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February 4, 2009 Issue
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Every week Your Money is on the streets and the internet trying to find out what Jamaican’s love to consume, and this week it’s all about the beverages.
This survey was conducted with the participation of 30 persons who were consulted on the streets of Jamaica. An additional 20 persons participated through the use of the internet.
You are out with some friends at your favourite hang out spot, what’s your preferred beer for the night?a. Red Stripe 20%b. Heineken 44%c. Kingston 12%d. Don’t drink beer 24% After a long night at a street dance and only enough money to buy one more beverage before you leave, which do you choose?a. Magnum Tonic wine 28%b. Guinness 48%c. Dragon Stout 12%d. Red Label Wine 12%
Your spouse has developed a very unhealthy eating pattern lately. You are trying to get him/her to switch from carbonated beverages to fruit juice. Which fruit juice brand would you introduce them to?a. Grace Tropical Rhythms 24%b. In Season 24%c. Tru-Juice 36%d. Tampico 16% It’s your best friend’s birthday and you are asked to provide soda for a get-together. Which one of the following would be most suited for the occasion?a. Any of the Bigga assorted flavours 12%b. Pepsi 44% c. Any of the D&G assorted flavours 24%d. Coca Cola 20% You have decided to decrease your weekly lunch budget, hence no more large box food, its either a small lunch or a patty. This has left you with an extra $70, which of the following would you rather drink?a. Fruta canned drink 40%b. Juiciful box drink 12%c. Fressh box drink 36%d. Swizzle or any other mini tetra packed drinks 12% It has become impractical to buy fruit juice for your household, so you have decided to fill the void by using syrup to make drinks. Which brand will you go with to satisfy your taste buds?a. Ramsons Syrup 20%b. Pure Bulk Syrup 44%c. Anchor Syrup 20%
Survey Says Beveragesby Shari Lyew
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Sharleen Baker (Accounts Clerk, Guardian Insurance Brokers). 1. Question: Apple’s IPhone or Blackberry? Sharleen: “IPhone, I love the touch screen and clarity that it brings. It’s really good, futhermore Blackberry is for business, IPhone is for fun.” 2. Question: What is the best business book you have ever read and why? Sharleen: “Nice Girls Don’t Get Rich, because it offers advice on money management and gaining independence.”
Nicola Barnett (Manager, Hyper Active Ladies Company) 1. Question: Which song gets you revved up for work? Nicola: “Lady Gaga Just Dance, because it has an upbeat tempo to it and it keeps me on the move and ready to work.” 2. Question: At what time are you most efficient on the job? Nicola: “About 10 0’clock in the morning that is when all the energy and all the juices starts to flow.” Melody Watt (Sales Representative, FLOW Jamaica) 1. What is your favourite business gadget? Melody: “Blackberry, because a computer can take forever all the time to process information. Blackberry gets everything done efficiency.” 2. What can people do to survive in the recession? Melody: “Save and conserve that is the best advice now.”
Natalie Chung (Independent Clothes Designer)
1. What website do you visit to get the lastest on business news?
Natalie: “Well I don’t really check the net for business, but when I do I visit CNBC’s website to get my information.”
2. If you were to buy your boss a present what would it be? Natalie: “I would definitely get my boss the new IPhones that Apple released but that would be a challenge, not enough cash (laughs).”
aboutOut
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4 YOUR MONEY • Business Lounge
Car dealers and manufacturers in the United States have devised ingenious ways to attract buyers to the show room floor such as employee pricing on some General Motors models. The Chrysler Group has gone as far as to give away a Dodge Ram Single-Cab pick-up with the purchase of Dodge Ram 1500 Quad-Cab. This deal was being offered by University Dodge in the state of Florida, late last year when oil prices peaked at $147.30 per bar-rel. Other dealers were offering gas coupons with the purchase of new vehicles.
Jamaicans however were not as fortunate to receive such deals offered by University Dodge. The average consumer has been faced with a lot of obstacles such as our devaluing dollar against the United States currency, the collapse of ‘alternative’ investment schemes (Cash Plus Limited & Olint T.C.I.) and new legislature which prohibits the importation of severely damaged cars.
With the downsizing of international car manufac-tures, The Business Lounge examines the multiple fac-tors that are challenging our auto dealers. Kamika Smith a Sales Representative at JapTron Auto Sales (a used car dealer) “Since Cash Plus and the other alternative schemes have been closed, cars on the lot are taking a very long time to find owners. I remember a time when vehicles would only be on the lot for a maximum of three weeks, which is essentially the duration to se-cure loans and have the necessary documentation completed.”
Bryan Edwards, Customs OfficerFaced with the daunting task of purchasing another vehicle in the aftermath of having his vehicle stolen. This time around he is not only concerned about security he is also planning to purchase a motor-vehicle in the 1.2-1.4 million dollar range, which is fuel ef-ficient.
“Last year when my loan was booked, I received an interest rate of 18.25%. Due to the economic crisis and government’s decision to raise interest rates on Government Paper Instruments, loan rates have increased was well. The same bank is now offering me a rate of 22.25%.”
Jane Williams*, Reputable new car Auto Dealer “Only Government Contracts are keeping us afloat, during this difficult period. It makes little sense for us to stock vehicles in large numbers, based off past sales trends, as the market is experiencing a dry pe-riod.”
The increase in oil prices were directly felt at the pump in a matter of days. The Jamaica Gasoline Retailers Association reported that customers limited the amount of petrol they took at each visit. Instead of filling the tank, they would only come on average with predetermined sum of money.
Persons who sought to purchase a new car often opted for fuel efficient models, such as the Suzuki Swift, Toyota Yaris and Daihatsu Sirion. These cars are equipped with smaller engines, less then 1500cc and are known to ‘sip’ gas. Car dealers reported that these vehicles were in high demand, and didn’t spend much time on car lots.
By Ryan Blake
BusinessLounge Why are Jamaican Auto dealers worried?
w w w. y o u r m o n e y e z i n e . c o m w w w. y o u r m o n e y e z i n e . c o m
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eZines Limited
Managing Director
Tyrone Wilson
Your Money Reporters
Ryan Blake
Shari Lyew
Cherryl Hanson Simpson
Kimberly Taffe
Columnist
Cherryl Hanson Simpson
Design and Layout
Omar Phinn
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An Entrepreneur’sLife
5 YOUR MONEY - An Entrepreneur’s Life
Although their business ideas might vary, many entrepreneurs are united by one common desire – the dream of operating a business that’s perfect for them. But is there really anything such as a ‘perfect business’?
Richard Russell of Dow Theory Letters Inc. Online declares that the concept of a perfect business may be just wishful thinking, as “The ideal business doesn’t exist and probably never will.” Russell however notes that there are some important considerations that can contribute to the success of a business.
Let’s look at some of the ideal business attributes that Russell recommends:
It fulfills your purpose Imagine what life would be like if every day at work left you feeling fulfilled and purposeful? The perfect business would entail doing work that provided you with a sense of satisfaction
It supplies a ‘hot’ product The perfect product or service is one that is in high demand, and so highly valued that customers should be almost indifferent to its price. The item or service should also be hard to substitute or copy.
It offers cash up frontCash flow is essential to a successful operation, and many businesses suffer from large receivables that may be hard to collect. Although your customers will appreciate flexible credit terms, it can be a financial headache for you.
It has minimal overheads An ideal business doesn’t need an expensive location or high recurrent administrative expenditure. It also shouldn’t require you to invest a lot of money in expensive equipment or fixtures.
It has low labour requirementsRussell claims that the less staff your business requires, the better. A virtual corporation has only a few executives who contract all the operational requirements to other companies or individuals.
It does not depend on you A great business model should allow you to earn even if you are not physically working. Business ventures which provide
residual income such as publishing or network marketing can give you this opportunity.
It is easily portableThe ideal business should not tie you down to any one location. Your business model should allow you to operate anywhere in the world - from the boardroom, the bedroom or the beach.
It gives you free time The ideal business should provide flexibility in work time and work hours, where minimal effort would receive maximum returns. What could be more perfect than having lots of free time to spend with family and friends?
© 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.
Cherryl Hanson Simpson
The ‘Perfect’ Business
The first significant impression you will make on the employers is your cover letter. Hence it is very important for you to make it count. In fact Robin Ryan, author of Winning Cover Letters, stated that a good cover letter can sail to the top of the stack and get you an interview immediately. What to Include in a cover letter
State relevant information about the company This can help the employer know that:1. You are articulate and have done some research about the company2. You are very interested in the position3. You are aware of the aim and accomplishments of the organization
Sate how you can be an asset In these times the one thing that’s at the top of every company’s agenda is EFFICIENCY. They want to hire persons who can be productive and beneficial. Make sure to include innovative ideas that can increase the level of efficiency of the company, which will subsequently lead to greater profits.
Ensure that it is a reflection of you Many persons forget that this is the employer’s first opportunity to know who you are. Ensure that the adjective you use reflect a bit of your attitude and personality without losing the professional tone of the letter. If you are an energetic person use words such as excited or immensely grateful.
Contact information As simple as this may seem, your telephone number and email address are essential items on a cover letter. Please ensure that you have an email address that sounds professional. For example refrain from using personal email address such as [email protected], rather have a professional account that is used when dealing with companies such as [email protected]
2 things that must be exclude1. Do not use overused templates A large Human resource department is likely to see hundreds of letters. Hence, it is important to stray from typical styles of writing.
2.Don’t make it too longYou want to make this letter concise but also provide all the vital information you will need to get the job. If you write too much information you may appear overzealous, conceited or arrogant. It may not only be unappealing to the employer but it may also become too boring for the employer to read.
Poll Question
What is your most effective job hunting strategy?
a) Look in the career or classified advertisement sections of the paper 20%
b) Networking. Ask friends or relatives if they know of anyone employing persons 70%
c) I pick a company I would like to work for and call the human resource department to query about any vacancies. 10%
Things you MUST know whenwriting a cover letter5
10%70%
20% ABC
6 YOUR MONEY - Life Style
