Financial Literacy for MSMEs will be in focus as the Jamaica Business Development Corporation (JBDC) embarks on yet another Mobile Business Clinic; this time to the parish of Westmoreland on October 26-27, 2017. Having recognized that financing is the one of the major challenges affecting the growth of this sector, JBDC will use the upcoming Mobile Business Clinic to enhance the participants’ capacity with a new training seminar titled ‘Measuring what Matters.’ The seminar will take into account the financial metrics that startups should be tracking in order to ensure business growth. The metrics to be explored include; Market Potential, Startup Costs, Funding Options and the cost of these options, Product, Price and Break-even points, the Business Value, Operating Margins and Revenue Growth.
According to Financial Support Services Manager at the JBDC, Melissa Bennett, the purpose of MSMEs tracking their financial performance is to validate their business venture. “These figures also help them to manage their costs, their readiness to scale the business and seek growth capital.” As is customary, the JBDC will be joined by its partners, the National Commercial Bank, Development Bank of Jamaica, Tax Administration Jamaica, The Gleaner and Street Law Caribbean in exploring additional topics such as; Attracting Lenders: What Banks want Small Businesses to know, Demystifying Small Business Law, Online Marketing and Everything a Business needs to know about Jamaican Tax Laws.
The two-day Clinic will be held at the Sean Lavery Faith Hall in Sav-la-Mar, Westmoreland on Thursday and Friday (October 26 – 27). Each day will commence at approximately 9:00 am and pre-registration is mandatory for all
persons who wish to attend.
Since the start of Phase two of the Clinic in May 2017, approximately 200 entrepreneurs from the parishes of Manchester and St. Ann have benefitted from extensive training and subsequent hand-holding and business monitoring support from the JBDC and its partners.
The Clinic is being held under the theme ‘Converting Capacity to Currency’. The initiative is an intensive capacity building training programme in which growth stage entrepreneurs are engaged in activities which serve to increase their business capacity and efficiency.