Alec Mizzi, CEO of Alf Mizzi & Sons Marketing Group (AMSM), shares that one of his greatest surprises of 2020 has been the resilience of Malta’s economy.
“While tourism and hospitality have taken a knock, other markets have held their ground,” he explains, “and with the rollout of a vaccine, so is positivity. Yes, some businesses are scrambling and there’s concern about how governments will act, but there is more reason to be optimistic now than there was back in spring.”
Over the course of many years, Alec has injected innovation and enthusiasm into the food distribution business. As a family-owned company, AMSM treasures strong values and ethical principles, and last April, grasped the opportunity to support Solidarity Meals, a lifeline for people struggling because of the pandemic.
Following a year that many would prefer to forget, Alec shares some sage advice. “My late father always spoke of cycles and that nothing favourable would remain indefinitely so. At AMSM, we’ve always sought diversification, which is proving to be crucial to survival, and now more than ever before. The old adage of not putting all your eggs in one basket has never rung truer.”
Despite his refreshing zeal, Alec refers to the indiscriminate hardship the pandemic has brought as the toughest time in his 40-year career. “Most businesses don’t fail because their concept is flawed; they fail because they run out of cash,” he explains.
“Yet, when companies go out of business, they leave opportunities for the survivors, the cash-rich and the bold. Eventually, hindsight always reveals what should have been done, but when in the eye of the storm, it takes courage, deep pockets and resolve to grab opportunities.”
Alec adds that if a company’s fundamentals are sound, people should stick with them and perhaps seek new investors, but no good will come from funnelling money into deficient business models.
“It’s a time to face some hard truths, but just like a gruelling marathon, there is an end in sight,” he says. “I expect most businesses, though weary and exhausted, to catch a second wind and hobble to the finish line. Let’s hope we all make it.”
Featured Image: Rene Rossignaud
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