In our tenants spotlight feature this month, we would have read how local manufacturer Mr. Ravi Sankar, Managing Director of RHS Limited (Karibbean Flavours) is dealing with the present economic downturn facing Trinidad and Tobago. Mr. Sankar has seen this period of structural adjustment as an opportunity to be more innovative with his products and improve efficiency in production.
As e TecK’s tenants and their customers face the reality of an economic downturn the repeated advice by local economists is that “companies should look at ways to capitalize on the myriad of opportunities that could arise during a recession.”The question is how do companies survive and capitalise on opportunities in a downturn? Harvard Business Review provides an answer to this question in their article ‘Seize Advantage in a Downturn’. Their rapid but measured approach centres on two main objectives: First, stabilise your business-protecting it from downside risk and ensuring there is liquidity, in the short term, to weather the crisis and second, identify ways to position themselves to thrive during the subsequent upturn.