Last week LIME Jamaica announced that it incurred losses of J$1.8B for the Quarter ended December 31, 2014. A cursory glance at their latest annual report revealed that turnover declined for each of the last four years, and shareholders’ equity deteriorated to a negative, yes, negative J$23.8B. This begs the question, “Has LIME lost its way?” Jamaica needs LIME. Now everyone knows how easy it is to find fault with what someone else is doing. That is not my mission. Instead, I shall offer two suggestions for their consideration, and some of you will, I’m sure, add or subtract.
- Revisit your mission. LIME’s stated mission is, “To understand and deliver to our Government, Businesses and Families.” If that is still the mission, please revisit: for your mission statement should, among other things, provide direction for setting the firm’s business goals or objectives. Let’s look at the GraceKennedy example: “To take the taste of Jamaican and other Caribbean foods to the world and world-class financial services to our region.” Clear and simple. It tells you exactly what GK is about. Given this focus, setting production, financial and marketing goals becomes easier.
- Fix your marketing. You cannot increase marketing spend by 41% and report declining revenues. It is time to get assistance from someone who can translate LIME’s 100% brand recognition to high brand resonance. Please refer to my post of February 1, 2015, which spoke of, “The Emerging Strategic Role of the Chief Marketing Officer.”
So, has LIME lost its way? Maybe not. But what is certain is that they need to recalibrate for we need a robust, viable, LIME to prevent Digicel from doing to us what they (C&W) once did to us.
Herman D. Alvaranga is President of the Caribbean School of Sales Management.