As the government takes aim at growth, the Jamaica Business Development Corporation (JBDC) is intensifying efforts to take micro, small and medium-sized enterprises (MSMEs) to the next stage. The agency’s most advanced training – Managing a Business Workshop, seeks to move businesses along the continuum with emphasis on structure, an area found to be lacking based on assessment.
According to Melissa Barrett, Manager of the Business Advisory Services Unit at the JBDC, many entrepreneurs in Jamaica are ready to grow but lack the structure to sustain expansion. “In terms of their structure, they are not organised. Their business operations are not structured for growth,” Barrett explained. “While they may have validated their ideas and even secured paying customers, many crumble when it’s time to scale because the systems behind the business aren’t in place.”
Jamaica’s MSME sector accounts for over 90 percent of Jamaica’s taxpaying businesses. With a significant number of MSMEs in the micro stage of business (earning $10 million or less and employing up to 5 employees), Barrett noted that scaling requires more than demand. Some businesses are not designed to handle growth. Processes are informal, supplier relationships are weak, and there’s no operational model in place that can be replicated. “Have they secured the right partners and funding? Do they know their process, and is it repeatable? They need to create a replicable model that will take their business to the next level,” she said.
Coupled with access to finance, Barrett also pointed to financial management as a major weak point. Many entrepreneurs cannot interpret their financial statements, do not know their profit margins, and lack effective strategies for managing cash flow, especially collection from clients. “A lot of MSMEs are not able to analyse their financial information. They don’t know how well their business is performing, what their margins are, or how to manage collections,” Barrett explained. “So, while they’re able to secure markets, they often can’t collect fast enough to support their cash cycle.”
Founders often struggle with the transition from being the sole operator to leading a structured organisation. They may resist bringing in skilled managers or fear losing control, not understanding that retaining majority ownership is still possible while sharing operational responsibilities. Beyond finances, Barrett emphasised the importance of people and planning, “Having the team in place is critical and understanding what each team member is supposed to be doing,” she said. “You can’t hire a marketer and not have the structure to support the demand they create. That’s how businesses collapse under their own success.”
Workshop
JBDC’s Managing a Business Workshop was created to help entrepreneurs move beyond the survival phase and build sustainable, scalable enterprises. Scaling a business takes an entrepreneurial mindset, “A lot of persons don’t want to scale to millions. They just want to survive. They just want to have enough money to pay for their children’s school fees, have some savings. But then you have those that are truly entrepreneurial and want to make a difference in the world. And if you are solving a problem that is a big problem, then you have to position yourself and scale,” she explained.
The Ministry of Industry, Investment & Commerce (MIIC) reaffirms the MSME sector as a key driver of long-term economic growth, noting that there are 425,000 businesses in the country, which are responsible for 60 percent to 70 percent of jobs. MSMEs contribute 44 per cent of gross domestic product (GDP). Dubbed ‘Jamaica’s Business Ministry’, MIIC has been actively driving MSMEs to grow by increasing exports and participating in the critical support needed for growth by engaging agencies like the JBDC.
The Managing A Business Workshop builds on other primary JBDC training initiatives including Fundamentals of Business Workshop for potential entrepreneurs and Starting a Business Workshop for early-stage entrepreneurs. This online workshop is offered several times per year. The 4-module online course will cover: Business Model Development; Process Documentation; Marketing Mixology; and Financial Reporting & Analysis, all competencies necessary for growth-ready enterprises.
Interested entrepreneurs are encouraged to contact Camesha Morrison-Shirley at call 876-928-5161 or visit www.jbdc.net to find out more.
