Issue link: https://maltatoday.uberflip.com/i/1516790
maltatoday | SUNDAY • 3 MARCH 2024 8 OPINION Family businesses - the bedrock of sustainable growth Steve Ellul Steve Ellul is a Labour Party candidate for the EP election FAMILY businesses play a major and pivotal role within the European eco- nomic model, and have to play an even bigger role in being catalysts of the dig- ital transformation and sustainability processes In the local economy, family business- es, together with small and medium sized companies make up a major pillar of growth and value added. This however comes with a number of sector-specific peculiarities, challenges and character- istics which are not usually encountered in other businesses entities. Our aim is to keep on supporting and incentivising family businesses, enabling them to be agile, able to adapt to the challenges, both present and future. We are living in a constantly evolving econo- my which seeks a closer connection with the consumer, seeks further sustainabili- ty while keeping a close eye on balancing its books. This is by no means, an easy feat. This underscores the imperative to deepen our embrace of high-quality pro- cesses, necessitating sustained support for family businesses and tailored inter- ventions to address their distinct needs. Challenges faced by family businesses are felt at all levels. It would, however, be naive for us to deny the particular circumstances faced by a business oper- ating from Malta. Particularly concern- ing are the imperatives of digital trans- formation, enhancing service efficiency, and nurturing skills and talent, all while preserving competitiveness In this context, local members of the European Parliament advocating for Maltese interests, must leverage dis- cussions and touch upon elements that affect family business day-to-day opera- tions. Access to finance, environmental transformation, digitalisation and com- petitiveness are all elements that influ- ence business operations. Acknowledging the finite resources at the disposal of family businesses under- scores the urgency of bolstering their com- petitiveness at the EU level. Critical ques- tions arise: Are Maltese family businesses actively participating in cross-border pro- jects within the EU? Are they leveraging available EU and local funding opportuni- ties optimally? Are they maximising inter- national processes to expand their export capabilities? Are they equipped to vie for EU projects and tenders? These are av- enues I aspire to explore and promote at the European Parliament, championing the interests of family businesses in Malta. Family businesses encompass a diverse array of enterprises, spanning from the humble neighbourhood grocer to up- scale office-based firms and manufac- turing entities in industrial zones, all contributing significantly to the local economy. Safeguarding the operational landscape of these businesses remains paramount, and initiatives such as those facilitated by Malta Enterprise, Busi- ness Enhance Schemes, and other EU programs are pivotal in nurturing their growth and sustainability. As we march towards the European Parliament elections in June, I am fer- vently committed to championing the cause of our cherished family businesses rooted in Malta. These enterprises hold a special place in my vision for our eco- nomic landscape. Whether it's the quaint corner grocer, the sleek office headquar- ters, or the bustling manufacturing plant in our industrial zones, family businesses form the bedrock of our local economy, embodying resilience, innovation, and community spirit. We must safeguard the fertile ground in which our family businesses thrive, nurturing their growth and prosperity. Initiatives such as those spearheaded by Malta Enterprise, the Family Business Office, and EU-backed programmes such as the Business Enhance schemes are essential instruments in propelling our industries forward. Embracing a forward-looking perspec- tive, I look forward towards leveraging my platform in the European Parliament to advocate for policies that empower and uplift our family businesses. To- gether, we can forge a future where these enterprises continue to flourish, driving economic vitality and opportunity for generations to come. Whether it's the quaint corner grocer, the sleek office headquarters, or the bustling manufacturing plant in our industrial zones, family businesses form the bedrock of our local economy, embodying resilience, innovation, and community spirit