Business & Finance

The location of your business can make or break its entire operation. Many Haitian businesses close down because it is in the wrong location.

Have you ever seen a Haitian business open, whether in the Diaspora or Haiti in a beautiful location and doesn't last three Months? Many time, the investor did not do an analysis of the environment as to who comes her, for what purpose.

In order to help you out, here are some tips about Business location you may want to keep in mind before opening your next business to serve the Haitian public.

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Starting a business is never easy as it requires time, effort, and expertise. As it is the case with many other communities, many start-up Haitian businesses fail even before they reach the first-year mark. Those that managed to operate for more than a year, on the other hand, find it a real challenge to get past the five-year mark. More often than not, most Haitian businesses fail within five years, except for those being kept on life support.

This is my advise to my Haitian friends, if you are planning to open a business, you should know the reasons why entrepreneurs fail in order to avoid the same mistakes. One of the common reasons is the lack of proper planning. Before setting up a business, it is necessary to come up with a plan involving all aspects such as finances, management, location, services and possible problems and solutions.

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Haiti is known for several industries in the global market, especially in terms of agriculture and tourism. But only a few know of the country's garment and apparel industry which is slowly growing with the help of the United States government.

The U.S. government has recently launched a U.S. trade preference with Haiti in order to promote the country's apparel industry. Haiti was able to export about 18 million dollars' worth of apparel to the United States on a duty-free provision for most of 2012, a highly significant increase as compared to previous trades years back. According to the U.S. Government's Accountability Office in a recent report, local apparel firms in Haiti have been receiving more credits which can be received through utilizing U.S.-made fabric and other related materials in exchange with the United States being granted with duty-free trade preferences.

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The past few years have been very promising for the island country of Haiti, despite the 7.0 magnitude earthquake that occurred about three years ago. It is actually one of the fastest growing economies in the region, thanks to the recent efforts of the Haitian government and the international community.

In a recent report published by the United Nation's Economic Commission for Latin America and the Caribbean (ECLAC), Haiti will be the leading and fastest-growing economy in the Caribbean in terms of GDP growth which is projected to increase by 6% by the year 2013. It was also supposed to be at the number one spot for 2012 with an initial estimate of 6% growth earlier in the year, but was decreased to a 2.5% growth by the ECLAC, as well as the International Monetary Fund (IMF), due to the bad effects of the major storms that hit the country this past year. Back in 2011, Haiti's GDP grew by 5.6%.

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The 2012 Digicel Entrepreneur of the Year went to Jean Lionel Pressoir. Mr. Pressoir is the current CEO of Lojistik SA Haiti Tours. The company Lojistik SA, was founded in 2004 and provides transportation for visitors. He is also radio host in Port-au-Prince. Jean Lionel Pressoir co-hosts the program Vision-Destination aired on Vision 2000.

The Digicel Entrepreneur of the year for 2012 was held on Tuesday, December 18 at the Hotel Karibe in Port-au-Prince. This year, the theme was "Building for our next". Mr. Jean Lionel Pressoir was the grand winner this year. He won in several categories such as education, tourism and culture.

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The Inter-American Development Bank (IADB) is funding Industrial Revolution II LP (IRII), a recently-created Haiti company to manufacture high-quality clothing. The project is good news for the disenfranchised population of the island, who will be given opportunity for employment at wages above the norm for Haiti workers.

IADB will lend IRII approximately one million dollars to bring a Port-au-Prince clothing plant up to current structural standards for production of higher-quality clothing than is currently being produced. The current model for clothing production relies on large volume, small profit-margin merchandise produced for the masses. This manufacturing model depends on securing the cheapest locales for manufacturing its mass output. When production-facility rents become too high, manufacturers find lower-cost facilities in another country.

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Digicel, an active partner with the government of Haiti (GOH), held its annual award presentation ceremony to recognize outstanding contributions and achievements of entrepreneurs. Eight awards were handed out at the event with 700 attendees, among them GOH officials and representatives of the private sector.

The top-award recipient, Haitian entrepreneur Lionel Pressoir, received awards in two categories. He won the coveted "Digicel Entrepreneur of the Year 2012" in addition to the "Digicel Education, Tourism, and Culture" award.

Pressoir won for his involvement in reviving the Haitian tourism industry. He started Lojistik SA to create tailored travel packages to incentivize travelers to come to Haiti. Before his involvement in the tourism industry, Pressoir successfully set up two apparel companies that hired 650 employees. In addition to his business activities, he established Foundation Destination Haiti to support non-government organizations helping in the country's reconstruction efforts.

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A month commonly chosen for closing out a business is January and if you are keen on making purchases then a few tips for going out of business sales will need to be considered. If the tips are followed then a good amount of money can saved. The first and foremost thing to do is start shopping early. When the discounts offered are huge, the sales are higher.

A lot of items get sold out and the items that are left behind will not be of very good quality. It is on the floor samples that the best deals are offered. You will need to check if it is worth the bargain basement price it is available as it is available in an open box. Once the product is purchased, you are stuck with it.

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GB Group has become the first multinational company in Haiti to have over 360 service stations. This happened when the Haiti-based company's Energy division acquired Chevron's fuels marketing and aviation businesses. The acquisition involves the businesses in the Dominican Republic and Jamaica's St. Maarten.

Under the acquisition deal, the GB Group now has control over some 220 retail service stations that Texaco Brand operates. The deal also involves airport refueling operations and fuel terminals.

GB Group chairman Gilbert Bigio welcomed the deal, calling it an "important milestone." He added that the acquisition is a huge part of the company's plans to develop the local market, as well as grow globally. The transaction really goes well with GB Group's goals and vision, Bigio said. The chairman also shared that the acquisition is a golden opportunity that everyone in the company has been awaiting. It is known that since its establishment in Haiti in 1896, GB Group has been taking measures and initiatives to expand not only in Haiti but also in the international market. And the company's takeover of Chevron's divisions is a testament that GB Group's efforts are not going down the drain.

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From 3rd January Payment By Credit Cards To Be Made In Gourdes In Haiti As Per The Bank Of The Republic Circular

The Bank of the Republic of Haiti sent out a circular to credit card companies and banks, late November informing them that all operations in Haiti territory paid by credit card will be in gourdes, exclusively, regardless of the place the credit card is issued. The circular has been issued in accordance with the 14th May 2012, Act, paragraph 5 of Article 83 of financial institutions and banks. Procedures for credit card billing transactions are determined by the circular. On 3rd January 2013, provisions of the circular will be enforced.

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