Female MSMEs Benefit from JMMB Bank & We Inspire Seminar
The JMMB Group joined forces with We Inspire Women to host a micro, small and medium size enterprise (MSME) development seminar, for an all-female audience of entrepreneurs of startups, micro and small businesses, drawn from a range of industries including: manufacturing, fashion, wellness, consultancy, among others, at the EXIM Bank, recently (June 6).
The event provided the approximately 40 participants in attendance with insight about opportunities in partnering for growth; an introduction to an acceleration programme available for MSMEs, through the Branson Centre online training platform; in addition to practical advice about scaling one’s business to maximize efficiencies and reap the synergies that this provides.
The invitation-only event was open to women business owners registered for the We Inspire series of events, which includes: a conference, brunch, fitness session; and is set to take place in the coming weeks.
Partnering for Success of SMEs
This partnership with JMMB Bank and We Inspire aims to impart proven strategies that will bridge the gap between the failures and the successes of companies. “We believe that the process of being an entrepreneur is even more daunting, when the knowledge base is absent; as such, this partnership is designed to bridge that gap, through initiatives such as this MSME development seminar, led by JMMB. Through partnerships like these, I believe we can embark on a journey towards the sustained success of businesses,” said Cortia Bingham-McKenzie, We Inspire Ltd. Founder and CEO.
In keeping with the tone of partnership, which was set for the event, Shani Duncan-Falconer, JMMB’s senior corporate manager, SME Resource Centre, used the opportunity to introduce the supporting services and expertise available to these budding entrepreneurs, through the newly-launched JMMB SME Resource Centre and JMMB Bank. Duncan-Falconer detailed a range of resources that these entrepreneurs could take advantage of, through the SME centre, including: financial opportunities, through grant funding; expertise in business plan writing, creation of financial statements,; access to other resources, such as the Branson Centre’s online learning platform; and mentoring.
Shani also reminded the ladies of a few financial principles that she noted were critical to establish, in the initial stage of their businesses. “Separate your personal and business account, so that you can make the process of preparing financial documentation for your business easy, especially later when applying for a loan from a financial institution, and to ensure accurate recordkeeping.“ She also reminded them of the financial principle of paying yourself first and setting business goals.
Programme development manager, Branson Centre, Claire Bailey, built on the foundation set by Duncan-Falconer, by sharing the benefits afforded by the partnership established with JMMB Bank and the Branson Centre, through its online education. This online training platform is currently only available through such partnership agreements. However selected participants would have the opportunity to access the online training curriculum, free of cost; in addition to benefitting from other courses offered by the Branson Centre, at a discount, as a result of the collaboration between the two organizations. Those entrepreneurs enrolled in the programme, through JMMB Bank, will be able to access training on a broad cross section of areas that can potentially benefit their businesses and capacity building, including: pitch coaching; business plan development and vision development.
Claire painted a clear picture of the value-added that the Branson online platform afforded these budding entrepreneurs. Noting that by participating in the online training platform as business owners, they would have a step-by-step guide to assist in validating their business ideas, identify and address any business gaps and develop key tools for accelerating their companies namely: a business plan and pitch deck.
Danielle Terrelonge, communication consultant and managing director of DRT Communications, in her heart-to-heart testimonial of her journey as an entrepreneur, shared her personal and professional challenges faced and the successes in scaling her business, through angel investment, thereby giving the audience much ‘food for thought’. She further encouraged her fellow female entreps to get on the other side of uncomfortable and push through even in the face of adversity, urging them to bear in mind why they were inspired to begin their businesses.
She also underscored the value of one’s brand and reminded the audience that “everyone is a brand ambassador for your company and it is your job to create brand ambassadors that love your company.” In so doing, small entrepreneurs can benefit from the value created in building loyal clients and employees who believe in and identify with the company on a personal level, thereby making the brand a part of their lives and sharing with friends and family about their experiences – “it’s just as good as any referral or loyalty programme or managing any CRM (available to your larger counterparts)” added Danielle.
The event also gave the participants an occasion to practice their elevator pitch and network with other like-minded individuals, so that further opportunity for linkages may be established.
The collaboration in hosting the MSME development seminar, is in line with the company’s financial inclusion and integrated financial partnership approach. As part of its strategy, the JMMB Group intends to add value to its MSME clients through the provision of the financial partnership, resources, innovative financial solutions and a network, throughout these businesses’ life cycles; thereby, providing necessary support for the growth in the sector and filling the gaps that currently exist in the financial sector.