Complacency is often seen as the enemy of excellence, and The Malta Chamber has always been aware of this.
As Malta’s foremost business representative body, being proactive has always been at the centre of the Chamber’s operation, in fact even at a time of economic prosperity, we used to warn that ‘within the laurels of success, may lie the seeds of failure’.
The Chamber often voiced its preoccupation when the country’s economy was already showing signs of fatigue and, in some cases, over-heating. Hence, The Malta Chamber had been advocating business re-engineering as an ongoing concept for a number of years.
The past months have been a true test for all entrepreneurs, hailing from whichever sector, no matter how big or small they were. The unexpected and sharp downturn of the economy, which progressed into a prolonged slow period, has thrown businesses into completely unchartered territory.
COVID was obviously completely unexpected and caught everyone by surprise. The need to take business re-engineering seriously was now crucial. This perfect storm, only expedited the need for our businesses to start thinking outside the box and pivot towards new market segments. Re-engineering one’s business, suddenly became a must.
One of the main takeaways of the current crisis is the ability to understand the importance of resilience and adaptability. We believe that all businesses should use this time to examine their current operational structures, and understand where they want their companies to be in the near future.
What used to work last year, may not work next year. This is not only about COVID, it is the only way to keep ahead of the curve.
In fact, The Malta Chamber’s flagship proposal to Government, when the pandemic started unfolding, was a business re-engineering scheme which would assist businesses analyse their models as they would be encouraged to embark on a restructuring journey to understand how they can grow more efficient and future-proof.
We were extremely satisfied to note that the Government took our proposal very seriously, in fact we launched the ‘Business Re-engineering and Transformation Scheme’, together with the Minister for the Economy and our colleagues at Malta Enterprise, at the Chamber earlier this month.
The main objective of this scheme is to provide support to businesses who were greatly impacted by Covid-19, in order to re-think their current business operations and turn this challenging period into an opportunity for growth.
The Malta Chamber has even been tasked with the compilation of a recommended list of interested service providers to serve as Consultants for this scheme.
We look forward to continue playing a crucial part in guiding Malta through the challenges of tomorrow, by contributing towards an environment that encourages competitiveness, resilience and economic growth.