JBDC Urges Businesses to Watch Market Trends

Executive Director of the Jamaica Business Development Corporation (JBDC), Harold Davis, has urged business owners to do research on existing marketing trends, the condition and status of markets and improve efficiencies in the operation of the businesses.
“It comes down to two things: you have to have a firm handle on what the market is saying to be able to read the signs of the market, see where the investments are heading and where the trends are heading. Have your ears and eyes on the ground, to ensure that you understand the trends in the market,” Mr. Davis advised in an interview with JIS News.
He was outlining strategies and mechanisms potential businesses may use to survive the current economic challenges.
The Executive Director warned business owners to be more prudent in the decisions that they make.
“If you are entering into a new product, you have to do more research than usual to determine whether or not the market can afford and accommodate this product,” he explained.
Networking is another coping alternative which businesses should consider in these trying times, according to Mr. Davis. He said that business entities could strategically partner with other organisations to look at economies of scale, economies of scope and how they can position themselves to handle the economic downturn.
As it relates to potential business operators, he advised to seek guidance from the JBDC, which will assist in determining if starting a business is the right choice.
“We encourage persons to look at the idea of starting a business in a structured and sober kind of way. Do not just jump into a business, because you lose your job and you might have the redundancy lump sum in your hand,” Mr. Davis cautioned.
He explained that a part of the JBDC’s suite of services is to offer a ‘hand-holding’ approach to business interests.
“The first thing that is done is an assessment of the person and of the business idea. We usually assess the idea to see whether it makes sense, as a business option; whether or not it is an export product that you are thinking of; and whether or not there is a market for this product or idea,” he added.
A training process to determine whether entrepreneurship is right choice for the individual is also done.
He said that the JBDC has been hosting islandwide business development seminars, to expose business owners and business interests to various means of growing and strengthening their businesses, with particular focus on the cluster initiative.
Clusters can be defined as a group of interconnected companies in a particular industry, that both compete and co-operate. Clusters are impor