Young Entrepreneurs Association urges Jamaican MSMEs to build resilience amid rising costs

Jamaica’s micro, small and medium-sized enterprises are being urged to strengthen their operations as rising energy prices, supply-chain disruption, inflation and hurricane risks continue to squeeze business owners.

Speaking on a Jamaica Information Service discussion programme, Young Entrepreneurs Association of Jamaica president Cordell Williams said MSMEs are facing a “triple threat” as geopolitical tensions push up fuel and electricity costs, lift transport expenses and weaken demand for goods and services. She said those pressures can create cash-flow problems that affect debt payments, productivity and access to supplies.

Second vice-president Chanoy Coups said the present climate also gives entrepreneurs a chance to review their models and think beyond Jamaica. She said business operators should see themselves as growing enterprises, not simply small businesses, and should explore customers, partners and opportunities outside their immediate market.

Williams said the Young Entrepreneurs Association, established by the Jamaica Employers Federation in 2006, supports entrepreneurs through access to funding, technical assistance, markets, visibility and training. She said the association has worked with local and international partners, including the Development Bank of Jamaica, and has helped members benefit from technical support, pitch competitions and readiness programmes.

The association also highlighted partnerships that have supported leadership training and scholarships through the Pan African Leadership Institute. Williams said members have used expos and trade missions to reach markets outside Jamaica.

The guests said common problems among MSMEs include weak systems, limited access to capital, poor record keeping, low confidence and overdependence on the owner. They encouraged businesses to document processes, build customer-service systems, monitor cash flow and prepare for financing before seeking loans or investment.

Business operators Sika Mag of Mag and Company and Jamon Salmon of Hubmark shared experiences from the COVID-19 period and other disruptions, including lost clients, staff layoffs and revenue pressure. They said resilience came through saving where possible, improving marketing, bundling services, going digital and seeking customers in regional and overseas markets.

The association said entrepreneurs interested in support can contact the Young Entrepreneurs Association of Jamaica at 28 Ruthven Road, Kingston 10, St. Andrew, by phone at 876-825-4028, or by email at [email protected].