Reference Essay

3472 WordsMay 10, 201214 Pages
23 Ways for MSMEs to survive the economic downturn Prepared by: Dacia Samuels, B.Sc., M.Sc. For: Target Growth Competitiveness Committee Table of Contents 1.0 Introduction 2 2.0 Business Services 2 3.0 Technology 5 4.0 Sales and Marketing 8 5.0 Financial Services 10 6.0 Human Resource Management 12 Appendix 14 1.0 Introduction The global recession has the potential to destabilise the small business sector worldwide. In many countries, these businesses are the main source of employment and every effort should therefore be made to mitigate the harmful effects of the harsh economic climate on Micro Small and Medium Enterprises (MSMEs). Here are some useful tips that promote the growth of MSMEs during this time. 2.0 Business Services 1. Utilise all available resources for MSMEs available in government and non-government sector. Businesses may access resources for business planning, proposal writing, and contacts for other service providers. Regularly visit websites such as: • Small Business Association of Jamaica (SBAJ): www.sbaj.org.jm. The SBAJ has an electronic library and an online market place. It provides a list of incentives as well as publications of reports on issues that affect small businesses. • Jamaica Business Development Corporation (JBDC): www.jbdc.net. The JBDC offers information on starting a business and advice on obtaining financing, preparing business pans, and marketing. There is a free Interactive Business Planner and other electronic business tools. • Jamaica Trade and Invest (JTI): www.jamaicatradeandinvest.org. JTI provides business services such as linkages between buyers and sellers; processing of incentive applications; market intelligence and trade promotion. • Rural Agricultural Development Authority (RADA):

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