Out of adversity spring innovation and opportunities for growth if one maintains a positive mindset, according to Louis A Farrugia, Chairman of Farsons Group and visionary entrepreneur for the last 45 years.
“We can be cautiously optimistic that with the distribution of COVID-19 vaccines in the first quarter of 2021, business confidence will grow,” asserts the Chairman, a respected veteran in Malta’s business community.
“The pandemic’s effect on the world economy will be long-lasting and profound. It has boosted the digital world, including online sales and delivery services, radically changed the office environment and threatened service industries with closure. Above all, the travel sector is facing the unprecedented possibility of being decimated.”
But for Louis, there are always learnings to be gleaned. “Businesses must consider a post-pandemic survival plan that takes into account another crisis of this kind in the short-to medium-term,” he says.
“Companies that have prospered in 2020 are those with robust digital infrastructures, such as Amazon, so there are lessons and growth opportunities to be had here. It would also be opportune to analyse one’s business model, to see how it has been affected and how it can evolve.”
The Chairman’s advice “is to remain calm and not shy away from professional help to ride out the storm. We can’t just think about our present predicament but must look to the future by reviewing one’s strengths and looking at new opportunities while also tackling one’s weaknesses. In a nutshell, we will have to reinvent parts of our businesses.”
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