It will be quite some time before we understand the full impact of the Covid-19 pandemic. But the history of such shocks tells us two things. First, even in severe economic downturns and recessions, some companies are able to gain advantage. Second, crises produce not just a plethora of temporary changes but also some lasting ones. The bottom line is one – businesses need to change to be able to grow. What do I mean by this?
Companies seeking to emerge from the crisis in a stronger position must develop a culture which embraces change in the first place. Even the most successful businesses need to change and re-invest themselves every now and then in order to remain in business – let alone after that a pandemic has brought a plethora of sudden changes all around from changes in supply chains, transit costs and customer preferences, to mention a few.
In times of crisis, it’s easy for organizations to default to old habits—but those are often the times in which new approaches are most valuable. As companies position themselves for the new normal, they cannot afford to be constrained by traditional information sources, business models and capital allocation behaviors. Instead they must highlight anomalies and challenge mental models, revamp their business models, and invest their capital dynamically to not only survive the crisis but also thrive in the post-crisis world.
To this extent, help is out there. Malta Enterprise has just launched a scheme called “Change to Grow” which gives a maximum grant of €10,000 to gain advisory services and cover certain implementation costs related to any of the following:-
a) Digitisation of business processes
b) Performance optimisation
c) Process improvements
d) Environmental performance and sustainability
e) Implementation of quality systems
f) Product process certifications
g) Customer handling procedures
h) Pricing analysis
i) Market positioning
j) Human resource optimisation
k) Any other action as long as well justified
EMCS is an approved and recommended consultant on this scheme. I strongly advise you to take up this opportunity. Feel free to contact me on email@example.com to discuss further.