Micro, small, and medium-sized enterprises (MSMEs) account for roughly 85% of all registered companies in Trinidad and Tobago (T&T), and contribute more than 30% to the country’s GDP (Gonzales, Seenarine and Williams, 2023). Recent findings by the Employers’ Consultative Association of T&T (Hamilton-Davis, 2023) also estimated that 48% of these local MSMEs experienced one or more hazardous events such as floods, cyber incidents, or supply chain disruptions, between 2021 and 2023. This highlights a stark reality: without a structured continuity plan, recovery is slow, incomplete, or impossible. Furthermore, since the occurrence of such negatively impactful events can be expected to increase due to climate change and other factors, Business Continuity Planning (BCP) is not optional for MSMEs, it is essential.
The Real-World Risks
- Floods - T&T regularly suffers from flooding, with up to 40% of the population affected annually, and economic losses reaching an estimated USD12.6 million per year (Fontes de Meira and Phillips, 2019), with knock on effects exceeding that. Businesses in flood-prone areas face stock loss, facility damage, and revenue interruptions.
- Cyber Threats - According to Clark (2023), small and medium-sized businesses (SMBs) are the target of approximately 43% of all cyberattacks, globally. For local MSMEs, a cyber incident can incur reputational erosion and operational halts at a minimum.
- Infrastructure Failures - Power outages, generator failures, or equipment breakdowns, like freezer spoilage or production line stoppages, can cost MSMEs thousands daily, and even hundreds of thousands over time, in lost inventory and repair delays.
Why BCP Leads to Resilience
BCP allows you to reduce loss frequency and severity by:
- Proactively quantifying your risk and financial exposure
- Developing practical response strategies to mitigate negative effects e.g., backup power, inventory buffers, remote operations, etc.
- Improving recovery times
- Anticipating and controlling exposures to serious cascading losses
- Positioning your business for stronger reputation protection
Studies show that companies with continuity plans recover significantly faster than those without (UN Office for Disaster Risk Reduction (UNDRR), 2025). A coherent business continuity plan could save your MSME from closure should the worst case scenario occur.
Competitive Advantage and Market Trust
BCP isn’t just survival, it’s strategy. It reassures:
- Customers that your operations won’t falter
- Employees that they are part of a robust organisation
- Suppliers and partners that commitments will be met
- Lenders and investors that you are low-risk
Importantly, engaging insurers and creditors with a well-defined continuity plan can also result in better coverage and more favorable terms.
Getting Started with BCP
Collaboration with an experienced and qualified team like ours enhances your preparedness and business resilience.
At PRFC, we adopt a partnership approach, working alongside clients, and other relevant stakeholders to design BCP measures that are both localised and globally benchmarked. Supported by our Brokerslink partners and ISO 22301-compliant solutions, we guide MSMEs to become resilient, reliable and responsive.
Reach out to start building your Business Continuity Plan, and secure your business for whatever’s next.
References
Clark, P.A. (2023). Cyber threats to small businesses prompt pleas to report attacks. Axios. Available at: https://www.axios.com/2023/04/04/small-businesses-cybersecurity-attacks-cisa [Accessed Jul. 2025].
Fontes de Meira, L. and Phillips, W. (2019). An economic analysis of flooding in the Caribbean: The case of Jamaica and Trinidad and Tobago. Studies and Perspectives series-ECLAC subregional headquarters for the Caribbean, [online] 78(1728-5445). Available at: https://www.cepal.org/en/publications/44877-economic-analysis-flooding-caribbean-case-jamaica-and-trinidad-and-tobago [Accessed Jul. 2025].
Gonzales, G., Seenarine, K. and Williams, R. (2023). Perspectives on business resilience in Trinidad and Tobago: A research report. [online] International Labour Organisation. Port of Spain: International Labour Office. Available at: https://www.ilo.org/publications/perspectives-business-resilience-trinidad-and-tobago-research-report [Accessed Jul. 2025].
Hamilton-Davis, R. (2023). Employers association study shows SMEs not fully prepared for hazards. Trinidad and Tobago Newsday, Business Section. [online] May. Available at: https://newsday.co.tt/2023/05/25/employers-association-study-shows-smes-not-fully-prepared-for-hazards/ [Accessed Jul. 2025].
UN Office for Disaster Risk Reduction (UNDRR) (2025). Continuity planning empowers businesses to adapt, recover, and thrive. PreventionWeb. Available at: https://www.preventionweb.net/news/continuity-planning-empowers-businesses-adapt-recover-and-thrive [Accessed Jul. 2025].
