Growth & Jobs | How small businesses can rebound after Hurricane Melissa

HURRICANE MELISSA, which inflicted catastrophic damage to several parishes, has left the island’s small business sector grappling with the aftermath. Amid the devastation, there is a strong call for entrepreneurs to seize opportunities to rebound.

Gillian Hyde, deputy managing director, JN Bank, emphasised that while the impact of Hurricane Melissa on micro, small, and medium-sized enterprises will be far-reaching and long-lasting, recovery is possible with combined initiatives.

“Many small business operators have suffered extensive damage to their premises, equipment, and stock. Their operations have also been disrupted by inaccessible roads and interruptions in basic services, such as water and telecommunications. However, small entrepreneurs are known for their tenacity, and this is a time to draw on that strength,” she said, adding that adopting strategic recovery undertakings can make a significant difference.

“We’ve seen many times that with innovation, creativity and the requisite support, entrepreneurs can rebound even stronger after adversity,” she related.

Hyde outlined the following practical strategies for entrepreneurs to assist in their recovery:

IDENTIFY PRODUCTS OR SERVICES IN DEMAND

Focus on the immediate needs of customers, such as home repairs, cleaning services, transportation, and the supply of essential goods. In the aftermath of a disaster, people often prioritise restoring normalcy. Also, diversify products or services. Explore opportunities to expand your range of offerings to meet new needs. After a disaster, the needs of customers often change. For example, there is increased demand for cutting downed trees using power tools. By adapting and diversifying, you can remain relevant and reach new customers. Importantly, it provides additional sources of income.

COLLABORATE WITH NEIGHBOURING BUSINESSES

Pool resources such as transportation and storage to reduce costs. In times like these, partnership often makes survival possible.

STAY CONNECTED WITH CUSTOMERS AND SUPPLIERS

Keep customers and suppliers informed through word of mouth, or where connectivity can be accessed, use social media and messaging platforms to help maintain relationships and inform customers that operations are still going on.

USE ALTERNATIVE POWER SOLUTIONS

Consider investing in a generator or solar-powered lights to keep operations running. Even small-scale solutions can allow business continuity.

ENGAGE FINANCIAL PARTNERS EARLY TO EXPLORE AVAILABLE SUPPORT

This could include restructuring existing loans or accessing special recovery financing. Financial institutions want to see their clients succeed, therefore, keep an open line of communication.

Hyde shared that JN Bank has activated recovery measures to support entrepreneurs, to include those operating in the hardest-hit parishes.

“Many small business owners are in survival mode right now. That’s why we’ve moved quickly to engage with our customers and key stakeholders to support the recovery efforts to rebuild and resume operations as soon as possible.”

“Some operators, especially our smaller clients, may not be able to take on additional debt right now. For them, we are exploring ways to extend small recovery grants to give them a lifeline and help them get back on their feet,” she pointed out.

The JN Bank recovery initiative, she noted, is part of a broader effort to help sustain livelihoods and maintain economic activity in affected areas.

“Our goal is to ensure that our small business clients can rebuild stronger. They play a vital role in their communities, and their recovery is central to Jamaica’s recovery,”Hyde maintained.