The discussion held in the past days at World Economic Forum’s annual gathering at Davos makes some very sorry reading. A darkening global economic outlook was the number one talking point.
Many economic analysts foresaw either regional pockets of economic recession in countries or continents particularly exposed to the Russia-Ukraine war and global supply chain problems — with Europe a particular concern, while others painted a far bleaker global picture. The reality is that inflation has soared worldwide, with food and energy costs skyrocketing as the war and supply chain bottlenecks continue having their effects, along with the residual effects of the Covid-19 pandemic. This has forced various central banks to start tightening monetary policy against a backdrop of slowing economic activity. Recent global data indicates that price increases have begun to spill into the underlying economy, posing further risks to global growth and causing headaches for central bank policymakers, who face the unenviable task of tightening monetary policy to rein in inflation without pushing economies into recession.
If you are still reading until this point, this is all very relevant for all businesses, including family businesses. Family businesses should be better structured and prepared for what will likely hit them. To this end, as Chairperson of the Family Business Committee at the Malta Chamber of Commerce, in collaboration with the Family Business Office and Malta Enterprise, I am very proud to announce that as from the 20th June a number of FREE training sessions will be held that are specifically set for Family Businesses. These training sessions will help family business owners and family business leaders structure, strategise, grow and manage their business better.
The first training session will be done in a hybrid format (online and in person), whilst the remaining session will be aired online and available to be viewed at the most convenient time for such family business leaders.
The bottom line is simple – Family businesses need to get their HOME (not house, become we are speaking about families here) in order to stand a better chance at surviving the upcoming storm that is brewing on the horizon.
To register for these training sessions please click HERE