Ndfd magazine complete 4

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“30 years of Dedication to the Micro Business Sector” “30 years of Dedication to the Micro Business Sector”

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“30 years of Dedication to the Micro Business Sector”

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What’s Inside?

Message from Chairman 4 Message from Minister of Agriculture 5

NDFD’s Way forward for the DevelopmentOf Micro Finance Sector 6 Our Past Chairmen 8

NDFD’s Pro� le 12 Business Centre Services 13

NDFD’s Clients’ Corner 16 Recipes 18

List of Requirements for processing yourLoan 21 What is the NDFD 30

How is NDFD administered 31 NDFD Anniversary Highlights 33

Sta� Pro� le 35 NDFD‘s Longest Employee 37

Fun Page 40

Table of Contents

Page # Page #

Special Business TipsBusiness Resources 10

10 Top Business Mistakes 24

Business plan Writing 25

Customer Service Tips 27

Essential Facts for Small Business Owners 38

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Chairman’s MessageThe National Development Foundation of Dominica (NDFD) a private, non-pro� t institution established in 1981 is celebrating 30 yrs of exist-ence this year.

This seed planted, nurtured and carefully fertilized over these years has blossomed into a well manicured fruit-bearing tree serving as a source of socio-economic ful� lment for generation of Dominicans. Distribution of bene� ciaries across gender lines – male and female; age range- young and aged; rural and urban areas is an indication of the impact of NDFD.

The theme 30 years of dedication to the new Business Sector encapsulates the essence of commitment to the clients.

Review of the mission “To contribute to Poverty Reduction and Human Resource Development at the National level by mobilizing funds for provision of Credit, Business Advisory Services and Training primarily to the Micro and Small Business sectors,” indicate an adherence to the initial principles and ideology stipulated since the inception.

In spite of the many and varied challenges encountered, the foundation skilfully and tactically navigated the uncharted waters to ensure sustainability.

With the ever-declining prospects of grant funding, the strategy devised was to obtain funds for on-lending at concessionary rates from speci� c targeted Local, Regional and International Institutions.

This ongoing tactical approach coupled with sustained collaboration with Government and other stakeholders, a determined e� ort to reduce delinquency, focused sta� training, marketing outreach programme, re� ning of existing products and introduction of new ones kept the Foundation of its path to self sustainability.

Volunteerism: a fundamental aspect of Board of Director’s modus operandi highlights the absolute dedication and commitment of the various chairmen and Board members from inception to present.

Principles of good governance and transparency also govern the operations of the Board of Directors.

NDFD is a well established BRAND, a household name synonymous to Micro, Small and Medium Enterprises (MSME) development and nurturing over the years.

Special thanks to the Pioneers, past Executive Directors, Sta� , Chairmen and Board of Directors for their role in the Branding of NDFD.

Special mention must be made of the present Executive Director, Sta� and B.O.D members who have the tasks as part of the relay team to keep NDFD on its present course.

The role of the clients who make use of NDFD is also acknowledged.

“Happy 30th Anniversary NDFD, your role is even more crucial in this crucial turbulent world in these economic times.”

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MESSAGE FROM MINISTER OF

AGRICULTURE“AGRICULTURE IS OURS”

to the UK market under preferential access. Our bananas were protected through a special regime of preference. From the 1990’s when that regime was challenged and had to be dismantled there has been a steady decline in banana cultivation and export.

From the 1980’s however many initiatives were undertaken to diversify the agricultural sector to reduce the dependence on the banana industry. Because of the security of income which was provided by the banana industry many of those programmes were not fully embraced by farmers. In addition those programmes lacked the institutional, transportation and market regime that the banana industry had built over those many years. Many farmers showed little interest in diversifying their farms. In fact farmers cleared many cocoa, co� ee and citrus farms and replaced them with bananas. With the dismantling of preferential access for bananas farmers were forced into alternative crops for survival.Today the agricultural sector is fully diversi� ed supplying large quantities of yams, dasheen, plantains, herbs and spices, fruits and vegetables to the local, regional and international markets. The intention is to use the lessons learnt from the banana industry and build a sector that delivers on a consistent basis an improved quality of life for our people.The agricultural sector is still very important to Dominica providing jobs, income and general livelihood especially to the rural milieu and useful foreign exchange to the country. Agriculture contributes approximately 20% of GDP and employs 25% of the labour force. It provides 60% of the domestic demand for food represented by a very wide variety of good nutritional content

So a new agricultural sector is � nally emerging guided by market demands and a number of policy interventions by the Government. Over the years there has been signi� cant growth in demand for domestic root crops especially dasheen, Tannias and Yams. Through the support to Horticulture programme the Ministry of Agriculture and Forestry is working with a large number of farmers to expand production, improve post harvest management and to better cater for the peculiarities of the market. The Ministry of Agriculture has also commenced the rehabilitation of Citrus, Cocoa, and Co� ee cultivations to meet growing demands for those commodities. In green house technology the Ministry has provided technical and � nancial support to farmers to improve yields and where necessary increase the number of green houses. The ministry is also providing support to farmers to expand ginger production.

On the marketing side Government has invested in three (3) Inland Reception and Distribution Centres (IRDC’s), two (2) packing houses and a National Centre for Testing Excellence (NCTE). These facilities collectively will work to improve the quality and competitiveness of our exports. The Ministry of Agriculture is in constant contact with some of our major exporters on a regular basis to provide support for the export of agricultural goods.

The vision is to achieve a fully diversi� ed agricultural sector that is demand driven, climate resilient, informed by Science and Technology. The knowledge gained from the banana experience suggests that agri-businesses operated within the right policy framework and properly managed can generate valuable bene� ts for agri-entrepreneur. We are committed to the advancement and ultimate transformation of the agricultural sector in Dominica.

HAPPY 30TH ANNIVERSARY TO THE NATIONAL DEVELOPMENT FOUNDATION OF DOMINICA

Historically our agricultural based economy has always relied on a single export crop from the days of vanilla, limes and most recently bananas. These crops served as a vital source of employment, income and foreign exchange for individual farmers, farm families and rural communities and the country on a whole. For more than � fty (50) years Dominican bananas were exported to the European market mainly

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NDFD’S WAY FORWARD FOR THE DEVELOPMENT OF

THE MICRO FINANCE SECTOR

Micro� nance is de� ned as the provision of � nancial services to small, medium, and micro entrepreneurs. It can be described however as the provision of � nancial services to those excluded from private sector � nancial systems not only due to their lack of wealth, but also due to their social, cultural, and gender backgrounds. Owing to the fact that is able to overcome a variety of barriers to provide � nancial services to the poor, micro� nance has come to play an important role in economic development and poverty reduction particularly in small economies.

Historical background of Micro� nance Micro� nance gained prominence in 1980s worldwide and Dominica as well. In Dominica it came as a response to the devastation of Hurricane David on the agricultural sector. In the 1970s government agencies were the principal institutions providing credit to the individuals with no access to � nancial services. Governments believed that the poor needed cheap credit in order to promote agricultural production and various other businesses. However, in 1980s, subsidised loans received a lot of criticism since programs accumulated large loan losses and required frequent recapitalization to continue operating. Market-based solution was sought after and this led to the establishment of micro� nance as an important part of the � nancial system. Emphasis shifted from rapid distribution of subsidised loans towards building of local and sustainable institutions serving the poor.

Micro� nance Industry Today There are an estimated 7,000 to 10,000 micro� nance institutions worldwide. However, only 200 to 500 are considered commercially sustainable. About US $7 billion in outstanding loans has been provided to more than 13 million individuals and groups. There is an annual growth of 30 percent and repayment rates are around 97 percent. Around 30 million individuals have access to micro� nance, but 90 to 98 percent of self-employed poor still lack access to any type of � nancial service. It is estimated that around US $ 21.6 billion is needed to provide micro� nance to 100 million of the world’s poorest families.

The growth of the micro� nance sector can be attributed to several reasons: 1) The promise to reach the poor; 2) The promise of � nancial sustainability; 3) The potential to build on traditional systems (micro� nance activities mimic traditional systems such as rotating savings and credit associations but with greater � exibility and more a� ordable price); 4) The contributions of micro� nance to strengthening and expanding existing formal � nancial systems ; 5) The growing number of success stories

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While The National Development Foundation of Dominica has seen growth it is not without challenges. Increased demand for loans has seen a strain on cash and we have seen a major decrease in Donor funds. This has caused the Foundation to seek commercial loans at less than favourable interest rates. The country is at a very critical time and micro-� nance and small businesses are going to be crucial to the continued development of the people and the country. The Economy will be dependent on the success of these businesses. In its 30th year of existence the Foundation has seen success and failure it has reached a level of maturity that will allow it to share its many experiences and assist in the success of business in Dominica.The challenges faced by micro� nance institutions when looking to grow are plenty and in some cases various issues are priority over others and the management of the growth is a major task.

Firstly Laws and Government Policies, which do not provide or foster the environment for growth of micro� nance institutions, are a major roadblock to be dealt with. Many institutions operate in legal environments that prevent them from o� ering a variety of � nancial services. These laws sometimes insist you change your status and become a commercial bank or go through a lot of “red tape” in order to o� er the services. Also where regulation and supervision is none existent to most micro � nance institutions it is imperative in formal sectors where legislature may force micro� nance institutions to operate.

Secondly an increased cost of funds will assist in defeating the purpose of micro� nance institutions. The target market of such institutions is the poor who cannot a� ord the interest rates o� ered by commercial banks. There will be an increase in the cost of doing business to the micro � nance institutions and as such will be forced to pass these costs along to customers or risk going out of business. The source of capitalization has changed from donor agencies to commercial enterprises lending at commercial rates and requiring greater monitoring and reporting to an extent not accustomed to by micro� nance institutions. These all make doing business unattractive to the target market.

The third issue to be dealt with when a micro � nance institution will be sta� ng and technical changes. It is obvious when any company is growing there must be an increase in sta� ng and changes in computer hardware and software. In addition, operational and system changes will also force costs to go up and cause management sleepless nights.

While I believe many micro� nance institutions in their current form are outdated and have outlived there useful life growth must be carefully planned and monitored. Micro� nance institutions should contemplate growth by providing additional � nancial services such as savings and chequing accounts, money transfer services, various capacity building activities and increased outreach programs.

For the NDFD the brand has successfully survived the test of time and the road ahead should be paved with the intention of expanding its services to o� er a few of the mentioned services.

Savings and chequing accounts will assist in better monitoring of clients. In addition, these services will help solve liquidity issues and sourcing expensive funds.

Money transfer services will see the bene� t of allowing clients to work with overseas clients and not limit them to Dominica.

These services will all be for the bene� t of the client and turning the Foundation into a true one stop shop for Entrepreneurs and small business owners.

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Our Past Chairmen

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TOP TEN DO’S WHEN STARTING A BUSINESS

(1) Live frugally and begin saving up money for starting your business.(2) Learn your intended business by working for someone else in the same business � rst.(3) Consider the bene� ts of starting a moonlight business.(4) Consider the advantages of operating a family business.(5) Objectively measure your skills and training against potential competition.(6) Consider subcontracting to low cost suppliers if you’re manufacturing a product.(7) Test market your product or service before starting or expanding.(8) Make “for” and “against” list describing the speci� c business you are considering.(9) Talk to lots of people in your intended business for advice.(10) Make a comparative analysis of all opportunities you are considering.

TOP TEN DON’T’S WHEN STARTING A BUSINESS

(1) Think about leaving your job before you have the completed start-up plans.(2) Consider starting a business in a � eld you do not enjoy.(3) Risk all the family assets. Limit you liabilities to a predetermined amount.(4) Compete with your employer in a moonlight business.(5) Hurry to select a business. There is no penalty for missed opportunities.(6) Select a business that is too high a risk or hurdle. Go for the two-foot hurdle.(7) Select a business in which you must have the lowest price to succeed.(8) Ignore the negative aspects of an intended business.(9) Permit self-con� dence to outweigh careful diligence.(10) Allow the promise of a conceptual high reward deter reality testing � rst.

Before starting a Business, there are some important overall considerations you need to think about.

Business Resources

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Pro� le on the National Foundationof Dominica Limited

BackgroundThe NDFD founded in 1981, is a non-pro� t institution, which helps small business persons start up or improve their businesses thereby creating jobs, sustaining incomes and improving the standard of living of many persons who would otherwise be unemployed.

NDFD has been the lead organization providing Small Business Loans, Technical Assistance and Training Development Assistance to Micro and Small Businesses in Dominica. The Institution is governed by a voluntary Board of Directors made up of professionals in various � elds. These individuals meet on a regular basis to review the performance of the institution, and to provide policy direction to the institution.

During its formative years, � nancial support was provided by National, Regional and International donor agencies such as United States Agency for International Development, European Union (EU). Among the national contributors are the � rms of Dominica Coconut Products, LIME, J Astaphans & Co (1970) Ltd, Belfast Estates, Auto Trade Ltd, Dominica Social Security, AID BANK, Archipelago, D Supply

Type of Projects to be funded:

NDFD is a credit institution that depends on generating revenue from its loan portfolio to meet operating and capital expenditure. As such, it must manage its portfolio to maximize recovery and minimize loan losses. However, projects should only be considered for funding if they meet the following criteria:

• must be fi nancially viable based on the generation of positive cash fl ows and the achievement of profi tability within reasonable time frames.

• their capacity to service the NDFD debt must be unquestionable.

• must have identifi ed market(s) and feasible distribution channels.

• the business risk associated with the project must be low or the promoter must provide reasonable collateral.

Type of Clients to be funded:

The nature of the client is as critical as the feasibility of the proposed enterprise. Clients make or break businesses. Funding should only be considered for clients that meet the following criteria:

• must have a positive outlook for themselves and for the business.

• must display some minimal level of entrepreneurial fl air.

• must be responsive to technical advice, training and counseling.

• must display willingness to commit some personal possession to collateralize the loan.

• must have a good reputation within their community.

• groups must have been in existence for at least six months prior to application for the loan.

• partners must be willing to attend a Counseling session and to enter into a legally binding partnership agreement.

• cooperatives’ loan applications must be sanctioned by the Cooperative Division and they must be able to demonstrate at least six months of successful operation prior to the application.

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Business Centre ServicesThe National Development Foundation of Dominica Limited is continuing to o� er a number of training programs and other business services to the business sector, in an e� ort to develop the skills of persons.

Over the past 10 years, many programs have been conducted and a number of persons have been trained.The NDFD sta� will assist you in developing your business venture by o� ering other developmental services which includes – advice and Counseling, ongoing support, photocopying services, Preparation of Marketing and Business Plans, Financial Statement preparation, Record & Book Keeping.

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Clients Corner Markclaren Blanc

Ashley Stewart

Witnell Louis

Mr. Blanc, a retired Agro-meteorologist from the Central Agricultural region is in all due respect a hard working and devoted farmer. Mr. Blanc became a client of the National Development Foundation of Dominica Ltd. in October of 2007 when he requested assistance to construct a pig farm.

To date, Mr Blanc has 50 pigs and has employed one full-time employee on the farm. Mr. Blanc sells not only fresh meat but smoked meat to customers in the Belles, Jimmit and Roseau area as well as to local supermarkets. Client intends to export his product to St. Kitts.

Mr. Ashley Stewart has been in the barbering business for the last 10 years. His hair cutting abilities started o� in one of the large barber shops in St. Martin, from there he then return to Dominica

He saw the opportunity of be an entrepreneur thus opening his own barber shop.

The client approached the NDFD for � nancing for the development of his business. Presently, Mr. Stewart serves the community of Portsmouth with professional hair cuts. As the business develops, Mr. Stewart recognizes the need for an improved record system with the assistance from the Foundation. Mr. Stewart has maintained a successful business and relation-ship with the Foundation.

Mr. Blanc is grateful to the NDFD stating that the Foundation has been a very vibrant institution in terms of assisting farmers to achieve their goals and objectives and boosts the productivity of the Country. He added, “Without the NDFD, a number of farmers would have already left the Country – this Institution keeps the farmers going.”

Mr Witnell Louis is a bona� de, prominent and full-time farmer who has been farming for the past forty (40) years. Mr Louis became a client of the NDFD in on May 19, 2009 when he requested assistance for the rehabilitation and expansion of his farm.

Mr Louis cultivates a wide variety of crops such as citrus, pineapples, dasheen, yams, oranges and Tannias which he sells to the general public and various Caribbean Islands.

To date, Mr Louis has expanded his farm and continues to be a client of the Foundation. He is indeed grateful to the Foun-dation and encourages the Foundation to keep on achieving its long term goals and continue to provide for growth of small businesses.

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Marcus Cu� y

Mr Marcus Cu� y is an aspiring entrepreneur from the community of Grand fond. He sells paintings to art galleries, local buyers and various business houses and Government Institution.

Mr Cu� y � rst visited the Foundation and was assisted in purchasing supplies for his art/painting business after successfully completing the Entrepreneurship Development Program of the Dominica Youth Business Trust.

Mr Cu� y’s business name is Zion Art Gallery (ZAG) and his aim is to provide superior quality products at a� ordable, competitive prices satisfying customers’ expectation now and always while utilizing the skills of local individuals and alleviating economic strains.

He thanks the Foundation for being his life saver and helping accomplish his dream.

Painting 1 Painting 2

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Recipe for Appetizing MealsBreadfruit Cheese Pie

Crab Quiche

Ingredients:1 teaspoon of salt-1/2 pound of cheese-1/2 ounce of margarine2 tablespoons of � our2 tablespoons of mustard 1 tablespoon of bread crumbs-1/2 breadfruit (medium sized)1-3/4 cups of water or milk 1 egg-(optional)

Ingredients:6 servings, 3 points per serving8 ounces Crab meat 3/4 cup Light Shredded Mexican Cheese 1/2 (8 ounce) package fat free cream cheese, cut into 1/4-inch cubes 1/4 cup sliced green onions1/2 teaspoon salt 1/2 teaspoon basil 1/2 cup Reduced Fat Bisquick 1 cup skim milk 1/2 cup Egg Beaters

Directions:Wash the breadfruit and cut into pieces lengthwise. Peel then remove core. Boil in salted water. Grate cheese; mix with milk, and � our along with the margarine to make a sauce. When the breadfruit is cooked and cooled, cut into small pieces. Grease a pie dish. Pour sauce over the bread fruit pieces. Carefully stir breadfruit pieces without breaking. In the pie dish pour the mixture the pie dish. Mix in the remainder of cheese with bread crumbs. Sprinkle on top of the pie. Place in a moderate hot oven for 15 min. brown.

Directions:Mix Crab meat, shredded cheese, cream cheese, onions, salt and basil in a medium bowl. Spread mixture into the bottom of a 9-inch pie plate sprayed with non-stick cooking spray. Beat remaining ingredients with an electric mixer for 1 minute. Pour over crab mixture. Bake at 375 degrees F for about 40-45 minutes.

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Grilled Fish Steaks

Chicken Enchiladas

Ingredients:1 clove garlic, minced6 tablespoons olive oil1 teaspoon dried basil1 teaspoon salt1 teaspoon ground black pepper1 tablespoon fresh lemon juice1 tablespoon chopped fresh parsley2 (6 ounce) � llets halibut

Ingredients:4 skinless, boneless chicken breast halves1 onion, chopped1/2 pint sour cream1 cup shredded Cheddar cheese1 tablespoon dried parsley1/2 teaspoon dried oregano1/2 teaspoon ground black pepper1/2 teaspoon salt (optional)1 (15 ounce) can tomato sauce1/2 cup water1 tablespoon chilli powder1/3 cup chopped green bell pepper1 clove garlic, minced8 (10 inch) � our tortillas1 (12 ounce) jar taco sauce3/4 cup shredded Cheddar cheese

Directions:1. In a stainless steel or glass bowl, combine garlic, olive oil, basil, salt, pepper, lemon juice, and parsley. 2. Place the halibut � lets in a shallow glass dish or a resalable plastic bag, and pour the marinade over the � sh. Cover or seal and place in the refrigerator for 1 hour, turning occasionally. 3. Preheat an outdoor grill for high heat and lightly oil grate. Set grate 4 inches from the heat. 4. Remove halibut � lets from marinade and drain o� the excess. Grill � lets 5 minutes per side or until � sh is done when easily � aked with a fork.

Directions:1. Preheat oven to 350 degrees F (175 degrees C). 2. In a medium, non-stick skillet over medium heat, cook chicken until no longer pink and juices run clear. Drain excess fat. Cube the chicken and return it to the skillet. Add the onion, sour cream, Cheddar cheese, parsley, oregano and ground black pepper. Heat until cheese melts. Stir in salt, tomato sauce, water, chilli powder, green pepper and garlic. 3. Roll even amounts of the mixture in the tortillas. Arrange in a 9x13 inch baking dish. Cover with taco sauce and 3/4 cup Cheddar cheese. Bake uncovered in the preheated oven 20 minutes. Cool 10 minutes before serving.

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Requirements for Processing Your Loan

The following are the general requirements for a loan from the NDFD

The following are the requirements and are based on the size of the loan:

The following are the requirements and are based on the type of loan:

1. The most recent Salary Slip from your place of employment. 2. Credit Reports from Financial Institutions and various business institutions. 3. Appraisal fees to be paid upon approval of loan. 4. Stamp fees.

1. Guarantor 2. Cash deposit or Letter of lien on � xed cash deposits at other Financial Institutions. 3. Certi� cate of Title - Letter of undertaking from solicitor when Certi� cate of Title (COT) will be used as security and COT is being processed. A Property valuation is also required for use as security. 4. Assignment of Life/Vehicle insurance to the National Development Foundation of Dominica (NDFD) Limited. 5. Bill of Sale on equipment/vehicle.

Government Construction Contracts

1. Construction contracts 2. Estimates of building works. 3. All contract proceeds to be assigned to the NDFD

Agriculture

1. Report from Extension o� cer at the Ministry of Agriculture 2. Estimates for job to be undertaken. 3. If a sales contract has been secured, authorization on sales of proceeds will be required. 4. Invoices on materials/inputs. 5. If loan is required for the construction of housing for livestock, approval from Physical Planning Division and estimates for the construction of the animal house is requiredDistributive Trade

1. Proforma invoice 2. Lease agreement for owners who require to rent for business operations.

Education

1. Letter of acceptance from Education Institution 2. Invoice of fees to be paid from the Education Institution 3. Salary deduction

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Home Improvement

1. Estimates for the refurbishing of work. 2. Salary deduction.

Fishing

1. Recommendation letter from the Fisheries Division.

Manufacturing/Industry

1. Business owners must work closely with the Bureau of Standards prior to seeking � nancing from the NDFD. 2. Lease agreement for owners who require to rent for business operations.

Services

1. A vehicular survey report is required. 2. For the purchase of new vehicle – 15% cash deposit, Bill of sale on vehicle, full comprehensive Insurance. Other forms of security can be provided. 3. For the purchase of used vehicle – 20% cash deposit, Bill of sale on vehicle, other forms of security can be provided. Also Vehicle Insurance assigned to the Foundation. 4. Proforma Invoices for the purchase of goods and services. 5. Lease agreement for owners who require to rent for business operations.

Miscellaneous

1. Proforma invoices must be provided. 2. Loan must be paid via salary deduction.

Expansion of business loans

1. Financial statements of your business for the past year. 2. Lease agreement for owners who require to rent out businesses.

Purchase of assets – vehicles, land etc.

1. Letter of intent to sell for the purchase of assets already owned. 2. A Property valuation is required for the purchase of property or the use of same as security.

Hire Purchase Loans

1. Hire purchase agreement for Hire Purchase loans.

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10 Top Business MistakesPeople fail in business because they make avoidable mistakes. Start up Entrepreneurs is possessed with enthusiasm and con� dence but too often are unaware of potentially fatal business potholes that lies before them.

All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes:

1. Not picking the right business to begin with. 2. Inadequate prior experience in the business.3. Quitting job security too soon, before adequate plans are laid.4. Not having a progressively updated written business plan.5. Inadequate Cash Flow management (running out of money).6. Opening a business in the wrong location.7. Inadequate protection in business documents including lease.8. Failed partnerships.9. Lack of selling and marketing ideas.10. Expanding too rapidly before adequate testing.

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INFORMATION REQUIRED IN

ORDER TO PREPARE A BUSINESS PLAN

* Business Name

* Business Address

* Business Telephone numbers, Fax number, Email Address

* Principals – the owners of the Business

- What is the business’ vision and mission?

- History of the business (How did you get such idea). If the business is already in existence, how long has it been?

- Description of business (if the business has any form of insurance, please indicate)

- Description of Products and Services (including pricing, position in the marketplace)

- Marketing (who are your target markets: age, status, spending habits etc, and also what methods do you use to get your customers)

- Who are your competitors – how do you di� er from them?

- Who manages the business – what quali� cations and experience do you have in doing so?

- How many employees do you have and what skills/experience/quali� cations do they have?

- Capital requirements – how much money do you need and what do you need it for?

- Financials – All your expenses and income (revenues)

- List all your assets (What you own) and liabilities (who you owe)

- Location of business.

- Capital requirements – how much money do you need and what do you need it for?

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Customer ServiceGood customer service is the lifeblood of any business. You can o� er promotions and slash prices to bring in as many customers as you want, but unless you can get some of those customers to come back, your business won’t be pro� table for long.

Good customer service is all about bringing customers back, and sending them away happy – happy enough to pass positive feedback about your business along to others, who may then try the product or service you o� er for themselves and in their turn become repeat customers.

If you’re a good salesperson, you can sell anything to anyone once, but it will be your approach to customer service that determines whether or not you’ll ever be able to sell that person anything else. The essence of good customer service is forming a relationship with customers – a relationship that the individual customer feels that he would like to pursue.

Q: How do you go about forming a relationship with customers?

A: You go about forming a relationship with customers by remembering the one true secret of customer service and acting accordingly; “you will be judged by what you do, not what you say.”

This verge on the kind of statement that’s often seen on a sampler, but providing good customer service is a simple thing. If you truly want to have a good customer service, all you have to do is ensure that your business consistently does these things:

1. Answer your phone. Get call forwarding, or an answering service, hire sta� if you need to. Someone should be there to pick up the phone when someone calls your business.

2. Don’t make promises unless you can keep them. Not plan to keep them but will keep them. Reliability is one of the keys to any good relationship, and good customer service is no exception.

3. Listen to your customers. Is there anything more exasperating than telling someone what you want or what your problem is and then discovering that the person hasn’t been paying attention and need to have it explained again? Let your customer talk and show him/her that you are listening by making the appropriate responses.

4. Deal with complaints. No one likes hearing complaints. Give the person your attention, you may be able to please this one person this one time and position your business to reap the bene� ts of good customer service.

5. Be helpful – even if there is no immediate pro� t in it. Being helpful will keep the customer coming back.

6. Train your sta� to be helpful, courteous and knowledgeable. Every member of your sta� should have enough information and power to make customer pleasing.

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7. Take the extra step. Whatever the extra step may be, take it if you want to provide good customer service. They may not say nothing to you but people notice when people make an extra e� ort to help and will tell other people.

8. Appearance.Make sure your image and appearance reinforce customer con� dence in your services.

If you make customers unhappy in the physical world, they might

each tell 6 friends.

If you make customers unhappy on the Internet, they can each

tell 6,000 friends.

Customer Service with a Smile

Remember

CUSTOMER SATISFACTION!!!!

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WHAT IS THE NDFD?The National Development Foundation of Dominica (NDFD) Limited is a private, non-pro� t, non-government organization established in 1981.

1. To contribute to poverty reduction and human resource development at the national level by mobilizing funds for the provision of credit, business advisory services, and training primarily to the micro and small business sectors.

THE FOUNDATION WILL ASSIST PERSONS:

1. Getting a new venture o� the ground, or 2. Developing and/or expanding an existing small business.

A “small business” is de� ned for the purpose of an NDFD loan as one which has investments of up to E.C$100,000 (in equipment, materials, cash, etc.).

The small business to be assisted must be economically viable and must meet one or more of the following requirements: 1. Create employment 2. Utilize local raw materials 3. Manufacture products 4. Be of productive value to the community 5. Help stimulate exports or reduce imports 6. Be environmentally friendly.

The NDFD gives priority to assisting enterprises relating to agro-processing, selective agriculture, as well as other productive manufacturing and industrial enterprises. Small tradesmen and craftsmen, as well as persons in the service area.

The Foundation will not normally provide loans for the retailing and wholesaling of imported goods.

To qualify for a loan, the entrepreneur must:

1. Satisfy the Foundation that the business is viable and management is capable; 2. Be prepared and able, if required to accept technical assistance from the Foundation sta� ; 3. Satisfy the Foundation that proper accounts and records will be maintained; 4. Disclose all information on existing loans and obligations, which may a� ect the decision to grant the loan.

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How is The NDFD Administered

The NDFD is administered by a voluntary Board of Directors of at least 9 members with Knowledge and experience in disciplines such as Finance, Agriculture, Banking and Credit, Gender A� airs, Business and Law, just to name a few. The members of the Board form a resource base for providing guidance and direction to the Foundation.

The day-to-day management of Foundation is the responsibility of the Executive Director assisted by a small number of sta� members, all of whom are quali� ed in their respective areas of responsibility

The Field Sta� keeps in regular contact with clients both before and after credit is granted and are expected to report on the progress of the businesses funded.

SOME OF OUR GUIDING PRINCIPLES

1. We have a responsibility to use our � nancial resources for pro� table and viable small businesses so as to obtain the highest returns to Dominica.

2. We are bound, in our credit activities, to exercise good judgment in the choice of business we � nance and in the training, business advisory and counseling services we provide while maintaining the strictest level of con� dentiality in dealing with our clients’ a� airs.

3. We are bound and committed to support, encourage and develop entrepreneurs whose talents, hard work and management skills will e� ectively utilize available resources for the bene� t of all Dominicans.

4. We are committed to fostering the use of talents of our management and sta� ; help them gain satisfaction and ful� llment from their work; to reward them as best as we can; to hold them accountable for achieving well articulated objectives, and recognize their contribution to the achievement of our objectives

5. We expect from our sta� , an attitude of responsibility, commitment and integrity

6. We have a moral duty to conduct our a� airs with integrity, fairness and benevolence to all persons, and in the work place, all employees have the duty to create a harmonious and mutually rewarding environment.

7. We have a duty to our Benefactors to be trustworthy, accountable, transparent and e� ective.

In addition, loans may be considered for non-business needs as the Foundation may determine.

NDFD – HELPING SMALL BUSINESS

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NDFD’s 30th Anniversary HighlightsThe National Development Foundation of Dominica (NDFD) Limited is celebrating its 30th Anniversary of operations with the theme “30 years of dedication to the Micro Business Sector”. The Foundation has had a number of activities to mark our Anniversary.

Some of the activities include:

1. Contribution to the Operation Youth Quake

2. Sponsorship to the Stardom and Mas Camp Calypso tents

3. Adoption of Bioche Weather Shelter

4. Health Walk

5. Football Match

6. Provided sessions to Secondary School students in the topic “Entrepreneurship”

7. Family Fun Day

8. Business Plan Writing competition

9. Exhibition

10. Customer Appreciation Day

11. Launching of Magazine

12. Talks on radio and television stations

13. Awards for clients

14. Sta� Appreciation Awards, Dinner & Dance

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6. Provided sessions to Secondary School students in the topic “Entrepreneurship”

12. Talks on radio and television stations

14. Sta� Appreciation Awards, Dinner & Dance

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Sta� Pro� le

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NDFD’S LONGEST SERVING EMPLOYEE Mr George Challenger

In April 2001 Mr. George Challenger was employed with the Foundation as O� ce Attendant.

He then moved on to act as Cashier after one year. He attended training that was made available to improve his knowledge and skills.

A position was then created for Mr. Challenger as Jnr. Loans o� cer, which only allowed him to prepare small loan applications for approval. His interest to the development of the small and micro business sector lead him to awards such as: “Outstanding Performance for the year 2003” and “Recognition of Commitment and dedication to the NDFD”.

Mr. Challenger has worked in almost every department. He currently holds the position of Business Devel-opment o� cer and is very committed to the Development of the Foundation.

Mr George Challenger

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Essential Facts For Small Business Owners

Small Business Facts and Questions

Questions to ask yourself before going into Business

1. Do you have the skills to function in a business environment?2. Am I willing to learn about those things I don’t know?3. Have I done a thorough market research to determine customer’s needs?4. Is my product or service di� erent from others already in my market area?5. Do I really understand the customers I intend to serve?6. Can I prepare a credible, detailed business plan?7. Do I have or can raise adequate money resources?8. Am I willing to stick with it even in rough times?9. Am I willing to put in the long hours that might be necessary?10. Do I have the support of my family?11. Is my health up to the tasks ahead?

Questions to ask yourself if you are already in Business

1. Do I really know what is happening in my business?2. Am I making money in my business?3. What is the attitude of my customers about my business?4. Am I happy?5. Is my business increasing or declining?6. Do I plan for the future or just let it happen?7. Will I have enough money to operate business or to expand?8. What will advances in technology do for the business?9. Is my � nancial condition in balance?10. Do I know what is happening in my industry?11. Do I keep � nancial records to determine business stage (pro� t or loss)?

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A D V I C E O L S O T M CA E C D O X P E A P F F OF V E S L C P A D P O I UV E N T U R E N X O I S NE L E F N S R I D R I H SN O V S X P E N S T N I ET P I S S E N I S U B N LU M I C R O L N U N U G IR E N T A L A G R I I S NE N P X M E G N N T L N GS T R A I N I N G Y D U MY S M A L L I O F F E R S

Advice Development VentureOpportunity Training Loan Counseling Micro Business O� ers RentalSmall Fishing FoodRuns Build

NDFD has been in operation for the past thirty (30) years. Which � gures add up to thirty (30) in this grid. Circle the answer.

6 8 4 7 51 4 1 6 54 9 3 4 16 4 2 8 25 3 1 5 8

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Ndfd magazine complete 4

Business

Transcript of Ndfd magazine complete 4