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he stage is set for Jamaica to transition from economic stabil-ity to growth. This position was

expressed by Finance Minister Audley Shaw at a recent investor forum hosted by Mayberry Investments Ltd. at the Knutsford Court Hotel, Minister Shaw noted his administration’s successes in stabilizing the local economy during the worldwide recession, including stabiliz-ing the dollar, increasing gross reserves and implementing the Jamaica Debt Ex-change ( JDX) programme.

Arguing that the JDX must give way to “robust growth”, Mr. Shaw presented the draft report ‘A Growth-Inducement Strategy for Jamaica’. Conceptualized by the Growth Secretariat of the Planning Institute of Jamaica (PIOJ), the docu-ment outlines short- and medium-term expansion opportunities and points to a healthy partnership between the public and private sectors.“When implement-ed, the approved Growth-Inducement Strategies will be a powerful kick-start to economic activity, especially in con-junction with large Government-led de-velopment programmes,” Minister Shaw explained. These include theFalmouth Cruise Shipping Terminal, the Down-town Kingston Renewal Programme, the Liquefied Natural Gas (LNG) Proj-ect and the re-opening of bauxite and alumina plants.

Tax reform is another important ele-ment of the Strategy. The current Tax Policy review aims to enhance compli-ance, eliminate waivers, reduce taxes where possible, simplifythe process and facilitate ease of payment.

The tax administration and customs departments will also be modernized. The government is presently negotiat-ing with the United States Agency for International Development (USAID) for a 5-year, J$6.5 billion loan to finance a comprehensive Administrative Reform Programme, comprising a new com-puter system with data mining and data-base-merging capabilities.“It will help us achieve our objectives to broaden the tax base and consequently, lower taxes. It will be a win-win situation as the tax burden will be more equitably shared – for industries and citizens alike,” Mr. Shaw explained.

He also encouraged corporate strate-gists to consider the spin-offssuch as credit bill reporting, which will increase access to loans and decrease non-per-forming loans; the Casino Gaming Act; and the Omnibus Banking Bill, which gives the central bank more oversight responsibility for financial system stabil-ity.

Minister Shaw also acknowledged the risks associated with several internation-al economic challenges, such as increas-ing oil and grain prices and a sluggish US job market; however, he believes the worst is behind us. “Going forward, the issues of production, productivity, com-petitiveness, savings and investment must become our national preoccupa-tion. Jamaica needs to generate sus-tained growth in excess of three per-cent over the medium term to allow for an improved standard of living for all its citizens,” he declared. “For the Govern-ment’s part, let me assure you that our commitment to fiscal discipline will not waiver. We are serious about achieving a balanced budget in [2013/2014]... The time for action is now.”

“RoBust” Economic GRowthAUDLEy SHAW PREDICTSAT MAyBERRy’S INvESTOR FORUM

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The current Tax Policy review aims to enhance compliance, eliminate waivers, reduce taxes where pos-sible, simplifythe process and fa-cilitate ease of payment.

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byTracey-AnnWisdom

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Finance Minister Audley Shaw

INvESTOR FORUM

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mayBERRy invEstmEnts’

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uccessful growth in business comes from proper planning, motivation, management, in-

spiration, and a strong knowledge of business history. your business can rise from nothing to something in a New york minute and also fall faster than an object not suppressed by gravity.

Business mentorship is a strategic way for small business owners to in-crease their wealth and secure growth in a savage Jamaican business com-munity. It is a unique catapult to fast growth, which helps you to harness the best entrepreneurial abilities. This is achieved by developing confidants and valuable advisors, in the form of senior successful business moguls or up and coming small business owners a few step ahead of you in the business. Mentors provide business pointers, possible networking opportunities and are a source of advice when life throws those curve balls your way.

Recently, Wall Street has been trying to analyse the use of role models as a success measure for small business and companies. Chairman and CEO of JP-Morgan Chase, Jamie Dimon, is a very good example of proper mentorship.

Having the respect and mentorship guidance of business moguls Warren Buffet and Sandy Weill, Dimon notes a few key pieces of advice normally given by mentors:

1) Be a student of history, which means reading a lot of financial history.

2) Know your business by being heavily involved in the running of your com-pany, down to the smallest position.

3) Keep a ‘to-do list’ and taking it seriously.

4) Choose a good mentor, valuing loyalty.

5) Put in the hours.

6) Maintain consistency.

7) Keep your cool as a business person.

These are some of the things that have guaranteed the success of the Chase Bank CEO and will help you in achiev-ing your business goals. To this end, invest your time and energy in seeking the best mentorship programmes you can find or simply follow the guidelines of proper mentorship, while consid-ering the background, availability and success rate of your mentor.

Timing is very important in how you project your business ideas and reduc-ing the time it takes to reach your goals should be the aim of your small busi-ness. Mentorship helps to achieve this by grooming your attitude and busi-ness to successful growth over your many competitors. In the end, you can choose to mentor your product and watch your capitals rise or go solo and watch your investment crawl. you de-cide.

mEntoRinG Can grow the sMall Business seCtor

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Timing is very important in how you project your business ideas and reducing the time it takes to reach your goals should be the aim of your small business.

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byPaul Mattis

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start upsRead. Believe. Succeed

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Small Business Banking

our Money caught up with Jer-maine Williams, a busy, ambi-tious and confident young en-

trepreneur. Williams is CEO of the Good As New pre-owned appliance and furniture company and President and CEO of the Mainwell Financing and Consultancy Firm. This Jamaica College alumnus and member of the Old Boys Association makes the life of a young business owner seem very calculated and comfortable. He credits his sta-tus of comfort and confidence to the strong background of his alma mater and the observational mentorship from his two advisors Christopher Williams, CEO of PROvEN Wealth Limited and Michael Campbell, Chairman & Manag-ing Director of Island Car Rentals Lim-ited.

It is no secret that Williams has con-fidence in the huge possibilities of his company and its prospects for success over the next five years.. He sees Good As New booming to the magnitude of international household companies such as Wal-Mart and Sears or the local Singer and Courts, having the same vol-ume of entities and success. His unique business idea suits the market of people willing and ready to start life on their own,, especially young professionals

making moves towards structuring or furnishing their first apartment. The company’s main incentive is its very at-tractive pricing policy. Being in opera-tion for only a year, Williams humbly describes his happy success thus far as managing to break even or sometimes coming out with a handsome- enough profit each month.

However, he describes the difficulty of accessing capital as one of the many challenges that he faced during his initial start-up. Additionally, he says, balancing income without much expenditure can be a very difficult barrier to cross and this is an issue for every young small business owner. Here he readily makes mention of how excellent the presence of the Jamaica Stock Exchange ( JSE) Ju-nior Market is for young business own-ers as it creates an excellent avenue of exit strategies for starting companies. The JSE Junior Market is designed to raise capital for small and medium busi-nesses, offering incentives to help them invest and build themselves and even-

tually sell, if necessary. He pointed out that one of Michael Lee Chin’s business practices is to buy and hold while some people want to sell. The JSE Junior Market accommodates the choices of exiting or holding your business. This helps entrepreneurs to be able to get an understanding of the real cash be-hind the wealth, he says.

It is no surprise that Williams loves to support non-profitorganizations. As a member of the Jamaica College Old Boys Association, he gets to realize the value of giving back to the place that made him. He believes that busi-ness owners do not have to wait until they have become successful to give back. “There is no real reason for giv-ing back, but giving back is important,” he states.

Jermaine Williams PlaCing his last dollar on the Pre-owned Business

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Being around for only a year, Williams humbly describes his happy success thus far as managing to break even or sometimes coming out with a handsome-enough profit each month.

byNicoletteJones

Jermaine WilliamsCEO of Good As New

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