The Jamaica Business Development Corporation (JBDC) says it is committed to facilitating micro, small and medium-sized enterprises (MSMEs) to develop sustainable business models.
Speaking to JIS News, Chief Executive Officer (CEO) of the JBDC, Valerie Veira, noted that the organisation is focused on providing MSMEs with the tools to respond to the changing economic climate that their industry is operating within as Jamaica continues to deal with the impact of the pandemic.
“It is important to have your tools sharpened for developing that business model that will assist the organisations to expand and reshape the business when necessary in the market. Even when we speak about pivoting, we must pivot with a purpose, because all change must be a rational one,” she said.
According to Miss Veira, a business model that can accommodate change is crucial to local businesses entering the global market.
“We prepare our clients with standards and practices that match the global market space and we emphasise that those standards are critical because your business cannot be brought to the global market unless you meet those standards of the business model development and the requirements for you to operate in that space,” she said.
Miss Veira said the JBDC is focused on demystifying market research and urged MSME operators to find creative methods of researching their market continuously.
“When you see the research you believe it is some university activity and you need a consultant, but what we have sought to do is clarify that concept and provide our clients with the tools where they can do that research without being overwhelmed. If you don’t know the what, where and how of your industry, then your business development will be impacted,” she said.
The Jamaica Business Development Corporation (JBDC) is the Government’s business development agency that assists in the sustainable creation and development of MSMEs in Jamaica.