It has been found that around 20 per cent of businesses face failure in the first year, around 33 per cent by the second year and around only 50 per cent of businesses are able to continue until the fifth year.
Therefore, you must know some business survival tips for your small business survival in tough times. In the market, competition, recession, and other factors like the non-adaptive motion towards upcoming technology can affect your business negatively.
In such tough business circumstances, a promising business strategy comes into play to show you light towards your journey.
The name Jacqui Tyson conjures up images of gourmet dishes and stylish events.
An articulate dynamic Jamaican, Tyson a mutli-award winning caterer has had a sound footing in the Food and Beverage Industry and the Fashion and Beauty trade in Jamaica and the Caribbean for over 20 years.
PIVOTED DURING COVID-19 PANDEMIC
A trailblazer in the hospitality industry, Tyson has revolutionised event planning, preparing meals to perfection, and promoting downtown Kingston, particularly Victoria Pier, for special events.
Like many businesses during the COVID-19 pandemic, Tyson had to pivot, and along with her team she transformed the way Jamaican food is prepared and presented.
This new business venture further stirred greater interest in the culinary arts and renewed interest in Kingston as a culinary destination.
Donning her white apron and white toque, Tyson, through her ‘Thought To Finish’ brand, created a take-out box, that was curated for all occasions, including Mother’s Day, and other special events.
Tyson, who was the guest speaker, at the monthly Courts Ready Cash, Business Survivor Webinar Series: How To Get Tough, When Business Is Tough, with with host Kalilah Reynold, said the idea of creating a culinary and events box was an instant hit.
“We were able to source all the requests from our clients both locally and internationally. When we introduced the boxes, they were sold out in moments. We continued offering these packages during the COVID-19 period, and fulfilled the needs of our customers. We had to dig deep, and utilised all avenues to get our brand recognised, and that is what kept us in the game,” Tyson said.
Tyson said faced with the lockdown of the entertainment and events industry, the key was to ensure that they found ways to stay in business during the challenging times.
“As business owners, we have all faced moments where it feels like we should give up. But you have to pull for that indomitable spirit, and always have a positive mindset. You have to think of opportunities, and create avenues for success. You cannot afford to throw in the towel,” Tyson said.
PACKAGES KEPT FRESH AND UNIQUE
During the three-year period of the coronavirus pandemic, Tyson offered services to both private sector and government, and households, while observing all protocols issued by the government.
“We kept our packages fresh and unique, and found different ways to make the boxes look appealing and different. We made it happen! We did a lot of research, and during this time we recognised the value of competition. It is what you do that makes the difference,” Tyson said.
The Courts Ready Cash Business Survivor Webinar Series is geared towards supporting business owners by giving them tips and tools needed to thrive despite business uncertainties.
Courts Ready Cash now offers business loans, and they want small business owners to feel confident that they are armed with the information they need to take their businesses to the next level.