Crowe Horwath Services in Jamaica

Monday, December 5, 2016

Jamaica: Opportunities in BPO Services

Jamaica is poised to attract a wider range of BPO services in the near future, as it moves to leverage the growing range of applicable skills in the country to take advantage of opportunities in the sector such as:

Voice-driven servicesVoice-driven services remain a highly attractive area, and are offered by approximately 70% of the island’s current outsourcing operations. Jamaica enjoys the advantage of having the third largest English–speaking population in the Americas, with a neutral accent and close affinity to the North American culture.
Business Process Outsourcing (BPO)With cost-competitive and talented labour and an increasing output of business, economics and accounting professionals, Jamaica provides the ideal platform for companies seeking to establish a business process outsourcing facility. Opportunities abound in the areas of:
    • Health Care
    • Finance and Accounting
    • Insurance
    • Human Resources
Knowledge Process Outsourcing (KPO)
Moving even higher up the value chain, notable annual increases in professional degrees such as law, medical sciences, computer science and engineering provide the perfect landscape to tap into Knowledge Process Outsourcing.

Software Development, Testing and Maintenance
Jamaica has a proven track record in IT innovation, with Team Xormis from the Northern Caribbean University (NCU) emerging as winners of the Interoperability Award in the 2010 Microsoft Imagine Cup competition. The increased graduate output from computing, informatics and engineering programmes complements the various public–private partnership (PPP) initiatives to advance Jamaica as a knowledge society through the promotion of software coding and development.

Legal Processing outsourcing (LPO)
Jamaica is home to the Norman Manley Law School at the University of the West Indies (UWI), one of three regional law schools accredited by the Council of Legal Education. This places Jamaica in an excellent position to attract outsourcing contracts in this area. Many local graduates work in both corporate law and the court system.


Sunday, December 4, 2016

Venture Capital and Its Characteristics

More businessmen are getting into venture capital. Whether as entrepreneurs or capitalists themselves, more people are getting into it because of the promise of fast, easy money in a relatively short time. While many may attest to the financial security that the scheme brought, there are also just as many unfortunate stories that have circulated as well. Here are some characteristics of venture capital that any businessman must know.

Venture capital firms are made up of individual investors or corporations. Sometimes the participants are institutional investors like insurance companies, foundations and pension funds. Aside from these firms, there is also what is called as angel investors. These are individuals or a smaller group of investors that operate the same way as venture capital firms. They all function the same way, and that is to fund small and starting businesses, ending in a buyout, merger or IPO.

Finding start up capital is not easy. First, you need to fit in the investment criteria that these firms provide. There are several of them listed in directories or the internet. The line of business that you have in mind should match that of the firm.

Otherwise, there is lesser chance for your proposal to be approved. Also, you need to have a business proposal that would persuade the firm. It must be concise, well-written and well-researched. With the hundreds of proposals that they get, it is crucial that yours should impress them.

Venture capital investments are different from venture capital loans. For the latter, the risk is borne by the investor and not by the investment firm. The entrepreneur must repay the amount plus interest, regardless of the company's success or failure. For venture capital investment, it is the firm that bears the risk. This explains why more people opt for venture capital investments than loans.

Since the firm bears the risk, it is therefore the one entitled to a major part of the profits. These investors seek maximum gain at the shortest period possible. They're eyeing on at least a 100%, even 700%, return of their investment. That is why they tend to have more control over the company than its entrepreneur. If you have problems with relinquishing control over the company, then this scheme is definitely not for you.

The good news, though, is that these capitalists are experts in the business field. Their policies and strategies have already been tried and tested. Should any of their plans fail, they are sure to have back-up or alternative plan. In other words, these people know more than the new entrepreneur and can help a great deal in the management of the company.

Knowing the characteristics of venture capital may prove to be useful to any businessman. With this simple guide, you will have a glimpse of what it's like and what to expect from it. This should be the first question that any aspiring entrepreneur should ask: is this right for my business? Venture capital is not fit for everyone.

If you do not fully understand what it is and how it works, then you might as well not consider it – yet. Learn more about the topic by reading more articles and acquiring more information. If it has worked for others, then there is no reason why it shouldn't work for you too.

Why Do You Want To Start A Business?

Think about this. What are the reasons you want to start a business?

1. Are you tired of getting nowhere in your present profession? Do you find this really discouraging?

2. Are you looking for a chance to accumulate real wealth?

3. Maybe it’s the tax advantages that you could have from your own business. These tax advantages can add up quickly.

4. Or it could be a dream that you have had for a long time and its now time to get your business started.
Whatever the reason, you need to take a good hard look at what you want to do.

Owning a business has its rewards but it takes a lot of work, but this work is a satisfying work. Why? Because it is YOUR business, no one to report to but yourself and all the important fringe benefits (vacations, cars, retirement etc.) when you succeed in your business. Satisfying work is often so much more beneficial than working at a job that you are not very interested in, not to mention being able to work for yourself instead of for someone else.

Maybe you have the “drive”, meaning you are tired of working for someone else and have the desire to succeed in your own business. The “drive” also means that even if you fail once or twice you get right back up, learn from your mistakes and try again. People with the “drive” usually end up succeeding in one or more businesses. So do you have the “drive”? If you do, first keep this in mind, it’s better to learn from other peoples mistakes instead of making your own. Study what others have done successfully.

Do you have what it takes to be a business owner or entrepreneur?

Ask yourself this, am I an entrepreneur? Am I an individual that will innovate within business frameworks and will I take risks for the sake of potential profits? If you will, then you are an entrepreneur, congratulations the first step in owning a business.

That was only the first step to think about. Also consider some of these questions to help you decide if you want to start a business.

1. Do you know where to look for help?
2. Do you know where to get sources of capital?
3. Do you have a business plan?
4. Can you manage your time?
5. Can you develop a marketing plan?
6. Do you know how to advertise and where to advertise?
7. Can you keep a budget?
8. Can you stay consistent and persistent?
9. Do you think you know it all? Think again!

These are just a few questions of many you need to ask yourself if you want to start a business. However, don’t let these questions bother you if you had answered no to any of them. Answering no is not a reason not to start a business, you just need to look at your strengths and weaknesses and start learning what you need to do to improve yourself.

So why do you want to start a business? I’ll leave that answer up to you!

Entrepreneurialism – The Power Of The What If

There are two words in the English language that hold the incredible power of personal change. These two common words challenge a set standard and looks to exact a revolution on what is status quo. These two words have alternately disturbed and excited mankind through the centuries and continue to do so today.
When answers come as a result of asking this two word question people often find their personal views will have to change – sometimes dramatically.
This is the power of “what if…”
Entrepreneurs understand that simply entertaining ‘what if’ has the potential to bring countless hours of work, sleepless nights and the need to build on a vision that just will not let them go until they do something about the dream.
Entrepreneurialism is not always the safest road, nor is it easy to walk. There are those who would derail the ‘what if’ whenever they are given the chance. The entrepreneur can expect to hear, “But it’s never been done that way.” They will be deluged with the glances of resident skeptics and if they are not careful the elusive ‘what if’ that has so captured them can fade under the withering gaze of conformity and they simply set their dream back on the shelf.
After all, sensible people don’t take unnecessary risks and ‘good’ people try their best to simply get along without rocking the boat. That certainly sounds reasonable, but is it?
You need to know that the entrepreneur is not trying to hand out heart attacks to those who think they may have lost their mind. The scenario playing itself out is simply proof that the power of ‘what if’ is so compelling it is virtually impossible for the entrepreneur to stand by and watch an opportunity or idea disappear down a road they are absolutely certain they must travel – even if that means they will not receive needed support from family and friends.
Judged to be eccentric by some the entrepreneur is simply focused on something they’ve been given the vision to see. They would like for you to see it too, but if you can’t it does not diminish their drive to follow the ‘what if’.
Imagine all of the things that would not be if someone had not used those two words…
What if we could use electricity to light our homes instead of candles?
What if we could find an alternative means of keeping our food cold?
What if we could develop an artificial intelligence system that responds to our requests and call it a computer?
What if we could devise a way for connections to be made worldwide through a system of computers?
What if we could make it possible for people to stay in contact when they are not at home?
‘What if’ remains a potent elixir in the battle against the status quo and as entrepreneurs hear the call of this pied piper they are finding the answers to ‘what if’ and the world stands awestruck at answers they had not expected.

How Entrepreneurs Take Business Opportunities

They say that opportunity only knocks once. In the business world, however, opportunities do not get the chance to knock before they are shoved through the door.
You see, entrepreneurs take business opportunities very seriously. Serious entrepreneurs do not wait for opportunity to come to them. They study their environment and find the opportunity.
Opportunity counts for so much in the business world. Whenever you encounter an opportunity, you need to grasp it and submit it to your will. Entrepreneurs treat business opportunities differently. Here are some views of entrepreneurs on how to take advantage of business opportunities:
1) Seduction - some entrepreneurs find business opportunities to be like a woman. You need to properly seduce a business opportunity. You see, with one wrong move, a business opportunity can fly out of your grasp.
Thus, you need to study the opportunity. Is she mysterious? If so, what can she be hiding? What can help you pull that opportunity towards you?
Seduction of the business opportunity is a game of balance. You cannot be too eager or the opportunity will get suspicious and pull away. You cannot be too aloof, or the business opportunity will go to other entrepreneurs.
You have to show that you are the proper person to get that opportunity. You have to treat it with the proper respect. After all, you are the entrepreneur who needs that opportunity.
2) Prey - some entrepreneurs think business opportunities are like prey. They enjoy the thrill of hunting for a perfect business opportunity and take them down for the kill. For these entrepreneurs, business opportunities should be watched out for.
These people watch their environment, hoping for any sign of business opportunities. Constant vigilance is their creed, and nothing can stand in the way of their success. By taking this mindset, you gain the instinct of the hunter. You become very competitive in terms of taking business opportunities. Sometimes, this is a good thing, leading you to your success.
There are times, however, when this mindset can lead to your downfall. Hunters often love the thrill of the hunt, but neglect to take care of the opportunity once they have them in their hands. You know that you need to take care of every opportunity in order for it to be of any use to you.
3) A plant - smart entrepreneurs view business opportunities as plants. They plant the seeds of opportunity and nourish it to make it grow into a successful business venture.
This view of business opportunities is probably the best considering the fact that opportunities really do need to be taken care of in order for an entrepreneur to achieve success. Getting the opportunity is just the start of being an entrepreneur. In order to gather the fruits of success, an entrepreneur should be able to not only get the opportunity, but expand it.
4) Luck -Some entrepreneurs see business opportunities as lucky coincidences or even a work of fate. They, of course, keep a lookout for business opportunities. However, they do not actively work to find some.
This Entrepreneur's view of business opportunity is probably the most naive in today's world of business. As was mentioned earlier, opportunities nowadays have very little chance of falling into someone's lap. By waiting for the business opportunity to come to you, you are probably wasting your time.
What you need to do is get up off that chair and start looking at your environment and make the opportunity for yourself. What are the advantages to this? Well, if you create your own opportunity, then you'll have direct access to it and have intimate knowledge of how to shape it into a great business venture.
Another plus to creating your own business opportunity is that you will be getting a head start. This means that you can forget about the competition taking your opportunity and beating you to the success that you so anticipated.
So how should entrepreneurs view business opportunities? Well, the best thing you can do is take all of the different views and try to balance them into your own view. Remember that different things work for different people. Try not to conform yourself to other entrepreneurs' views of business opportunities.

BPO Companies-the Latest Business Trend

The world of business has dramatically changed and continues to rapidly change every single day. What we
know today can only last for a few months or years, if we are lucky. What we know yesterday might as well be
considered a thing of the past tomorrow. That is how fast the business world is changing. So companies all
over the globe have to learn to adapt and do it fast.

Before, the business trend is to be a jack-of-all-trades. To be successful, a business has to have everything a client needs in one roof-a one-stop shop. And companies of olden times try to do just that.

Hire all the kinds of personnel they need for every department in their company. However, that is a thing
of the past now. The economic market today requires specialization. Consumers want to have every product
or service tailored to their particular need. 

Consumers don’t want generic products anymore.They want special treatment and the best of quality
service they can get. So, having everything under a company’s roof does not seem useful anymore. Keeping
all business processes under one roof now proves not only to be costly but impractical as well.

This is because monitoring each and every one of them to ensure the best quality is served and tailored to
every client need has become tedious and almost impossible. Keeping experts in-house is also proved to
be expensive in the long run.

The need for specialization and focus on the company’s real core business has spun the trend of hiring
Business Process Outsourcing companies, or what is more popularly known as BPO. Business process
outsourcing companies have now sprouted and proliferated in countries where labor cost is not so
expensive, such as China, India and the Philippines,the Middle East.and lately, Jamaica 

BPO companies in these countries and region provide services to bigger, more often multi-national,
companies that want to focus on their core business processes so they just delegate generic tasks, or
processes that are of lesser importance, to outside provider or supplier of services.

The philosophy of companies these days is to “…do what they do best and outsource the rest.” And it is a
very sensible philosophy at that. And more and more companies are catching on it. 

The list of services that are most commonly outsourced include, HR solutions, Accounting and Financial
Services, Customer Care Services, Call Centers, IT Help Desk Services, Marketing tools and solutions, and
other nitty-gritty details that most companies want to be free of.

These are necessary business processes-yes, that is true. However, companies now realize that it is more
practical to delegate these tasks and focus on sales or production, or whatever their company is all about