Small Businesses Given Strategies to Cope with Global Economic Crisis

Small business owners from central Jamaica were recently informed of a number of strategies to keep their businesses afloat in light of the global economic crisis.
The business owners who were attending the Jamaica National Small Business Loans (JNSBL) Biz-Grow Seminar at the Mandeville Baptist Church Hall on Thursday (Jan. 29) were implored by Business Consultant with the Jamaica Business Development Corporation (JBDC), Daren Larmond to seize opportunities, to “wise up”, and think globally, and eliminate waste in order to cope with the current economic crisis.
“In this global economic crisis, do not let the big words confuse you; simple things that you do are going to get you through and keep you afloat,” he said.
He told business owners to employ strategies such as, proper accounting procedures, saving “loose change”, educating themselves by reading the newspapers, listening to the news and attending workshops and seminars and that they are to, “look at these little things because they will affect the bottom line”.
He said that business owners can seize opportunities by accessing loans, seeking grants and finding out what they can access to make their businesses prosper.
“Learn to use the computer and come to training as it is an investment in you. Use technology to save money because the more you know, the better it is for you to navigate these economically perilous time,” he charged.
Business owners were urged to reduce inventory, extend their pay-out terms, speed up accounts payables, and cut back on some of their plans.
“Some practices have to be cut out…you cannot borrow your way out of the present global economic crisis. Cut your personal expenses, make the sacrifices now so that at the end of this, you can come out on top,” he urged.
Entrepreneurs were also encouraged to re-evaluate their businesses as there are opportunities for the export trade.
“It may be time to look at international trade, think globally. Think big because small business is big business,” he added.
Mr. Larmond said that in order to eliminate waste, business owners should become creative, plan their routes, re-use stationery, and “all of those little things that you take for granted as that is where you lose money”.
Other presentations from the JBDC team included: managing business growth, marketing, and financial management. Meanwhile, the Tax Administration Services Department made a presentation on taxation and compliance procedures.
In partnership with the JBDC, JNSBL provides business development support through nine six-hour training sessions held monthly across the island at no charge to their existing clientele in: financial management, record keeping, and marketing.
The JNSBL, which makes loans accessible to micro and small entrepreneurs and operate from 30 locations island-wide has been in existence for over seven years.