Dr Indira Couch

Creating a strong global strategy is essential for TT businesses aiming for sustained growth and long-term success.

At its core, a good business strategy clearly defines your goals and maps out the practical steps needed to achieve them.

Each business, even those operating within similar sectors, will have a unique strategy reflecting its specific challenges and aspirations.

What matters most is ensuring your plan is perfectly aligned with your goals.

Many companies mistakenly centre their strategy solely around their products.

While a great product can certainly drive sales initially, a product-only strategy isn’t sustainable, especially if market trends change unexpectedly.

Consider the example of BlackBerry, once a market leader but later overshadowed as consumer preferences evolved.

True strategy goes beyond having popular products – it’s about thoughtful management aimed at sustainability, ensuring your business stays competitive and relevant for years to come.

Achieving sustainability should be the top priority for senior managers and business leaders.

Those who establish a clear and concise strategy provide their teams with a roadmap for consistent and effective decision-making.

Take the example of Caribbean Airlines, imagine if their strategy was encapsulated simply as "smooth skies," emphasising efficient operations, exceptional customer service and reliability.

Such clarity would help every employee, from pilots to customer service representatives, consistently deliver on the airline’s commitment, ensuring long-term success and regional pride.

For TT businesses aiming to build robust global strategies, four key areas should be considered – opportunity, leverage, scalability and marketability.

Opportunity involves identifying real market demands and responding effectively.

Conducting thorough market research in TT or abroad helps businesses understand exactly what their customers need.

The famous case of the short-lived Pets.com shows what happens when businesses skip this crucial step.

In contrast, locally successful enterprises like Rituals Coffee House identified a market opportunity – creating a vibrant cafe culture – that clearly resonated with customers throughout the Caribbean.

Leverage means making the most of your existing resources to achieve greater outcomes.

It might mean capitalising on existing relationships, local expertise or technological advantages.

Consider how Angostura, a globally recognised TT brand, leveraged its unique blend of bitters to achieve international fame through value-added products.

Leveraging unique products or services helps businesses strengthen their competitive edge locally and globally.

Scalability focuses on your business’s capacity to grow effectively without compromising service quality or profitability.

A scalable business can smoothly handle increased customer demands and expand operations efficiently.

TT companies that plan proactively and invest in adaptable systems, staff training and technol