AIS Environment is proud to have sponsored The Malta Chamber of Commerce event ‘Charting the course for your family business’ on 1st February, 2023.
The event reported on findings on a survey carried out by the Family Business Office, to alert family businesses on risks that they seem to be overlooking. The survey results showed that businesses are mostly concerned with the financial facets of their company, as well as employee turnover rates. Presenters and panellists then identified ways in which businesses need to address these red flags, and ultimately get a step ahead of their competition.
Making Family Businesses More Competitive
Representing AIS Environment, Senior Consultant Yasmin Schembri presented the environment & sustainability side of the Business Reality Check. In her presentation, she discussed ways in which sustainability & digitalisation can help businesses tackle both financial and employee turnover issues. She pointed out that “sustainability is based on resources: raw materials, energy, water, waste, etc. Resources cost money. Sustainability aims to prevent the waste of resources, so it stands to reason that sustainability saves money.”
Innovation is high on the agenda for SMEs looking to the future. In these highly competitive & fast-paced markets, transitioning to more digitally-advanced technologies is one of the easiest ways for businesses to get ahead of their competition. No matter the industry, innovation is key for businesses to gain and retain a competitive edge: one such innovation is digitalisation. With new technologies being developed every single day, finding the right technological solution for your business can be a massive headache for top management.
Ms Schembri also highlighted that “digitalisation is one system which could help family businesses with their employee turnover issues. Automating data not only reduces human error, but it also maximises resource use and attracts both clients & investors. By increasing the efficiency of the company’s workforce, digitalisation helps with the employee turnover problem.” Digitalisation comes in many forms, including smart buildings and energy management systems.
Improving business operations takes time and effort. With a constantly changing market, top-level management at SMEs and family businesses are understandably focused on problem-solving. They may have trouble finding the time to plan improvements, let alone implement them. As Ms Schembri pointed out, “as a family business & SME, we understand what it’s like for management to be too busy dousing fires to think about how much water they’re wasting in the process.”
Business Reality Check
This is where the Business Reality Check comes in. With the combined knowledge of AIS Environment and our partners at EMCS Advisory, our experts will identify risks that the company is exposed to (risks they might not even be aware of!). We’ll assess current practices, compare them to best practice techniques, and recommend changes that are tailored to the business. This service would also help them get ahead of their competitors.
The Business Reality Check comprises seven different parts:
– Strategic Direction
– Management
– Governance
– Financial Analysis
– Company Valuation
– Environment & Sustainability
Winston Churchill once said: “To improve is to change; to be perfect is to change often.”
Businesses must adapt to change in order to stay relevant and competitive in their industries. The world is constantly evolving, and new technologies, market trends, and consumer demands emerge all the time. Companies that fail to keep up with these changes risk losing their customers, market share, and profitability. Adapting to change requires a proactive mindset and a willingness to invest in innovation, training, and strategic planning. Companies that embrace change can create new opportunities for growth, improve their operations, and enhance their reputation as dynamic and forward-thinking organizations. Ultimately, businesses that adapt to change are better equipped to thrive in the long term.
The COVID pandemic really put businesses to the test and highlighted the importance of change. Businesses that could not change, struggled. Those who adapted, not only survived – but thrived. Ms Schembri closed with the following point:
“Adapting to change is exactly what the Business Reality Check is all about. With new technologies, challenges, and competition constantly popping up, we are here to help businesses that don’t wish simply to survive, but those that wish to grow and thrive.”
Read more about the event here and get in touch with AIS here.
