Raise the Bar for Success

As the world’s financial markets implode around us is seems as though we are caught like a hare rabbit in a spotlight, transfixed in uncertainty and with no clear path to safety. The denial about our true situation is highlighted by the illegal intrusion of the Central bank in the release of statistical information by the institution of government that is legally responsible for collecting data and presenting it to the public, the Government Statistical Department.

First, the Central Bank influenced the Statistical Department to reduce the extent of the decline of nominal GDP. Next, they applied a deflator that was so constructed as to show a marginal increase in real GDP. The deflator used for the period under review assumed that though retail prices increased 7%, wholesale prices actually declined. This assumption would mean that retailers were increasing profit margins in a highly competitive market where consumers were increasingly price conscious because disposable household income had been savaged by tax increases and removal of tax allowances. The upshot was that the Central Bank assertion of marginal growth in the economy did not square with the evidence of our own eyes.

It is impossible to develop and implement a strategy to buttress ourselves against the economic tsunami that continues to inundate us if we continue to deny the evidence of a decline in the Barbadian economy and rising unemployment. Instead we follow the paths of expediency as we flout the law by appointing people to positions without the legislative authority to do so. We champion a lowering of standards when they become inconvenient and treat these actions as national achievements to be proud of.

 Barbados must differentiate itself in the market place through a continued process of renewal and improvement of standards in all areas of human activity. The nation needs to be challenged to do better day by day and year by year. Barbadians want to succeed but they need to understand where we are going and the opportunities that lie ahead for them.

The hospitality industry is the largest sector of our economy and an increasing number of Barbadians are honing their expertise in many diverse areas of this business as they bring new skills to bear in this highly competitive arena. We have made significant improvements over the decades but there is yet much to be done. Barbados has to target the high end of the leisure market and this means developing a rich cultural and historical experience to simulate the intellect of our visitors and provide them with an experience that exceeds their expectations.

This can only be done by improving our standards and clearly articulating our objectives to get as many as possible to join this national effort. By applying ourselves, working both harder and smarter, improving our self discipline and treating time as a precious resource we can swim against the tide.

The best advertizing campaign is a satisfied customer and we need to improve our visitor feedback information to steadily raise the bar. We must provide the opportunity for expanded economic activity in the hospitality industry of Barbados as we strive to meet the changing needs of our visitors through entertainment, sports and cultural opportunities.

A clearly articulated goal of attracting and catering to visitors at the high end of the market, coupled with a new and specifically targeted promotional campaign that uses the most cost effective technological tools of communication would place us on the road to recovery, expand the revenues of the industry and set us on a sustained path of excellence.

We can achieve none of this if we flout the rule of law and play political games with the statistical data that is so critical for planning in both the public sector and the business community.