Sept / Oct 2016 | Business View Caribbean

6 September 2016 - Business View Caribbean Business View Caribbean - January 2016 7 Corner View Here we are once again, Business View Caribbean fans, subscribers, readers, features, and enthusiasts (I’m hoping that you all fall under the title of the latter). As we storm full-steam ahead into the last quarter of the year, it appears that 2016 may have gotten off to a slow start for many businesses. However, as we look deeper into the numbers, we can see that companies are just now hitting some of their fiscal projections, while also focusing on the infrastructure that will properly allow them to operate on autopilot as the year’s end approaches. As I started to analyze this pattern of what sometimes appears as instability in terms of the strength and growth of economic development, I also took a good long look at some of the factors that could be underpinning this position. As I became increasingly aware of some of the Caribbean’s challenges this year, I was drawn to the word “fortitude!” As defined by Dictionary.Com , fortitude is: mental and emotional strength in facing difficulty, adversity, danger, or temptation courageously. I attribute this word to the executives of the businesses who have to adjust to constant changes in the financial, social, logistical, and even climatic challenges that arise at the drop of dime. This year brought on financial distress from many different angles, dating back to the tail end of last year when the oil and en- ergy industry was widely affected. Countries with large dependencies upon oil, like Trinidad & Tobago, were almost blindsided by the rapid drop of oil prices. As the country changed administrations with the historical win of the current Prime Minister, the Honourable Dr. Keith Rowley, it was a hope-filled change that promised more growth and assistance to all of the busi- nesses of the country, as opposed to just those at the top. However, almost within days of the new Prime Minister taking control, he had to give a countrywide speech about the dismal “State of Affairs” that T & T was under, as a result of the oil and energy industry crisis. With a country that depends heavily on the energy sector - to the tune of almost 50 percent of its GDP (roughly $15 Billion) - it somehow had the fortitude to remain a financial powerhouse as the wealthiest country in the Caribbean, and only behind The United States and Canada in overall GDP per capita. Yes, that’s good management. However, one must have the “fortitude” to deal with an obstacle that can be- come debilitating to others, in order to manage a route through the storm. And speaking of storms, no other region is more affected by climate than the Caribbean. Hurricanes threaten, not only the businesses of the Caribbean, but also the lives and livelihoods of all Caribbean residents. This year was no exception. What about Brexit? The decision of the UK’s departure from the European Union is a major financial blow to multiple industries that are pivotal in to the economy of some Caribbean nations. The list is long, and the consequences or benefits that lay ahead will depend solely upon how quickly and accurately you respond to these difficult situations. And while you may be able to act quickly, it’s your accurate response that requires true fortitude from the persons and organizations making those decisions. It’s with this understanding that I consider Caribbean businesses amongst the best in the world in business planning and management. I tip my hat to you all. Until next time: Plan, Build, and continue to Prosper. Andre Barefield