Incentives need to go up
GRTU Director General Vincent Farrugia insisted that the results of GRTU's State of Small Businesses Report for January till June 2008 shows clearly that while turnover has been sustained in spite of all difficulties, it clearly results that enterprises are only passing on to consumers part of the heavy increase in costs they are having to sustain.
Increased competition and diminishing purchasing power of consumers, due to the rising inflation rate (HICP annual rate 4.7%), is forcing retailers, traders and service providers to suffer loss of profits to sustain turnover.
Banks, creditors and suppliers shiver as they see tomorrow go down but sustaining poor rates operating surpluses for a long time is bad business.
Thinking Smart
"GRTU" Vince Farrugia says, "worked on a number of incentive schemes that government has successfully implemented to bolster sales in favour of agreed social objective; like increased household computer and internet usage, more e-commerce retailers to services consumer, boost of energy saving domestic appliance and solar heating systems and the highly successful GRTU campaign for government to adopt a pro-low cost airlines schemes.
These schemes have gone miles and miles in improving business performance for many. GRTU is now proposing a new set of proposals to continue to bolster sales.
The adverse cost and economic situation hitting us from abroad will further eat away, probably with great dangers for the marginal firms unless government acts now. Smart government is all about adopting clever decisions at the right time"
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