ne of the biggest lessons this recession has taught young professionals is that no job is

secure. Employees have to now work harder and smarter in order to keep the jobs they have. “A recession-proof em-ployee, in my opinion, is someone who moves beyond his or her job responsibili-ties and becomes involved in other areas of the company’s operations,” says our CEO, Tyrone Wilson.

“I remember watching an interview with Donovan Perkins, CEO of PanCaribbean Financial Services, where he was speak-ing about his job working at Burger King. He described himself as a dedicated em-ployee who was very efficient in his area. However, after a short period, he was in-formed by his boss that he would fire him because he’s not doing anything else in the workplace other than his required tasks. He then asked for a chance to prove him-self and, of course, got to keep the job,” he added.

If you are married to the terms of your job description, then your chances of be-coming a future manager or CEO of the company are very limited. It is important to show that you are willing and able to go above and beyond what is expected of you at work. You don’t have to take on so many extra projects you become bogged down or poach tasks from your colleagues, which can lead to animosity. How about coming up with an idea or solution that can solve a problem your department is facing? It could even be a

simple as volunteering to help with the company’s charity work occasionally. These strategies help you remain visible to your employer and you are seen as an asset to the company.

Overall, keep a positive attitude at work and make sure that the work you do stands out.

CEO’S THInK TAnK

yourmoney ezine

The recession-Proof emPloyee

O

CEO Think Tank is a weekly discussion between Your Money reporters and our CEO, Tyrone Wilson. It will focus on pertinent business issues that are dis-cussed on a regular basis among cor-porate executives, entrepreneurs, small business owners, political leaders and other key leaders in our society.

ceo’sthink tankbyTracey-Ann Wisdom

Tyrone WilsonCEO of eZines Limited

Business lounge Real Business. Real Talk.

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olumbus Business Solutions (CBS) is set to propel local and regional micro, small, medium and large enterpris-

es to greater levels of competitiveness with the latest and most hi-tech busi-ness class digital Internet Protocol (IP) services. The new services were out-lined on March 17.

CBS is the combined forces of Flow’s superior business services and its sister company Columbus networks’ region-al state of the art, scalable network, boasting the latest high-tech infrastruc-ture found in the region. Columbus’ sub-sea fibre optic network reaches 22 countries in the region and carries over 60% of all internet traffic in the Carib-bean.

Explaining the unique advantages of the entity, niall Sheehy, CBS Vice President stated, “Columbus Business leverages Columbus’ superior network and ex-pertise so we can bring the best prod-ucts and services to our customers. This means that even the smallest busi-ness, as well as the largest established multinational organizations can benefit from the most advanced expertise and technology in the region.” Jamaican customers now have access to a wide range of high-quality business class digital Internet services at competitive prices along with a 24-hour customer service centre. Anticipating the effect CBS will have on the general economy, Brendan Paddick, Chairman of Columbus Communica-tions International (parent company

of Flow), explained, “With the kind of broadband infrastructure, products and services that we are bringing to Jamaica, the Government is well positioned to meet its ambitious 2030 development plans of universal access. A broadband network, such as Columbus, will stimu-late the economy by giving the country new business tools, open the door to on-going business innovation and sup-port a wide range of multimedia con-sumer services that is driving the 21st century economy.” Michelle English, President and Chief Operating Officer of Flow, agrees. She also said the latest investment in Jamaica is really about enabling the development and expansion of new industries. “It is seen as a catalyst for business growth and the stimulus for the emergence of new industries, including health care systems and offshore data centres,” English said at the launch. CBS products and services include Di-rect Fibre or Dedicated Internet con-nections, wide area network solutions

and Flow’s commercial Watch, Talk and Click services. The product suite has expanded to now include:

• Business continuity solutions to pro-tect critical business data - from simple data storage, co-location, to full data replication and Disaster Recovery (DR)

• IP surveillance for increased home and business security via digitized, networked closed-circuit television (CCTV)

• Videoconferencing solutions which connects Jamaica to an international network, allowing large businesses to maintain their global reach and reduc-ing travel time and expense.

LOCAL EnTERPRISESTO GO HI-TECH WITH

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Brendan PaddickCEO of Columbus Communi-cations (parent company of Flow) addresses an audience of Jamaica’s top executives, including Opposition Spokesman on Energy, Information and Communication Technology at the launch of the Columbus Business Solutions service package, held at the Wyndham Kingston Hotel,

Wednesday March 17, 2011.

yourmoney ezine

insights

hen news broke on March 11 that mobile communications giant

Digicel had signed an agreement with America Movil to acquire Claro, its lo-cal operation, questions immediately rose amongst those within the industry and customers alike, many of whom are now wondering how they will be af-fected by this move.

The Digicel/Claro deal, in effect an ex-change of assets, will see Digicel selling its businesses in El Salvador and Hondu-ras to America Movil. This means the two companies will no longer compete in the Caribbean, which Digicel domi-nates, or in Latin America, which Amer-ica Movil virtually owns. The deal has set off fears that Digicel could now create a new monopoly in Jamaica as its remain-ing competitor, LIME, is considered by most to be a feeble opponent.

The major impact of this deal will be the decreased competition in the market. Consumers are especially concerned that Digicel, as the clear market leader, now possibly with the benefits of Cla-ro’s cutting-edge 3G technology and ex-clusive deal with Apple, Inc. for iPhone and iPad plans, could drive up its prices. It is a legitimate concern as just last year, the three companies were embroiled in a court battle as LIME and Claro ac-cused Digicel of being anti-competitive with high interconnection rates to make and receive calls to and from their net-works. For example, it costs a LIME pre-paid customer $8 per minute to call Claro but $12 to call Digicel. Ad-ditionally, Digicel customers currently pay $10 to call another Digicel number and $17 to call across networks.The stiff competition, particularly between Digicel and Claro, has been a boon for

local consumers, who have enjoyed the resulting specials and low rates – as well as the sparring advertisements. Claro seemed to have put a serious dent into Digicel’s armour, especially in the young, tech-savvy customer base. Last year, the company declared that its subscriber base had grown by some 150,000 cus-tomers while Digicel maintained that it has the most subscribers with 2.1 mil-lion customers.

LIME has already taken a firm stance against the deal, calling for the Govern-ment, the Office of Utilities Regulations (OUR) and the Fair Trading Commis-sion (FTC) to carefully assess the agree-ment before allowing it to be finalized. Opposition Spokesperson on Industry and Commerce, Phillip Paulwell, is also concerned about the implications. He wants the Government to provide addi-tional safeguards to protect consumers from unfair pricing policies.

Considering the way the industry was prior to Digicel’s entry and even subse-quent to Claro’s foray into the market,

it is indeed prudent of the Government and regulatory bodies to ensure that the necessary safeguards are in place.

The market is open for other mobile service providers to make a move; how-ever, only time will tell if LIME can suc-cessfully compete against a bigger, even more powerful Digicel and whether a third party would thrive. It would cer-tainly be to the benefit of local consum-ers if competition remains alive and well.

W

The deal has set off fears that Digicel could now create a new monopoly in Jamaica as its remaining competitor, LIME, is considered by most to be a feeble opponent.

byTracey-Ann Wisdom

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A neo-monoPoly in The mAking?Digicel’s claro Take-over:

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insights

s an entrepreneur or profes-sional, you might have worked hard over the years to build up

your assets for you and your family’s benefit. Alternately, you might just be starting out and think you have all the time in the world. Either way, it is im-portant to make proper arrangements for the distribution of your assets so that your loved ones are taken care of after your death.

Speaking at the March 16th Mayberry Investor’s Forum, Attorney-at-Law Georgette Wiltshire offered eight sim-ple steps to control how your assets aredistributedupon your death:

Draft your Will.

This document should include your full name, permanent address and occupa-tion. Ensure that all assets to be distrib-uted are clearly defined and your ben-eficiaries are clearly identified. The Will must be signed in the presence of two witnesses. It must also be dated. This is important should more than one Will be found upon your death, in which case the most recent one will be valid.

list your assets anD liabilities.

Do this before you draft the Will to give yourself a clear picture of your assess versus your liabilities, which de-termines the net market value of your estate. Assets include property, stocks, cash and vehicles. Liabilities include debts such as mortgages and outstand-ing loans. Determine what each of your beneficiaries will receive, how to settle your outstanding debts and make pro-visions for your funeral expenses and

the costs associated with administering your estate.

name your executor(s) anD trustee(s).

The Executor will manage the distribu-tion of your assets. This person can also be named as your Trustee, who will manage the assets on behalf of beneficiaries like minor children. Ensure that this person or these persons are trustworthy and capable of handling your affairs.

name a GuarDian for minor chilDren.

This doesn’t have to be the same per-son as the Trustee. It is advised that you appoint a different person to pro-vide checks and balances and ensure accountability.

name beneficiaries on insurance policies.

Ensure that you obtain sufficient life in-surance to cover your final expenses. This beneficiary will collect the pay-outs from your policies topay the costs.

ensure that property is oWneD jointly.

Upon the death of one owner, the property goes to the survivor. This sig-nificantly decreases the taxes payable for the distribution of your assets. This step also applies to bank accounts.

revieW or upDate your es-tate plans.

It is important to update your Will after life changes such as marriage, divorce, death of a spouse or beneficiary, the birth or adoption of a child, receiving an inheritance or the disposal of prop-erty previously bequeathed in your Will. Bear in mind that marriage auto-matically revokes your previous Will.

secure all important Docu-ments.

Your titles, insurance policies, share certificates, information on your fi-nances, debts and mortgages and other important papers as well as copies of each should be stored in a secure, ac-cessible place.

A

Determine what each of your beneficiaries will receive, how to settle your outstanding debts and make provisions for your funeral expenses and the costs associated with administering your estate.

byTracey-Ann Wisdom

ProPer esTATe PlAnningkeys To

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Small Business Banking

t was the turn of the millennium and the English Cable and Wireless (C&W) monarchy ruled Jamaica

with an iron fist. There was no product variety and the average citizen could not afford his own communication device. But the winds of change were blowing and the people were becoming rest-less. Digicel, an enterprising Irish knight with his own plans to be king, was taking careful note of the situation at hand. The English and the Irish have fought many battles over the centuries. The Irish knight invaded Jamaica in 2001- much like the norman knights conquered his country in 1169, leading to the forma-tion of modern Ireland - and created a ‘bigger, better’ communication land-scape for the people.

There are several important business lessons entrepreneurs can learn from

Digicel’s dominance and C&W’s fall from grace. One example is the importance of extensive market research, which gives companies a clear picture of the space they are about to enter, includ-ing the characteristics of the potential customer base, the industry as a whole and the competitors already operating therein.

Digicel has obviously studied Jamaica well and knows how to give the people what they want, while neutralizing the competition. C&W still has a negative image to overcome as many people still do not trust the brand. The company has rebranded its operations twice and, each time, seems to have fallen further behind in the mobile market. When it became LIME, many people thought the name simply did not make sense – evi-dence of a lack of knowledge about the

local market. For all its bluster, Claro, which entered the local market in 2008, also missed the mark. For instance, its major colour (red) is the same as Digi-cel’s, sparking brand confusion at first. Additionally, its confrontational advertis-ing tactic was rejected at first because it was an attack on the revered Digicel.

Entrepreneurs must make it their duty to familiarize themselves with their target markets in order to get ahead or carve out a sustainable niche. Market research is an on-going process as people’s tastes change frequently and inexplicably and the competition for scarce disposable income heightens.

Internationally, we’ve also seen major companies pilloried after rebranding with poor market research while others have listened to their market’s feedback and reaped success:

nobody is impressed by the new-look Aol. and its ads have been deemed ‘weird’ and ‘childish’.

The 150-year-old British luxury brand was seen as frumpy and ubiquitous until it modernized its product offerings and enlisted high-profile celebrities like Kate

Moss for its ad campaigns

The company’s new ‘minimalist’ logo did not go over well with its market; neither did its in-vitation for customers to submit their own logo designs. GAP had to revert to its old logo after

taking a beating on social media platforms.

Once seen as your grandfa-ther’s deodorant, the brand was given new life with the snappy, humourous “Smell like a man, man” ad campaign, complete with a strong social

media presence.

The company was once vilified for ‘making Amer-ica fat’ and has since shaped up its menu with more healthy meal op-tions.

The SciFi channel tried to ap-peal to its young adult audi-ence with a name that was ‘text-friendly’ but unwittingly ended up using the slang for

syphilis.

Seven companieS to learn fromThe relevance of markeT research

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byTracey-Ann Wisdom

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