(Extracted from the Business Observer – Jan 7, 2015)
This week's excerpt from EXIM Bank's Business Advisory Services radio programme will look at the importance of harnessing partnerships to grow your small business, as well as other growth strategies that can propel your business forward, coming from Patria-Kaye Aarons, CEO of Sweetie.
The information below may be useful for not only logistics hub-centred businesses, but for small businesses operating in just about any other sector in Jamaica.
- Thoroughly research and investigate your business idea to find out what was done before and what is currently in existence to assess what would be the demand and acceptance for your new product or service.
- Try to make your product unique or different from what existed before or is currently in existence. Patria credits the growth of her small business to the unique sweetie flavours she offers such as jackfruit, pomegranate, june plum, mango, etc.
- Do not be afraid to collaborate with your competitor to reduce start-up and other operational costs. Patria-Kaye readily acknowledged that she probably would not have a candy company today if she did not collaborate with her competitor, Miel, which was the only other candy company operating in Jamaica at the time, as she did not have the start-up capital to purchase the equipment or factory space to make her candies.
- In developing your product, always think of serving customers outside of Jamaica as well in order to earn foreign exchange that can accelerate the growth rate of your business.
Ms. Aarons who is a small business operator was a recent guest on EXIM Bank's Business Advisory Services radio programme, EXIMBankja which is aired seasonally on Power 106 and Nationwide News Network as well as on JIS' network of radio stations islandwide.
Please look out for more informative excerpts from other episodes of our Business Advisory Services radio programme, EXIMBankja. You may also check the media room of the Bank's website for more information at www.eximbankja.com