JMMB Hosts Virtual Expo for Small Business Clients
In a recent JMMB Goal Getter Live episode, seven (7) JMMB small business clients joined in a virtual expo, hosted by the company, giving these entrepreneurs an opportunity to showcase their uniquely Jamaican products and services to a diversified online audience, including Jamaicans locally and in the diaspora. Kerry-Ann Stimpson, moderator of the event and chief marketing officer at JMMB Group outlined, “The company sought to use this avenue to give some of our small business clients an occasion to show off their products and services, as our way of supporting them, and encouraging our fellow Jamaicans to also buy local products and use the services of our Jamaican small businesses, who form the backbone of our economy and are among the hardest hit by the COVID-19 pandemic.”
Adding, “as a company that was born out of similar circumstances as a small business, this sector is close to JMMB’s heart.” The marketing exec further outlined that as an underserved segment, there is a real need for SMEs to get holistic financial support in Jamaica, especially if the country is going to achieve our Vision 2030 goal.
Among the entrepreneurs who participated on the occasion are: Randy McLaren of Bresheh, a Jamaican-based baggage company; Lacey-Ann Bartley of Bartley’s All in Wood, a Jamaican handcrafted wooden furniture, jewellery, and household manufacturer and designer; Terri-Ann Brown of KukUp Kreations, a catering company offering pastry and ready-to-go meals; Jerron Farquharson, a skin and hair product manufacturer; Marsha Smikle of Efficient Delivery Solutions Limited, which offers digitization and automation solutions for corporate clients; Nadia Nivens-Jarrett of Bells & Whistles, an event planning company; and Sandra Samuels of Totally Male, an exclusive aesthetic experience for men, providing grooming and personal care services, in addition to courses in these areas.
During the first segment of the discussion, in addition to introducing their respective products, McLaren and Bartley outlined the need for small businesses to pivot their business models, in order to thrive during COVID-19. The young entrepreneurs outlined that in response to the pandemic and its impact on revenue, they identified opportunities and gaps in the market that they could fill and, as such, their companies now offer masks and home office desks, respectively. CEO of KupUp Kreations, Terri-Ann, also echoed similar sentiments about the need to pivot, drawing on her experience, where she shared that she decided to introduce a ready-to-go line dubbed, Lazy Days; which offers family-sized dinner options and pre-seasoned or prepared dishes, as a solution for making home-cooked meals easier.
There are several options available for pivoting one’s business, namely: 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.
Shani Duncan-Falconer, small and medium-sized enterprises (SME) Resource Centre lead at JMMB Group, highlighted the need for a partnership to be forged with SMEs and their financial institutions. In reiterating the Centre’s commitment to SMEs, she noted that JMMB Group is interested in helping its clients throughout their entire business life cycle and as such, have sought to remain in contact with its business clients, to offer a range of services to assist them in navigating the COViD-19 crisis.
The JMMB SME 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 and other organizations such as: the Development Bank of Jamaica (DBJ), First Angels Jamaica, Jamaica Business Development Corporation (JBDC) and the Branson Centre of Entrepreneurship, Caribbean. Additionally, the JMMB SME unit offers: banking, insurance brokering, investment solutions and pension services tailored to the needs of SMEs.
Shani, also outlined that, as part of the Centre’s efforts to partner with its clients, it has begun to offer online seminars on a range of topical issues, such as business plan writing, marketing, visioning and cash flow management; in a bid to help its SMEs to be more resilient, more structured and to thrive in COVID-19. Duncan-Falconer, notes that the response from clients about these seminars have been positive and rewarding, as evidenced by clients who have been able to successfully pivot and thrive at this time.
Totally Male CEO, Sandra Samuels, encouraged other small businesses to become more structured and to utilize the services of the JMMB SME Resource Centre, noting, “many entrepreneurs are out there, but just need to shift from a hustle to a real business,” as this will allow them to become more resilient in times of crisis, noting that with the support of JMMB her doors have remained open to her clients, in fact her company celebrates 25 years since it has been established. In sharing in the final nugget segment, Kevin Foreman, small and medium-sized enterprise (SME) specialist at JMMB Bank, urged SMEs to also forge closer bonds with their financial institutions, outlining that especially during a crisis, “(your financial representative) is one of the most important persons that you will need; so, make your banker your best friend…at JMMB, we are here to support you through this crisis and your entire life cycle.”
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. During the twenty-week long series, the company has also hosted other episodes catering specifically to SMEs, namely: “How to Pivot Your Business & Thrive” and “Managing Your Cashflow as an SME, During COVID-19”.
The JMMB Group also recently (May 2020), launched its small and medium enterprise unit in Trinidad & Tobago, in a bid to put in a resource centre right across the group — to connect, to train, to support, to nurture SMEs and to connect them with the ecosystem across the region; which will provide more opportunities for greater collaboration and synergies. This unit, with support from its Jamaican counterpart, will provide solutions designed around specific SME client business goals.
If you missed the virtual small business expo, see the replay at, https://www.youtube.com/watch?v=CmEyDCMSFTY