Adjusting to the New Normal- How is Your Sector Performing?
These past two years brought with them a lot of new lessons and learnings. Many business sectors faced various challenges throughout this time, although some possibly having prevailed and emerged stronger than ever. However, a lot of financial set-backs were faced head-on as sales and investment capital lowered drastically all around the world.
Despite this, some sectors suffered more than others, with hospitality and tourism having had the worst impact. However, the business landscape pre-COVID might be very different to your particular niche than what it is now. Therefore, it has become important for businesses to take a step back and thoroughly evaluate the current business landscape and its operations. Before being able to do this, you first need to take a proper look at your own business and see what its current situation is.
Feel Good Factor – how is your business feeling post-COVID?
In response to the past 18 months, Business Doctors have developed the Feel-Good Factor test, aimed to give business owners insight to how their business is now feeling. This test follows a couple of short questions to help you gain understanding on how your team, yourself and the business as a whole are feeling. You will then receive your personalized score analysis and complimentary resources to help you with deciding on your next steps forward.
Looking Ahead – Business Growth
Regardless of the difficulties they’ve had to face with, most businesses have refused to be deterred with some also seeking to grow and expand in their trade. Following the ease in restrictions many SMEs are more confident in pursuing their goals and future proofing the business. Re-visiting your business model will help you look at things from a fresh perspective with learnings from the past months to support you. Optimising processes such as looking at improving supply chains to ensure full reliability has been given more priority resulting in a shift towards more local networks. In order to be able to start building up again, you need to ensure you have a constant and reliable source for your product.
Change to Grow Scheme
Malta Enterprise recently announced two new schemes to help with supporting SMEs financially. Businesses can now apply for funding under the Change to Grow Incentive which provides grants of up to €10,000 to reimburse up to 75% of eligible costs on advisory services aimed at assisting with the transition towards a more efficient and sustainable future. Businesses can then also seek eligibility for the Smart and Sustainable Investment Grant where they can receive up to 50% in funds to achieve improved sustainability, process digitization and activity resource optimisation.
For more information on how you and your business can benefit from the newly announced schemes, contact us on firstname.lastname@example.org.
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