Tag Archives: finance

All That Glitters

If you are an aficionado of jewellery, there is nothing quite as enticing as seeing artfully crafted golden trinkets, inlaid with precious stones, in a shop window. As the saying goes, “A diamond is a girl’s best friend,” and many women would love to deepen this particular bond of friendship!

In the world of investing, it is also easy to become enthralled by the glitter of an investment that promises to transform your fortunes by making you very wealthy. As you struggle along trying to make ends meet, the thought of being able to live more abundantly can be very appealing indeed.

An unwitting window-shopper is often tempted to pay large sums to acquire a beautiful new piece of gold jewellery. An inexperienced investor, lured with thoughts of getting wealthy from a seemingly attractive investment option, can similarly be enticed into making inappropriate financial decisions.

In The Merchant of Venice, Shakespeare opined, “All that glitters is not gold.” This quote cautions you not to be swayed by external features when determining the worth of a person or an item. The same holds true for many investments, as you need to look beyond the surface to verify their real value. Continue reading All That Glitters

Going For Gold

Jamaicans all across the world along with numerous friends of our nation are still celebrating the incredible success of our athletes at the recently concluded 2012 London Olympics. The infectious euphoria that was demonstrated by thousands of supporters from Half Way Tree, Jamaica, to Birmingham, England, was heartwarming to observe.

While we bask in the glory of winning 12 Olympic medals, we need to retain more than just a passing sense of pride from the achievements of our sports giants. There’s a lot that we can learn from their journey to the pinnacle of sporting competitions. Let’s look at how we can pattern their progress as we strive to attain our own personal and financial goals. Continue reading Going For Gold

Investing by Lending Money – Returns and Risks

To be a truly successful investor, it’s important to understand the nature of any investment that you wish to undertake; by knowing how it can increase in value or supply an income, recognising the level of risks that the investment may bring, and ensuring that the investment type is ideally matched with your financial objectives.

Last week we discussed ways to invest by lending money in the financial markets. As we explained, large corporations, financial institutions and governments can create investments that allow them to borrow money from the investing public for their short-term financing needs or long-term capital requirements. Continue reading Investing by Lending Money – Returns and Risks

Is it worth the risk to invest?

Many people dream of enjoying a carefree lifestyle without the stresses of a regular job, and wish that they could find the perfect investment that would allow them to become wealthy. Their desire to be free from the routine of working for a living is often a compelling reason that motivates them to invest their money.

While most persons invest with an expectation of getting a positive result from their efforts, the reality is that investments don’t come with iron-clad guarantees of success. Last week we introduced the concept that investing activities carry some amount of risk, which is the possibility of getting a negative outcome or a different result than what was anticipated.

The risks that may accompany your investments have a lot to do with the reasons you may have invested in the first place. What are some of your basic expectations when you invest your money? Continue reading Is it worth the risk to invest?

Is Money Holding You Captive?

Money is an essential part of our existence, as we need it to acquire the basic necessities and comforts of life. I always encourage persons to be more purposeful in their financial dealings and to constantly look out for opportunities to earn more income. Becoming more focused and productive is a key ingredient to attaining our goals.

While money is very critical for our well-being, it seems that in today’s society many of us place too much importance on money itself. Our thoughts, beliefs and fears about money can lead us to make unwise financial decisions, and very often our money attitudes can bring out the worst in us.

It seems that many of us have become enslaved by our desire for and dependence on money.

Continue reading Is Money Holding You Captive?

Going The Distance In Achieving Your Dreams

“Where there is no vision, the people perish” – Proverbs 29:18

Most Jamaicans ardently want our nation to progress towards peace and prosperity. However, many of us don’t realise that for Jamaica to advance, we can’t simply expect others to make it happen; we must each embark upon our own personal journey of growth and development.

In The Richest Man in Babylon, author George S Clason declares that, “Our prosperity as a nation depends upon the personal financial prosperity of each of us as individuals.” In other words, if we are going to see Jamaica succeed, we have to first commit to working on our personal success.

In over 10 years of coaching persons on their financial goals, I have discovered that there are two main reasons that prevent people from getting ahead in life. Most persons are not clear about exactly what they want to achieve; and even if they have some idea about what they want, they aren’t passionate enough about why they want it to happen. Continue reading Going The Distance In Achieving Your Dreams

I Have A Dream

After writing about some of my concerns for the economic future of this country last week, I was heartened to receive responses from readers who indicated that they too, were anxious to play a part in restoring Jamaica to a prosperous state.

A few persons shared with me the development plans that had been drafted by organisations with which were affiliated. Although there are several groups of well-thinking citizens with inspired proposals, it appears that we are not as efficient in actualising our projects to create change. Why can’t we seem to move from idea stage to action phase?

In reflecting on the possible reasons for this inability to progress, I realised that our country’s financial problems are not unlike those faced by individuals. While many of us may think about how we want to improve our lives, somehow we just can’t seem to turn our thoughts into reality. Continue reading I Have A Dream

Business Lessons from the Honey Bee

I have often admired the diligent work of the honeybee. Just stand in any garden for a few minutes and very soon you will see one or two honeybees foraging for food within the flowers. These insects never seem to get tired of working, so it’s obvious why an industrious person is said to be as ‘busy as a bee’.

On deeper reflection, I have come to realise that there are many insights that this tiny insect can give us about being successful in business. I did a little research on the practices of the honeybee and I was quite impressed with the systematic way that it goes about achieving its life’s work.

Here are some of the business lessons that I have learnt from studying the honeybee: Continue reading Business Lessons from the Honey Bee

Let’s All Take Action for Business Growth

The development of successful local businesses should be of concern to all well-thinking Jamaicans, whether or not they have an interest in operating their own ventures. A profitable business community is needed to increase employment levels, provide the government with more tax revenues and spur overall economic progress.

It was recently reported that 10,000 government workers would be laid off over the next five years. When you add these numbers to the thousands who have already faced job cuts, and the hundreds of graduates who leave school every year without finding work, it is easy to see that our country is in a productivity crisis.

To overcome our personal and national financial woes, we should all participate in developing sustainable businesses. The authorities must provide a business-friendly environment; financial institutions need to offer lower-cost funds; business owners must learn how to be efficient; and consumers should support local enterprises.

Employees can build businesses, too

If you’re an employee, there are several things that you can do to help your employer to remain viable. Firstly, don’t give 70 per cent work effort and expect to be paid the full 100 per cent of your income on payday. Understand that your committed input is essential for the entire team to succeed.

If you are very distressed about the rising cost of utility bills, be mindful that your employer is facing similar challenges. Make a concerted effort to conserve on electricity and water usage at work. Don’t use office supplies such as paper and printer ink for your personal affairs, and keep personal telephone calls to a minimum.

Even if you think that you are working with a ‘boss from hell’, be thankful for your job, and realise that your employer might actually be doing the best that he or she knows how to do. Many business owners are inadequately trained in entrepreneurship skills and lack the knowledge to efficiently run a viable enterprise.

Sometimes employers are so focused on paying bills, boosting sales, reducing production costs and worrying about security issues that they have little time to focus on the strategic thinking that’s vital for business growth. Unfortunately, too many of them neglect to put enough time and money into the education they need to succeed.

Business owners must seek solutions

I believe that business owners have a big responsibility that transcends just running an enterprise. Entrepreneurs have the potential to positively impact the lives of their families, employees, communities and the country; therefore they are obligated to put their best efforts into making their businesses successful.

Over the past few weeks we have been looking at different resources that persons can use to learn more about building profitable businesses. These include getting formal business training, attending seminars, obtaining information from the Internet, and reading books and business magazines.

It is said that experience is the greatest teacher; in the business world, this adage is very applicable. In the classroom, most people are able to learn from their mistakes and get better with practice.

However, in business, one impulsive decision or ill-advised plan of action can unfortunately lead to the organisation’s demise.

Knowing the right steps to take in business would be easier if more owners had the benefit of expert guidance from coaches and mentors. Star athletes realise that having the right coach is instrumental to their success. Similarly, a knowledgeable business advisor could help to turn a fledging enterprise into a winner.

Business coaches can provide answers

Marcia Woon Choy, Jamaican franchisor with ActionCOACH, the world’s largest business coaching firm, confirmed that coaching is essential. “Coaches help people to achieve their desired results,” she explained. “A business coach guides owners by using tested, proven and systemised ways to build and improve their organisations.”

The first phase in the coaching process is to help existing business owners clarify their personal and business goals and their expected results, Woon Choy revealed. “Many persons struggle because they’re not clear about what they want their businesses to accomplish.”

Once these goals are clarified, the coach works to get alignment on these objectives from partners and team members. Getting consensus from all parties is essential, Woon Choy indicated, as to succeed in their businesses, the owners must develop commercial, profitable enterprises that can work without them in it.

Business owners are trained how to implement effective systems with the use of workshops, DVDs, CDs and books. Some of the critical lessons taught include the six steps to get massive results, five ways to increase business profits, and four ways to make businesses work more effectively and efficiently.

The next stage is to develop a phased action plan that lays out exactly how the business is going to achieve its desired results, Woon Choy continued. The coach has to continually keep persons accountable for carrying out the steps, as without their commitment to learn and apply each element, the process will not be successful.

By getting the education and working with a business coach, Woon Choy maintained that entrepreneurs would learn how to generate more cash flow, become more profitable, achieve more teamwork and obtain more personal free time. “It’s all about putting the systems in place that can allow your business to go on auto-pilot.”

If you want to achieve financial freedom by building a profitable enterprise, then taking action by hiring a business coach might be beneficial.

Copyright © 2011 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, May 19, 2011

Read other articles about Money Advice:

What Do The Rich Know About Money? Help for Young Jamaican Entrepreneurs

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Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl

Creating a System for Success

If you are in business, or have ever attempted operating your own venture, you’ll probably be very aware of the unique challenges that are faced by most small business owners. Running a business can sometimes be a lonely and laborious task, instead of the pleasing and profitable experience that many entrepreneurs dream of.

If you’re seeking a route to business success, one book that should be required reading is The E-Myth Revisited, by Michael E Gerber. This book reveals the secret lives of many struggling small business owners, as Gerber presents the realities that most of them would never dream of sharing, even with their close associates.

The truth is that many small operators are completely clueless about running a business.

They may be experts in their technical fields, but they have a difficult time carrying out basic business procedures such as managing people, controlling accounts, streamlining production, marketing effectively and delivering consistent customer service. Continue reading Creating a System for Success