jan-2018

2 3 Ministry of Finance & The Public Service 30 National Heroes Cir., Kingston 4, Jamaica Tel: 922-8600 • www.mof.gov.jm In its “Island Economies of the Future” report released on June 12, 2017, Financial Times’ investment publication has recognized Jamaica as the top performing island economy globally in business friendliness, and top ten in connectivity, human capital and lifestyle. Site Selection Magazine also acknowledged the country last month in its Global Best to Invest, Caribbean & Latin American Rankings, where Jamaica placed top ten in total number of investment projects in the LAC region. The achievements come after UNCTAD ranked Jamaica as the leading host economy in the English-speaking Caribbean and Small Island Developing States group in its World Investment Report. The assessment team visited Jamaica in 2016 and the period of assessment covered 2013-2014; 2014-2015 and 2015-2016. The overall results show that Jamaica’s public financial management system is strong. Key areas of improvement which contributed to the government’s overall improved rating are: • Implementation of a Budget Preparation and Management System (BPMS) which has been procured and is now being configured and tested so that medium term results based budgeting can be developed to sustain the results of the reform program. • Full implementation of new revenue administration systems at both the TAJ (RAiS) and JCA (ASYCUDA) and Launch of an e-tendering system. To enhance transparency, a procurement page was introduced in public media to provide procurement opportunities to potential suppliers. • Establishment of a new Chart of Accounts (CoA), as well as the new Commitment and Purchase Order Modules and an Establishment of the Revenue Appeals Division (RAD) with an organizational structure, business processes and automation (now integrated as part of the RAiS system). Corner View Wow. Time truly does fly! We find ourselves already up to our ankles in 2018. For some, this could be a metaphor to represent quick- sand that has already begun its slow, methodic, and tortuous inevitability. For others, this metaphor could rep- resent the high tide of currency that will continue to envelope the rest of our bodies as the year continues - a tide of monetary compensation that will not only drape, cover, and encapsulate you, your company, and those doing business with your company, but, also, all of those with indirect contact with us, our businesses, and with those that are doing business with all of whom are doing business with us. Now that’s an epidemic most of us wouldn’t mind contracting. If you don’t mind me expounding on the metaphor of growing infec- tious epidemics (I know it makes you a bit anxious when hearing about it, right?), I feel it imperative to discuss how growth in profits, uplifting busi- ness conditions, and positive local/ global branding find their way into our daily business operations. It’s by way of one of our most ancient teachings of life: making sure that you are rendering the type of ser- vice, product, or policies that you, yourself, would appreciate having rendered to you; and making sure that you overachieve in areas that make your customers’ lives easier in every way that is important to them. Daily, and at every opportuni- ty, you want to drive this concept deeply into the core of your staff and those extended arms of your business that happen to represent your company in any way. This con- cept involves working longer hours, more days, and with less assis- tance than intended, at times. This concept involves rewarding your customers with what may appear to be unnecessary benefits and perks, and simply going above and beyond the call of duty at every turn, pos- sible. This is something that should be done without the immediate thought fixated upon your return of investment, as there is no need, because your return of investment will far outweigh any of the efforts rendered. So, allow me to issue this chal- lenge: For the next ninety days, beginning with your staff, then immediately unfolding onto your customers, render uncommonly favorable practices with the men- tal concept of your reward being their happiness and satisfaction, regardless of the cost and effort that it may evince, and see if you will be able to quantify the reward to your business’s bottom line. For I feel comfortable in making you this promise: Your staff will enthusiasti- cally work to deliver all of the tasks and initiatives that you have placed before them with a joy and fervor never before rendered, while your customers, and those in contact with your staff and customers, will begin to spread the most beneficial reputation of your business without your prompting them in any way. This will produce a quantifiable return of investment far wider than your plans could’ve estimated. It’s a rule that will always be a law, and that law will always enforce itself in the most beneficial way imaginable; through happiness first, and success, inevitably. Until next time, plan, build, and continue to prosper. Andre Barefield JAN. / FEB. 2018 Contents 2 CORNER VIEW 4 OPENING LINES BEST PRACTICES IN BUSINESS AND ECONOMIC DEVELOPMENT 22 BERMUDA HOSPITALS BOARD A strategic plan for care 36 BAC UNIVERSAL ELECTRIC LTD. Bermuda’s no. 1 electrical contractor 42 ROOFTOPS SILICONE DISTRIBUTORS, INC. Quality workmanship and service BEST OF TRAVEL AND TOURISM 52 COYABA BEACH RESORT A gem among Grenadian resorts 60 KENSINGTON OVAL Make it memorable Editor-in-Chief Al Krulick Associate Editor Lorie Steiner Director of Advertising Lauren Blackwell Research Directors Paul Payne Brendan McElroy Josh Conklin Lisa Curry Joanna Whitney Digital Strategist Scott Mosquera Alyson Casey Director of Administration Creative Director Dana Long Vice President of Business Development Erin O’Donoghue Vice President of Publishing Andre Barefield CGO Alexander Wynne-Jones COO Brian Andersen Executive Publisher / CEO Marcus VandenBrink USA Canada Caribbean Oceania WWW.BUSINESSVIEWMAGAZINE.COM Email for all inquiries: info@businessviewmagazine.com 12559 New Brittany Blvd Fort Myers, 33907 239.220.5554 CONTACT US 52