billion U.S. dollars…but a date for the start of
THE Government is not using the pricing mechanism of the state-owned refinery, Petrojam, to jack up the price of petrol in order to benefit from increased tax revenues, Petrojam officials have said.
General Manager of Petrojam, Winston Watson, said yesterday that the company
Customers in the affluent Jacks Hill and Barbican neighbourhoods of St Andrew can now remotely shut down home lights and appliances, and monitor their energy usage
THE Jamaica Public Service Company (JPS), has appointed Kelly Tomblin as the new president and CEO of the light and power company effective today.
The appointment comes almost four months after Damian Obiglio
Oil rose the most since late February after a report said that United States (US) factories have cranked into a higher gear.
Manufacturers are big users of diesel fuel, so increased factory activity usually means increased demand for diesel.
Benchmark US crude increased Monday by $2.21 to $105.23 per barrel in New York. It was the biggest gain since February 21. Brent crude rose by $2.55 cents to $125.43 per barrel in London.
Meanwhile,
Approximately one thousand persons are expected to get jobs to construct a Liquefied Natural Gas, LNG, plant in Old Harbour, St. Catherine.
Labour Minister Derrick Kellier and Charge d
The Chinese have a proverb: Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.
The Jamaica Observer‘s Mogul in the Making follows the same philosophy. It is not a lottery with a pile of cash for the one who drew the right ticket.
What the programme offers, we hope, is far more valuable.
The Jamaica Observer, together with sponsors Scotiabank, Flow and the Jamaica Intellectual Property Office (JIPO), and our distinguished panel of experts, has put together a package of knowledge and experience, combined with other practical and intangible benefits, which will help to turn our nominees into true moguls.
All 21 nominees received a feature story and profile in the newspaper and on the newspaper’s website that have made them far more visible to potential customers, clients, suppliers and staff. The paper is also offering specially discounted rates on print and online advertising contracts for the next year.
The nominees will also be invited to four capacity-building workshops organised by our sponsors. Columbus Business Solutions (Flow) is hosting a session on “Technology for SMEs” (small and medium-sized enterprises), while Scotiabank will run “Record Keeping and Customer Service” and “What Bankers Look For in an Application”. JIPO’s workshop will be on copyright, trademarks and patents.
Plus, the nominees will be able to contact the paper if they want advice and we will put them in touch with a panel member who will try to advise them.
The Three to Watch, chosen by our readers, our panellists or Observer’s business journalists (Please see above), will also receive:
A quarterly report on how they are getting on to be carried in the Jamaica Observer and on the website.
A one-year complimentary subscription to the newspaper.
Quickbook 101 Financial Software from Scotiabank.
One-month packages covering “voice, data and video services converge services including digital landlines, Business Class Internet and Internet Bundles” from Columbus Business Communications.
And, of course, they all go forward with the encouragement of the paper, the sponsors, the panel and the readers.
Read more:
A dozen of our Mogul in the Making nominees got to quiz our expert panel on Wednesday.
This is an edited transcript of their questions and the answers they were given.
Q 1: Aisha Morgan, Nettle and Moss
What are the characteristics of a successful, sustainable business and what are the factors that cause failure?
A: Patrick Casserly: The business cycle needs constant innovation. You start with an idea, a germ of an idea, and you acquire some clients and those clients will stay with you as long as you continue to innovate.
You have two clients, those who you sell to and your internal clients, your employees. You need to constantly invest in them, because they are the face of your company.
Q 2: Juliet Thompson, MJ Body Concepts Spa
Where should we look to raise funds for a business in its first three years?
A: Christopher Berry: Most small businesses get their capital from friends and family and people they know. When your company is small, the people who are likely to invest are people who either know you or have an interest in your idea. So you have to tell a lot of people your story.
Banks don’t like square pegs in round holes. They will try to help, but it will take forever to go through the system unless you know what they look for.
You have to prepare yourself to receive financing. There are questions that investors and banks and investment bankers are going to want answered. If you can’t answer these questions, they will think you’re not serious.
Q 3: Alex Morrissey, represented by Jacquie Juceam, Jamaicanmusic.com
What are the advantages and disadvantages of equity and debt financing and how should we balance the two?
A: Patsy Latchman-Atterbury: The advantages of debt financing reside in the fact that you maintain full ownership of your company. There are also tax benefits that come with the interest paid on a loan. Debt also allows you to build you credit rating as you go along.
Equity allows you to sleep a bit better in the night because you do not have a burden of debt in your business. However, with equity you lose the ability to direct your company totally, because you have a third party who may want to have a say in which direction the business goes.
Q 4: Jason Dear, No Brand Chemical
What strategies should we employ when expanding, either across the island or internationally, and should we take baby steps or dive in?
A: Adam Stewart: There are pros and cons to both sides. Take a deep look at what it is that you do and where it works and why it works. Mr Tony Hart was asked a similar question recently and he said something that could not have been said better. He said cashflow, cashflow, cashflow. Just because something works in Kingston, doesn’t mean it will work in Montego Bay and just because it works in Jamaica, doesn’t mean it will work in Barbados.
But you also have to take risk, you have to diversify and find a way to spread your wings so that all your eggs are not in one basket. So yes, you have to role the dice and yes, you do need to expand, but understand your cashflow and make sure that you have all your ducks in a row first.
Q 5: Melville Lumley, Food Express
If you were mentoring a small business owner today, what advice would you give regarding the current economic climate?
A: Tina Matalon: We have to understand the longevity of this economic climate. It’s not gong to return to economic levels we’ve seen in the recent past. We’re in it for the long haul. To survive at a time like this you have to be in it to win. You have to be at first or second spot or get out.
A cost saving strategy is absolutely imperative. Monitor your costs daily or it