Think big banking on sound advice

Article published in the Jamaica Gleaner on Monday, June 6th, 2005 titled "Think big banking on sound advice".

Karen Fitz Ritson

TWO THINGS are true worldwide as far as money goes. The first is that sustainable wealth is generated through owning your own business or being at the top of the corporate ladder. The second truth is that in many countries women tend to lag behind in both situations that enable the creation of sustainable wealth.

However, in Jamaica, women are either breaking through the glass ceiling in the corporate world or creating their own opportunities. One such woman is Karen FitzRitson, a veteran financial analyst who saw a need to teach others the intricacies of finance and created a business from that need.

Jamaican companies turn to her organisation, FitzRitson and Associates (FR&A), when they need to upgrade the financial skill set of their employees. After four years of teaching more than 500 people how to manage their finances and that of their clients, FitzRitson is now embarking on a new venture. Her programmes will now be on the Internet so that professionals can take classes without leaving their offices.

She spoke with Flair about her journey and explained why women need to empower themselves financially.

Dennise Williams: How did you get into finance?

Karen Fitzritson: When I left high school I saw that finance had a diversity of specialisation and also how futuristic the programme was designed. Therefore, l knew this was a
profession that would make me employable for a long time.

Back in the 1980s women going into the financial field was unheard of. When I graduated from Florida International University (FIU), less than five women completed the finance programme. It was a lot of discipline, but I enjoyed the challenge.

DW: You left Sigma Unit Trust in 1999 to reassess your career path and complete an executive MBA at FIU. By June 2001, you formed FR&A. Discuss some of the challenges of being a woman and a small business owner?

KFR: When you have a small business you have to be savvy and examine the signals in the marketplace -- when to grow and when to contract. This can be the success and/or the downfall of your business.

If small businesses are going to survive they also have to think big. Some persons feel if you are small then everything you do must be done on a small scale. This could not be further from the truth. Major financial institutions make up 65 per cent of my clientele. If I thought "small" my services would not be beneficial to them.

DEFEND YOUR TURF

From time to time you will encounter unscrupulous business people. If you know your rights legally and ethically do not be afraid to defend yourself. Never let the size of your business be a deterrent for people to think that you are too weak and defenceless. Send the message out there to individuals who would want to take advantage of you.

DON'T PANIC

Other providers will emerge to provide the services you offer. Never fear the competition. Be grateful that they are there to keep you on your toes and remember what keeps you successful and in business.

MONEY IS NOT EVERYTHING

People think that the monetary reward is the greatest thing but it is the ability to empower people that keeps me going and also keeps me in business. That is the greatest challenge and achievement of them all.

SURROUND YOURSELF WITH POSITIVES

Our culture harps on the negatives, we rarely celebrate successes. It is important that you surround yourself with people who motivate and inspire you. Negativism drains the human spirit. I avoid negativism, I am always focusing on the next project.

DW: How did being a woman give you an advantage in the small business arena?

KFR: I am pleased to say that there are many women in senior positions in the financial arena and other professions. Women have a code of their own when communicating, therefore that is a plus for me.

Fortunately, because of the service I provided over a decade ago in portfolio and fund management, I demonstrated the track record to validate what I do today.

I had a good rapport with most of my colleagues. When I was a practitioner they knew the lines and boundaries that I would not cross. This has served me well.

DW: List five don'ts in business and five musts.

DON'T ...

1. Offer a service that you are not able to deliver. Stick with what you do best.

2. Underestimate the marketplace and your competitors and never bad mouth your competitor. It can reflect badly on you in the long run.

3. Take your clients for granted, they have options.

4. ABe afraid to make the tough decisions, even if they are the unpopular ones

5. Feel complacent that you have "arrived" when the business is successful. You must constant look for ways to improve your business.

MUSTs

1. Keep in close contact with your clients, know their wants and needs.

2. Remember to empower and help guide the people around you. When God has blessed you, you must give back, that is how you grow from strength to strength.

3. Be conscious of the environment you operate in. Examine the needs and dynamics and see how you can help to fill a gap.

4. Surround yourself with good people and sound advisors. As you grow you will depend on them more to help steer you in the right direction.

5. Be proactive. Look for innovative ways to improve the business. There is a saying, that "if it ain't broke, don't fix it", but modern management theories today teach, "if it ain't broke, break it and start over again".

WHY WOMEN SHOULD CARE ABOUT FINANCIAL PLANNING

Karen Fitzritson says...

Financial planning is as important as how you view your appearance, the daily decisions we make in our lives shows how you view your outlook on a healthy lifestyle.

Women are consciences about these things so why not about their finances, which ultimately is the deciding factor that enables us to make some of these lifestyle choices.

Women at all ages should be savvy about planning for their retirement. The earlier you start the less panicked you become when you get older and the less burdensome it becomes to source the funds.

In the 20 to 40 age group people want to acquire homes, investment properties, start families and plan for education. It takes a lot of money to finance these activities therefore you have to be prudent and strategic in planning your finances.

Women are very empowered and liberated today when it comes to financial planning.

The typical scenario of women leaving the investments and "money management" to their spouses is rapidly waning. My experience shows that women today are very involved in their financial future and play an integral role in the decision making. For example, my maternal grandmother was the homemaker in the house, my grandfather was the bread winner, but she was a very savvy investor and knew how to plan for the future of her family. Suffice it to say that when she died at age 89 she owed no one and she left behind assets that could generate income. The moral is that in a relationship the partners need to examine which one has the stronger head for managing the finances and allow them to do so in the long run it is a win/win situation for all.

Originally published in the Jamaica Gleaner on Monday June 6th, 2005.