THE Honey Bun Foundation has launched the 2024 cohort of its Advisory Committee while celebrating the achievements of its 2023 cohort, with one small business reporting an almost doubling of its revenue.

The Honey Bun Foundation’s Advisory Committee provides teams of expert advisers to help small and medium enterprises (SMEs) unlock their full potential.

The foundation was founded in 2019 by Michelle Chong, CEO of Honey Bun Limited, to create business models for SMEs and the creative industry to help them grow and thrive.

Netty’s Farm, which produces the fermented beverage kombucha, participated in the 2023 cohort and consequently saw its revenue increase by 93 per cent. For founder and Chief Mixing Officer Eileen Dunkley Shim, the Honey Bun Foundation’s Advisory Committee programme was an amazing learning experience.

“This programme has made me very excited for the future of Jamaica and the business, which will continue growing locally and globally. I am better able to analyse data to make improvements in the business, with improved strategic thinking and planning skills,” said Dunkley Shim.

“The exposure to business concept tools, for example risk register, strategic planning, spreadsheets, and financial reports once seemed so alien and difficult to grasp on my own,” noted Dunkley Shim

The advisers who helped boost the performance of Netty’s Farm were business consultant Howard James; entrepreneurial lecturer at the University of Technology Prince Graham-Haynes; and financial controller, Caribbean Coffee Baristas Limited, Jodi-Ann Moses.

All the companies that participated in the programme experienced growth. These included Raggamuffin Café and Hostel, Rustique Signs: Gifts and Décor, Infinity Integrated Marketing Communications and Events Limited, and Wood and Water Works.

The 12-month programme saw the SMEs working with advisers engaged by the Honey Bun Foundation on a strategic road map and profit and loss templates created by the foundation.

Honey Bun Foundation General Manager Nashauna Lalah said she was thrilled about the performance of the SMEs in 2023.

“When they win, I feel like we all win. Working with them for such an extended period of time, we become really invested, and to see our vision realised in their success is extremely encouraging. But the real heroes are our advisers who give of their time selflessly to see these SMEs succeed,” said Lalah.

Chong, who started Honey Bun Foundation because she understands first-hand the roadblocks and trials faced by entrepreneurs, said she was pleased with the success of the cohort.

“Each year as we learn more about the challenges of SMEs we are able to continually improve our programmes for them. One of the main issues faced with SMEs is the lack of business training and their having to manage technical skills, such as finance, marketing, legal, and sales. They wear all the hats.

“We intend to develop a back office for SMEs and provide them with support. What SMEs have is a lot of talent that we must convert to revenues for Jamaica,” said Chong.