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The Jamaica Business Development Corporation (JBDC) invites entrepreneurs and business owners to register for its upcoming ‘Managing a Business’ Workshop, tailored to strengthen the operational framework of micro, small and medium-sized enterprises (MSMEs).
Slated to begin on Tuesday, November 4, the sessions will be held online via Zoom every Tuesday throughout November, from 9:30 a.m. to 1:00 p.m.
The full programme costs $18,000 and will engage participants in four interactive modules: Business Model Development, Process Documentation, Marketing Mixology, and Financial Reporting and Analysis.
Participants will also gain access to course materials, certified business counsellors, and valuable networking opportunities.
Interested persons may register by emailing or calling 876-928-5161 ahead of the October 31 deadline.
Manager of the JBDC’s Business Advisory Services Unit, Melissa Barrett, notes that while many local entrepreneurs are ambitious and poised for growth, they often lack the operational systems to support expansion.
“While some entrepreneurs may have validated their ideas and even secured paying customers, many crumble when it’s time to scale because they do not have proper systems in place,” she further pointed out.
At present, MSMEs account for more than 90 per cent of Jamaica’s taxpaying businesses, contribute approximately 44 per cent to the country’s gross domestic product (GDP), and employ up to 70 per cent of the national labour force.
“Despite this, with most businesses in the micro stage earning $10 million or less and employing up to five people, scaling remains a significant challenge,” Ms. Barrett noted, adding that sustainable growth requires more than market demand.
“[Where] processes are informal, supplier relationships are weak, resulting in no operational model that can be replicated. It is recommended that entrepreneurs develop repeatable systems, secure the right partners and funding, and design a model that can grow with their business,” she stated.
Ms. Barrett also highlighted that many entrepreneurs lack adequate exposure to financial literacy, particularly in interpreting financial statements, calculating profit margins, and managing cash flow effectively
“A lot of MSMEs are unable to analyse their financial information. They don’t know how well their business is performing, what their margins are, or how to manage collections,” she pointed out.
Ms. Barrett also identified leadership and team management as critical areas requiring further development among entrepreneurs.
The workshop aligns with the Ministry of Industry, Investment and Commerce’s strategic objective to strengthen the MSME sector as a pivotal driver of national economic growth.
With approximately 425,000 MSMEs contributing significantly to Jamaica’s economy, the Ministry continues to empower business owners, through agencies such as the JBDC, to enhance competitiveness, expand exports, and scale operations.
Source: JIS – https://jis.gov.jm/jbdc-opens-registration-for-msme-capacity-building-workshop/
