JMMB Advises SMEs to Pivot in Order to Survive & Thrive in COVID-19

With the anticipated increase in economic activity set to take place, following the announcements made by the Prime Minister of Jamaica, the Most Hon. Andrew Holness, to reopen the country’s borders and adjust restrictions, as at June 1; many businesses are looking forward to some semblance of normalcy. The small and medium-sized enterprises’ (SMEs) ability to survive and thrive in the conditions created by the novel coronavirus (COVID-19) crisis, is largely hinged on being able to pivot, in response to the needs of: their customers; key constituents, such as supply chain and employees and the changing environment, said PJ Wright, entertainment maverick and restaurateur, and Shani Duncan-Falconer, small and medium-sized enterprises (SME) resource centre lead at JMMB Group, during a recent episode of the weekly JMMB Goal Getter Live series. 

Duncan-Falconer outlined that pivoting offers businesses several benefits, including: generating more revenue, connecting with clients, increasing brand awareness and keeping employees’ productivity high. 

In giving guidelines to SMEs on pivoting, she noted there are several options available, including: operational pivoting – which calls on businesses to make changes to their operational procedures; platform pivoting – where businesses can adjust the channel to reach customers; customer pivoting – targeting a new customer base; collaboration – where businesses come together to serve customers, utilizing their strengths; asset pivoting – by putting underutilized assets to work; and change in your business model – whereby you will start a new business. Duncan-Falconer added that business owners should take the time to carefully examine their business models and their operations, to determine the best pivoting approach for their businesses, seeing where adjustments can be made to either the operations, assets utilized, and of course, the industry - taking note of trends and what’s next. She also encouraged SMEs to keep their business goals at the forefront, “ask yourself, am I pivoting for short-term or long-term…make sure your long-term goals are still included, in your pivoting,” said the SME expert. She cautioned, “Choose how you pivot carefully. If you don’t you may not reap any benefits.” 

In sharing from his personal and professional experience, PJ Wright admits that he was hard hit by the shutdown of the entertainment sector and the scaling down of the restaurant industry, in keeping with protocols set out by the government, to manage the spread of COVID-19.  Although confessing the sudden and drastic nature of the impact was nothing short of being depressing, he shared that his survival, so far, as an SME has been driven by his ability to pivot. The key ingredients in his recipe, he said was to, “reach out to your constituents and clients and see what their needs are and how you can serve them.” Additionally, “You have to have a pulse on what’s happening around you… social media listening is the best survey (at this time).” Using these principles as a guide, Wright has since made changes to his restaurant business operations, namely: Chillin’ and Cru Bar, providing family style meals, takeout and delivery options, in conjunction with courier services. 

He also started a new business, Mint Cleaners, which provides sanitization and deep cleaning of plant and property, for individuals and businesses. The idea for this business, noted Wright, came coincidentally and was inspired by examining how the COVID-19 virus impacted other countries and the business opportunities it presented or key areas of growth, which underscores the value of responding to the changing business environment. 

In further adding his voice to operating in survival mode, Wright underscored the need to “talk to key players, so that you can understand your supply chain (as this will impact your ability to pivot).”  Employees are another key set of stakeholders that business owners have to engage and understand, shared the experts. Shani pointed out that business owners needed to therefore assess their employees’ skills, competence, in addition to the psychological readiness of employees to pivot, as this forms a key part of the success in pivoting. Wright further emphasized that more than ever, satisfying the customers’ needs should be utmost, if SMEs want to remain relevant. “You have to be seen as adding value to your customers’ lives during the COVID-19 period, otherwise when this crisis is over, your customers will form a new relationship with other businesses, “ said the entertainment maverick and restaurateur.  

Thriving in Crisis 
“Scale down your risks right now, so that you can scale up for opportunities,” was the advice given by Wright, for SMEs to thrive in the COVID-19 crisis. The experts agreed this approach will enable SMEs to manage their cash flow, expenses and overall risk, allowing for the flexibility and resources to later leverage opportunities. 

Additionally, SMEs were encouraged to remain innovative and agile, with a laser focus on serving the needs of their customers, during and after the crisis. Wright also shared that where technology can bolster efficiency and profitability, business owners should seek to incorporate it, noting this does not have to be a major investment; as there are a lot of affordable applications available such as YouTube, your businesses social media and a booking app he now uses, called Set More. 

Duncan-Falconer also underscored the value of collaboration, to leverage business and professional strengths, noting, “we need to partner more, as we can be stronger and give better service (to our customers), expand into new markets, and even serve new customers.” She divulged that in serving the needs of the SME clients of the JMMB SME Resource Centre, this is an approach used. The JMMB resource centre is designed to help SMEs improve operational efficiency and access resources, which will ultimately allow them to grow their businesses to the next stage of their life cycle. It provides coaching and a range of advisory services, including: marketing, taxation, accounting, business plan writing and other general financial management, with the support of its partners. 

The JMMB Goal Getter Live series of webinars, held on Tuesdays at 8:30 p.m. via the company’s social media platforms (YouTube, Twitter and Facebook); seeks to give hope, lend expertise and share solutions that will assist clients and the wider public, to navigate the crisis; and serves as an avenue to address a cross-section of topical issues - thus underscoring JMMB Group’s commitment to being in its clients’ world.