Entrepreneurs Urged To Adapt To Changing Marketplace

Business operators and entrepreneurs are encouraged to remain cognisant of the need to adapt or modify their business model in response to changing market conditions and the needs of customers.

Speaking at a recently held ‘Jamaica Business Development Corporation (JBDC) Virtual Biz Zone’, Country Manager at Inova Solutions Jamaica, Jermaine McDonald, said evolution is crucial in enabling businesses to remain competitive.

“Over time, your company, your employees and customers are all changing. What we find is that a lot of times, companies focus on their current state that they believe leads them to get revenue, not realising that as everything evolves, if the company stays static, then that leads to inefficiency and it leads to not being as effective,” he pointed out.

Mr. McDonald, who spoke under the theme ‘The Changing Nature of Workspace and Workplace’, advised business operators not to wait on “normal” to return but to, instead, use the pandemic as an opening to completely redefine what is viewed as normal for their customers.

He is encouraging businesses to identify processes within their operations that can be changed through the use of technology to provide even more value to their employees and customers.

“COVID has brought us to this place where we are trying to balance our safety with the need to provide the same products and services we are used to providing from a physical location. The opportunity that you have is that you can say ‘we have always done it this way’ but now have an opportunity to do something better. It is a chance to use technology in the right way,” he said.

The JBDC is the Government’s business development agency that assists in the sustainable creation and development of micro, small and medium-sized enterprises (MSMEs) in Jamaica.

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