SME Chamber offers advisory on EU Funds
03 February 2023
Did you know that the Malta Chamber of SMEs offers a number of advisory services...
In a recent survey conducted by members, the Malta Chamber of SMEs sought to understand what the investment priorities of businesses are and how far does sustainability and digitalisation feature in these plans.
66% of respondents confirm that they look at their business differently since Covid started. Building business resilience and protecting businesses against shocks is now something these businesses are actively considering in their business planning. 23% have however answered that Covid did not change their approach to their business and the remaining respondents are still unsure about this.
Delving a little bit deeper, the SME Chamber sought to understand how these business have a different outlook. 72% of respondents identified their main interest in reducing running costs through lower use of resources and operating in a more sustainable manner. The second highest selection with 53% was for their business to be more digital.
Most businesses, 41%, are currently implementing investments, while 24% have no investments planned at the moment. The relevance of sustainability and digitalisation ranks high for business investment priorities. In terms of how capable do businesses feel in implementing such investments, which one may term as sophisticated and non-standard for many businesses, most businesses do feel that they are quite capable. They do however acknowledge that they might need external assistance to help them implement such projects successfully.
The term ‘sustainability’ is somewhat non-standard because it is applied to different approaches. In terms of understanding this term and appreciating it, most businesses acknowledge that sustainability is good for business and good for the environment at 57%. 45% chose that sustainability leads to cost reduction and greater profits, followed by an understanding that all businesses can operate sustainably with 40%, 27% believe that it is all about research, sound advice and planning. 17% of respondents associate grants and funding opportunities with sustainability.
The replies show a very positive trend in business which will certainly boost recovery.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).