Creating opportunity in tough times

Admittedly, transformation of our economy is proving to be easier said than done. In this regard, the TT Chamber recognises its role as being critical in facilitating its members as they strengthen, re-frame or retool their operations in what is being called the “new normal”. Naturally, the support we provide extends far beyond our membership, into the wider national community, through the very essence of the work we do.

Time and again we have observed that like economic upswings, the downturns will occur cyclically, very often re-shaping the business landscape, in the process. From all indications, this is the point at which Trinidad and Tobago (TT) now stands today, that is, in a period of adjustment.

While your business cannot totally avoid the implications of turbulent times, it is quite possible to buffer the effects upon your operations. Of course, this will call for proper planning, risk-taking, creativity and the willingness to shift course. With the right mix of these ingredients, we believe it is possible for businesses to not only survive, but thrive.

A willingness to take risks – as cited above – is but one strategy for success. However, in many instances this risk is not just a “gut feeling” but one founded upon thorough and extensive research and development (R&D). Investing in R&D is therefore a very useful strategy in an economic downturn, and partnerships between established companies and start-ups can be a rewarding experience. And for persons with a start-up product or service, as well as established operations looking to expand their reach, networking events are valuable for connecting with potential business partners and complementary alliances. The best strategists navigate life viewing all matters with an “opportunity eye”. Their success leans heavily upon their keen understanding of their competitors, and of what is trending in their industry or sector so that they can strategically position themselves for the future.

Today’s marketplace is global, thanks to technological advances and more specifically, the internet. Several companies have made their fortunes solely through online-based sales, while others utilise a combination of brick-and-mortar versus virtual sales. While this phenomenon has been slow to take off in TT – in part due to challenges with the legal framework – it is slowly but surely increasing. It means that you can peddle your wares at any time of the day or night to a virtually unlimited market. It seems that service providers who peddle their expertise globally have been more embracing of the platform thus far. The term “globalisation” might conjure up negative images in some quarters, considering Brexit in the UK and the unsettling developments in the US. But globalisation is in fact a natural phenomenon that occurs over time and in different forms. History is replete with examples of how trade among nations has shaped societal changes and built resilient economies.

The current head of the Unicomer Group has lived these realities and is ready to share his experiences with our membership and members of the wider business community.

Mario Sim?n – a native of El Salvador – has successfully turned around several companies - starting as early as 1982 with a troubled Honda motorcycle dealership in Miami, leading all the way to his current position as chairman and CEO of international retailing giant, Unicomer. Mr Sim?n has kindly accepted the TT Chamber’s invitation to deliver the feature address at our Annual Business Networking Luncheon scheduled for March 22, at the Hilton Trinidad and Conference Centre.

Members of the business community and interested members of the public are invited to contact the TT Chamber on 637 6966 extension 1252 or e-mail sboodoo@chamber.org.tt to attend this networking and business boosting event.