During the ‘Re-Engineering your way to success’ event organised by The Malta Chamber as part of SME week, a panel discussion focused on the challenges of re-engineering one’s business in practice.
Moderated by The Malta Chamber CEO, Ing. Edward Chetcuti, the discussion revolved around ways local business leaders were adapting to changes, and succeeded during challenging times. Ing. Chetcuti noted how even though the past months were challenging for most businesses on the island, they offered an opportunity to learn, adapt and increase efficiency.
“Two schools of thought emerged from the current (Covid 19) situation. You can either sit and wait or you can actually do something about it” said The Malta Chamber CEO.
Sam Borg, COO at Bortex, said that the ability to quickly adapt to the needs of the market helped Bortex turn this threat into an opportunity. “Switching production lines and focusing on mobilising resources to tap into the B2B mask market was crucial. Furthermore, looking at this scenario as an opportunity rather than a crisis while having a constant positive mindset was highly important during these troubling times” said Borg.
YUE Malta, Director Fabian Vella said that his organisation, had decided to invest in air purifiers at their gym, prior to the publication of recommendations in this sense. Vella explained that the decision to invest in UV air purifiers prior to Covid was taken as they operate in a closed environment, thus prioritising their customers’ health above all else.
Ecabs CEO, Matthew Bezzina, noted how the Covid-19 pandemic fast forwarded their processes to create a new merchant platform which supported the current trends. Bezzina emphasised the importance of proactiveness and noted how, as e-commerce was one the rise, this would grow to new hights once the pandemic hit the island. Moreover, he stated that frugality played a key role in their strategic business plan.
Edward Mizzi, General Manager at Sottozero, said that the decline in tourism rates had a huge negative impact on their sales, as their business model depended directly on this badly-hit sector. “We therefore had to concentrate on POS in specific areas. Furthermore, analysing the skills of our workforce in order to restructure our business was crucial. This re-deployment of staff meant that we could fill specific areas such as marketing, e-commerce and digitalisation to adapt to a constantly changing market while still offering an ultimate experience” concluded Mizzi