Your Business with Bernadette

echnology is increasingly becoming an essential part of doing business. This magazine, for example is created and distributed electronically. It is therefore

very convenient for you, good for the environment and it is measurable as we can track how many people open it.

The benefits of integrating technology in your business are immense. You can use it to become more efficient, drive down cost, communicate with your customers and to allow greater access to revenue. For example, this month’s featured entrepreneur, Andrea Dempster, founder of Bookophilia, uses social media to interact with customers on a daily basis.

NCB is also encouraging you to go electronic with your banking. Our internet banking portal offers you access to your accounts. You and your designated users can make payments and move around funds as necessary and print your own reports. Our eCommerce and point-of-sale solutions allow you to get payments from other sources and also reduces the risk of handling cash. Automating your payroll is less expensive and also enhances your relationship with your workers who get their payments sent directly to their accounts.

For more ways that NCB’s electronic banking solutions can assist in optimizing your business, I encourage you to email me at barrowbd@jncb.com or call me at 935-2065.

All the best for your business, until we talk again!

Bernadette BarrowAssistant General Manager, SMENational Commercial Bank

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Bookophilia

rmed with a passion for books and having been fortunate to enjoy the bookstore and café culture that developed in the USA in the 90’s with stores

like Borders and Barnes and Noble, Andrea Dempster was motivated to open her own ‘book café’ - Bookophilia. The name is a combination of “book” and the Greek word “philia”, which means “love”, together meaning “love of books”. Ms. Dempster’s determination has paid off as Bookophilia won the Innovation Award at 2010 NCB Nation Builder Awards.

Having proven that the saying “if you want to keep a secret from a Jamaican, put it in a book” is simply untrue as Jamaicans do read regularly, Ms. Dempster was concerned about the environment in which people were buying books.

“There are still “do not read” signs on magazine racks and books wrapped in plastic in local book stores. This just does not sit well with me [based on] my experience in other coun-tries where people read more. The bookstores are very ac-commodating: shoppers are encouraged to take a pile of books, sit on the floor for hours and relax – get something to eat and read some more.”

Bookophilia opened its doors to the public in April 2008. The book café handpicks its stock to suit the customers’ tastes. The store provides a comfortable atmosphere in which people can enjoy their books, a special space just for children and a busy weekly calendar of book readings. The staff communicates directly with customers on Facebook, Twitter and through di-rect mail; the store also offers loyalty cards and discounts. An-other innovative splash is the children’s book readings, every Saturday between 11am and 12 noon. A unique space is pro-vided for children where they can read, be read to and play.

Bookophilia is an accessible, friendly place where people can experience the arts. The store hosts social events like the Book Club, art exhibitions, live music and book launches. Are you looking for the latest bestseller or an old classic, buying a great

book as a gift or just want to enjoy the tasty Blue Mountain coffee provided by Country Traders and use the free WiFi? The courteous staff awaits you.

The level of service combined with the warm, comfortable setting and the wide selection of books set Bookophilia apart from other book stores in Jamaica. The knowledgeable and informed staff will also source books for customers, whether corporate or otherwise.

In a little under three years, Bookophilia has conducted over 200 in-store events and sold more than 28, 000 books. Local and international authors have also hosted book launches and readings at the store.

Ms. Dempster knows the power that reading has to change lives and through her innovative intervention, she is already seeing the results.

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An exciting outlet to enjoy and appreciate the literary arts

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Andrea Dempster founder of BookophiliaThe level of service combined with the warm, comfortable setting and the wide selection of books set Bookophilia apart from other book stores in Jamaica.

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he National Commercial Bank Jamaica Ltd. (NCB), through its SME Unit, has signed a Memorandum of Understanding (MOU) to partner with the Women Business Owners of Jamaica Ltd. (WBO) for a three-year project

to develop businesses owned and operated by women is-landwide. NCB has offered over 13 million Jamaican dollars in support of WBO members and attendees to the training sessions and mentorship programme over the duration of the project.

With the support of the NCB SME Unit and the Interna-tional Development Bank (IDB), the WBO will be provid-ing training opportunities to female entrepreneurs to con-tribute to the growth and sustainability of women-owned small and medium businesses in Jamaica, under its project title “Strengthening and Promoting Women Entrepreneurs in Jamaica”. This project will strengthen 300 women-owned small and medium businesses by improving their business skills and increasing their access to financing through a rela-tionship with NCB.

“We are pleased to be the financial partner of the WBO’s project and congratulate them and the IDB on the shared vision for our nation’s future. The training opportunities that will be provided by this project are directly in line with our business focus to support small and medium businesses,” said Audrey Tugwell Henry, Senior General Manager, NCB Retail Banking. “NCB prides itself on being responsive and relevant to our customers’ needs. Our business is not only about selling financial services, it’s also about growing the financial strength and stability of our customers. We recog-nise the significant impact that women have on our society and as more female entrepreneurs emerge in various sec-tors, we are investing in sustaining the continued financial viability of their businesses.”

As a part of its contribution, NCB has also offered a $100M fund for a special loan product “NCB Women in Business Facility”, specifically to improve participating business own-ers’ access to finance through the project. This facility in-

cludes a 14.5% APR rate and specially negotiated terms. In addition, NCB will provide support for the training materials to be produced.

WBO president, Dorothea Gordon-Smith, expressed grati-tude for NCB’s support. “We thank NCB and all sponsors for their on-going support. It is not a small feat to run a busi-ness coming through the global economic challenges we have faced and on the heels of the recent International Women’s Day celebrations, we commend NCB on their commitment to the development of enterprises owned and operated by our nation’s women. We also applaud NCB for providing a financial product for women business owners,” she said.

This sponsorship not only supports Jamaica’s small and me-dium enterprises, but is aimed at improving enterprises that impact economic and national development. It also becomes an extension of NCB’s corporate mantra of “building a bet-ter Jamaica”.

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NCB commits $13M to support Women Business Owners

(l-r) Bernadette Barrow, assistant general manager, NCB SME Unit, looks on as Audrey Tugwell Henry, senior general manager, NCB Retail Banking, signs an MOU on behalf of the bank, committing over $13M in sponsorship for the Women Business Owners of Jamaica Ltd. (WBO)/Inter-American Development Bank project “Strengthening and Promoting Women Entrepreneurs in Jamaica”. This 2 year project will see the capacity building, business development and training of over 300 woman-owned enterprises islandwide. Signing for the WBO is president, Dorothea Gordon-Smith, and guest speaker for the launch of the training project, Pamela Jolly, business consultant and guest speaker for the launch, witnesses the event.

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ver forty (40) businesses island-wide are benefiting from business training offered by the National Commercial Bank’s Small and Medium Enterprise (SME) unit, in col-

laboration with the world’s number one business coaching firm, ActionCOACH. The seminars are the second in an ongoing series which began in March with the “6 Steps to Building a Better Business” session and continued this week with “BusinessRICH.”

Coming on the heels of the bank’s recent partnership with Women Business Owners of Jamaica (WBO) for similar training, Bernadette Barrow, Assistant General Manager, NCB SME unit reiterated the bank’s commitment to their relationship with SME customers in an effort to strengthen and empower the sector, particularly in the area of capacity building. Mrs. Barrow said, “At NCB we see our role in the relationship with our customers as providing them with all the tools, advice and opportunities to help them to grow and succeed. Not just as a financial partner, but one that is truly involved in the business. Our aim is to see them grow by becoming viable and strong. We will therefore continue to provide many avenues to fuel their performance.”

All the participants applauded the efforts of the bank to in-vest in improving their business. “Thanks to NCB and Mar-cia Woon Choy for this opportunity. The relationship with NCB tells me that there is value in what I am doing, and has given me tools to apply in a practical sense to improving my business,” noted one enthusiastic participant.

NCB also undertakes major business training initiatives for its customers through partnerships with institutions such as

UTECH and HEART Trust/NTA for awardees under its an-nual Nation Builder Awards programme, as well as other training initiatives in specific needs-based areas.

Some of the areas covered for the training included: raising profitability; how to systemize your business; how to take control of your time; turning advertising into an investment; building a commercial, profitable enterprise that works without you; how to recruit, train, motivate and retain ex-ceptional employees.

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“At NCB we see our role in the relation-ship with our customers as providing them with all the tools, advice and opportunities to help them to grow and succeed. Not just as a financial partner, but one that is truly involved in the business. Our aim is to see them grow by becoming viable and strong. We will therefore continue to provide many avenues to fuel their performance.”

NCB Coaches Small and Medium Businesses

For Profitability

Michelle Smith (centre), Managing Director, Chocolate Dreams smiles during discussions at the recently held “6 Steps to Building a Better Business” Action Coach Business seminar, hosted by the NCB SME Unit at the Knutsford Court Hotel. The seminar was organized recently for the Bank’s SME customers as a part of the ongoing efforts to provide them with useful information and practical support. Listening to the discussions are (from left) Bernadette Barrow, Assistant General Manager, NCB SME Unit; Michelle Gordon, Managing Director, Boy O Boy; Audrey Tugwell-Henry, Senior General Manager, NCB Retail Banking; Marcia Woon Choy, Certified Business Coach, Action Coach.

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ne of the greatest challenges many small business owners face is deciding how many employees to hire. You are usually starting out with limited financial resourc-

es, so you can’t afford to have more people than necessary on your payroll. At the same time, hiring so few employees that they are constantly overworked and under pressure is also counterproductive. Before you begin the hiring process, carefully assess the needs of your company as it is now, not where you want it to be in the future. When the time is right and you have more resources, you will be able to expand your staff. Many entrepreneurs start out as one-man bands, but if you cannot operate without additional staff, consider the following strategies:

• Hire people who can function is more than one capacity. Much is made of multitasking in today’s competitive eco-nomic climate, but it is especially necessary in small busi-nesses as it is more cost effective. If you own a clothing store, for instance, it would be to your benefit if your sales assistant can also function as your buyer on occasion.

• Hire specialists for key positions. Some positions require a dedicated staff member, such as an accountant. Don’t task your assistant with that job just because he/she is ‘good with numbers’.

• Offer temporary jobs. This is a good way to see if an em-ployee has the necessary skill and attitude to fit into your business and helps you determine whether you make them permanent staff members.

• Hire people with realistic expectations. Constant staff turnover is costly, especially if you have to train employees. To minimize this, make sure you clearly outline the details and benefits of the job and receive feedback from intervie-wees so that mutual agreements can be reached.

The recession has taught us that staff efficiency is just as im-portant as other key performance indicators. We currently see where many companies have made numerous positions redundant and incorporated those responsibilities into ex-isting positions in the work place. This is one thing that small business owners must learn from. Look at all the areas that

are necessary for your business to function efficiently and see how they can be streamlined. It might mean merging two or three positions into one. However, be sure to con-sult with the individual who will be responsible for this job and assess whether he/she can is capable of handling the responsibility well.

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If you own a clothing store, for instance, it would be to your benefit if your sales assistant can also function as your buyer on occasion.

How Many EmployeesDoes Your Small Business Really Need?

Feel Free. There are many programmes or services that will al-low you to have robust programmes for free or very inexpensively. Consider using open source software as well. Think only small busi-nesses are using them? Not so! Large companies like NCB are utiliz-ing open source to save on cost while enjoying the benefits of robust software.

or many businesses, technology is the way to go if you want to help to accelerate growth. Successful businesses tend to be the ones who adapt, find ways to be more efficient and to stay close to their customers. Here

are some tips that will help you to achieve greater success in your businesses by using technology:

Maximize Efficiency. Use more of the features of your email pro-gramme to help automate efficiency. Few of us use the tasks or the journals to chronicle the work that is being done to help streamline operations. It can often save you money as you can schedule re-curring expenses like GCT returns and statutory payments to avoid penalties.

Keep in Touch. Keeping in close contact with your customers is one of the ways that you can maximize your earnings. A number of services offer email and SMS marketing services, some of which are either free or at low cost. Ensure that your business is top of mind and that they are aware of what you have to offer or any sales you may have.

Expand your Horizons. Having a point-of-sale system allows you to accept payment from a wider pool. Your customers will also ap-preciate the greater convenience. Or go further and consider having your customers make payments on the internet by putting your busi-ness online. This opens you up to local and international customers.

Go paperless! Its not only environmentally friendly, it saves you money. Try to utilize as little paper as possible in your office to save costs and you may also consider sending your bills and other com-munication with your customers by email.

“A number of services offer email and SMS marketing services,

some of which are either free or at low cost.

Ensure that your business is top of mind

and that they are aware of what you have to offer

or any sales you may have.”

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SME Tips

Fitzroy DonaldsonBusiness Banker, NCB Falmouth

Fitzroy Donaldson ,Business Banker

The Electronic Advantage

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