BUSINESS IN THE NEW NORMAL
JANUARY – MARCH 2021
CONTENTS
BUSINESS & INNOVATION
05 06 07
IS WORK-FROM-HOME THE NEW NORMAL? BUSINESSES PIVOT WITH DELIVERIES AND CURBSIDE PICK-UP
CENTRESPREAD
08 - 09
JBDC EXPANDS ITS REACH THROUGH VIRTUAL EVENTS
TECHNOLOGY
10 11 FINANCE
12 13
EVOLUTION IN A TIME OF CRISIS: FROM BRICKS TO CLICKS 5 DIGITAL MARKETING TIPS FOR ENTREPRENEURS FINANCE CHOOSING A PAYMENT GATEWAY FOR YOUR BUSINESS FUNDING YOUR BUSINESS IN A PANDEMIC
SPOTLIGHT
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EDITORIAL TEAM
2020: THE GREAT DISRUPTION
SPOTLIGHT – ALMANDO COX
Valerie Veira, CD, JP Chief Executive Officer
Design & Layout Dhaima Garrell – JBDC Visual Communications Unit
Harold Davis, JP Dep. Chief Executive Officer
Freelance Photographer Terry-Ann Miller - Time by TAEM
Editor-In-Chief & Content Coordinator Suzette Campbell – JBDC Corporate Communications Unit
Freelance Photographer Mark Grey
Assistant Content Coordinator Sancia Campbell – JBDC Corporate Communications Unit
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CEO’s
Message
CONTRIBUTORS Suzette Campbell
The year 2020 was perhaps the biggest challenge faced by most entrepreneurs. It was equally challenging for governments across the world who were tasked to lead from the front, ensuring that economies would remain intact, while attempting to save lives. Agencies like the Jamaica Business Development Corporation (JBDC) were also thrown a huge challenge, as entrepreneurs looked to us in despair. When the dust settled and we accepted what was being described as a ‘new normal’, my rallying call throughout the year was “it is time to move from panic and back to passion”. The JBDC was out of the blocks swiftly following the report of the first covid-19 case in Jamaica, engaging our stakeholders and clients virtually, whether in meetings, webinars, or events. To date, we have engaged more than 10,000 persons in the ecosystem via webinars and other online events.
is a multi-award winning communications practitioner with 13 years’ experience spanning Public Relations, Journalism and Marketing in both public and private sector organizations. With a highly competitive spirit and creativity, she enjoys a good challenge and prides herself on leaving an indelible mark of success in her endeavours. Using her gift of writing, she hopes to win hearts and positively impact the lives of those on whose behalf she tells stories. Suzette is currently the Corporate Communications Manager at the Jamaica Business Development Corporation.
Sancia Campbell
is a PR Practitioner in the business and hospitality sectors with over 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading, project management and events planning. She is currently the PR & Events Coordinator at the Jamaica Business Development Corporation (JBDC).
During this time, we launched the National Craft Policy on behalf of the then Ministry of Industry, Commerce, Agriculture & Fisheries (MICAF). It was a significant move in the continued development of the local gift and craft industry. We empowered our leaders at the Employee Engagement Seminar series, which for the first time, featured a black female among the keynote speakers, Miss Lisa Nichols, International Media Personality, Author, CEO, and Motivational Speaker. The theme captured what leaders needed to do: Empower. Pivot. Grow. I am proud of the way my team set the stage for pivoting in 2020 and heartened by the responsiveness of our clients who eventually found a way to embrace their passion and capitalise on the opportunities in a changing world. This year is our 20th anniversary, and we look forward to all of you celebrating with us.
Andre Heslop
is the E-Marketing Officer at the Jamaica Business Development Corporation (JBDC). He is a graduate of the University Of Technology, Jamaica and holds a BBA in Business Administration with a major in Marketing. He has worked in a range of capacities within the marketing field from Marketing Officer to Customer Care Representative and has extensive experience with customer relations. Mr. Heslop is also a managing partner of the emerging Social U Consultants company, a social media marketing firm.
Dominic Harris
Valerie Veira, CD, JP Chief Executive Officer Jamaica Business Development Corporation
is the Administrative Assistant in the Corporate Communications Unit at the Jamaica Business Development Corporation. She is an aspiring marketing professional currently enrolled at the University of the Commonwealth Caribbean.
BUSINESS & INNOVATION
Adding that there are lessons to be learned, he pointed out that, chief among them, was digital transformation. “Persons began to pivot their businesses using technology wherever it was feasible to do so, and many have been successful. Basically, covid-19 forced them to catch up with other economies which had long embraced the 4th industrial revolution which includes Artificial Intelligence, Augmented Reality, and so on. It forced live audience market. The first reaction us to fast track to the new consumer, from the business community was shock which is online,” he said. within the first 6 months or so. Initially, persons were panicking rather than Addressing whether we will ever go back looking at the opportunities. In that to normal, Davis said, we will not go back regard the JBDC’s message to “move completely. “There are certain things that from panic and back to passion” was will go back. For example, persons are very timely and it made sense because yearning for the personal connection in many businesses frozen like a deer in the creative industries. Theatres, concert headlights wondering what to do. But venues and galleries will open again. slowly, persons began to appreciate the E-commerce had its largest year in 2020 opportunities that existed within the and is estimated to have the same kind of year in 2021 because persons have really pandemic,” he said. transformed the way they shopped. This certainly will no stop. Shoppers will remain online and will go in-store if they feel like it or if they must. Covid-19 has transformed the retail space and it is here to stay. We will not have a pre-covid experience, but a post-covid experience,” he added.
2020: THE GREAT DISRUPTION by Suzette Campbell
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he number itself suggested that 2020 would be a big and exciting year! Despite reports of the novel coronavirus plaguing China, somehow, many on this side of the world did not see it coming our way. None of the international media reports could have prepared us for what we were about to experience when this virus essentially brought the Western Hemisphere to its knees. No nation, large or small, was spared. It would change business as we knew it, perhaps forever. As the education and health took a pounding, so did the business sector. Predictions were that less resilient and smaller organisations would be hardest hit. Their very brick and mortar nature made them highly susceptible to loss and failure, as customers were no longer flocking buildings but were instead clicking online. Those in the creative and cultural industries would be hit hard, as concert venues, theatres, cinemas, etc., became ghost towns. For a developing country like Jamaica, interesting times were ahead. Reflecting on the year that was, Deputy Chief Executive Officer of the Jamaica Business Development Corporation (JBDC), Harold Davis, said among the biggest shocks globally, was the disruption of supply chains and markets which closed immediately without warning, businesses which were heavily dependent on a face-to-face market, as well as the tourism industry which is fuelled by travel. According to Davis, statistics showed that approximately 30% of businesses had to close their doors immediately, while another 28% reduced staff. “There is data that says approximately 90% of the creative and cultural industries was negatively affected by the shutdown. These industries, particularly those in the performing and visual arts, depend on a
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avis added that the pandemic forced entrepreneurs to examine their business models and determine whether they were resilient enough to withstand the impact of covid-19 and other types of disruption. “Consequently, we saw them upskilling themselves and upgrading systems and structures within their businesses. This, I would describe as the second phase in their response to the pandemic, the recognition that there was serious work to be done,” he said.
BUSINESS IN THE NEW NORMAL
JANUARY – MARCH 2021
ut while many entrepreneurs embraced and engaged in digital transformation, there are still those with some level of apprehension, particularly within the Micro, Small and Medium-sized Enterprise (MSME) sector. “I would say to them that the secret to digital transformation is business transformation. There is nobody who is too small to look at business transformation. Business transformation is about looking at your markets in terms of where they are now, what their preferences are and how you can create value in real time, not how you used to create value but how you can do it now. The transformation might go as far as transitioning out of the business into something else,” he said. The Deputy CEO says, with the help of entities like the JBDC, entrepreneurs can transform their businesses for a postcovid era.
BUSINESS IN THE NEW NORMAL
IS ‘WORK-FROM-HOME’ THE NEW NORMAL? by Dominic Harris
everyone has been vaccination or protected somewhat from COVID-19, both employers and employees will insist on having workfrom-home as an option because it does enhance productivity for jobs that can be done remotely,” she said. Miss McFarlane explained that given the right work tools (laptop computer, home office ergonomics, video conferencing interface, reliable internet, and electricity support), productivity can be enhanced from the comfort of an employee’s home or wherever people chose to work from.
“We all know that work will never be the same, even if we don’t yet know all the ways in which it will be different,” says Stewart Butterfield, Slack CEO & Co-founder.
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t has been over a year since the World Health Organisation (WHO) categorised Covid-19 as a global pandemic. Since then, there has been a dramatic shift in the dynamics of the world of work, and the way businesses operate. The Covid-19 pandemic has disrupted the traditional workspace, making it inevitable for employers globally, to have their staff conduct job responsibilities in a virtual space. Without a doubt, the pandemic has allowed business operators to become heavily reliant on technology to stay afloat. Businesses are encouraged to pivot by discovering fresh, innovate methods to maintain visibility and preserve their customer relationships. The Business Dialogue spoke with Desrine McFarlane, HR Consultant at Legacy Human Resource Management to get her views on this topical matter of remote work. According to Miss McFarlane, based on her ongoing research on the future of work, and her own experience working exclusively from home since the pandemic began, work-from-home will continue to be an essential element of agile organisations. “The pandemic has forever changed the workforce structure to hybrid. Even after
Continuing, she added, “I recently spoke to a HR Leader from a leading financial institution in Jamaica, and he shared that work-fromhome has enabled his organisation to retain some “critical talent” that would have been lost due to migration. Instead, they were able to negotiate new packages with those employees to serve the organisation remotely. This, he cited was now part of their new retention strategy. Bottomline, there is no going back! Work-from-home is now part of the fabric of the hybrid future of work!”
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any businesses have put measures in place to keep pace with the demands accompanied by Covid-19. The Jamaica Business Development Corporation (JBDC) continues to keep its target audience engaged by assisting entrepreneurs to pivot and embrace the new normal via their virtual training and events such as JBDC Virtual Biz Zone, The Entrepreneur’s Journey, among others. However, some businesses still lag due to insufficient funds or resistance towards embracing the procedures of the new era. Is work from home the new normal? Indeed, and it does have its perks. For example, employees benefit from its flexible nature while employers reap the results. In contrast, some of the disadvantages associated with the popular mode of conduct include increased expense (utilities), health related issues like body aches due to improper posture and distractions from children who also operate within the same space.
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ork-from-Home is not a new concept, especially for Researcher, Racquel Artwell who worked remotely prior to Covid-19 in 2017-2018 on a special project funded by the Inter-American Development Bank (IDB). “In order to work from home effectively, it is important to have the necessary tools to complete job functions and a detailed plan in place,” said Ms. Artwell.
Desrine McFarlane, HR Consultant
She worked with consultants based in Canada, therefore most meetings were conducted virtually via Skype. She further mentioned that working remotely allowed her to pace herself since the hours were irregular. “What mattered most was meeting the agreed deliverables and targets,” she highlighted.
On another note, the 9-5 culture would have dominated the business world for decades. It has its benefits, but like working from home, it has setbacks. Having staff sit in traffic to and from work can be tedious and the lack of flexibility that operating in office presents may possibly turn an employee’s passion into burden, leading to an organisation filled with tired, uninspired zombies.
Management is urged to consider a resultoriented approach when discussing the effectiveness of work-from-home. Has the target been met? Has the company generated profit? Once the value proposition is met and customer engagement is being maintained, it is possible that work-from-home may not be an issue.
With that said, operating in office does not need to be completely disregarded. Businesses are encouraged to build and improve on how past businesses operated by incorporating technology. A blended approach may be the sweet spot which allows a mutually beneficial arrangement for employer and employee.
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BUSINESSES PIVOT WITH DELIVERIES AND CURBSIDE PICK-UP by Dominic Harris
“Every problem is an opportunity in disguise” is a famous quote by John Adams, Former President of the United States of America. Covid-19 has impacted numerous lives leading to a stir of creativity in the business space. Many new companies have been formed since the pandemic, with several offering services within the curbside pick-up and deliveries industry.
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e are living in a digital age where individuals log onto their electronic devices to do almost everything. Operators within this industry use this to their advantage by creating engaging websites and interactive, mobile friendly apps to facilitate deliveries.
as customers only interacted with the riders face-to-face and all communication was done via the Ends app. Many restaurants benefited from the Ends pilot as it served as a means of generating sales for individuals in the food and beverage industry who were impacted by the lockdown.
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ther players in the industry have been making good on the demand for delivery solutions. Bruk di Lines is a local delivery business serving Kingston, as well as Portmore and Spanish Town in St. Catherine. The company offers services including the delivery of packages from major couriers like Knutsford Express and DHL, court documents from attorneys, food pick-up and drop-off, bill payment, supermarket shopping, among others. “The industry has a buzz. Bruk Di Lines’ profits are similar to what it was like prior to the pandemic. However, I experienced a dramatic increase during the lockdown period,” said Mr. Nakia Odecka, Chief Executive Officer. He further described the pandemic as an icing on the cake that increased awareness for his business. He went on to speak of the numerous upcoming courier services being established daily and saturating the space such as Up Top Courier, Wilson’s Courier Service, 7Krave and Hello Food. Aside from deliveries, other businesses have pivoted with curbside pickup, allowing customers collect their items without entering the store. Some of the companies making use of this option locally include food establishments and shipping companies, like ShipMe. The company allows customers to pay online and pick up your packages from the comfort of their vehicles, getting what they need fast, while maintaining social distancing. The company also has a locker system which allows customers to enter a code and collect their items without entering the building.
During the Easter lockdown period, the E-commerce National Delivery System (ENDS) pilot was launched by the Government of Jamaica in collaboration with the Private Sector Organisation of Jamaica (PSOJ) to allow the quick service industry and delivery operators registered on the ENDS platform to operate during the hours of the curfew until midnight. It offered customers the opportunity to choose from a list of registered food and pharmaceutical he future of delivery and curbside pickup is promising vendors and pay for their orders using debit/credit card or and will remain a fruitful industry for some time top-up voucher. based on how persons conduct themselves. The industry Members of the public responded to the initiative which promotes a convenient, hassle free alternative and allowed a range of vendors to keep selling, including individuals in today’s age love that. The pandemic has street side pan chicken, fine dining, seafood and other already gotten persons into a habit of operating from fast-food restaurants. Social distancing was made possible home and as such customers will appreciate having goods delivered at their doorstep.
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CENTRESPREAD JBDC EXPANDS ITS REACH THROUGH VIRTUAL EVENTS by Sancia Campbell
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n March 10, 2020, Jamaica joined the rest of the world in what now seems like an unending cycle of lockdowns and restricted movements. These actions were as a direct result of the arrival of the novel coronavirus (COVID-19) on Jamaican shores. The onset of the virus also meant that life as we knew it was about to undergo drastic changes. As the Jamaica Business Development Corporation (JBDC) is mandated to drive the sustainable development of Micro, Small and Medium Enterprises (MSMEs), the Corporation almost immediately got to work to identify new ways to support our clients in what was shaping up to be a year of uncertainty and fundamental shifts in how business would be conducted in the future.
Media and Communications Consultant, Fae Ellington, showsoff her ‘bankra’-inspired bag as she hosted the launch of the National Craft Policy in June 2020 at the Jamaica Pegasus Hotel. In the background was then, State Minister in the Ministry of Industry, Commerce, Agriculture & Fisheries, Hon. Floyd Green and Marketing Services Manager at JBDC, Janine Taylor.
Internally, we grappled with our own disappointments, which included the cancellation of our biggest event, the Small Business Expo & Conference, which is staged annually in May. However, the word of the day was ‘pivot’ and that we did! JBDC is well-known for its prowess in engaging the ecosystem through innovative and ground-breaking events, so following the initial shock, we set about brainstorming a rapid response.
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Kaysia Johnson-Vaughan, Senior Manager, Scotiabank Jamaica/sponsor representative, delivers greetings while the stage is shared by (from left to right) Suzette Campbell - Corporate Communications Manager, JBDC, Valerie Veira - Chief Executive Officer, JBDC and State Minister in the Ministry of Industry, Investment & Commerce - Hon. Dr. Norman Dunn at the Virtual Employee Engagement Seminar series in Kingston.
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he first step was to prepare Team JBDC to tackle the ‘new normal’. This meant identifying new ways to connect with the client group and preparing our team to deliver interventions outside of the face-to-face norm. It was no easy feat, as Murphy’s Law enjoys the virtual space. Teething pains were aplenty for us as well as the presenters and audience, who were also learning by doing.
virtual events were staged at the same time on Tuesdays, Thursdays and Fridays via the Zoom platform which had grown immensely popular since the pandemic.
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he JBDC Virtual Biz Zone is a webinar series with a three-pronged focus; entrepreneur capacity building, capitalising on current opportunities and sensitising the client group as to how businesses will operate in the ‘new normal’. Since April 2020, the JBDC has conducted well over 100 webinars on focus areas including e-commerce, general marketing, business transformation & digitisation, statutory obligations, the importance of customer data, the online business registration process and using research techniques for business growth.
A full engagement with digital technologies was undertaken. In a matter of weeks, training was conducted to build the digital capacity of a select group of team members who would soon become the voices and faces of the corporation. Simultaneously, programmes were developed to engage our target audience in a series of discussions and conversations that would relieve the uncertainty surrounding the ‘how’ of business in This Virtual Biz Zone webinar series has the ‘new normal’, as well as prepare the also facilitated skill building through practical sessions in Leather, Wire & clients for what was to come. Fabric Craft, Catering and the importance Three new programmes were introduced; of Food labels, Mask Making and the JBDC Virtual Biz Zone, the JBDC ‘In Fashion and Product opportunities. Concert’ series and the JBDC Virtual Gift More technical topics such as Queue & Craft Biz Zone. The Entrepreneur’s Management and Reducing Wait time, Journey which is not a new initiative, was which is crucial for both the business and also adapted into the virtual space. All
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the various stakeholders involved in the Gift & Craft industry as well as to update them on the policies in place to support the growth of the sector.
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Lisa Callendar - Founder, ProTrade Consult, Janine Fletcher-Taylor - Marketing Services Unit Manager, JBDC and Kris Jackson Design Consultant are engaged in discussion at a virtual Global Entrepreneurship Week event in November 2020.
the customer, as well as Ergonomics in the workplace and Lean Production were also explored. The JBDC ‘In Concert’ series was a collaborative effort with the British Council as well as other government and private sector entities. Done specifically for the creative and cultural industries, this online intervention provided lively discussions in problem areas such as Intellectual Property Protection, Digital Transformation, Literary works and the Book industry, the Future of Fashion, Performing Arts, Team Building, the Film industry, among others.
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he series ran over a period of six months and engaged the participation of several well-known experts in the creative and cultural industries. Over the period, more than 30 discussions were hosted attracting more than 4,000 participants. The Entrepreneur’s Journey began in 2018 as the JBDC sought to share the success stories of some of the clients who have benefitted from our suite of business development services, as well as wellknown heads of larger organisations. The Entrepreneur’s Journey is a one-toone discussion forum set as an interview in which the interviewee responds to questions about his/her journey along
the road to becoming a successful entrepreneur. It gives our upcoming entrepreneurs an insight into the determination, dedication and hard work required for success.
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rior to the arrival of COVID-19, the corporation had been fully absorbed in this activity through many of the islandwide interventions which were hosted. Entrepreneurs shared the stage and their story at events including the Mobile Business Clinic Initiative, Lunch & Learn and the programme of the same name. In an effort to boost entrepreneur morale and support the client group’s pivot from panic to passion, the JBDC re-introduced the Journey in the virtual space. So far, twenty-nine up and coming and wellestablished entrepreneurs, some of whom have experienced unprecedented growth in their businesses during the pandemic, have shared their stories of trials and triumph, failure and success as well as their hopes for the future.
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ollowing the summer launch of the National Craft Policy by the government of Jamaica, JBDC launched yet another virtual intervention in the form of the Virtual Gift & Craft Biz Zone in September 2020. The purpose of this programme was to support and sensitise
his initiative was fully supported by partner agencies including JAMPRO and the Jamaica Manufacturers’ & Exporters Association who provided relevant presentations at regular intervals to benefit the target audience. Presentations were also conducted by representatives from the Ministry of Culture, Gender, Entertainment & Sport, the Jamaica Craft Association, the Jamaica Intellectual Property Office and the JBDC’s Marketing Services Unit. As we headed into the final quarter of the year, we again tested the virtual space by staging two major existing events: the Employee Engagement Seminar (EES) series in October and Global Entrepreneurship Week (GEW) in November. Like the Expo, both events are major staples on our annual calendar. However, by this time, we were in a much better position to stage them online.
Las Voces Melodiosas performs during the launch of the National Craft Policy.
The word ‘pivot’ was a nightmare for many in 2020, but for us at the JBDC, it was an intense and exciting exercise in which many new skills were developed, new relationships created and thousands of people reached in a space where we now reside, until we can safely face and touch each other again in the physical space.
TECHNOLOGY EVOLUTION IN A TIME OF CRISIS: FROM BRICKS TO CLICKS by Suzette Campbell
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here were many buzz words and phrases in 2020, with the words ‘pivot’ and ‘e-commerce’ often used in the same sentence when referring to how businesses would adjust and remain afloat during the pandemic, which threatened to obliterate in-store shopping as we knew it. While some companies had already made the transition, many were caught off guard scrambling to make the critical shift from bricks to clicks.
10 under 3 major headers as follows: STRUCTURING YOUR E-COMMERCE APPROACH 1.
Model your online business to match offline operations. 2. Design your website to sell. 3. Choose your platform. GENERATING SALES
4. Generate leads. 5. Execute the sale. Brick and mortar is a traditional form of 6. Collect your money. conducting business in a face-to-face setting 7. Fulfil orders and ship. in a building or other structure. It provides several comforts for some shoppers, such AUTOMATING THE BUSINESS as a personalised shopping experience with 8. Automate your communication. a representative from the company, the 9. Keep customers coming back. ability to touch and feel products in-person, 10. Manage online operations. hassle-free returns, quick turnaround time which allows you to take the item home ccording to Campbell, one of the main immediately, and so on. things to consider when launching commerce is a business model which an e-commerce site, is to ensure that allows persons to buy and sell on the it replicates the offline business, giving internet. This also has its benefits such as customers the same experience all around. the convenience of shopping 24 hours a As such, the website should not only provide day, the ability to make price comparisons information about the company, but an without walking or driving from store to avenue to make a purchase. “Customers store, immediate access to a wider variety, typically do one of four things: sign-up no pressure, less crowds, and so on. The online, order online, book online or request shift to ecommerce was imminent pre- a quote. You should position yourself to covid, as data showed where traditional take advantage of at least one of these,” he brick and mortar stores globally were either explained. closing or suffering under the tension of When developing a website, persons may declined revenue due to the success of choose a free platform, do it themselves online stores like Amazon. or pay a professional developer. Campbell There are companies which had found advises that there can be challenges if the the sweet spot through multichannel and site is too basic or too complex. “WordPress omnichannel retailing, offering customers is loved by me simply because it a variety of options to business whether gives customers the ability to start online or face-to-face. It is a form of with a basic product and then retailing which can be daunting for some add as you go. There is no limit to entrepreneurs who see it as a yeoman’s where you can go with WordPress, task, especially in a crisis. it offers an app for everything and Chief Executive Officer of Mobile Edge it costs only a fraction of a what you Solutions and JBDC 2019 B.O.S.S Man of the would pay for a custom-built website,” he Year, Leighton Campbell, outlines 10 things added.
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you need to know to successfully move your business online. Campbell outlines the
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BUSINESS IN THE NEW NORMAL
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Some of the most effective ways to generate leads is to use the website as the main source of contact, as well as to use ‘call to action’ buttons which visitors will see the moment they log on to the website. Once the customers have absorbed the offer, the structure must be in place to facilitate the sale.
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ayment methods for customers may include cash on delivery, direct bank transfer, cheque payments, PayPal, as well as local options made available through financial institutions. While there are options such as curb side pickup and postal services, delivery allows you to maximise customer experience. In the absence of in-person interaction, automation is key to ensuring that customers can communicate and conduct transactions on an ongoing basis. These include automated receipts, invoices, shipping confirmations, responses for quotations, etc. How do you keep those customers coming back? “I can’t tell you how many times I’ve used a website and then all of a sudden, it’s like the website is following me around. Once you have a customer’s name, phone number, email address, you can reach them wherever they are and send them information about your business,” he explained. According to Campbell, managing online operations is more crucial than setting up the e-commerce site. “Without persons behind the business to interact with customers, process orders, view reports about what is happening on the system, your business will not be efficient,” he said.
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he saying goes “never waste a good crisis”. The year 2020 plunged many brick and mortar businesses into crisis mode. However, it also provided an exciting opportunity to evolve from bricks to clicks. See you online!
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5 DIGITAL MARKETING STRATEGIES FOR ENTREPRENEURS by Sancia Campbell
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ong before the onset of the coronavirus (COVID-19), digital marketing was established as a significant method for businesses to connect with existing clients and find new ones, increase business visibility to new and existing audiences, engage with customers in real time and positively affect the business’s bottom line. For those small businesses that were online pre-COVID-19, the transition to serve clients during the crisis would have been much more seamless allowing some small businesses to experience unprecedented growth during the lockdowns across the globe. For others though, the transition may have been so difficult that in some cases it caused a complete slowdown or closure of the business. Now that the imperatives of digital and online is there for everyone to see, small businesses that can pivot, are encouraged to engage digital marketing strategies and get online NOW! So, what exactly is digital marketing? Digital marketing is the marketing process that encompasses all marketing efforts that use an electronic device or the internet. Businesses leverage digital channels such as search engines, social media, email, mobile and websites (e-commerce and otherwise) to connect with current and prospective customers. Importantly, digital and online marketing works in tandem to achieve these specific marketing goals. It is therefore also important to understand online marketing. It is the process of advertising or bringing awareness of a company’s products, services or brands to existing and potential customers through the internet. Online marketing, done right, drives traffic to the company’s online platforms, boosts visibility and builds brand awareness. Among the more popular methods of digital marketing are; the use of social media platforms, hosting a website, content marketing, email marketing and Search Engine Optimisation (SEO). The following outlines each method… 1. Social Media – According to a survey conducted by smallbiztrends.com, approximately 73% of small businesses use social media marketing. Put that in the context of the following information:
As of March 2021, Instagram reached 1.074 billion monthly active users In the first quarter of 2020, Facebook had over 2.6 billion monthly active users, today that number is approximately 2.7 billion As of the first quarter of 2021, Twitter averaged 353 million monthly active users LinkedIn has over 575 million users, with more than 260 million monthly active users (Apr. 2020) At the end of 2019, Pinterest reported having 322 million monthly active users
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ave you digested those numbers yet? Okay, let’s look at it logically. There is no way that all these persons will be your target audience but certainly, there will be a significant percentage of your target audience on one or more of these platforms. Depending on the type of business you operate, select the platform, set-up a business account and begin customer engagement. The key to success on social media is engagement, useful, attractive and practical content and a following of loyal customers that will evangelise your business. Social media also offers a unique quality in that you can target your business advertising to your specially selected audience. 2. Website – A website provides your clients with 24-hour access to your business. It is your storefront (in the case of a commercial business) or front of office (in the case of a service-based business). Your website should articulate in clear language what the business does, who it does it for, what qualifies the company to do this kind of business and more importantly, why a customer should trust your company to conduct business with you. If the website is properly done, the last question will be answered through client testimonials and other facts that can back up your integrity. For commercial businesses, e-commerce allows the business to operate on autopilot. Imagine, your business is making money while you sleep, or while you are negotiating the next big distribution contract. Regardless of size, having an online interface is critical for businesses. 3. Content Marketing/Blogging – Blogging is one of the cheapest, most effective ways
to get the message about your business in front of your target audience. Blogging requires the business to produce and share practical, useful content. Notably, content can be anything. If you do not have a website, no problem. Sites such as Blogger and WordPress will host your blog for free, providing free templates that accommodate both text and images and allows for building your audience. Use your blog to share information about each of your products and/ or services and target the blog to your ideal customer audience. A blog is always best if supported by social media platforms that drive traffic to the blog. 4. Email Marketing - Email marketing is one of the best methods to increase your business’s return on investment (ROI). However, with so many messages being sent by so many different businesses, using this same method, it is important to increase your odds with a killer online campaign which helps your message to stand out. Make your email messages stand out by: - keeping your messages short and simple - giving your message an appropriate subject line - consistently provide useful information - give the client the option to ‘opt-out’ 5. Search Engine Optimisation (SEO) – SEO is especially important for small businesses because of the many challenges they face with digital marketing. Small Businesses have smaller budgets, fewer resources and weaker brand recognition. SEO levels the playing field so that small businesses have an equal opportunity to get discovered online just as much as their bigger counterparts. SEO is a tactic used by businesses to make their web pages visible to search engines like Google. A webpage with a stronger SEO will appear higher on search engine results. SEO is important for small businesses as most customers now use their mobile phones and search engines to find solutions. Of course, this list is not exhaustive or exclusive. We will discuss other strategies as we go along. These may include video marketing which currently has a user rate of 85% and mobile marketing, which has a 68% integration rate among businesses and 71% user rate among consumers. In the meantime, begin to test the waters, as we look forward to seeing you online!
FINANCE CHOOSING A PAYMENT GATEWAY FOR YOUR BUSINESS by Sancia Campbell
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s the e-commerce industry continues to fuel the explosive growth of businesses across many other industries, Jamaican entrepreneurs, particularly small business owners, are in a race to capitalise on the income prospects from across the country, region and the world. However, unlike their larger and in some cases international counterparts, local small business operators face significant challenges when it comes to digital transformation and taking advantage of the technology available to foster growth and development. The current trend sees smaller companies engaged in limited e-commerce including social media selling and commerce using mobile technology. However, a formal e-commerce platform has proven advantages that positions businesses to get the most out of the many features and possibilities which encourage customer purchases, builds relationships between the business and consumer and provides a platform for the business to showcase itself. Chief Executive Officer at Mobile Edge Solutions, Leighton Campbell says that while it is important for commercebased businesses to have their own online marketplace, it is recommended that they enrol on existing marketplace platforms so that they can quickly reap the benefits of such spaces. “For smaller businesses, the simplest and easiest way to get started is to enrol in an existing marketplace. That way, they can quickly benefit from the existing traffic on these sites,”
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he stated. He suggests that online marketplaces such as Amazon, eBay and Cool Market are great options particularly because they have existing audiences from across the world.
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interface’s popularity, the possibility also exists that customers would already be use to technology, plus PayPal is integratable with a number of shopping cart systems. It is also instructive to know that customers do not require a PayPal account to transact business with the small business and the fees are less than many other merchant accounts.
till, MSME challenges persist. During the hosting of the JBDC Virtual Biz Zone in which the topic of e-commerce was discussed on several occasions. The most recurrent complaint was the difficulties faced with identifying and On the other hand, PayPal has a limited using the right payment gateways in a term of use which if any business goes bid to collect sales receipts on time. against can result in account suspension and frozen funds for unspecified Continuing, Mr. Campbell confirmed periods. that this is indeed a hurdle that many entrepreneurs face daily. He Of course there are other web-based recommends however that emphasis payment systems such as Venmo, Apple should be placed on choosing payment Pay and Stripe. Use of these interfaces partners who provide transparency requires additional research to indicate over transactions. “No sale is complete whether they effectively serve the local until the money is collected, so the marketplace. payment partner is crucial to the inally, the National Commercial e-commerce process. You want to work Bank’s e-commerce service which is with financial entities that are not only transparent but those who also provide powered by Fygaro uses the payment confirmation of payment in real time gateway provided through First and offer quick pay-outs.” He further Atlantic Commerce. This payment shares that these features are available gateway supports multi-currency credit from popular local e-commerce card transactions. It is a fast and secure partners including NCB, CIBC, Sagicor, platform that enables merchants to process multi-currency credit card First Global Bank and Scotiabank. transactions on their website using As transactions can come from anywhere KeyCard, MasterCard, Visa and NCB in the world, it is also important that Quisk. businesses develop relationships with international gateway partners. NCB further supports particularly small According to Mr. Campbell, the most and medium-sized enterprises with common in Jamaica is PayPal. The use of Payment Buttons which may be shared this solution however comes with pros on social media networks and Website Templates which allow merchants to and cons. create their webstore by selecting a ayPal boasts on its safety and ease theme from a gallery or requesting a of set up and usability. Based on the custom-built template.
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BUSINESS IN THE NEW NORMAL
JANUARY – MARCH 2021
BUSINESS IN THE NEW NORMAL
FUNDING YOUR BUSINESS IN A PANDEMIC by Suzette Campbell
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ccess to financing remains a major challenge for entrepreneurs and this may have been compounded by the events of the past year. Melissa Barrett, Business Advisory Services Manager at the Jamaica Business Development Corporation (JBDC) says now more than ever, funders and entrepreneurs need to explore creative ways of coming together to drive innovation and growth.
or prepare for other types of investment, may apply for a voucher online on the DBJ’s website. If approved, the DBJ and its partners will monitor the activities of the beneficiaries, as technical assistance should not only improve the ability to access funding but should also assist in maintaining a sustainable business operation.
“Numerous partnerships need to be forged that look at identifying opportunities, developing solutions, testing and learning to support the development of new or improved product and service offerings for the local, regional and international markets. Formation of multiskilled teams are critical to take advantage of any opportunities discovered. Knowledge of markets and marketing, product/service development, operations, technology, finance and legal are some of the key areas,” she said.
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Mrs. Barrett adds that funders need to look at options such as performancebased funding to support these in teams. “The Development Band of Jamaica (DBJ) has done an excellent job of introducing funding opportunities such as Voucher for Technical Assistance for capacity building, Innovation Grant from New Ideas to Entrepreneurship (IGNITE) and their recent call for proposal to support Business Incubator and Business Accelerator programmes,” she said.
Voucher for Technical Assistance
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mall and medium-sized businesses (SMEs) in the productive sectors can apply for vouchers in various denominations to be used to access capacity-building services from business development organisations (BDOs). Entrepreneurs who operate businesses in all the traditional industries as well as those operating in emerging industries qualify for assistance under the programme. Traditional industries are agriculture, agro-processing, tourism, energy, manufacturing, mining, and services while emerging industries include animation and information technology. The DBJ notes that an entrepreneur who does not wish to access a loan but wishes to improve his/her business operations,
Support for Business Incubators and Business Accelerators nder this programme, applications are invited from business development organisations operating Business Incubator (BI) and Business Accelerator (BA) programmes targeting Jamaican startups and MSMEs operating in high-growth potential industries. Businesses that are introducing innovative products or services are encouraged to be part of the client pool for these programmes. The DBJ will provide non-reimbursable matching grant funding of up to US$200,000 (maximum of US$100,000 for Incubator programmes) to institutions executing best-practice acceleration and incubation programmes to support the growth of entrepreneurs, start-ups, and scale-ups in Jamaica.
IGNITE
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he DBJ officially launched IGNITE on October 21, 2015, with a budget of J$75 million to undertake capacity development initiatives targeted at micro and small enterprises. Through IGNITE, the Bank assisted locally registered start-ups with innovative business ideas to access grant funds to facilitate commercializing of their products or services. IGNITE provided development funding ranging from J$1 million to J$4 million to 27 entrepreneurs, over an 18-month period, to implement activities that improved their business development and growth as start-ups with innovation projects across various sectors. The DBJ recently opened applications for Cohort III of IGNITE, which is set to disburse up to J$7 million each to micro and small enterprises (MSEs), reflecting an increase from previous cohorts. IGNTIE III provides technical assistance and grants to eligible innovative start-up entrepreneurs and small businesses to assist in idea development, commercialization or
JANUARY – MARCH 2021
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scaling of new products/service, innovation ventures, business models, or penetration of new markets. Entrepreneurs may seek to participate through the ideation window or commercialisation window. The ideation window is designed for startup entrepreneurs and small businesses in the idea stage of their product development. Funding is provided to complete testing and to create a minimum viable working prototype of their ideas or scale their business. Businesses in the Idea Stage are eligible for up to J$3 million in grant financing. The commercialisation window will support emerging technologies at the early stage of commercialization, looking to transform their scientific discovery into market-ready products and services or penetrate new market. Businesses in the Early Stage are eligible for up to J$7 million in grant financing. Eligible categories for IGNITE III include: 1. Software and ICT Industries 2. Artisan products and Creative Industries 3. Agri-Tech 4. Light-Manufacturing 5. Climate change, 6. Gender inclusion and 7. Innovation in emerging technologies (including Big Data, Manufacturing, Electronics, Biotechnology Artificial Intelligence, Cybersecurity, etc.).
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he DBJ points out that it is important to note that women entrepreneurs and women-led start-ups with innovation project ideas solving problems in the following areas in Jamaica and the region are being prioritised. The JBDC is among 5 Business Service Intermediaries (BSIs) involved in IGNITE. The other BSIs include Jamaica Manufacturer’s and Exporters Association, Scientific Research Council, University of Technology and Sisters’ Ink Jamaica Limited. These entities channel grant funds to the entrepreneurs, provided coaching and mentorship, and project management support. Applications are currently being reviewed. Once selected, the participants will benefit from handholding over a period of 12 months. Mrs. Barrett hopes that other funding entities will come up with innovative ways to meet the current needs of entrepreneurs.
IN THE
SPOTLIGHT
‘BUSINESS IN THE UNUSUAL’ by Andre Heslop
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he onset of the coronavirus pandemic continues to affect every business and every industry throughout economies of the world. Every business type, from the largest to the smallest, whether commercial or productionbased, has either had to regroup, rethink and in some cases remain closed as they navigate the challenges brought on by the virus. Some companies are still in recovery mode while others have managed what they can look back on as the stormy days. Resolve IT Limited is one such company that has been able to successfully navigate its business. Almando Cox is the Chief Executive Officer of Resolve IT Limited, a full-service IT company that helps to accelerate business performance using technological products and services. Almando started his entrepreneurial journey at a young age. The first of his many ventures was a pencil sharpener repair business which included replacing blades and screws for fellow classmates and teachers, a journey which has led him to managing his own Information Technology (IT) company and boasting over 20 years of experience in the field. However, no amount of experience had prepared him for the full effect of the novel coronavirus, a global pandemic that rocked the world to its very core. “As early as March 2020, we closed our doors and took a break from our service centre and focused on our corporate customers,” Almando said. The doors of the business remained closed to the public for approximately 4 months and reopened in July 2020. During this time, Almando and his team pivoted and migrated some of his services online and accelerated development of the company’s e-commerce platform.
Work-from-Home
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n islandwide work-from-home order dealt a devastating blow for many businesses but Almando and his team took the time away from the office to work on the back end of the business, its existing systems and create workable strategies for resumption of operations when the order was lifted. “We took the time to reduce our backlog and caught up on a lot of business. We even did some recruitment, resulting from an internal restructuring exercise in a time when most businesses were laying off,” Almando explained. The company has since implemented strategic measures to dampen the effects of the global pandemic on its business such as a Risk Management System influenced by the experience gained throughout the pandemic and an Infection Prevention Control Protocol to reduce risk to the employees and customers. “The restrictions had played in our favour, for although our service centre was closed for a period, we experienced a spike in our Business-to-Business operations in which we saw that corporate customers needed our services to ensure that business continued regardless of team members’ physical locations,” he added.
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BUSINESS IN THE NEW NORMAL
Almando Cox Business in the New Normal The business environment has shifted and it is likely that there will be a level of uncertainty in the short term. Curfew implementation and stay-at-home orders have been disrupting businesses at all levels and a key factor in fighting this disruption is for businesses and institutions to remain agile. The ‘new normal’ of business operation will include some form of digitisation by way of files, storage, payment, etc. Almando has identified 4 core services that an entrepreneur will need to be successful in this new normal: i. They will need a form of communication facility, whether it be through the use of emails, Microsoft Teams, chat tools on their website or apps so they can engage with their clients and staff where they are and in real-time. ii. Productivity tools is another core service that business owners will need such as the Microsoft Suite of applications or line of business systems (e.g. QuickBooks for an accounting firm). iii. With most services and information migrating to online platforms, Cyber Security must be a major consideration in this ‘new normal’. Monetary transactions are now being conducted online and through e-commerce platforms and the protection of customer’s personal information (banking and others) must be a priority. Security awareness is not only for the customers and their data but also for the organisation and its sensitive information. iv. A business’s focus is often placed solely on producing and exchanging information, but often overlooked is the need to backup this information onsite or offsite. Almando recommends that businesses should invest in backup systems such as cloud based or remote based storage. ResolveIT is an approved Business Development Organisation of the Development Bank of Jamaica (DBJ) and has partnered to assist entrepreneurs in their digital transformation through a Go Digital Voucher Assistance Programme. The Go Digital Voucher Assistance Programme was created in response to aid local entrepreneurs to reduce the effects of covid-19 on business operations through digital transformation. Almando is also a beneficiary of the JBDC Accelerator Programme and bears the coveted title, 2020 JBDC B.O.S.S MAN OF THE YEAR!
JANUARY – MARCH 2021
