Saturday 19 September, 2020

Supreme Ventures launches business solution hub

The Hub, which is headed by CEO of Supreme Ventures Services Limited, Dennis Chung, aims to extend the group’s premium business services to medium sized businesses in Jamaica and the region.

The Hub, which is headed by CEO of Supreme Ventures Services Limited, Dennis Chung, aims to extend the group’s premium business services to medium sized businesses in Jamaica and the region.

The Supreme Ventures Group has expanded its business line with the official launch of the Supreme Ventures Business Hub.

The Hub, which is headed by CEO of Supreme Ventures Services Limited, Dennis Chung, aims to extend the group’s premium business services to medium sized businesses in Jamaica and the region.

Chung, who joined the gaming conglomerate in 2017, said the Hub has been a vision for the group since 2019 when the company focused on diversifying their revenue portfolio beyond gaming and restructuring the group to a multilevel entity.

He added that the strength of the group’s back-end operations during the COVID-19 pandemic provided the perfect launching pad for the initiative.

“One of the things that has 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.

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 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 cashflow, at greater value added, while we manage the rest” he said.

Chung detailed a laundry list of services that the Hub will initially offer which includes finance, technology, corporate secretarial, marketing, human resources and payroll, office administration, security and facilities management.

“We have a very comprehensive back-office operation and we have extensive experience in meeting regulatory filing deadlines, accounting and the digitizing 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 said.

Chung noted that SVG has an uncollected revenue portfolio of less than one per cent and has overseen the establishment of a strong work-from-home programme for 90 per cent of their staff, which was accelerated during the COVID-19 crisis.

The focus market for the Supreme Ventures Business Hub, would be medium-sized local businesses with annual revenues of $15 million or more, that require an efficient and affordable back-office management.

Supreme Ventures said the Hub has begun to attract several prospective clients since its soft launch in July and has begun to put the internal resources in place to service the business.

Chung is confident that the Hub will provide opportunities for Supreme Ventures’ employees and shareholders alike.

“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 said.

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