SVG launches Business Hub for medium-sized entities in the regionFriday, August 07, 2020
The Supreme Ventures Group (SVG) recently announced the launch of a Business Hub solution aimed at extending the company's premium business services to medium-sized businesses in Jamaica and the region.
The Hub is to be headed by Dennis Chung, chief executive officer (CEO) of Supreme Ventures Services Limited. The focus market of this Business Hub is to target medium-sized local businesses with annual revenues of $15 million or more that require an efficient and affordable back-office management.
According to Chung, who joined the conglomerate in 2017, the Hub became a part of the company's vision last year when they began to focus on diversifying the revenue portfolio beyond gaming and restructuring to a more multi-level entity.
“One of the things that have really kept the group going through the pandemic is the strength of our back-office operations. We realised how much effort goes into the daily operations and that with some adjustments we could offer these services to other businesses,” he said, noting that the group's back-end operations during the COVID-19 pandemic provided the perfect launching pad for the initiative.
The Hub is aimed at providing support to medium-sized businesses that may not have the resources and time to dedicate to the back-office operations of their business including tax and other statutory returns, payroll, receivables, financial statement preparation and maintenance, and collections. It is a digital back-office solution, and is focused not only on any particular service but is all about providing a total solution to the back-office challenges.
“Medium-sized businesses need to focus on revenue and getting money through the door. Filing and the everyday back-office operations distracts them not only from making that money, but also causes them to have to invest that money in infrastructure and resources for non-revenue generating activities. What we are offering is access to our very broad back-office operation that will give them that freedom to pursue cash flow, at greater value added, while we manage the rest,” Chung said while speaking in a recent interview with media personality and business analyst Kalilah Reynolds.
He outlined a list of services including finance, technology, corporate secretarial, marketing, human resources and payroll, office administration, security and facilities management which will be initially offered by the Hub.
“We have a very comprehensive back-office operation and we have extensive experience in meeting regulatory filing deadlines, accounting and the digitising of accounting systems and what we're offering will allow businesses to not only get rid of the hassle of doing these things, but give them access to our experienced team,” he added.
Chung shared that since a soft launch in July, the venture has already started to attract several prospective clients, which has moved the company to install the relevant internal resources to service the business.
“The Hub is another win-win situation for the group, not only are we assisting local businesses to build and grow, which is something I am personally passionate about, but by engaging our staff in the Hub, we are offering an opportunity for them to expand as well. The new working world demands that employees are multitalented and experienced, and the Hub will foster this; and of course, our shareholders will appreciate the rise in the value of the group as we generate more revenue,” he closed in saying.