Lead to succeed: Empowering SMEs

Strong leadership drives strategic vision, inspires innovation, fosters employee engagement, and enhances organisational resilience. By instilling a leadership mindset across all levels of the organisation, SMEs in TT can unlock untapped potential, seize new opportunities, and overcome challenges with confidence. Oliver F Sabga, CEO of Term Finance, explores actionable strategies on how to lead.

As the founder of the Caribbean’s first web-based lending business, Term Finance, I have witnessed first-hand the transformative power of technology, but more importantly, I’ve learned the importance of leadership in cultivating integrity, discipline and team building for scaling to become a successful regional player. Small and medium-sized enterprises (SMEs) contribute to over 30 per cent of TT's economy and employ more than 30 per cent of our working population. If SMEs grow, our economy grows; here’s my take on some of the key ingredients required for SMEs in T&T to cultivate a leadership mindset capable of launching, scaling, and winning in today’s world.

Leverage digital platforms

Technology has revolutionised how we access information and learn new skills. For SMEs in TT, investing in digital platforms for leadership training is fundamental. Online courses, webinars, and virtual workshops can give leaders essential skills such as strategic thinking, emotional intelligence, communication, and decision-making. Platforms like Coursera, Udemy, and LinkedIn Learning offer flexible and affordable options tailored to the needs of SMEs. By embracing digital learning, SMEs in TT can ensure that their leaders are well-equipped to handle the complexities of the modern business environment.

Promote continuous learning, development

Teams thrive in an environment that promotes and values continuous learning and personal development. SMEs in TT can use technology to foster a culture of continuous learning. Encouraging employees to engage with online communities and forums is a low-cost and modern-day way of enhancing knowledge and skills. If you lead an SME and want to scale and win, you must foster that mindset within your team. Training broadens the mind and helps everyone see the organisation’s potential beyond its existing parameters and constraints.

Drive innovation

Innovation is key to staying competitive, and technology can catalyse creative thinking. SMEs in TT must use digital tools to explore new ideas and solutions, especially when problem-solving. Establishing internal innovation labs, utilising collaborative platforms like Slack and Microsoft Teams, and leveraging data analytics can stimulate creativity and lead to ground-breaking solutions. Technology allows for rapid prototyping and feedback, enabling SMEs to redo new concepts quickly and efficiently.

Build resilience, adaptability

Adapting to change and remaining resilient is a critical leadership quality. SMEs are typically new to the game and inexperienced. It’s important to face challenges with a positive mindset. Each time a problem is resolved, and an obstacle is overcome, an SME builds its toolkit and intellectual property. Newcomers will face the same challenges, so perhaps see challenges as barriers to entry and view your resilience and adaptability in overcoming those challenges as a competitive advantage.

Harness data analytics

Effective leadership requires a strategic approach to decision-making, and technology can significantly enhance this process. SMEs must ensure they are adept at using data analytics tools to understand market trends, customer behaviour, and operational performance. The more legacy style operators struggle with data and analytics, so this competency is core to carving out your share of the market and creating distance between you and your competitors.

Cultivate strong relationships

Integrity is crucial for SMEs, especially when establishing their presence and building relationships with investors, banks, and other stakeholders. Leaders must demonstrate honesty, transparency, and ethical behaviour to gain trust and credibility. This is essential for securing funding and partnerships and ensuring employees trust the proprietor and work towards a common goal. Upholding integrity in all business dealings sets a strong foundation for long-term success.

Launching a small or medium-sized business requires significant dedication and should never be underestimated because it involves significant planning, commitment, and resources. At the beginning of the journey, there is an individual prepared to risk it all, give up a full-time job with a stable income, put their reputation on the line and bet on themselves. If you are one of those leaders, you have shown tremendous bravery from the day you registered your business, but this is just the beginning. It’s never a 100m dash.

Effective leadership will provide clear direction and long-term vision to achieve your strategic goals.