Scotiabank Business Banking eZine | Issue IIINovember 2014

KEYS TO UNLOCKING YOUR BUSINESS SUCCESS Interview with Winston Williams of Pioneer

Meat Products Ltd.

SCOTIABANK 125TH ANNIVERSARY LOANSupporting Jamaican Businesses

F.O.C.U.S. YOUR WAY TO WEALTH

ContentsWELCOME TO IN THE KNOWYour guide to wealth

KEYS TO UNLOCKING YOUR BUSINESS SUCCESS Interview with Winston Williams of

Pioneer Meat Products Ltd.

SCOTIABANK 125TH ANNIVERSARY LOANSupporting Jamaican Businesses

YOU’VE MADE THE LEAP!Embarking or Expanding on your

Business

F.O.C.U.S. Your Way to Wealth

SCOTIABANK Calendar of Events

Pg. 4

Pg. 5

Pg. 6

Pg. 8

Pg. 10

Pg. 11

Your Guideto WealthAsk most Jamaicans and they will tell you they are interested

in owning their own business. We are a country of ambitious

individuals, who dream of our own independence and running

our own show. But the most courageous, don’t just speak

about it, they actually go out and make it happen. Try or fail

they are going to do something. This is what we love about

our people. And that is why Scoitabank has established tools

to help all small businesses succeed.

Running a business is a serious investment of time and

finances. So its important you manage it to facilitate growth,

constant review of operational procedures, regular retooling

and updating of equipment and research and implementation

of new strategies; so it’s important you know you are not

alone.

No matter where you are in the world of business, Scotiabank’s

Small and Medium Enterprise (SME) Unit will provide you with

financial options. We have put a number of things in place to

facilitate small business financing, the most recent being the

launch of the Scotiabank 125th SME Loan Fund that offers one

of the lowest interest rates (9.5% secured) on the market and

specifically targets businesses generating annual revenues of

no more than US$4 million.

We not only provide financial solutions, the value proposition

of Scotiabank SME Unit is “Working together to grow your

business.” In addition to the provision of financial solutions

there is a strong commitment to ensure the longevity of your

business though building the management capabilities of the

owners. We help customers by providing practical advice and

relevant financial solutions. We even offer capacity building

seminars to ensure you are best equipped to move your

business to the next level.

Additionally, on our small business website there are a number

of articles that can assist you in managing your business.

There are also tools such as our business plan writer, which is

easy to use and very interactive. The business plan writer will

help you to develop or update your business plan which is the

roadmap to your business.

We would love to hear your story to see how we can help

you ‘discover the possibilities’.

We are looking forward to working with you.

4 In the Know

Customer serviCe vs. Customer Care

The difference between customer service and customer care

is very clear in Williams’ opinion. Customer service requires

that a product or service is provided upon request, while

customer care involves the execution of friendliness and the

positive feeling a customer gets when they are welcomed.

“I am a hands on person and my customers can call me at

any time, they give compliments or genuine complaints … I

have been able to deal with them in a personalized way and

give them the assurance that what they’re getting is quality

products,” said Williams.

Let Your reputation Be Your advertisement

Pioneer Meat Products, now a thriving business, began from

humble beginnings in the 1980’s with only three employees

which included his wife, Lurline Williams. After officially

establishing the business in 1990, Williams continued his

efforts to communicate directly with his customers and so

saved on certain costs like advertising in the early days.

“Advertising is pretty expensive, so not having that sort of

capital to do commercials, you just have to do it in your own

positive way and meet the customers directly; talk to them,”

he said.

BuiLd a strong team

Williams not only performs regular check-ins with customers

but also with employees and makes quite an effort to build

company morale.

“Running a business, regardless of how involved you are, is not

easy for you alone to do. So you employ and you train and you

not only talk, but do it [along with them] physically,” he said.

“You don’t let them feel like you’re just the boss, you go on the

production floor and work side by side with them. Really be

there with them and give them that sort of feeling that we’re

all a part of this thing.”

Scotia has been a good partner to me,

they’ve stood by me over the years and haven’t let me down. If you follow

their guidance, by all means you can be

successful.”

Scotia Smart SME’s Pioneer Meat Products LimitedA strong business conducts regular self examinations and

respects the importance of customer care. Winston Williams

of Pioneer Meat Products Ltd. uses integrity to ensure quality

customer care and staff/management relations to keep his

business in tip-top shape.

Keys to Unlocking Your Business SuccessDedicated to the customers who have built successful businesses through personal drive and determination. We’re proud to be

their partners through the delivery of our Business Banking Services. Scotia Business Banking is privileged to serve thousands of

dynamic business owners who are making a difference to the Jamaican economy. Here, we highlight these individuals, and share

some of their experiences with you:

5In the Know

Scotiabank 125th Anniversary LoanSupporting Jamaican Businesses

For some business owners, however, operating an enterprise

can seem like a thankless task at times. Persons who are not

in charge of their own businesses may not appreciate the

stresses and setbacks faced by entrepreneurs as they try to

keep their operations afloat and make profit.

Business ChaLLenges aBound

Some issues that may burden businesses include the high

cost of utilities, inadequately trained staff, untimely payment

by creditors and difficulty obtaining financing for start-ups or

expansion. These problems affect both the enterprises’ daily

operations and their long-term viability.

sCotiaBank assists Business In recognition of the determined efforts being made by

Jamaica’s small and medium businesses, Scotiabank has

established the 125th Anniversary SME Loan Fund to support

the work of this sector. This fund is part of our wider program

to encourage the development of local enterprises.

Lower Lending rates provided

The SME Loan Fund provides some J$500 million in financing to

businesses involved in the creative industries, manufacturing,

agro-processing and tourism. We have created specially

discounted rates of 9.5% p.a. for secured loans and 11.5% for

unsecured loans. All business loans are eligible for a discount

on commitment fees. Once certain conditions are met,

businesses may also be eligible for a waiver on annual review

fees.

FLexiBLe terms oFFered

Understanding the myriad challenges that face local business

owners, the SME loan has also been designed to accommodate

the cash flow situation of different enterprises, by providing

monthly or quarterly repayment options. The maximum tenor

of the loan is five years, with any principal moratorium not

exceeding one year.

eFFiCient operation has rewards

For business owners who have streamlined their accounting

procedures and obtained the required regulatory approvals

for their operations, who also possess solid credit references

and are compliant with tax obligations, our anniversary

loan fund can provide a solution to some of their financing

requirements.

does Your projeCt quaLiFY?If you operate a private sector business in Jamaica which

earns no more than US$4 million in annual revenues, then

our 125th SME Loan Fund may be the answer to your

financing needs. Prepare a proposal including information to

support the commercial viability of your project, and speak

to your Scotiabank representative to get more details on the

application process.

we want to partner with You

Scotiabank is dedicated to the development of Jamaica’s

SME sector, and we are looking for business owners that are

serious about getting to the next level in their operations. We

look forward to helping you strengthen your enterprise!

Small and medium enterprises

play a vital role in Jamaica,

as they serve to create

employment and stimulate

economic growth. A strong

small business sector can

encourage more persons to

develop new products and

services which can boost our

country’s ability to be self

sufficient.

6 In the Know

You’ve Made the Leap!Embarking or Expanding on your Business

In reality, the next steps all depend on you, and the answers to

the following questions.

• How many resources do you have available?

• How much sweat equity are you willing to invest?

• Are you really ready to build and grow?

If you are ready, then we’re here to help you.

step one: open a phYsiCaL LoCation

This one is a frightening option for some in Jamaica’s economic

climate. Taking the time to really weigh your options is

important. You must review your bottom-line if you’re looking

to expand, and if it’s showing steady growth. If you’re just

starting up, look for the consumer and economic trends for

indications of your staying power.

• Make sure your management skills, or your management

team is better than “up to par”. They must be outstanding.

• Have a complete business plan available for your new

location

• Review your financing options

• Choose the best location, not one based on your wallet,

but on your business.

step two: expand or start up onLine

The internet has proven itself as a fantastic medium for

starting or expanding business. People want to shop online;

it’s fast and convenient. Get your products online to attract a

wider audience, additionally its a great way to save on or add

to an already established location.

step three: diversiFY

Develop new products or activities in addition to the ones that

you already provide. Create synergy in your business by selling

complementary products and services. Form an alliance with

other business by aligning your services to broaden your

customer base.

step Four: expand Your target market

See what other demographics can benefit from the products

and services you diversified. Remove the boundaries from

your vision and broaden your horizons for profit.

step Five: go gLoBaL

Take the international market by storm. There’s no reason to

limit yourself or your business. Doing this not only benefits

your company/business, but also catapults brand Jamaica

and accumulates International currency.

CongratuLations! You’ve made the leap

from employee to entrepreneur. You have done your

research and you’re ready for lift off. The big question

remaining is “How do you really build your business

and go on to expand it?”

Whether you are just starting out on your own or

you have made it out of the start-up phase, you’re

looking for sustenance and success.

8 In the Know

Review andupdate your AccountInformation onScotia OnLine.

Scotiabank now gives you more options

when banking online. Now you can change

your information that relates to your

Scotiabank profile. Information that can be

updated includes primary address,

secondary address, home phone,

business phone, mobile phone and email

addresses.

Profiles can only be completed through

Scotia OnLine Banking and will be updated

in real-time upon the submission of a

request.

Only accounts in which you are the sole

account holder will reflect changes in

Customer Contact Information. Updates to

Joint accounts must be completed in branch.

Frequently asked questions (FAQ)Q: How quickly will my Scotiabank Profile be updated?

A: Your Scotiabank Profile will be updated in real-time upon

the submission of your request.

Q: Can I make changes to my international address or

phone number?

A: Changes to international addresses or phone numbers

are not available. You can only make changes to your

local country address and phone number.

Q: Can I update my Scotiabank Profile through Scotia

Mobile Banking?

A: Changes to your Scotiabank Profile can only be

completed through Scotia OnLine Banking.

Q: When I update my personal information will this also update my

information in jointly held accounts?

A: Personal information updates are applied only to accounts in

which you are the sole account holder. Updates to joint accounts

must be completed at the branch.

• Sign on to your Scotia OnLine account.

• Click on the Preferences Tab.

• Click on the “My Profile” sub-tab.

For more details contact us at

1-888-4-SCOTIA

HOW TO START?

F.O.C.U.S. Your Way to WealthIf you want to be successful in accomplishing your financial

goals, it’s important to start out on the right footing. One of

the key attitudes required for building wealth is the willingness

to defer immediate gratification to put aside some of your

funds for the long-term. It will be difficult to attain a large net

worth if you don’t begin with a strong foundation of saving

and investing for the future.

Achieving your objectives will take thoughtful planning,

precise execution and single-minded persistence. You will

have to concentrate on carrying out the steps that will lead

you to your wealth destination. Here are some strategies that

can help you to focus your way to wealth:

F - Fixate

To accomplish any endeavour in life, you have to put a lot of

attention into it. To win with your wealth objectives, you need

to be clear about what you want to achieve, write down your

goals, focus on them constantly, and become resolute in doing

what’s required for success.

o - organise With so many demands on your money, you need to manage

your finances by making and following a firm budget. You

can’t afford to waste money on unnecessary spending, as

you need to channel as much of your disposable income as

possible into your savings and investments.

C - ConsuLt

It’s easier to maintain your wealth focus with the help of

financial professionals who can steer you in the right direction

and motivate you along the way. Consult with Scotia Insurance

and Scotia Investment advisors to select the right savings and

investment plans for your needs.

u - understand

As the saying goes, “Knowledge is power;” and the more you

learn about the process of building wealth, the better you will

become at the task. Think of wealth creation as your side

business, and make it your job to study the principles and

techniques that will help you to succeed.

s - saCriFiCe

Author James Allen noted, “There can be no progress or

achievement without sacrifice.” It will take supreme effort

on your part to resist the temptation to spend on consumer

items, devote your leisure time to financial education and

stick to your wealth accumulation plan.

Remember, the money choices you make today will determine how long it will take for you to accomplish your wealth goals. With time and an unwavering focus, your sacrifices will eventually reap rich rewards; then you will be able to enjoy all the benefits of your wealth.

10 In the Know

Scotiabank Calendar of Events

11In the Know

Find out more today

Call 1.888.4.SCOTIA (472.6842)or go to www.jamaica.scotiabank.com

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